AVITA MEDICAL INC (AVH)
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18/05/2026

3

Speculative Hold

$1.20

1.27%

Avita Medical announced 1Q26 revenue growth up 4% y/y and generated an earnings (EBIT) loss of -$8.8m against a prior loss of -$15.6m for the comparable period.

Bell Potter notes operating cash burn rose to -$9.9m from -$5.1m in 4Q25 arising from year-end bonuses and a rise in receivables. The cash burn is anticipated to decline by half over 2Q26.

Revenue of $19.3m over the quarter was highlighted as nearing a record high with most generated from 175 specialist burn units and L1 trauma centres. FY26 revenue guidance is considered as achievable post the result.

Speculative Hold rating retained with an unchanged $1.20 target.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -99.73 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 18.88 cents.

19/05/2026

3

Hold

-

-

Canaccord Genuity maintains a Hold rating for Avita Medical with a $1.25 target price following a first-quarter revenue result of US$19.3m.

The broker comments the business showed discipline recovering from previous reimbursement dislocation, with operating expenses falling -11% year-on-year to US$24.5m.

Management reiterated FY26 revenue guidance of US$80m to US$85m alongside the announcement of a ten-year BARDA contract worth up to US$25.5m.

Early adoption of Cohealyx and Permeaderm generated US$1.8m in sales, prompting an upgrade to revenue forecasts.

The broker considers the valuation undemanding as the field force accelerates product utilisation, despite higher capital requirements expected for future growth.