AVITA Medical, Inc. (NASDAQ:RCEL) Q1 2023 Results Conference Call May 11, 2023 4:30 PM ET

Company Participants

Jessica Ekeberg - Investor Relations

James Corbett - Chief Executive Officer

Sean Ekins - Acting Chief Financial Officer

Conference Call Participants

Joshua Jennings - TD Cowen

Phillip Dantoin - Piper Sandler

Ryan Zimmerman - BTIG

Operator

Good day and thank you for standing by. Welcome to the AVITA Medical Inc. First Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker’s presentation, there will be a question and answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would not like to turn the call over to Jessica Ekeberg, Investor Relations. Please go ahead.

Jessica Ekeberg

Thank you, operator. Welcome to AVITA Medical’s first quarter 2023 earnings call. Before we begin, let me remind you that this call will include Forward-Looking Statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are neither promises nor guarantees and involve known and unknown risks and uncertainties that could cause actual results to differ materially from any expectations expressed or implied by the forward-looking statement.

Please review AVITA Medical’s most recent filings with the SEC, specifically the risk factors described within Form 10-Q for the year ended March 31, 2023 for additional information. Any forward-looking statements provided during this call, are based on management’s expectations as of today.

AVITA Medical’s press release for first quarter 2023 results is available on its website, www.avitamedical.com under the Investors section. A recording of today’s call will be available on website by 5:00 PM Pacific Time today.

Joining me on today’s call are Jim Corbett, Chief Executive Officer; and Sean Ekins, Acting Chief Financial Officer.

I will now turn the call over to Jim for his comments.

James Corbett

Thank you, Jessica. Good afternoon everyone and thank you for joining us today. I will begin today’s call by discussing highlights of the first quarter, followed by an update on 2023 priorities. Sean will then provide more detailed commentary on our financial performance before opening the call to Q&A.

We started the year with a solid first quarter with commercial revenue of 10.5 million, which is a 40% increase over the same period in 2022. More importantly, we hit the midpoint of our first quarter guidance, which was expected to be between $10 million and $11 million.