AVITA Medical Cuts Q1 Commercial Revenue Forecast Citing Slower-Than-Expected Conversion Rate Of New Accounts For Expanded Label Of Full-thickness Skin Defects
Portfolio Pulse from Benzinga Newsdesk
AVITA Medical has reduced its Q1 commercial revenue forecast to $11.0-$11.3 million from the previously expected $14.8-$15.6 million, due to a slower-than-expected conversion rate of new accounts for its expanded label of full-thickness skin defects.
April 10, 2024 | 9:14 pm
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AVITA Medical, trading as RCEL, has lowered its Q1 revenue outlook due to slower new account conversions, impacting investor expectations.
The significant reduction in revenue forecast by AVITA Medical is a direct indicator of underperformance in the short term. This adjustment reflects challenges in market penetration and sales growth, likely leading to negative investor sentiment and potential downward pressure on RCEL's stock price.
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