Revenue reached a record $21.7M in 2026Q2 (+17.8% YoY) as the operating loss narrowed to $6.9M, yet gross margin slipped to 81.9% from 87.6% two years prior, indicating structural pricing or mix pressure that warrants further investigation.
Avita Medical Inc. (RCEL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 84.68M | 71.61M | 64.25M | 50.14M | 34.42M | 33.02M | 29.23M | 14.26M | 7.83M | 1.7M | 1.54M | 1M | 985.65K | 2.68M | 2.81M | 3.35M | 3.34M | 2.3M | 2.37M | 1.2M | 790.99K | 883.39K | 720.25K | 389.08K | 194.32K | 0 | 0 | 0 | 582.97K | 0 | 0 |
| Revenue Growth % | 16.97% | 11.45% | 28.14% | 45.68% | 4.23% | 12.98% | 104.95% | 82.17% | 359.31% | 10.57% | 53.86% | 1.66% | -63.27% | -4.68% | -16.03% | 0.5% | 45.24% | -2.97% | 96.64% | 52.17% | -10.46% | 22.65% | 85.12% | 100.23% | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 14.94M | 12.79M | 9.09M | 7.78M | 6.04M | 6.1M | 5.95M | 2.97M | 1.82M | 1M | 660.26K | 401.57K | 289.2K | 670.89K | 676.5K | 952.85K | 972.78K | 669.45K | 824.23K | 492.31K | 1.13M | 1.06M | 1.99M | 940.26K | 98.98K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 17.87% | 14.15% | 15.52% | 17.55% | 18.48% | 20.35% | 20.84% | 23.22% | 58.77% | 42.83% | 40.08% | 29.34% | 25% | 24.03% | 28.42% | 29.16% | 29.15% | 34.82% | 40.9% | 142.69% | 120.02% | 276.9% | 241.66% | 50.94% | - | - | - | - | - | - |
| Gross Profit | 69.75M | 58.82M | 55.16M | 42.36M | 28.38M | 26.92M | 23.28M | 11.29M | 6.01M | 702.76K | 881.41K | 600.44K | 696.45K | 2.01M | 2.14M | 2.4M | 2.36M | 1.63M | 1.54M | 711.35K | -337.7K | -176.85K | -1.27M | -551.18K | 95.34K | 0 | 0 | 0 | 582.97K | 0 | 0 |
| Gross Margin % | 82.36% | 82.13% | 85.85% | 84.48% | 82.45% | 81.52% | 79.65% | 79.16% | 76.78% | 41.23% | 57.17% | 59.92% | 70.66% | 75% | 75.97% | 71.58% | 70.84% | 70.85% | 65.18% | 59.1% | -42.69% | -20.02% | -176.9% | -141.66% | 49.06% | - | - | - | 100% | - | - |
| Gross Profit Growth % | - | 6.63% | 30.2% | 49.27% | 5.42% | 15.63% | 106.23% | 87.81% | 755.41% | -20.27% | 46.79% | -13.79% | -65.39% | -5.9% | -10.87% | 1.55% | 45.22% | 5.47% | 116.86% | 310.65% | -90.95% | 86.12% | -131.16% | -678.15% | - | - | - | -100% | - | - | - |
| Operating Expenses | 71.31M | 101.35M | 111.75M | 85.02M | 55.88M | 52.04M | 49.82M | 53.97M | 42.52M | 14.22M | 20.25M | 11.95M | 9.26M | 8.83M | 10.77M | 10.66M | 7.89M | 5.23M | 5.91M | 5.75M | 8.75M | 9.62M | 6.54M | 4.87M | 169.38K | 670.01K | 76.87K | 235.7K | 371.78K | 97.16K | 138.81K |
| OpEx % of Revenue | - | 141.53% | 173.93% | 169.55% | 162.36% | 157.57% | 170.44% | 378.38% | 543.13% | 834.45% | 1313.26% | 1193.07% | 939.69% | 329.16% | 382.66% | 317.9% | 236.41% | 227.87% | 249.9% | 477.96% | 1106.56% | 1089.13% | 907.79% | 1250.47% | 87.17% | - | - | - | 63.77% | - | - |
| Selling, General & Admin | 50.22M | 80.51M | 91.39M | 65.63M | 45.24M | 37.21M | 37.06M | 48.73M | 39.54M | 16.97M | 13.95M | 10.93M | 5.68M | 7.09M | 8.92M | 8.64M | 7.57M | 4.55M | 5.24M | 5.37M | 7.28M | 7.54M | 5.37M | 3.05M | 848.25K | 480.4K | 569.49K | 235.7K | 371.78K | 97.16K | 138.81K |
| SG&A % of Revenue | - | 112.43% | 142.24% | 130.88% | 131.44% | 112.68% | 126.78% | 341.66% | 505.08% | 995.79% | 905.01% | 1090.91% | 576.04% | 264.19% | 316.97% | 257.75% | 226.98% | 198.16% | 221.45% | 445.91% | 920.3% | 854.09% | 745.14% | 783.57% | 436.53% | - | - | - | 63.77% | - | - |
| Research & Development | 21.09M | 20.84M | 20.36M | 20.82M | 13.86M | 15.67M | 14.82M | 9.16M | 11.45M | 13.26M | 6.29M | 3.46M | 3.77M | 2.15M | 2.6M | 969.11K | 255.54K | 164.79K | 181.85K | 163.83K | 620.67K | 1.33M | 1.17M | 425.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 29.1% | 31.69% | 41.52% | 40.26% | 47.45% | 50.69% | 64.25% | 146.22% | 778.14% | 408.25% | 345.09% | 382.27% | 80.19% | 92.4% | 28.91% | 7.66% | 7.18% | 7.68% | 13.61% | 78.47% | 150.59% | 162.65% | 109.48% | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -1.43M | -3.21M | -843K | -2.06M | -3.93M | -8.47M | -16.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 886.45K | 41.73K | 5.88K | 4.27M | 85.29K | 0 | 240.35K | -1.28M | -24.61K | -2.08M | 0 | 0 | 0 | 0 |
| Operating Income | -1.56M | -42.53M | -56.59M | -42.66M | -27.5M | -25.12M | -26.54M | -42.68M | -36.51M | -13.84M | -16.54M | -11.35M | -8.74M | -6.82M | -8.63M | -6.19M | -4.38M | -2.59M | -4.06M | -4.37M | -4.54M | -9.19M | -7.81M | -4.97M | -1.62M | -1.29M | 498.38K | -235.7K | 1.51M | -97.16K | -138.81K |
| Operating Margin % | -1.85% | -59.4% | -88.08% | -85.07% | -79.91% | -76.06% | -90.79% | -299.23% | -466.35% | -811.98% | -1073.17% | -1133.14% | -887.04% | -254.16% | -306.69% | -184.73% | -131.31% | -113% | -171.55% | -362.86% | -574.37% | -1040.57% | -1084.69% | -1278.53% | -832.34% | - | - | - | 258.39% | - | - |
| Operating Income Growth % | - | 24.84% | -32.68% | -55.08% | -9.5% | 5.36% | 37.81% | -16.89% | -163.8% | 16.34% | -45.72% | -29.86% | -28.21% | 21.01% | -39.41% | -41.39% | -68.78% | 36.09% | 7.04% | 3.86% | 50.58% | -17.66% | -57.05% | -207.56% | -25.28% | -359.04% | 311.44% | -115.65% | 1650.39% | 30.01% | -9.69% |
| EBITDA | 369K | -40.19M | -55.47M | -42.02M | -26.94M | -24.12M | -25.82M | -42.21M | -36.13M | -13.73M | -16.4M | -11.27M | -8.68M | -6.76M | -8.51M | -5.62M | -3.73M | -2.08M | -3.57M | -4.15M | -3.69M | -8.45M | -6.85M | -4.27M | -1.51M | -1.1M | 575.24K | 359.65K | 582.97K | -2.29M | 440.17K |
| EBITDA Margin % | 0.44% | -56.12% | -86.33% | -83.81% | -78.26% | -73.03% | -88.34% | -295.97% | -461.44% | -805.52% | -1063.69% | -1124.79% | -880.69% | -251.79% | -302.36% | -167.75% | -111.79% | -90.46% | -150.78% | -344.42% | -466.58% | -956.13% | -951.06% | -1097.89% | -774.79% | - | - | - | 100% | - | - |
| EBITDA Growth % | 100.92% | 27.55% | -31.99% | -56% | -11.69% | 6.61% | 38.82% | -16.85% | -163.11% | 16.27% | -45.5% | -29.84% | -28.49% | 20.63% | -51.36% | -50.8% | -79.5% | 41.79% | 13.91% | -12.33% | 56.31% | -23.3% | -60.36% | -183.73% | -36.7% | -291.46% | 59.95% | -38.31% | 125.46% | -620.17% | 134.22% |
| D&A (Non-Cash Add-back) | 1.93M | 2.35M | 1.13M | 632K | 568K | 1M | 715K | 465K | 384.75K | 110K | 146.19K | 83.72K | 62.62K | 63.71K | 121.92K | 569.23K | 650.88K | 517.57K | 491.49K | 221.97K | 852.62K | 745.94K | 962.51K | 702.81K | 111.83K | 189.6K | 76.87K | 595.35K | -923.38K | -2.19M | 578.99K |
| EBIT | -25.77M | -43.57M | -56.43M | -34.17M | -26.61M | -25.08M | -26.52M | -41.99M | -36.04M | -25.4M | -16.54M | -11.35M | -8.74M | -6.82M | -8.63M | -6.19M | 0 | -2.59M | -4.06M | -4.37M | -4.54M | -9.19M | -7.44M | -4.97M | 0 | 0 | 498.38K | -235.7K | 1.51M | -97.16K | -138.81K |
| Net Interest Income | -4.14M | -5M | -5.36M | -1.14M | -16K | -29K | -22K | 47.82K | -38.62K | 38.53K | 144.88K | 110.34K | 45.42K | 160.33K | 412.26K | 509.64K | 112.09K | 87.05K | 191.61K | 615.01K | -8.01M | 515.64K | 363.22K | 191.7K | 142.88K | 126.13K | -4.77M | -569.55K | -2.07M | -2.19M | -258.33K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.82K | 0 | 38.53K | 144.88K | 110.34K | 45.42K | 160.33K | 412.26K | 509.71K | 124.99K | 124.7K | 270.11K | 668.21K | 543.41K | 520.5K | 369.88K | 201.65K | 145.15K | 126.13K | 195.94K | 6.81K | 610 | 4.2K | 0 |
| Interest Expense | 2.66M | 5M | 5.36M | 1.14M | 16K | 29K | 22K | 0 | 38.62K | 0 | 0 | 0 | 0 | 0 | 0 | 69 | 12.9K | 37.65K | 78.5K | 53.2K | 8.55M | 4.86K | 6.66K | 9.95K | 2.27K | 4 | 4.97M | 576.36K | 2.07M | 2.19M | 258.33K |
| Other Income/Expense | -34.48M | -6.04M | -5.2M | 7.34M | 876K | 18K | -5K | 653K | 436.24K | 32K | 144.88K | 110.34K | 222.97K | 160.33K | 412.26K | -1.57M | 3.23M | -1.82M | 41.73K | -7.58M | -4.55M | 85.29K | 390.66K | 240.35K | -1.58M | -735.53K | -1.16M | -567.08K | -956K | -1.56M | 1.52M |
| Pretax Income | -36.05M | -48.58M | -61.79M | -35.31M | -26.63M | -25.1M | -26.55M | -42.03M | -36.08M | -13.81M | -16.4M | -11.24M | -8.52M | -6.66M | -8.22M | -7.76M | -2.18M | -5.34M | -4.14M | -12M | -13.09M | -9.2M | -7.42M | -4.98M | -1.51M | -1.29M | -1.63M | -812.06K | -563.08K | -2.29M | 184.42K |
| Pretax Margin % | -42.57% | -67.83% | -96.17% | -70.43% | -77.36% | -76% | -90.81% | -294.65% | -460.78% | -810.1% | -1063.77% | -1122.13% | -864.42% | -248.18% | -292.04% | -231.47% | -65.24% | -232.33% | -174.86% | -997.23% | -1655.44% | -1041.12% | -1030.45% | -1281.09% | -775.96% | - | - | - | -96.59% | - | - |
| Income Tax | -60K | 11K | 54K | 66K | 36K | 42K | 38K | 4K | -173.06K | 1.46M | -805.52K | 971.88K | 653.67K | 1.51M | 128.05K | 87.76K | -90.09K | -330.41K | 78.5K | -342.23K | -316.55K | -311.92K | -301.11K | -7.13M | -2.69M | -2.53M | -2.94M | 576.36K | -923.38K | 2.19M | -581.57K |
| Effective Tax Rate % | 0.17% | -0.02% | -0.09% | -0.19% | -0.14% | -0.17% | -0.14% | -0.01% | 0.48% | -10.56% | 4.91% | -8.64% | -7.67% | -22.7% | -1.56% | -1.13% | 4.14% | 6.19% | -1.9% | 2.85% | 2.42% | 3.39% | 4.06% | 143.03% | 178.3% | 195.91% | 179.53% | -70.97% | 163.99% | -95.76% | -315.35% |
| Net Income | -36.12M | -48.59M | -61.84M | -35.38M | -26.66M | -25.14M | -26.58M | -42.03M | -35.9M | -23.37M | -15.03M | -10.27M | -7.87M | -5.15M | -8.09M | -7.59M | -2.09M | -5.01M | -4.14M | -11.66M | -12.78M | -8.89M | -7.12M | -4.98M | -1.54M | -1.12M | -1.54M | -812.06K | -562.85K | -2.29M | 184.42K |
| Net Margin % | -42.65% | -67.85% | -96.26% | -70.56% | -77.47% | -76.13% | -90.94% | -294.68% | -458.57% | -1370.83% | -974.99% | -1025.14% | -798.1% | -191.84% | -287.49% | -226.42% | -62.54% | -217.95% | -174.86% | -968.8% | -1615.42% | -1005.81% | -988.65% | -1281.09% | -794.76% | - | - | - | -96.55% | - | - |
| Net Income Growth % | 25.62% | 21.44% | -74.8% | -32.69% | -6.06% | 5.42% | 36.75% | -17.07% | -53.65% | -55.46% | -46.33% | -30.58% | -52.82% | 36.4% | -6.62% | -263.84% | 58.32% | -20.93% | 64.51% | 8.74% | -43.81% | -24.78% | -42.86% | -222.75% | -37.68% | 26.98% | -89.17% | -44.28% | 75.42% | -1341.54% | 114.35% |
| Net Income (Continuing) | -36.12M | -48.59M | -61.84M | -35.38M | -26.66M | -25.14M | -26.58M | -42.03M | -35.9M | -17.29M | -8.85M | - | - | - | - | - | - | -5.01M | - | -11.66M | -12.78M | - | -7.12M | - | - | - | - | - | - | - | - |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.51K | 169.88K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -1.74 | -2.39 | -1.40 | -1.07 | -1.03 | -1.17 | -2.07 | -1.60 | -2.51 | -2.25 | -2.06 | -2.23 | -1.58 | -2.69 | -3.19 | -1.53 | -3.93 | -3.75 | -16.51 | -3.24 | -3.43 | -0.18 | -3.14 | -1.92 | -0.56 | -0.80 | -1.32 | -2.25 | -48.58 | -0.74 |
| EPS Growth % | 34.25% | 27.2% | -70.71% | -30.84% | -3.88% | 11.97% | 43.48% | -29.38% | 36.25% | -11.56% | -9.22% | 7.62% | -41.14% | 41.26% | 15.67% | -108.5% | 61.07% | -4.8% | 77.29% | -409.57% | 5.54% | -1805.56% | 94.27% | -63.54% | -242.86% | 30% | 39.39% | 41.33% | 95.37% | -6464.86% | 97.29% |
| EPS (Basic) | - | -1.74 | -2.39 | -1.40 | -1.07 | -1.03 | -1.17 | -2.07 | -1.60 | -2.50 | -2.25 | -2.06 | -2.23 | -1.58 | -2.69 | -3.19 | -1.13 | -3.93 | -3.75 | -16.51 | -3.24 | -3.43 | -0.18 | -3.14 | -1.92 | -0.56 | -0.80 | -1.32 | -2.25 | -48.58 | -0.74 |
| Diluted Shares Outstanding | 308.66M | 27.86M | 25.88M | 25.33M | 25M | 24.36M | 20.29M | 20.29M | 22.33M | 9.33M | 6.7M | 4.99M | 3.53M | 3.25M | 3.01M | 2.38M | 1.84M | 1.27M | 1.1M | 706.45K | 3.94M | 2.59M | 38.53M | 1.59M | 806.03K | 2M | 1.93M | 614.53K | 249.7K | 47.13K | 47.13K |
| Basic Shares Outstanding | 308.66M | 27.86M | 25.88M | 25.33M | 25M | 24.36M | 20.29M | 20.29M | 22.33M | 9.3M | 6.69M | 4.99M | 3.53M | 3.25M | 3.01M | 2.38M | 1.84M | 1.27M | 1.1M | 706.45K | 3.94M | 2.59M | 38.53M | 1.59M | 806.03K | 2M | 1.93M | 614.53K | 249.7K | 47.13K | 47.13K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RCEL stock.
For fiscal year 2025, Avita Medical Inc. (RCEL) reported total revenue of $71.6M.
Avita Medical Inc. (RCEL) reported a net loss of $48.6M for the fiscal year ending 2025.
Avita Medical Inc. (RCEL) reported an operating income of $-42.5M, resulting in an operating profit margin of -59.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Avita Medical Inc. (RCEL) generated $58.8M in gross profit for the year, representing a gross profit margin of 82.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin erosion amid losses
Metrics are mathematically derived from official filings.
Revenue Recovery Remains Uneven
Revenue appears to have reaccelerated, rising 17.8% year over year to $21.7M in 2026Q2, yet sequential growth of just 12.4% off a $19.3M base masks an uneven path in which quarterly revenue contracted as recently as 2025Q3, per reported financial statements.
The ten-quarter series shows two distinct phases: a steep ramp from $11.1M in 2024Q1 to $19.5M by 2024Q3, followed by roughly three quarters of stagnation and contraction ($17.1M–$18.4M) before the 2026 recovery. Investors should treat the durability of the current uptrend cautiously, since the data does not decompose volume versus price contribution, and the concurrent gross margin decline argues against a purely volume-driven story. Compared with peer growth rates of 14.2% (XTNT) and 15.8% (TELA), RCEL's 17.8% is not yet differentiated enough to suggest a structurally faster-gaining franchise.
Gross Margin Slide Deepens
Gross margin compression is now the clearest structural drag, falling from 87.6% in 2024Q4 to 81.9% in 2026Q2, a decline of roughly 570 basis points, even as quarterly revenue grew, according to SEC filings.
COGS rose to $3.9M in 2026Q2 from $2.3M in 2024Q4, growing far faster than revenue over the same span, which suggests either unfavorable product/consumable mix, higher manufacturing absorption, or price concessions that are not disclosed in the data. Even at the compressed 81.9%, RCEL's margin remains well above XTNT (62.9%) and TELA (67.7%), implying meaningful pricing power persists, but the direction of travel is negative. Whether 81% proves to be a floor or a waypoint warrants further investigation, since each 100bp of additional erosion removes roughly $0.2M of quarterly gross profit at current revenue.
Overhead Cuts Narrow Losses
Avita's operating leverage is becoming visible, with SG&A falling to $19.5M in 2026Q2 from $24.7M in 2024Q3 while gross profit climbed to $17.8M, narrowing the operating loss to $6.9M, according to company filings, though overheads still exceed gross profit.
Roughly half of the $10.3M improvement in operating loss since 2024Q3 appears attributable to cost reduction rather than revenue growth, as SG&A declined about 21% while gross profit rose only about 9%. The efficiency gain is real but incomplete: SG&A still consumes approximately 90% of quarterly revenue, meaning breakeven at the current cost base would require substantial further top-line expansion or additional overhead reduction. R&D has been lumpy ($3.7M–$6.3M), and the 2025Q3 trough of $3.7M followed by a rebound suggests timing shifts rather than a durable structural cut.
Non-Operating Items Cloud Losses
Net loss of $7.7M in 2026Q2 was $0.8M wider than the $6.9M operating loss, and stock-based compensation of $2.0M absorbed roughly 9% of revenue, per reported filings, while the operating-to-net gap has swung from $0.8M to $4.0M across quarters, suggesting meaningful non-operating items.
The 2025Q3 quarter is the clearest example, where a $9.2M operating loss became a $13.2M net loss, implying roughly $4.0M of below-the-line charges that investors should not annualize as recurring operating costs. SBC has fallen sharply from $4.1M in 2024Q3 to $1.1M–$2.0M in recent quarters, which mechanically flatters the EPS loss-narrowing trend (34.2% improvement in 2026Q2) independent of operations. Tax rate data is unavailable, so the persistence of loss carryforwards cannot be verified from the supplied figures.
Loss Narrowing Reaches Inflection
The clearest income-statement inflection arrived in 2026Q2, when the operating loss narrowed to $6.9M, its smallest in the ten-quarter history, from $10.4M in 2025Q4, as revenue reached a record $21.7M and SG&A fell below $20M, per reported results.
The inflection appears driven by both sides of the ledger: record gross profit of $17.8M combined with an SG&A run-rate roughly $5M below the 2024Q3 peak. Its lasting impact depends on whether the 2025H2 weakness (revenue declines of 12.7% and 4.3%) proved a demand shock absorbed through cost discipline, or a precursor to structural volume loss. If the improved margin structure holds, even flat revenue would keep losses on their current narrowing path; a re-widening in 2026Q3 would suggest the inflection was cost-timing rather than genuine operating leverage.
Cost Base Still Outruns Revenue
The bear case centers on structural margin erosion and a cost base that still cannot be covered: gross margin has fallen roughly 570bps to 81.9% while SG&A of $19.5M plus R&D of $5.1M consumed 113% of revenue in 2026Q2, per company filings.
Cumulative net losses across the ten quarters total approximately $128.8M, and the pattern of alternating revenue contractions (2025Q3, 2025Q4) against an 81% gross margin suggests demand may be less predictable than the headline 17.8% growth implies. A short-seller would also note that peer XTNT already generates positive operating and net margins at lower growth, raising the question of why RCEL's cost structure remains roughly 3x its gross profit base. Each incremental dollar of revenue now converts to roughly 82 cents of gross profit against ~$24.6M of quarterly operating expense, meaning the path to breakeven requires either material revenue doubling or further overhead reduction that has not yet been evidenced.