Shares of AVITA Medical, Inc. (RCEL) slipped over 35% on Wednesday morning after the regenerative medicine company cut its forecast.
RCEL is currently trading at $8.94, down $5.12 or 36.43%, on the Nasdaq. The stock opened its trading at $10.27 after closing Tuesday at $14.06. The stock has traded between $7.51 and $18.93 in the past 52-week period.
For the quarter ended December 31, 2024, AVITA Medical now expects commercial revenue to be about $18.4 million, reflecting growth of around 30% over the same period in 2023. Previously, the company expected revenues of $22.3 million to $24.3 million.
The company expects full-year 2024 commercial revenue to be around $64.3 million, reflecting growth of about 29% over the full year 2023. Previously, the company expected revenues of $68.0 million to $70.0 million.
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