Earnings call transcript Q2 2023

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Operator

Good day and thank you for standing by. Welcome to the AVITA Medical Inc.

Second Quarter 2023 Earnings 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. advised conference be being Please Instructions] that is today’s recorded. [Operator

go the not Director to Please like would conference of to Relations. Ekeberg, I Jessica turn over today, your Investor ahead. host

Jessica Ekeberg

AVITA Medical’s you, Welcome Thank second operator. XXXX earnings quarter call. to

you XXXX. me Forward-Looking the the begin, of call Litigation Securities within this remind we will that Before Reform meaning Private let include Statements Act of

from and results nor are and involve materially risks neither to unknown actual cause promises statement. guarantees expectations implied uncertainties statements or could These and that forward-looking expressed by any differ known the

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

Medical’s Pacific today. available second release website, call under XXXX the available of is website section. on for by will www.avitamedical.com results Time today’s on A PM recording our Investors be press AVITA quarter X:XX

are Joining David me on today’s Officer. Jim Corbett, Chief Financial O’Toole, Executive and Officer; Chief call

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

James Corbett

and discussing afternoon, second of you Good followed I us XXXX quarter, on an priorities. highlights by update the call today's for will begin today. thank by joining

update, our will financial this O'Toole. on performance commentary new our Following you hear from David CFO,

treatments Please recently David. which developing March of is accomplished company in a extensive most in David join was served Opiant and David a acquired financial me welcoming experience with biopharmaceutical as in executive and operations Indivior CFO an addiction markets. both public XXXX. drug by capital company Pharmaceuticals, for of overdose,

the a submission FDA landmark discuss potential extraordinary to more of Medical. will will these an our are FDA platform in to to submission. we AVITA These Now, approvals turning this the quarter, call. and unlock second us quarter enable to later with continue and growth detail advancing I critical on approvals two pivotal and had

XXXX, with results million. our strong the which and at $XX.X we guidance end commercial our increase was million, continue FDA $XX.X in financial addition million to is successes, to top a period to revenues the In over deliver $XX.X XX% of of same of

This our year-over-year itself of first of of of an which our growth growth XX%, was an quarter acceleration XX%. XX% growth quarter fourth is acceleration year-over-year

We virtually new increased adoption our center have accounts, burn accomplished accounts. this with no indicating within existing

prior U.S. As revenue. item. revenue components, commercial Japan the mentioned comprised a of two on majority calls, is and of foreign our revenue represents foreign revenue line

we XXXX we of use On overview approval and treat move defects. business. let's our to our to transform activities our that June on achieved With X, recent now major RECELL priorities for a full-thickness milestone skin continue to of performance, the as FDA that received

our of high and approval supplement, Although repair significantly label study on confidence for broader we RECELL the the of reconstruction, had level pivotal the was in a tissue based what FDA's anticipated. initial scope PMA which we approval initially soft for FDA's of the a than represents

at back This skin look appreciate label and original treatment need for of market. opens full-thickness fully new tissue effectiveness options. To soft repair we to the take RECELL validates the up defects, further the indication a

the for surgical and These soft like wounds and represent necrotizing wounds reconstruction, across such submitted fasciotomy cover to trauma our fasciitis. tissue XXX,XXX U.S. supplement approval centers. When traumatic and approximately we the expected degloving procedures eligible PMA as we repair wounds

over approximately the commercial $X.X existing our XXX,XXX that The soft team outside of of capture TAM repair market. Thus, market the center target to burn billion. procedures market remaining represents burn portion our and of a XX,XXX expansion burn eligible initial exists into trauma eligible centers tissue allows procedures our served of

of center our six represents this served market. reminder, times a a increase burn existing As

as wounds and of surgical and muscle-only skin pressure plus flaps, cancer. DFU traumatic wounds such chronic The and that ulcers laparotomies, wounds eligible XXX,XXX includes hematomas, these excisions full-thickness gunshot for ulcers, wounds non-pressure procedures defects like and FDA surgical cover approval VLU, traumatic

XXX,XXX least is internal graft diagnosis note from skin at It codes CPT based codes represent of on analysis wounds wound derived tied eligible claims important market procedures. These types. third-party to and size that is to this specific

a uses indication same outpatient our FDA so reimbursement broadened a soft words, in-hospital as DRG transitional and burns, through defects. has pass-through of code. does codes reimbursement Further, as tissue the our indication new repair label other skin full-thickness a reimbursement approval, the through In expanded

commercial X, June our the FDA with approval, U.S. defects on initiated the expanded the we organization. burn of we received skin Consequently, day full-thickness procedures commercial launch eligible after and additional

new the plan expansion team those organization, of XXXX, original than which our of double XX AVITA in we to Medical XX. story, more of our commercial the quarter to second To the initiated would

noted, a as As result expense percent revenue a in in of XXXX. previously peak will QX this operating

the adoption However, XX quickly. average exceeds rep approximately I with month. productivity resale Last sales direct month breakeven emphasize a for margin market quarter, gross a and this commercial on quarter, five pays this of to that weaponizing penetration where kits per the profit to I sold our new is professional individual. Prior contribution enhance called itself per kits per our force

this conducted additional we related these eligible we larger Turning an Consequently, I are our internal strategic to eligible that XXX,XXX to developing procedures full-thickness pursue mentioned, have to market. analyzed the claims significantly reports procedures. analysis plans third-party defects skin currently and of

treatment the we a of with expected full-thickness Program, normal, we of line through to approval XXX-day vitiligo skin delivery for a stable, resale repigmentation of through the period defects, received the June healthy skin depigmented XXth. repigmentation FDA approval June approval for Breakthrough In cells. lesions Device on of the represents review Similar first-in-class vitiligo. This

on for and safety pivotal primary based trial met The efficacy both vitiligo, endpoints. our approval which was

evaluate the health healthcare the mental derivative study the and associated did vitiligo. the not of of treatment However, reduction benefits with costs

The derivative without treatment a including Patients often and health is vitiligo highly the of psychiatric contagious, dysmorphia. mental visible high disease. the not and is condition high autoimmune recur and body lifetime. is it the cure fatal, a throughout an of nor are patient's have While prevalence chronic conditions it with issues, costs

the we called by seek to associated of reasons, reduction will and post-market demonstrate study we mental resale these the treatment where healthcare XXX For benefits conducting both repigmentation vitiligo are health costs. of and of a TONE, patients

the commercial completion six-month payer policy. the Following we pursue analysis, will of a study

we To the to secure healthcare our of plan developed demonstrate It treating resale with goal mental focus do TONE the with on of vitiligo. reduces health cascade vitiligo data treating this, lifetime which costs greatly is XXXX. reimbursement combine of that vitiligo, third-party costs in issues to to broadly the economic

GO. Now, an on RECELL update

XXth, the submitted device designation. previously we breakthrough on PMA RECELL supplement June a for which maintains As promised, FDA GO,

RECELL allowing the operated the need effectively. substantially current for more the to revolutionizes selling device time autologous by cell training manually requirements, Automating the of eliminating disaggregation manual reduce leverage us will GO process disaggregation of RECELL samples.

lead Additionally, which it manually will ease we to lives predict and staff adoption indications, perform of the an will impact across of operating and transforming additional burden disaggregation, our patients. further our of room increased required training by to the physicians amplifying

GO is discussing strategy, in we international a RECELL third our on component of critical more our Moreover, call. which detail quarter will be

our we for the most GO believe such, greatly our which platform, enabler growth. arguably is RECELL will accelerate significant As

an Program, June given review and launch approval under the January prioritized subsequent expected Xnd, XXXX. our the December receive Device Lastly, with on submission Breakthrough XXth XXth submission interactive will

between this At third year. revenues XX% to this of With XXXX, we rate prior growth million quarter of expect the approximately reflects of guidance, midpoint $XX commercial the over respect be $XX to XXXX and million. a guidance, for

XXXX. $XX which To to million, million that million, to end, million a $XX XXXX over $XX we at guidance annual to guidance increasing reflect of revenue our are would from growth $XX XX% midpoint

our is to execute on ahead, priorities. February fourth call closing, XXXX. quarter XXXX our continue to In XXXX intent Looking in guidance provide we the

committed out results. strong laid to We delivering have and remain

the like turn to Dave. call that, to I'd over With

David O'Toole

pleasure XXXX, Thank here of you, a be $X.X the In to ended AVITA commercial $XX.X our compared by June increased XX% and three same to team. XXXX. in Jim. revenue part It million, XXth, million in is to the months the period Medical be

revenue procedures, Japan. our deeper particularly as commercial in sales partner, driven by well with smaller was commercial with usage, in surgeon largely increase burn COSMOTEC along broader as penetration, within The

there Although in the our was the for commercial full-thickness to team on commercial attributable defects expanded launch no revenue June place quarter. expansion was the of X, in skin meaningful

will We an begin third to commercial team have quarter. impact expect in the expanded the

the in manufacturing to product decrease was margin to in period the compared month the production primarily a qualify profit Gross certain in XXXX. need quarter, XX% same in of vendors by The XX%, for components. to one decline attributable was caused new

our supply However, process perfect service strengthening of throughout maintained level. we chain, the our

resumed quarter growth. sales Since expected and manufacturing to volume fourth third our with have then, pace keep we

increase to As fixed, previously, the we volume have are increases. of will as costs approximately our manufacturing our gross product XX% attributable facility, which product means emphasized margin

to third in third gross margin in fully that Further, was show I compared like and our the this to the to of would margin unusual, an expect margin gross we the decrease year. increase last note for quarter quarter quarter

Total $XX.X quarter. XXXX. during in expenses cost skin the commercial quarter in to for operating significant period to preparation increase operating $XX.X of the increase of the in million due launch The to compared same was million our expenses related the primarily defect the were in full-thickness the organization

$X.X for The included and and seminars, commercial benefits, promotional in expenses. team, and costs both marketing commissions, and existing recruiting related travel in million approximately the and including $X.X expenses million wages, additional costs, employee in sales expanded expenses $XXX,XXX

expenses development ongoing by and Liaison associated the increased our $X increased the to Science to Medical of million noted, and with approximately research GO development marketing addition In RECELL due and costs sales expenses team.

in $X.X Net noted in quarter $X.XX a loss expenses in same million previously, or of XXXX. As the team $XX.X revenue share in period to million will compared our in of operating share loss peak of XXXX. Salesforce loss a expansion of or QX the of result per loss net the a per as percentage $X.XX was a Jim

securities As cash million of million to XXth, $XX.X of December XXXX. of XXst, $XX.X cash, had as and approximately marketable June equivalents, compared we

our the open revenue increased questions, for emphasize for line to I'd guidance XXXX. we up Before like

$XX between quarter, For expect million. commercial third and to revenues the be we $XX

of our XXXX $XX Additionally, the million. by revenue annual $X now we million guidance for to increasing to in be are million range $XX

that, your questions. I now With for the for your you will call And turn the time. to operator thank back we

Operator

Instructions] [Operator comes a Cowen. with Our Joshua from line first TD Jennings of question

Joshua Jennings

at and It's FDA and on the the CFO Thanks, come see the to afternoon. seat and Jim Good Dave. great AVITA. results, congratulations approvals Hi. strong XQ Dave, in

David O'Toole

Joshua. you, Thank

Joshua Jennings

I potentially broader and help data, Absolutely. just just, you you're outcome, commercial that that, that I on organization off you're the I can Anything us and the more how to for wanted label thinking? start think, with opened out talked mentioned think secured -- many Jim, the that up. you on you indications you build rethinking to fantastic soft-tissue about structure understand

James Corbett

Yes.

the because significantly terrific a question that's is was than think what it I anticipated. broader -- label we indication

staying is soft-tissue is -- The foremost, what and we repair believe reconstruction, previous and understanding what focused. was that So, expansion. I procedure the doing, we're think, first under which XXX,XXX

us there's time we're For on adoption. for get that, we right the momentum staying plenty because to want and the and build grow the being, focused underlying there

a bigger opportunity under defects On the is applications other number for us. there that much that full-thickness hand, skin a come create of

So a better some word, need rather we so time speak, than rush some to into indications. spend that, on in going to to, and we're the conduct -- spots' research no of low-hanging some fruit, these clinical because of assessing have lack

to a anecdotal, the the we're of we'll strategy which indications around, time these We is together. about new how by circled, all comes so that's have some I bringing QX, call really about have some that them. think have and And November go we'll QX,

So news. our fills it's stay just focused. just We great pipeline. really It

being adjust right for And effective. launch think try focused might to now, defocus about we've us very at us organization I doing by about be a and before been moment the how to go we final rewarded less to cause things.

forward as QX, to some QX, around. look insight more call comes really So

Joshua Jennings

just of from just, look guess, now trauma is but moving the there question, for on to over external centers office the front focus taking and you term, at in in to is centers, setting. mean, list Thanks the I strategy questions. a Understood. have out burn that. kind a short mean, some on near physician an setting outpatient I development portfolio the incorporating and I also the build hospitals, And opportunities? time you're noticing not term, here in lot business we Thanks opportunity, for of potential

James Corbett

world, immediately incorporates trauma and Yes, Josh, the center expanding We're that is. centers. burn certainly there the into

centers the trauma one As you already of centers. burn half level know, are

the in patients the is are So to our to it before are treating RECELL, are are there off it sites, technologies to to. speak, start. that us important is that with applicable so who physicians fast that used helps RECELL, a get But that RECELL and very that gun after used is

and I underway that fit describe, category, to underway identify we some We have technologies would some choose that -- them. significant effort have a work to

will that November call. of fruits think I the by again, And that some show labor

are force, So sales consultative a a the it our is with such, sales because very interact we focus, and physicians team. as

team sales technologies same from sense that applicable point sales, it common will very in have basically very of our it business For to other execute model because is be terms are of view, to and some a patients their cost to our will little of team. portfolio sales cost

I think So on right insight there the is your money.

Joshua Jennings

I appreciate Thanks, Jim. answers. those

Operator

Our next Capital of Markets. question Brooks comes line Street from Lake O'Neil the with

Brooks O'Neil

and who Good all made made color with response approach doctors Level to I'm and regard curious you there? centers to if you've to comments afternoon. any X at appreciate I any but operate the X Josh, trauma the Level or there's

James Corbett

Thanks, Brooks.

early, in is hand and other our we activity. are and getting in activity started VAC increased we're an cases but the we achieving that selling centers, on are accounts outside one six think I done. since we're on approvals, all the seeing weeks burn hand, What it's we're

One consequence ready. our of of guidance early because preparation, that came, raised is reasons of our we the when actually early the approval and were momentum the because we

think XXXX we're of bullish quite remainder feeling of that. and I beyond year about the So, the ahead

without having. that's so, specifics, experience we're And the

Brooks O'Neil

at smaller curious, success so you I'm burns there's RECELL least any you some that those been Have had pediatric to I burns. opportunity for in Then opened Great. and to far? sense areas have some apply

James Corbett

you a it a RECELL it we but on don't on, receive We mostly they because hospital we that and it's necessarily macro and insight get a I get it clear kit. right, to have, the think who thing we buys can anecdotally. measure, to Well, feedback level. use do see difficult do And

event adding reflective For the against without very actually of on us resale. accounts quarters is technology growing last penetration with base a who have going this larger three faster been new a

we time. just them of macro because is quantify getting over numbers So, increased difficult I of are to there that those adoption validate the cases. but what simply It's just RECELL described,

Brooks O'Neil

just and you world, sandbag I you are wanted put really to Jim, easily Then relates and In personal beat. ask your guidance. some Great. philosophy, that out to about people it to trying providing can one more, today's numbers

view little provision you've and credibility. different think investors talk approach of how about I could trying Med? guidance AVITA a build of just bit described to a analysts But you somewhat you the for at

James Corbett

you realistic, it's the believe rather asking. That question, it. important it. when we we set Yes, that to bracket a I intend, We appreciate Sure. guidance, Brooks. when We're is why middle. hit and we we is what set

So ahead of have in stronger would the $XX.X middle. a finished quarter. had well of this the end million middle. case, We the we been

weeks we Some of Three increased and had that already, of reflected. obviously June, is we preparing. were the indication

some had that. to early that we So, adoption contributed

upper a the do we quite on So, the of afterwards, feel went? end side it my dollar set to Perfection we're low. get quarter, is range the sure. didn't I personal And of middle, philosophy We missed right. over within quarter is said guidance, the be middle, of where how we the team the they but said, for get the said, We you it at guidance. the too it.

and analysts it You that's about and believe able should hold us what us trying And that we who like how to the to to guidance, this what play it do we our easy. it. and be depend be our I about not is here to we we're expect company credibility. think grow to to not it. on would We're say about within back and investors And is goal. middle follow and

find So, sandbagging the our practice. you in will

Brooks O'Neil

you I half the opportunity strong in I'm so have, seeing back the great. about forward to results pretty look That's of year. excited the

James Corbett

Thank you, Brooks.

Operator

line question next Sandler. of comes Our O'Brien from a Matthew with Piper

Matthew O'Brien

guys okay? you hear can me Hey,

James Corbett

well, Matt. you're How Very doing?

Matthew O'Brien

question. Good, thanks. Thanks for the taking

million the maybe up follow mentioned you Jim, half the question, guidance about midpoint you dollars. So, to raised, a the on by for just starter beating Brooks's

perspective there, tissue total, a an in trauma up thought, And by exactly that's million business? the there, is from seeing are I'm enthusiasm soft five in guidance you're are you You're can an new really confidence just you centers in you of be you that little point taking bit then, back faster $X giving the the be on even wondering, more and maybe thing? to expected so you year. committee? had the getting bunch it in training to a on what but tissue? you for raised what coming the a soft than Are detail more seeing on there, million to to seeing roughly, about always extra in guidance why Just there's

James Corbett

Matt, multidimensional through you my take try a and me thinking question, It's process but here. let

and June. know. don't device know were we it, for expecting original set foremost, That designation, that in you we until you said, when quite sure got got were First breakthrough approval guidance, it we having as confident, you despite yes, you although

So is one that element.

The element it you led counting what feel comes, from you that comfortable so it. when to expect therefore, can -- the second

we the in up Now, what us ramp the team. QX, reinforced that took train as you fully for is recall to and move,

broader And approval so, showing up following full-thickness approval space when the indication was no defect and on promoting the skin between day. this came on actually there time, the our

those when to guidance. response in the that to wanting is stronger predictable, is us again, prospects So, early were and clear the very increase positive, in it be combine that then was reflected you and our very

Matthew O'Brien

Okay.

of to of approval schedule, know Just bit there schedule you or training versus, that, Jim, maybe or center of point point the little little I you ahead ahead anything those ads ahead is anything just specifically? running like schedule lines on a but a -- and bit finer that's can along got

James Corbett

definable our fully know, market, construct, be a fully support to and salesperson came, a hired, case. team most do that. to June of rep the ready schedule we you the having element Xth in when was say, every certify trained, ahead new in And I'd our to able was

ramp prepared, I right fully no you're And point the I there's up, think to. field. tangible being So, can thing out that's the in most

Matthew O'Brien

again, well. enough. get Okay. love involved as And the role. And David, to new I'd here Fair on David congrats

David O'Toole

Thank you.

Matthew O'Brien

maybe as de-leveraging You've on just in still this it a your about a where back the potential next year? needs bit Thanks. is spend be been and P&L going get this to there? very of as or a building year. to in talk we little as far there is you're XXXX, leverage the market situation the Do point cash position half And goes clear

David O'Toole

Yes.

appreciate So, I thank question the take second you question. around for it. first I'll the cash.

that working of XXth, that forward. is, that a we'll as need on discussions have have developing if include we consideration be a our process number balance already June move we take to additional GO, number As capital. we a the will RECELL of plan, things and sheet. solid which approved, in that. are of we calls And for build inventory will to We've will indicated launching, need of We'll which it's into XXXX

looking And will strategy working be will our at capital needs. Vitiligo. also other we We have for

out our XXth. But have as of now XXXX February will June plan, those you in of I operating All tell a more developed. come have that sheet will we solid of that which balance we can guidance once right we give

month. or And per And leverage, talked a five around salesperson as we've when is that units far is trained crosses they're usually paying As we a that And fully far selling for salesperson units himself. month. when herself. himself as is about as is XX per selling think over around

on the Xth. So, as indicated, ground we hit running Jim June

we selling It's to that think sales you expect say. new get But quickly How that to quickly. least And that cover would leverage be? their so, field are. all going we're early are from salespeople into the move enough professionals we at still days. what of XXXX, costs as will to Hard those

Matthew O'Brien

Thanks Perfect. so much.

Operator

question comes BTIG. from of next a line Zimmerman Our Ryan with

Ryan Zimmerman

you. for speak the Thanks taking Good and David. to Nice congrats afternoon. on quarter. with the questions

David O'Toole

you. Thank

Ryan Zimmerman

got talk half even is coming the given can how to wondering, the longer you think higher margin? David, especially or maybe just kind longer that Go of So, margins about guidance maybe year. just We term. picture as above I'm it the think expectation you back RECELL XXXX. the margin the start, maybe the we of encouraging, in guidance the bounce in And your margins over potentially just into treading if But towards term, end across about about back of

David O'Toole

our manufacturing for for thanks I you facility biggest the And It's, not us. as XX%. our it's this talked of And Thank for We've have. And percentages. question. Go And before. the the component cost sold goods goods it. appreciate RECELL into about of move part, change of Yes. the XX% of that fixed. within we most following we going That's sold. is to it's cost

about months So, to we the look would increase we've and in fully forward, increases, over our sales our as talked we field. with this, the volume volume next the as expect and force XX

And it's approved we that it so -- either accordingly. margins the now we will when volume, increase. as should that cartridges in our we will And into up the XXXX. or have for XXXX, That go look as product is ease-of-use RECELL Go

in We guidance a But developed we've sales, more are. a in approaching we long will plan. our you as where our with once see what as would are our be margin expectations XX% situation give volume, line can our XXXX

Ryan Zimmerman

Okay. enough. Fair

I exciting. very margins. are fantastic those mean, it's Now,

of turning given you share skin of been have the can latitude need adoption. defects, to the terms where in and the new where trend with And physicians to indication? if conversely, new indication a able there's see Jim, anecdotally, educate which success? doctors may cases label to you the most you're about of it. Looking then, for comfortable utilization gives early this the in seeing you forward potential you with, early full-thickness specific to kind What launch case are that just

James Corbett

a shot. question. me let a But give that's big it Ryan,

First, specific. let me try and get

both accounts new week-over-week multiplying applications and a being underway. having of are VAC added new We effect

time So, meaningfully this short we've every move week, in the had. numbers

fasciitis. a easily so cases, gravitate capture The The still it. are among So, they there speak like cases physicians, ones them. necrotizing speak, that's a lot is the to obvious are them. to broad, like to most tangible and of way cases degloving, are because differentiation about very Those resale cases me of types pretty for quickly

trends numbers macro that what's weeks. time, have those they -- market was it's just we been we during yet They're quite principally excess that training as promoting right or had you But the RECELL. word? don't launch. through in I on on prep aware Salesforce aren't because know, – So, several of see the in before some and done average because place for not four going We've of the weeks and

So, they that had time to the physicians because do condition the CPT analysis. high through market, grafting identify you can

think I I is finish is reflect than high shoot for So, we of planned for. the of you so our guidance and a it – the we reflected I end guidance, better bullishness in for the well. as know. year, the raising means little went middle, A, that I And did it feel a the bit end high as think that

Ryan Zimmerman

stuff. Good Okay.

Looking out. it. forward seeing play Appreciate this to

James Corbett

you. Thank

David O'Toole

you. Thank

Operator

Fitzgerald. the from Cantor of Osborne question line Ross next comes with Our

Ross Osborne

guys. Hi, questions. quarter on and the Congrats taking for thanks my

sales productivity, to back to want I'm page. circling just maybe the rep just same on So, make sure

hit in But these productivity think that to reps kits a per cover about you sales ramp hitting really how it of new your long terms reps you question, new level? not a to So, there's more XQ efficient for average month, take for replied their of XX would in prior do cost.

James Corbett

good a different a question. way to have metric characterize It's for I that you.

just it's cost-based. So, is not element time-based, the first

rep. resale the the month five per cost kits to cover of takes it So, sales

investment. as at we So, that look an

margin know a We getting of to the five, we everything So, occurs. sales ranges might a take with of a four that becomes cases It business. resale some months. hire the rep, rest do when have takes six range after or to from we in when contribution brand some months. on new prior territory very quickly -- as in as that It no three

That's when margin cost break-even they from a get contribution to range of positive.

this put the XX context, month. we average to when in our XX exceeded rep we -- have as expansion, per reference, far As to went it

that shared context So, that five. in put was to

get and to we're shape. in to your five, great So, you XX, once XX, really you way on when

positive next So, helpful what force that four contribution six of we hiring will Is your that this is margin question? the to months. expect wave be to sales within

Ross Osborne

and more Thank more you I for you Much couple one we're juggling a U.S. may, be clear. to but would total able then for? break Japan's the the contribution are calls, percentage probably out, Yes. And And of us Australia, accounted not, able revenue if UK? to highest what the to very tell and revenue know, realize I if U.S. of that. outside apologies, of you much Japan, you

James Corbett

Okay.

kept and in is revenue, Japan users our is it. same in we who a of from What So, international remnant few Europe. strategic rather do over XX% Australia a well we've supported, the for

the Now, there quarter say is really call, because the of but in call, an November, February international to been don't November I call, will, that's which course, strategy coming in want fourth I've guiding to.

have our in other a than Japan revenue. express to rate year revenue way think to will no reason So, you year-to-date the for we -- that that run expect can I current the as think about

Ross Osborne

quarter. it. again on congrats Well, our thanks for and the Got questions, taking

James Corbett

you. bet. Thank You

Operator

concludes you today's today's for question concludes conference This That and answer participating. call. session. Thank

You disconnect. may now

AVITA Medical (RCEL) 10 Aug 232023 Q2 Earnings call transcript