AVITA Medical

RCEL · NASDAQ

$13.80+$0.66 (+5.02%)TodayMarket closed · Oct 20, 7:31 PM ET

Prev close $13.14

RCEL analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy5
Hold0
Underperform0
Sell0

12-month price target · 5 analysts

Average $12.58 (−8.8% downside)

Low: $11.11
Now: $13.80
High: $14.70

Upgrades and downgrades

The latest rating actions, newest first

RCEL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Oct 12, 2026	Maintains	Buy	$11.00 → $15.00	48%
Lake Street	Aug 28, 2026	Maintains	Buy	$8.00 → $12.00	36%
TD Cowen	Aug 19, 2026	Maintains	Buy	$12.00 → $14.00	48%
BTIG	Aug 19, 2026	Maintains	Buy	$7.00 → $11.00	48%
BTIG	Aug 7, 2026	Upgrade	Neutral → Buy	$7.00	48%
Lake Street	May 15, 2026	Upgrade	Hold → Buy	$3.50 → $6.00	36%
D. Boral Capital	Apr 9, 2026	Maintains	Buy	$10.00	29%
D. Boral Capital	Apr 8, 2026	Maintains	Buy	$10.00	29%
Northland Capital Markets	Mar 5, 2026	Initiates	Outperform	$10.00	55%
D. Boral Capital	Feb 17, 2026	Maintains	Buy	$10.00	29%

The case for and against

Updated Oct 14, 2026

Bull case

AVITA Medical is viewed positively because RECELL addresses a clear clinical need by enabling spray-on skin from a small sample within 30 minutes, reducing graft dependence while already being used in most of the 140 US burn centers. Its fundamentals are further supported by improving execution, with 2Q26 record revenue of about $21.7M, all seven MACs publishing payment rates, and US RECELL volume up about 11% sequentially to over 2,600 units, while the business guided to $86M-$89M for FY26. The stock also appears undervalued at roughly 2.8x NTM EV/Sales versus peers near 6.3x, even as the company models 22% growth versus a 15% peer CAGR and gains diversification from PermeaDerm and Cohealyx.

Bear case

AVITA Medical is a largely single-product company whose RECELL system has meaningful clinical utility, but that concentration leaves the investment case exposed to adoption risk, reimbursement friction, and any delays in clinical or regulatory expansion. Although the device is used in most of the 140 US burn centers and has approvals in the US, Australia, Canada, and China, the company is not actively marketing in those territories, making US execution and the slower-growing international footprint critical to sustaining growth. The cited risks of limited capital, inconsistent adoption in full-thickness skin defects and burns, and ongoing third-party payer issues, alongside valuation assumptions of only 2.0x to 3.0x 12-24 month sales estimates, support a cautious fundamental outlook.

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