Reiterate Buy on Solid 1Q26 Results; RECELL & COHEALYX Strength

研报英文原文证据摘录

Reiterate Buy on Solid 1Q26 Results; RECELL & COHEALYX Strength

Medical Supplies & Devices

Avita Medical

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 15, 2026

Price: $4.36 (05/14/2026) Reiterate Buy on Solid 1Q26 Results; RECELL &

Price Target: $5.50 COHEALYX Strength

BUY (1)

ESG SCORE: 71/100

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

Avita reported solid 1Q26 results with revenue of $19.3M (+4% Y/Y) and gross profit of $15.7M

joshua.jennings@tdsecurities.com

ahead of TD Cowen and Street estimates. The company reaffirmed FY26 revenue guidance

John Rusch, CFA of $80-85M (12-19% Y/Y growth), highlighting RECELL utilization normalization as well as

646 562 1324 greater Cohealyx contributions. We reiterate our Buy rating and continue to believe in Avita's

john.rusch@tdsecurities.com

differentiated wound-care ecosystem.

Colin Clark

646 562 1441 Overall, we are encouraged by Avita's solid first quarter results with revenue and gross profit

colin.clark@tdsecurities.com ahead of TD Cowen and Street estimates. With all seven MACs having published RECELL

Key Data reimbursement rates, and management noting a normalization of RECELL utilization alongside

Symbol NASDAQ: RCEL greater Cohealyx contributions, we expect the company to continue its recent momentum

Beta: 1.90 throughout the remainder of 2026. We continue to believe Avita possesses a differentiated,

52-Week Range: $6.76-$3.27 three-product wound care ecosystem, across RECELL, Cohealyx, and PermeaDerm, and

expect further penetration among Avita's physician base. Intraquarter KOL commentary

Market Cap: $134.2MM

(LINK) supports future Cohealyx adoption among the company's end markets, combined

Net Debt (MM): $27.9

with a return to a procedure-based demand cadence (RECELL normalization). We expect the