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| And with resell, we have a real opportunity because we have a very well proven at this point, technology that does not have a direct competitor |
| And at the same time, our experience has been that we have the ability to really make the expansion happen rapidly because we are growing and we have a proprietary technology, and it's a technology and company that for the sales rep really creates a special opportunity |
| And what was really impressive is how many of them have become really successful and have great momentum in their territories |
| We finished 2023 strong, delivering fourth quarter commercial revenue of $14.1 million, representing growth of 50% over the same period in 2022 |
| So, we're really feeling very good about the progress we're making |
| And we're getting experience in cases that we haven't seen treated before and having very good clinical results |
| The sales rep has good access to the hospital and to our customer base |
| And lastly, we continue to benefit from increased adoption in the burns market |
| First, we were able to capitalize on our pre-existing burn center accounts, of which half also have trauma centers, enabling us to immediately market full-thickness skin defects in those centers, thus boosting sales |
| Since Q1 of 2023, we have demonstrated sustained impressive commercial revenue growth rates of 40%, 42%, 51%, concluding the year with a Q4 growth of 50% compared to the same quarters in the prior year |
| We continue to deliver strong financial results |
| Our strong third and fourth quarter results were largely driven by three key factors |
| In closing, 2023 marked an exciting inflection point for us, and our dedication to innovation and growth continues |
| Moreover, an expanded sales force will allow us to intensify our efforts in the value analysis committee process, thereby maximizing our ability to capitalize on the expanded label of full-thickness skin defects |
| I'm pleased to report we did just that |
| For the full year of 2023, we closed with commercial revenue of $49.8 million, representing impressive growth of 46% over the prior year |
| And that growth rate is actually accelerating against the second half of last year |
| Additionally, I emphasized that 2023 would mark a significant turning point for AVITA Medical, a year in which we plan to transform our business by in multiple new indications, dramatically increase our growth trajectory |
| We continue to gain share in the core burns business |
| We are pleased to report that we have established a path to achieve both milestones no later than the third quarter of 2025 |
| We are confident that we have sufficient cash reserves to achieve our goals |
| And then if I think about gross margin, so obviously, well, for this quarter, you had a material improvement in gross margin |
| This performance highlights our sustained quarterly growth trajectory |
| It's a really good thought |
| So substantial growth |
| Congratulations on the terrific progress |
| We remain resolute in our commitment to unlocking shareholder value through increased adoption and sustained growth within our indications and expansion of our portfolio |
| And we're on a good pace here in the first quarter to make that happen |
| In the three months ended December 31st, 2023, our commercial revenue increased to $14.1 million, $4.7 million more than the $9.4 million in the same period in 2022 |
| To achieve this, we strategically increased both our sales team from 30 to 70 people in our territories from 14 to 40 to maintain small sales territories and keep our growth rate high |
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| So it slowed us a little bit in the fourth quarter, but not much |
| Net loss for the fourth quarter was $7.1 million or a loss of $0.28 per share compared to a net loss of $5.4 million or a loss of $0.21 per share in the same period in 2022 |
| Net loss for the full year 2023 was $35.4 million or a loss of $1.40 per share compared to a net loss of $26.7 million or a loss of $1.07 per share in the full year 2022 |
| Madeleine Williams In regards to going back to, I guess, the bottleneck with launching into the trauma centers |
| I don't think that will be a big challenge for them |
| It seems wasteful |
| So, the complexity has unfortunately -- it's a little bit like a wave coming ashore |
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