AVITA Medical
RCEL on Nasdaq. AVITA Medical sells wound healing products to doctors treating burns and skin injuries. Market value $410m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.13 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -137 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$12.99 a share, 303% above its 1-year low
Over the past year the price has ranged from $3.22 to $13.50.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $29m | $34m | $50m | $64m | $72m |
| Operating margin | |||||
| Operating margin | -90.8% | -79.9% | -85.1% | -88.1% | -59.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 0.81 | 9.39 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 34.1% a year
- Buying back its own sharesNo, 24% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $22 million last quarter, up 18% on a year ago.
- A loss of $8 million, compared with a loss of $10 million a year ago.
- It loses 47 cents on each $1 of sales, compared with 62 cents a year earlier.
- Over the past 12 months it spent $25 million more cash than it brought in, compared with $42 million a year earlier.
- 17% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $20m |
| December 2024 | $18m |
| March 2025 | $19m |
| June 2025 | $18m |
| September 2025 | $17m |
| December 2025 | $18m |
| March 2026 | $19m |
| June 2026 | $22m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$16m |
| December 2024 | -$12m |
| March 2025 | -$14m |
| June 2025 | -$10m |
| September 2025 | -$13m |
| December 2025 | -$12m |
| March 2026 | -$11m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 73 funds in all.
Largest holders overall
- Vanguard Capital Management$6m
- BlackRock$2mCut
- Geode Capital Management$1mCut
- Marshall Wace, LLP$1mAdded
- AQR Capital Management$1mAdded
- Morgan Stanley$827,909Added
- Vanguard Fiduciary Trust$753,320Cut
- NewEdge Advisors$615,085Added
- Macquarie Group$595,395Added
- State Street$532,675Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- The Vanguard GroupPassive investorSold down below 5%Since 31 December 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
The Vanguard Group Passive investor | Sold down below 5% | 31 December 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $234,594 of shares on the open market.
- O'Toole David DCFOBought
- Date
- 12 June 2026
- Shares
- 2,000
- Price
- $3.97
- Value
- $7,940
- Woody Joseph FralinDirectorBought
- Date
- 9 June 2026
- Shares
- 5,200
- Price
- $4.00
- Value
- $20,800
- Woody Joseph FralinDirectorBought
- Date
- 9 June 2026
- Shares
- 10,000
- Price
- $4.19
- Value
- $41,900
- Woody Joseph FralinDirectorBought
- Date
- 3 June 2026
- Shares
- 10,000
- Price
- $4.09
- Value
- $40,950
- Woody Joseph FralinDirectorBought
- Date
- 2 June 2026
- Shares
- 10,000
- Price
- $4.20
- Value
- $41,950
- Woody Joseph FralinDirectorBought
- Date
- 1 June 2026
- Shares
- 10,000
- Price
- $4.30
- Value
- $43,000
- O'Toole David DCFOBought
- Date
- 20 May 2026
- Shares
- 2,000
- Price
- $4.26
- Value
- $8,520
- O'Toole David DCFOBought
- Date
- 19 May 2026
- Shares
- 2,000
- Price
- $4.24
- Value
- $8,480
- O'Toole David DCFOBought
- Date
- 11 March 2026
- Shares
- 1,800
- Price
- $4.78
- Value
- $8,604
- O'Toole David DCFOBought
- Date
- 19 February 2026
- Shares
- 3,000
- Price
- $4.15
- Value
- $12,450
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 June 2026 | O'Toole David D CFO | Bought | 2,000 | $3.97 | $7,940 |
| 9 June 2026 | Woody Joseph Fralin Director | Bought | 5,200 | $4.00 | $20,800 |
| 9 June 2026 | Woody Joseph Fralin Director | Bought | 10,000 | $4.19 | $41,900 |
| 3 June 2026 | Woody Joseph Fralin Director | Bought | 10,000 | $4.09 | $40,950 |
| 2 June 2026 | Woody Joseph Fralin Director | Bought | 10,000 | $4.20 | $41,950 |
| 1 June 2026 | Woody Joseph Fralin Director | Bought | 10,000 | $4.30 | $43,000 |
| 20 May 2026 | O'Toole David D CFO | Bought | 2,000 | $4.26 | $8,520 |
| 19 May 2026 | O'Toole David D CFO | Bought | 2,000 | $4.24 | $8,480 |
| 11 March 2026 | O'Toole David D CFO | Bought | 1,800 | $4.78 | $8,604 |
| 19 February 2026 | O'Toole David D CFO | Bought | 3,000 | $4.15 | $12,450 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in AVITA Medical’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Based on the Company’s liquidity position and the Company’s current forecast of operating results and cash flows, management determined there is substantial doubt about the Company’s ability to continue as a going concern over the next twelve months following the date of issuance of these Consolidated Financial Statements due to the Company’s debt repayment obligations, recurring losses, and historical negative cash flows.”
Show the full paragraph
Based on the Company’s liquidity position and the Company’s current forecast of operating results and cash flows, management determined there is substantial doubt about the Company’s ability to continue as a going concern over the next twelve months following the date of issuance of these Consolidated Financial Statements due to the Company’s debt repayment obligations, recurring losses, and historical negative cash flows. As a result, the Company may require additional liquidity to continue its operations over the next twelve months.
From the 10-Q filed 6 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.