Revenue growth remains erratic, fluctuating from a 66.7% surge in 2025Q1 to a 4.3% contraction by 2025Q4, while SG&A expenses continue to outpace top-line gains.
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 | 75.63M | 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 % | 1% | 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 | 13.95M | 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 | 61.68M | 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 % | 81.56% | 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 | 96.9M | 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 | 76.75M | 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 | 20.14M | 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 | -35.22M | -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 % | -46.57% | -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 | -31.97M | -40.19M | -55.47M | -42.02M | -26.94M | -24.45M | -25.82M | -42.21M | -36.13M | -13.7M | -16.36M | -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 % | -42.27% | -56.12% | -86.33% | -83.81% | -78.26% | -74.02% | -88.34% | -295.97% | -461.44% | -803.58% | -1061.34% | -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 % | 28.88% | 27.55% | -31.99% | -56% | -10.19% | 5.34% | 38.82% | -16.85% | -163.75% | 16.28% | -45.18% | -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) | 3.25M | 2.35M | 1.13M | 632K | 568K | 673K | 715K | 465K | 384.75K | 143.21K | 182.42K | 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 | -37.68M | -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 | -5.41M | -5M | -5.36M | -1.14M | -16K | -29K | -33K | 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 | 5.41M | 5M | 5.36M | 1.14M | 16K | 29K | 33K | 33K | 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 | -7.84M | -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 | -43.06M | -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 % | -56.94% | -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 | 20K | 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 % | -0.05% | -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 | -43.08M | -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 % | -56.96% | -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 % | 16.46% | 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) | -43.08M | -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) | -1.40 | -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 % | 26.4% | 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 | 30.75M | 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 | 30.75M | 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
Insufficient liquidity for operations
Metrics are mathematically derived from official filings.
Revenue Growth Lacks Consistent Momentum
According to the latest quarterly data, RCEL's revenue growth has become increasingly erratic, fluctuating from a 66.7% surge in 2025Q1 to a 4.3% contraction by 2025Q4, suggesting that the company's transition into new trauma and vitiligo indications has yet to yield a predictable, scalable revenue trajectory.
The volatility in top-line performance indicates that the company is struggling to convert its expanded clinical indications into consistent procedural volume. Investors should monitor whether the recent 4.0% growth in 2026Q1 represents a stabilization or a continued deceleration as the initial excitement of new market entry fades.
High Gross Margins Mask Operational Inefficiency
As reported in financial statements, RCEL maintains a robust gross margin profile averaging above 80%, yet this structural strength is currently overshadowed by an operating margin that remains deeply negative, reflecting the heavy burden of commercializing specialized regenerative medicine products in a competitive hospital environment.
While the 82.13% gross margin confirms the high value-add of the RECELL kit, the inability to translate this into positive operating income suggests that the current sales model is prohibitively expensive. The company appears to be trapped in a high-touch clinical support cycle that prevents the realization of meaningful operating leverage.
SG&A Expenses Outpace Revenue Gains
Based on reported figures, RCEL's SG&A spending has remained stubbornly high, often exceeding total revenue in recent quarters, which indicates that the company's aggressive investment in its field force has not yet achieved the necessary efficiency to drive the business toward a sustainable path to profitability.
The persistent level of SG&A spending suggests that management is prioritizing market share acquisition over expense discipline. This strategy warrants further investigation, as the lack of a clear downward trend in operating expenses relative to revenue may indicate that the current commercial footprint is structurally oversized for the current volume.
Liquidity Constraints Threaten Operational Continuity
Data from recent filings reveals a precarious cash position of $10.2M against a TTM operating loss of nearly $48M, which suggests that the company faces a significant risk of dilutive financing or liquidity shortfalls that could impair its ability to execute on its long-term growth strategy.
The current cash burn rate appears unsustainable without a near-term capital injection, which would likely be dilutive to existing shareholders. Investors should be wary of the company's reliance on external funding to bridge the gap between its current operating losses and the theoretical future profitability of its new indications.