RCEL on Nasdaq

Avita Medical

Logo: Avita Medical, PD, via Wikipedia⁴

Australian regenerative medicine company

Price unavailable

Last updated Oct 16, 2026.

Overview

1993Founded¹

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TickerRCEL on Nasdaq¹
Industryhealth care industry¹
HeadquartersPerth¹
Websitewww.avitamedical.com
Incorporated inDE⁵
Business address28159 Avenue Stanford, Suite 220, Valencia, Ca 91355⁵
Filer categoryNon-accelerated filer, Smaller reporting company⁵

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Avita Medical is a clinical and commercial company developing and marketing a range of regenerative medicine products. The first regenerative medicine product brought to the market by Avita Medical was ReCell spray-on skin for the treatment of burns. The two latest products are PermeaDerm, a transparent, biosynthetic bilayer wound matrix used for temporary wound coverage (temporization) after surgical excision of burns or trauma, and Cohealyx, a bovine-derived collagen dermal matrix used by burn and trauma surgeons to treat severe wounds and full-thickness burns by accelerating blood vessel formation in order to prepare damaged wound beds for skin autografts.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

82.1%Gross margin⁷

-59.4%Operating margin⁷

-67.8%Net margin⁷

11.5%Revenue growth, 2025⁷

-$32.2MFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

RECELL GO Preparation Kit brought in 86% of the revenue Avita Medical broke down this way in fiscal 2025.

RECELL GO Preparation Kit$35.8M⁷86%up 105% from 2024
Permea Derm$6.0M⁸14%

Products and services by year

Products and services	2024	2025
RECELL GO Preparation Kit	$17.5M	$35.8M
Permea Derm		$6.0M

Regions

United States brought in 96% of the revenue Avita Medical broke down this way in fiscal 2025.

United States$68.8M⁷96%up 11% from 2024
Japan$2.1M⁷3%up 46% from 2024
United Kingdom$486.0K⁷1%up 148% from 2024
Australia$200.0K⁷0%down 36% from 2024
European Union$49.0K⁷0%down 68% from 2024

Regions by year

Regions	2024	2025
United States	$62.2M	$68.8M
Japan	$1.4M	$2.1M
United Kingdom	$196.0K	$486.0K
Australia	$312.0K	$200.0K
European Union	$155.0K	$49.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueResearch and developmentOther costs

Cost of revenue18¢$12.8M
Research and development29¢$20.8M
Other costs46¢$33.0M
Interest7¢$5.0M
Income tax0¢$11.0K

Out of $71.6M in revenue.⁷ The company lost money this year.

Financial statements

Revenue⁹¹⁰¹¹¹²⁷$71.6M in 2025+1208% since 2019

Gross profit⁹¹⁰¹¹¹²⁷$58.8M in 2025+1299% since 2019

Operating income⁹¹⁰¹¹¹²⁷-$42.5M in 2025+67% since 2019

Net income⁹¹⁰¹¹¹²⁷-$48.6M in 2025+94% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31
Sales revenue	$70.9M	$63.9M
Lease revenue	$731.0K	$358.0K
Total revenues	$71.6M	$64.3M
Cost of sales	-$12.8M	-$9.1M
Gross profit	$58.8M	$55.2M
Sales and marketing	-$53.1M	-$58.2M
General and administrative	-$27.4M	-$33.2M
Research and development	-$20.8M	-$20.4M
Total operating expenses	-$101.3M	-$111.8M
Operating loss	-$42.5M	-$56.6M
Interest expense	-$5.0M	-$5.4M
Other (expense) income, net	-$1.0M	$163.0K
Loss before income taxes	-$48.6M	-$61.8M
Income tax expense	-$11.0K	-$54.0K
Net loss	-$48.6M	-$61.8M
Basic	-$1.74	-$2.39
Diluted	-$1.74	-$2.39
Basic	27.9M shares	25.9M shares
Diluted	27.9M shares	25.9M shares

Total assets¹⁴⁹¹⁰¹¹¹²⁷$56.4M in 2025+119% since 2019

Total liabilities¹⁴⁹¹⁰¹¹¹²⁷$73.0M in 2025+1375% since 2019

Shareholders’ equity⁹¹⁰¹¹¹²⁷-$16.6M in 2025

Cash¹⁴⁹¹⁰¹¹¹²⁷$10.2M in 2025−49% since 2019

Long-term debt¹²⁷$0 in 2025

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$10.2M	$14.1M
Marketable securities	$7.9M	$21.8M
Accounts receivable, net	$9.1M	$11.8M
Prepaids and other current assets	$1.3M	$2.1M
Inventory	$6.9M	$7.3M
Total current assets	$35.5M	$57.0M
Plant and equipment, net	$8.6M	$10.0M
Operating lease right-of-use assets	$2.9M	$3.6M
"Corporate-owned life insurance (""COLI"") asset"	$3.1M	$3.0M
Intangible assets, net	$5.6M	$5.6M
Other long-term assets	$612.0K	$546.0K
Total assets	$56.4M	$79.7M
Accounts payable and accrued liabilities	$9.0M	$6.3M
Accrued wages and fringe benefits	$7.8M	$10.5M
Loan facility	$43.0M	$0
"Current non-qualified deferred compensation (""NQDC"") liability"	$276.0K	$2.1M
Other current liabilities	$2.6M	$1.3M
Total current liabilities	$62.7M	$20.2M
Loan facility - long-term	$0	$42.2M
Non-qualified deferred compensation liability	$3.7M	$3.0M
Contract liabilities	$290.0K	$324.0K
Operating lease liabilities, long term	$2.1M	$2.8M
Contingent liability, long-term	$3.0M	$3.0M
Warrant liabilities	$1.2M	$3.4M
Total liabilities	$73.0M	$75.0M
Non-qualified deferred compensation plan share awards	$0	$244.0K
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 30,571,662 and 26,354,042, shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	$3.0K	$3.0K
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024	$0	$0
Company common stock held by the non-qualified deferred compensation plan	-$1.3M	-$1.3M
Additional paid-in capital	$394.4M	$367.6M
Accumulated other comprehensive loss	-$1.4M	-$1.9M
Accumulated deficit	-$408.4M	-$359.8M
Total stockholders' equity (deficit)	-$16.6M	$4.5M	$49.1M
Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity (deficit)	$56.4M	$79.7M
Common stock par value	$0.00	$0.00
Common stock shares authorized	200.0M shares	200.0M shares
Common stock shares issued	30.6M shares	26.4M shares
Common stock shares outstanding	30.6M shares	26.4M shares
Preferred stock par value	$0.00	$0.00
Preferred stock shares authorized	10.0M shares	10.0M shares
Preferred stock shares issued	0 shares	0 shares
Preferred stock shares outstanding	0 shares	0 shares

Cash from operations⁹¹⁰¹¹¹²⁸-$31.2M in 2025+62% since 2019

Capital spending⁹¹⁰¹¹¹²⁷$1.0M in 2025−2% since 2019

Free cash flow⁹¹⁰¹¹¹²⁸-$32.2M in 2025+59% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31
Net loss	-$48.6M	-$61.8M
Fair value of common stock issued related to loan amendment	$2.2M
Change in fair value of long-term debt	$1.3M	$2.5M
Change in fair value of warrant liability	-$2.2M	$274.0K
Depreciation and amortization	$2.3M	$1.1M
Stock-based compensation	$9.5M	$13.5M
Non-cash lease expense	$890.0K	$843.0K
Loss on fixed asset disposal	$595.0K	$107.0K
Loss on patent disposal	$11.0K	$16.0K
Remeasurement and foreign currency transaction loss	$17.0K	$21.0K
Excess and obsolete inventory related charges	$810.0K	$487.0K
Provision for credit losses	-$10.0K	$23.0K
Amortization of premium of marketable securities	-$308.0K	-$1.7M
Non-cash changes in the fair value of NQDC plan	-$1.2M	$402.0K
Trade and other receivables	$3.6M	-$4.1M
Prepaids and other current assets	$766.0K	-$371.0K
Inventory	-$468.0K	-$2.2M
Operating lease liability	-$905.0K	-$906.0K
"Corporate-owned life insurance (""COLI"") asset"	$406.0K	-$271.0K
Other long-term assets	-$65.0K	-$191.0K
Accounts payable and accrued expenses	$2.7M	$340.0K
Accrued wages and fringe benefits	-$2.6M	$2.5M
Current non-qualified deferred compensation liability	-$1.8M	$1.8M
Other current liabilities	-$81.0K	$122.0K
Non-qualified deferred compensation plan liability	$1.9M	-$1.3M
Contract liabilities	-$33.0K	-$33.0K
Net cash used in operating activities	-$31.2M	-$48.9M
Purchase of marketable securities	-$13.3M	-$24.5M
Maturities of marketable securities	$27.5M	$71.2M
Purchase of plant and equipment	-$1.0M	-$9.2M
Capitalized software development costs	-$635.0K	$0
Patent filing fees	-$99.0K	-$162.0K
Net cash provided by investing activities	$12.5M	$37.4M
Proceeds from private placement of common stock	$14.8M
Issuance costs associated with private placement	-$1.1M
Proceeds from exercise of stock options	$407.0K	$2.1M
"Employee stock purchase plan (""ESPP"") purchases"	$795.0K	$1.4M
Net cash provided by financing activities	$14.9M	$3.5M
Net decrease in cash and cash equivalents	-$3.8M	-$8.1M
Income taxes paid during the period	$15.0K	$41.0K
Interest paid during the period	$5.0M	$5.4M
Intangible asset purchase not yet paid		$5.0M
Capital expenditures not yet paid	$17.0K	$115.0K
Right-of-use-asset obtained in exchange for lease liabilities	$235.0K	$2.0M

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The story

Founded by Fiona Wood in 1993.¹

Originally named "Clinical Cell Culture" and listed on the ASX under the symbol "C3", the company restructured under the name "Avita Medical" in June 2008. In 2015, the company conducted a strategic divestment of its respiratory business, including the Breath-a-Tech and Funhaler products, to support focus on its regenerative products.

Avita Medical is traded both on the Australian stock market under the ticker symbol AVH and on the NASDAQ Capital Market under the ticker symbol RCEL.

From Wikipedia’s article on Avita Medical, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Avita Medical, and when. Pick a name to see everywhere that person has worked.

FounderFiona Wood¹

Former names

Avita Therapeutics, Inc.Jul 6, 2020 to Dec 10, 2020⁵
Avita Medical, Ltd.Dec 19, 2018 to Jun 30, 2020⁵

Timeline

Jun 24, 2020Went public Listed on Australian Securities Exchange¹
1993Founded Founded¹

Recent filings

Aug 25, 2026S-8
Aug 24, 20264/A
Aug 11, 20268-K
Aug 6, 20268-K
Aug 6, 202610-Q
Aug 6, 20268-K/A
Jun 12, 20264
Jun 10, 20264
Jun 9, 20264
Jun 8, 2026424B5
Jun 8, 20268-K
Jun 5, 20264
Jun 4, 20268-K
Jun 4, 20264
Jun 4, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataAvita Medical on Wikidata
2
SEC EDGARAvita Medical filings on SEC EDGAR
3
WikipediaAvita Medical on Wikipedia
4
Wikimedia CommonsAvita Medical logo by Avita Medical, PD
5
SEC EDGARAvita Medical filings on SEC EDGAR
6
WikipediaAvita Medical on Wikipedia (revision used)
7
SEC EDGARAvita Medical 10-K for fiscal 2025
8
SEC EDGARAvita Medical 10-K for fiscal 2025
9
SEC EDGARAvita Medical 10-K for fiscal 2019
10
SEC EDGARAvita Medical 10-K for fiscal 2021
11
SEC EDGARAvita Medical 10-K for fiscal 2022
12
SEC EDGARAvita Medical 10-K for fiscal 2023
13
SEC EDGARAvita Medical 10-Q for fiscal 2026
14
SEC EDGARAvita Medical 10-K for fiscal 2019