Avita Medical (ASX:AVH) lowered its commercial revenue guidance for the fourth quarter of 2024 to AU$18.4 million from the previous AU$22.3 million to AU$24.3 million, according to a Wednesday filing with the Australian bourse.
The downgrade was due to a "more pronounced" slowdown in purchasing activity during the reported period, with deferred purchases expected to pick up in the first quarter of the year, the filing said.
In addition, the regenerative medicine company decreased its 2024 commercial revenue forecast to AU$64.3 million from the previous AU$68 million to AU$70 million, per the filing.
Avita Medical anticipates commercial revenue in the range of AU$100 million to AU$106 million in 2025 as it expects to achieve profitability by the fourth quarter instead of the third quarter, the filing added.
Company shares slumped almost 20% in recent Wednesday trade.
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