$RCEL
AVITA Medical, Inc.

2021 Q1 Form 10-Q Financial Statement

#000119312521160473 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q2 2020 Q1
Revenue $8.765M $3.877M $3.877M
YoY Change 126.08% 57.92% 126.73%
Cost Of Revenue $2.146M $874.0K $634.0K
YoY Change 238.49% 73.07% 117.12%
Gross Profit $6.619M $3.003M $3.243M
YoY Change 104.1% 54.0% 128.7%
Gross Profit Margin 75.52% 77.46% 83.65%
Selling, General & Admin $9.071M $13.97M $17.16M
YoY Change -47.14% 77.54% 146.62%
% of Gross Profit 137.04% 465.17% 529.2%
Research & Development $4.109M $2.538M $2.495M
YoY Change 64.69% 22.49% 37.92%
% of Gross Profit 62.08% 84.52% 76.93%
Depreciation & Amortization $167.0K $86.00K
YoY Change 94.19%
% of Gross Profit 2.52% 2.65%
Operating Expenses $13.18M $16.51M $19.66M
YoY Change -32.95% 57.07% 110.57%
Operating Profit -$5.991M -$13.02M -$15.41M
YoY Change -61.11% 73.85% 130.66%
Interest Expense $3.000K $8.000K $5.000K
YoY Change -40.0% -27.27% 0.0%
% of Operating Profit
Other Income/Expense, Net $7.000K $121.0K $363.0K
YoY Change -98.07% -149.19% -27.69%
Pretax Income -$5.987M -$12.91M -$15.05M
YoY Change -60.21% 66.62% 143.42%
Income Tax $10.00K $4.000K $0.00
% Of Pretax Income
Net Earnings -$5.997M -$12.91M -$15.05M
YoY Change -60.15% 69.48% 143.42%
Net Earnings / Revenue -68.42% -333.09% -388.14%
Basic Earnings Per Share $0.26 -$0.60 -$0.71
Diluted Earnings Per Share $0.26 -$0.60 -$0.71
COMMON SHARES
Basic Shares Outstanding 22.73M 21.37M 21.22M
Diluted Shares Outstanding 22.73M 21.37M 21.22M

Balance Sheet

Concept 2021 Q1 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.9M
YoY Change
Cash & Equivalents $114.9M $73.64M $79.76M
Short-Term Investments
Other Short-Term Assets $465.0K $75.00K
YoY Change -40.0%
Inventory $1.794M $1.125M
Prepaid Expenses $890.0K $792.0K
Receivables $2.230M $2.076M
Other Receivables $3.250M $356.0K
Total Short-Term Assets $123.7M $78.39M
YoY Change 224.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.643M $1.363M
YoY Change 4.13%
Goodwill
YoY Change
Intangibles $463.0K $364.0K
YoY Change 61.78%
Long-Term Investments
YoY Change
Other Assets $631.0K $1.000K
YoY Change -99.2%
Total Long-Term Assets $4.376M $4.075M
YoY Change 145.63%
TOTAL ASSETS
Total Short-Term Assets $123.7M $78.39M
Total Long-Term Assets $4.376M $4.075M
Total Assets $128.1M $82.46M
YoY Change 219.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.638M
YoY Change
Accrued Expenses $3.157M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $7.066M $7.709M
YoY Change 72.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $19.00K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $19.00K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.066M $7.709M
Total Long-Term Liabilities $19.00K $0.00
Total Liabilities $9.144M $10.06M
YoY Change 103.17%
SHAREHOLDERS EQUITY
Retained Earnings -$216.8M -$194.9M
YoY Change 27.54%
Common Stock $3.000K $3.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $118.9M $72.40M $81.22M
YoY Change
Total Liabilities & Shareholders Equity $128.1M $82.46M
YoY Change 219.82%

Cashflow Statement

Concept 2021 Q1 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.997M -$12.91M -$15.05M
YoY Change -60.15% 69.48% 143.42%
Depreciation, Depletion And Amortization $167.0K $86.00K
YoY Change 94.19%
Cash From Operating Activities -$8.541M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $326.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$362.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.11M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.03M
YoY Change
NET CHANGE
Cash From Operating Activities -8.541M
Cash From Investing Activities -362.0K
Cash From Financing Activities 64.03M
Net Change In Cash 55.11M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$8.541M
Capital Expenditures $326.0K
Free Cash Flow -$8.867M
YoY Change

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line-height: normal;">BARDA procurement and emergency preparedness services</div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:1%;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;;width:5%;">&#160;2,767</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:0%;">&#160;</td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:1%;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;;width:4%;">&#160;&#8212;&#160;&#160;</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255); width: 0%;;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; 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width: 68%;;vertical-align:bottom;">&#160;</td><td style="width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:bottom;;width:1%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;;width:5%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="width:0%;">&#160;</td><td style="width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:bottom;;width:1%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;;width:4%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="width: 0%;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 68%;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:1%;"><div style="font-weight:bold;display:inline;">$</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;;width:5%;"><div style="font-weight:bold;display:inline;">3,250</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:0%;"><div style="font-weight:bold;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:1%;"><div style="font-weight:bold;display:inline;">$</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;;width:4%;"><div style="font-weight:bold;display:inline;">356</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255); width: 0%;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="font-family: &quot;times new roman&quot;; width: 68%;;vertical-align:bottom;">&#160;</td><td style="width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:bottom;;width:1%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;;width:5%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="width:0%;">&#160;</td><td style="width: 11%;;vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:bottom;;width:1%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;;width:4%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="width: 0%;">&#160;</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="text-indent: 13%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the three months and nine months ended March&#160;31, 2021, no single commercial customer accounted for more than 10% of total revenues. For the three months ended March&#160;31, 2020, one customer accounted for approximately 10% of total revenues. For the nine months ended March&#160;31, 2020, one customer accounted for approximately 12% of total revenues. Revenues from the BARDA contract accounted for approximately 47% and approximately 22% of total revenues for the three and nine months ended March&#160;31, 2021, respectively. Prior to the current quarter BARDA had not yet procured the RECELL product. </div>&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 rcel Procurement And Emergency Preparedness
ProcurementAndEmergencyPreparedness
2767000
CY2021Q1 rcel Expense Reimbursements
ExpenseReimbursements
483000
CY2020Q2 rcel Expense Reimbursements
ExpenseReimbursements
356000
CY2021Q1 rcel Contract Description
ContractDescription
For revenues related to the BARDA contract, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services
CY2021Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
198000
CY2021Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
179000
CY2021Q1 us-gaap Deferred Costs
DeferredCosts
19000
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
0
CY2020 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
0
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
564000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-4000
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
890000
CY2020Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
792000
CY2021Q1 rcel Lease Deposits Current
LeaseDepositsCurrent
2000
CY2020Q2 rcel Lease Deposits Current
LeaseDepositsCurrent
123000
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
465000
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
75000
CY2021Q1 rcel Capiitalized Fulfilment Costs
CapiitalizedFulfilmentCosts
488000
CY2021Q1 us-gaap Deposit Assets
DepositAssets
124000
CY2020Q2 us-gaap Deposit Assets
DepositAssets
1000
CY2021Q1 rcel Other Long Term Assets Long Term Prepaids
OtherLongTermAssetsLongTermPrepaids
19000
CY2021Q1 rcel Other Long Term Assets
OtherLongTermAssets
631000
CY2020Q2 rcel Other Long Term Assets
OtherLongTermAssets
1000
rcel Description Of Stock Exchange Ratio
DescriptionOfStockExchangeRatio
This exchange was conducted on the basis of one share of common stock of AVITA Medical, Inc. for every 100 ordinary shares of AVITA Medical, effecting an &#8216;implicit consolidation&#8217; or &#8216;reverse split&#8217;. The holders of ordinary shares of AVITA Medical received one CDI for every 20 ordinary shares held in AVITA Medical, and the holders of AVITA Medical ADSs (each of which previously represented 20 ordinary shares in AVITA Medical) received one share of common stock in AVITA Medical, Inc. for every five ADSs held.

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