This month's digest recaps the J.P. Morgan Healthcare Conference and previews the upcoming earnings season for Q4 2025.

This month I explore the recent surge in M&A activity, where 2025 ranks from a historical perspective, and evaluate the acquisition potential of the coverage ecosystem.

A look at what to expect when companies report third-quarter 2025 operating results beginning in late October and extending through November.

The wound care specialist is now on its third CEO in three years. Can the business possibly salvage its technology platform?

AVITA Medical recorded trailing 12-month revenue of $50,000 in Europe through June 2025.

ReCell GO delivered its third consecutive quarterly revenue decline. Unfortunately, mismanagement of the cash runway means the wound care specialist has few good options to keep the lights on.

A look at what to expect when companies report second-quarter 2025 operating results beginning in late July and extending through August.

It's time to exit or reduce exposure to AVITA Medical. The business isn't executing and the management team has failed to restore trust with investors and analysts.

Things might get worse before they get better. I'd rather not hold through the uncertainty of needing capital in a capital-challenged environment.

A look at what to expect when companies report first-quarter 2025 operating results beginning in late April and extending through May.

Despite whiffing on revenue guidance for half of 2024, management came out swinging once again. Full-year 2025 revenue guidance calls for record growth of 61%.

Management cannot seem to understand the importance of underestimating and overdelivering. I'm interested in a long-term position, so buying at favorable valuations is attractive.

This month I reveal my lessons from the last market bubble and correction, which influences my current strategy. I also beat you over the head as a reminder to avoid FOMO, remain disciplined, and keep your emotions separated from your money.

The business returned to a solid growth trajectory in Q3 and expects to notch its first $20 million quarter in Q4. Investors can thank the swift adoption of ReCell GO.

Management did the impossible by re-establishing trust with investors virtually overnight. That goodwill is unraveling as the company tries to do too much.

Management says slower-than-expected conversions from hospital value analysis committees are to blame, but hopes for achieving the low-end of full-year 2024 revenue guidance seem misplaced.

The FDA-approved indication likely won't launch until early 2026, but the business expects to achieve cash flow breakeven and profitability by Q3 2025 at the latest.

The company set a very high bar for revenue growth in 2024 with a whopping 63% leap from last year. Although it matches our model, falling short could be painful for investors.

Full-year 2023 revenue guidance was reduced to $50 million, down from $52 million but in line with initial guidance. The market is disappointed by the timing – just 11 days after the last conference call.

The medical device company missed an opportunity to raise capital by issuing shares this summer. OrbiMed has come to the rescue – for a small fee.

The regulatory delay essentially reverses any timing advantage provided by the Breakthrough Device designation. If AVITA Medical is forced to conduct an additional clinical trial, then it could negatively impact the launch of stable vitiligo in 2025.

The company issued new full-year 2023 revenue guidance in a range of $51 million to $53 million, or a midpoint of $52 million. The most recent 2023 model from Solt DB Invest expected $51.68 million.

The FDA approved the ReCell System for use in soft tissue repair. The formal label, for full-thickness skin defects, is advantageously broad and significantly expands the market opportunity.

The new leadership team has committed to an unusual level of transparency, which signals confidence and competence in the new commercial strategy. New metrics provided for ReCell Go have improved our modeling, for instance.

The medical device company replenished its shelf registration with the SEC. Separately, AVITA Medical announced its third-generation automated ReCell device has earned FDA Breakthrough Device designation for acute wounds.

The medical device company issued full-year 2023 commercial revenue guidance expecting 47% growth at the midpoint. It expects to end the year with a year-over-year growth exit rate of at least 50%.

AVITA Medical remains one of the most obvious investment opportunities in the stock market. It's a #Dicerna level of conviction. The long-term guidance provided in February 2023 will force Wall Street to recalibrate significantly higher – closer to forecasts from Solt DB Invest.

AVITA Medical remains one of the most obvious investment opportunities in the stock market. It's our first Asymmetric Opportunity. The long-term guidance provided in February 2023 will force Wall Street to recalibrate significantly higher – closer to forecasts from Solt DB Invest.

Full-year 2022 commercial revenue guidance has been raised from $30 million to $33.5 million at the midpoint, representing growth of 33% from the prior year. Commercial revenue excludes government revenue, but includes revenue sharing from Japan.

The designation will ensure smooth communication between the company and regulators during the review process, which can reduce or eliminate delays. Importantly, it reduces review time from 10 months to just six months.

In a surprise announcement, James Corbett to replace Dr. Michael Perry as the Chief Executive Officer. Good riddance.

Our founder reduced the size of his positions in Certara and 10x Genomics to nearly double his position in AVITA Medical

This article reviews the pivotal clinical trial results for the ReCell System in stable vitiligo and how it stacks up against the competitive landscape, namely Opzelura from Incyte Corporation.

A careful review of the opportunity in stable vitiligo, a comparison to the competitive landscape, and why Solt DB Invest doesn't expect material contributions any time soon.

Analysis of the ReCell System's performance in soft tissue repair, how it stacks up against the competitive landscape, and the likelihood of approval (hint: high).

The medical device company expects to announce data readouts from two clinical trials, one in soft tissue repair and one in stable vitiligo, in the second half of 2022. AVITA Medical reports second-quarter 2022 operating results after the market closes on Thursday, August 11.