AVITA Medical Updates Expected First Quarter 2024 Revenue
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BTIG Downgrades Avita Medical Ltd. (RCEL) to Neutral
April 11, 2024 5:38 AM EDTBTIG analyst Ryan Zimmerman downgraded Avita Medical Ltd. (NASDAQ: RCEL) from Buy to Neutral.
The analyst comments "We downgrade RCEL shares to Neutral from Buy and remove our PT. RCEL announced 1Q24 rev. is expected to be $11.0M-$11.3M, ~26.1% - 28.1% below Cons. estimates and the guidance provided on the 4Q23 call of $14.8M - $15.6M. BTIG/Street expectations going into 1Q24 were $15.2M/$15.3M. Mgmt. noted the reduction in 1Q24 guidance was due to the slower-than-expected conversion rate of new accounts for full-thickness skin defects. We model flat product... More
