David O'Toole, Chief Financial Officer of AVITA Medical (TASE:PMCN), Inc. (NASDAQ:RCEL), recently increased his stake in the company through a series of stock purchases. On December 5, O'Toole acquired a total of 975 shares of AVITA Medical's common stock, with purchase prices ranging from $12.40 to $12.53 per share. The total value of these transactions amounted to $12,151. The company, currently valued at $337 million, has shown impressive revenue growth of 32% and maintains a strong gross profit margin of 86%. According to InvestingPro analysis, AVITA Medical appears slightly undervalued at current prices.
Additionally, O'Toole acquired 785 shares on November 29 under the company's Employee Share Purchase Plan at a price of $7.83 per share, totaling $6,146. Following these transactions, O'Toole's direct ownership of AVITA Medical's common stock increased to 23,734 shares. InvestingPro subscribers can access 12 additional investment tips and a comprehensive Pro Research Report for deeper insights into AVITA Medical's financial health and growth prospects.
In other recent news, AVITA Medical reported strong Q3 2024 financial results, with commercial revenue reaching $19.5 million, a 44% year-over-year increase. Despite a net loss of $16.2 million for the quarter, the company has made significant strides in product development and market expansion. The RECELL GO platform now accounts for 75% of the company's revenue. AVITA has introduced a new product, Cohealyx, pending FDA clearance by year-end, with a planned launch in 2025. RECELL GO Mini and the international expansion of RECELL GO are also in the pipeline. The company anticipates achieving cash flow break-even and GAAP profitability by Q3 2025. AVITA projects Q4 2024 revenue between $22.3 million and $24.3 million. These recent developments reflect AVITA's commitment to growth and innovation in the medical device sector.
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