AVITA Medical, Inc. (RCEL) Balance Sheet
RCEL balance sheet, 2025
December 31, 2025 · U.S. dollars$56.4M assets = $73.0M liabilities + −$16.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$16.6M).
Both columns are drawn to the same scale: what RCEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RCEL financial health
Descriptive bands, not a rating. Fiscal 2025.
RCEL balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $111.6M2023 | $56.4M2025 | −28.9%/yr | |
| Total liabilities | $62.6M2023 | $73.0M2025 | +8.0%/yr | |
| Shareholders’ equity | $49.1M2023 | −$16.6M2025 | — | |
| Cash & short-term investments | $89.1M2023 | $18.2M2025 | −54.8%/yr | |
| Total debt | $42.4M2023 | $46.0M2025 | +4.2%/yr | |
| Net cash (debt) | $46.6M2023 | −$27.9M2025 | −$74.5M | |
| Working capital | $90.8M2023 | −$27.2M2025 | −$118.0M | |
| Book value per share | $1.942023 | −$0.602025 | — | |
| Current ratio | 7.882023 | 0.572025 | −7.31 | |
| Debt / equity | 0.862023 | 10.222024 | +9.36 | |
| Shares outstanding | 25.3M2023 | 27.9M2025 | +4.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RCEL assets
RCEL liabilities and equity
RCEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RCEL balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $18.2M | $35.9M | $89.1M |
| Cash & equivalents | $10.2M | $14.1M | $22.1M |
| Short-term investments | $7.9M | $21.8M | $66.9M |
| Receivables | $9.1M | $12.0M | $7.9M |
| Inventory | $6.9M | $7.3M | $5.6M |
| Other current assets | $1.3M | $1.9M | $1.4M |
| Total current assets | $35.5M | $57.0M | $104.0M |
| Property, plant & equipment (net) | $11.5M | $13.6M | $4.3M |
| Goodwill & intangible assets | $5.6M | $5.6M | $487,000 |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $3.7M | $3.6M | $2.8M |
| Total assets | $56.4M | $79.7M | $111.6M |
| Liabilities | |||
| Accounts payable | $9.0M | $6.3M | $3.8M |
| Short-term debt | $43.9M | $900,000 | $895,000 |
| Deferred revenue | — | — | $33,000 |
| Total current liabilities | $62.7M | $20.2M | $13.2M |
| Long-term debt | $0 | $42.2M | $39.8M |
| Lease obligations | $3.1M | $3.7M | $2.6M |
| Other long-term liabilities | $10.4M | $12.8M | $9.6M |
| Total liabilities | $73.0M | $75.2M | $62.6M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$408.4M | −$359.8M | −$298.0M |
| Accumulated other comprehensive income | −$1.4M | −$1.9M | −$1.9M |
| Total shareholders' equity | −$16.6M | $4.5M | $49.1M |
| Key figures | |||
| Total debt | $46.0M | $46.0M | $42.4M |
| Net cash (debt) | −$27.9M | −$10.1M | $46.6M |
| Working capital | −$27.2M | $36.8M | $90.8M |
| Tangible book value | −$22.3M | −$1.1M | $48.6M |
| Book value per share | −$0.60 | $0.17 | $1.94 |
| Shares outstanding | 27.9M | 25.9M | 25.3M |
| Current ratio | 0.57 | 2.83 | 7.88 |
| Quick ratio | 0.44 | 2.37 | 7.35 |
| Debt / equity | — | 10.22 | 0.86 |
| Equity / assets | −29.5% | 5.6% | 43.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $11.1M | $14.3M | $18.2M | $23.3M | $15.7M | $25.8M | $35.9M | $44.4M | $54.1M | $68.2M | $89.1M |
| Cash & equivalents | $9.1M | $8.3M | $10.2M | $15.4M | $12.2M | $14.9M | $14.1M | $18.6M | $17.5M | $17.0M | $22.1M |
| Short-term investments | $2.0M | $6.0M | $7.9M | $7.9M | $3.5M | $10.9M | $21.8M | $25.8M | $36.6M | $51.2M | $66.9M |
| Receivables | $9.9M | $9.9M | $9.1M | $9.0M | $11.7M | $12.1M | $12.0M | $13.3M | $10.0M | $9.4M | $7.9M |
| Inventory | $5.3M | $6.1M | $6.9M | $7.2M | $7.5M | $8.4M | $7.3M | $6.2M | $6.7M | $7.2M | $5.6M |
| Other current assets | $2.1M | $1.4M | $1.3M | $1.8M | $1.4M | $1.6M | $1.9M | $0 | $2.2M | $1.3M | $1.4M |
| Total current assets | $28.4M | $31.6M | $35.5M | $41.4M | $36.3M | $48.0M | $57.0M | $63.9M | $73.0M | $86.0M | $104.0M |
| Property, plant & equipment (net) | $10.3M | $10.9M | $11.5M | $13.0M | $12.8M | $13.2M | $13.6M | $12.9M | $11.0M | $7.6M | $4.3M |
| Goodwill & intangible assets | $5.2M | $5.4M | $5.6M | $5.2M | $5.3M | $5.4M | $5.6M | $590,000 | $545,000 | $542,000 | $487,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.8M | $3.6M | $3.7M | $4.1M | $3.8M | $2.9M | $3.6M | $3.6M | $3.4M | $3.3M | $2.8M |
| Total assets | $47.8M | $51.5M | $56.4M | $63.7M | $58.1M | $69.6M | $79.7M | $81.1M | $87.8M | $97.4M | $111.6M |
| Liabilities | |||||||||||
| Accounts payable | $6.4M | $7.2M | $9.0M | $8.1M | $7.3M | $8.7M | $6.3M | $4.2M | $4.2M | $4.5M | $3.8M |
| Short-term debt | $46.7M | $46.1M | $43.9M | $42.4M | $42.2M | — | $900,000 | — | $820,000 | $903,000 | $895,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | $205,000 | $33,000 | $33,000 |
| Total current liabilities | $68.7M | $66.7M | $62.7M | $61.8M | $62.6M | $23.0M | $20.2M | $17.1M | $13.8M | $11.9M | $13.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $41.5M | $42.2M | $42.5M | $41.0M | $41.3M | $39.8M |
| Lease obligations | $1.8M | $2.0M | $3.1M | $2.3M | $2.4M | $2.6M | $3.7M | $3.1M | $4.1M | $3.4M | $2.6M |
| Other long-term liabilities | $6.9M | $8.0M | $10.4M | $8.6M | $8.4M | $9.7M | $12.8M | $9.1M | $9.1M | $11.6M | $9.6M |
| Total liabilities | $75.6M | $74.7M | $73.0M | $70.4M | $71.0M | $74.1M | $75.2M | $68.8M | $63.9M | $64.8M | $62.6M |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$426.7M | −$419.0M | −$408.4M | −$396.8M | −$383.6M | −$373.7M | −$359.8M | −$348.2M | −$332.0M | −$316.6M | −$298.0M |
| Accumulated other comprehensive income | −$82,000 | $648,000 | −$1.4M | −$1.4M | −$2.1M | −$413,000 | −$1.9M | −$2.1M | −$1.6M | −$3.1M | −$1.9M |
| Total shareholders' equity | −$27.8M | −$23.2M | −$16.6M | −$6.7M | −$12.9M | −$4.6M | $4.5M | $12.2M | $23.9M | $32.6M | $49.1M |
| Key figures | |||||||||||
| Total debt | $48.5M | $48.1M | $46.0M | $44.8M | $44.6M | $44.1M | $46.0M | $45.6M | $45.1M | $44.7M | $42.4M |
| Net cash (debt) | −$37.3M | −$33.9M | −$27.9M | −$21.5M | −$28.9M | −$18.3M | −$10.1M | −$1.2M | $9.0M | $23.4M | $46.6M |
| Working capital | −$40.3M | −$35.0M | −$27.2M | −$20.5M | −$26.3M | $25.0M | $36.8M | $46.8M | $59.2M | $74.1M | $90.8M |
| Tangible book value | −$33.1M | −$28.6M | −$22.3M | −$11.9M | −$18.2M | −$10.0M | −$1.1M | $11.6M | $23.4M | $32.0M | $48.6M |
| Book value per share | −$0.91 | −$0.79 | −$0.55 | −$0.23 | −$0.49 | −$0.17 | $0.17 | $0.47 | $0.93 | $1.27 | $1.92 |
| Shares outstanding | 30.7M | 29.3M | 30.4M | 28.4M | 26.4M | 26.3M | 26.1M | 26.0M | 25.8M | 25.6M | 25.5M |
| Current ratio | 0.41 | 0.47 | 0.57 | 0.67 | 0.58 | 2.09 | 2.83 | 3.73 | 5.29 | 7.25 | 7.88 |
| Quick ratio | 0.31 | 0.36 | 0.44 | 0.52 | 0.44 | 1.65 | 2.37 | 3.37 | 4.65 | 6.54 | 7.35 |
| Debt / equity | — | — | — | — | — | — | 10.22 | 3.73 | 1.89 | 1.37 | 0.86 |
| Equity / assets | −58.3% | −44.9% | −29.5% | −10.5% | −22.2% | −6.6% | 5.6% | 15.1% | 27.2% | 33.4% | 43.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
RCEL financial position
At the end of fiscal 2025 (December 31, 2025), AVITA Medical had total assets of $56.4 million (down 29.3% from a year earlier), total liabilities of $73.0 million and shareholders' equity of -$16.6 million. It held $18.2 million in cash and short-term investments against $46.0 million of debt, net debt of $27.9 million. Its current ratio was 0.57. In the latest quarter (ended June 30, 2026) total assets were $47.8 million and equity -$27.8 million.
Related: RCEL income statement, RCEL cash flow statement, RCEL key metrics. See the RCEL stock overview for the latest quote and news.
RCEL balance sheet FAQ
What are AVITA Medical's total assets?
AVITA Medical reported total assets of $56.4 million at the end of fiscal 2025 (December 31, 2025), compared with $79.7 million a year earlier.
How much debt does AVITA Medical have?
AVITA Medical had $46.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does AVITA Medical have?
AVITA Medical held $18.2 million in cash and short-term investments at the end of fiscal 2025; with $46.0 million of debt that is net debt of $27.9 million.
What is AVITA Medical's book value?
AVITA Medical's shareholders' equity (book value) was -$16.6 million at the end of fiscal 2025, or −$0.60 per share.
What is AVITA Medical's current ratio?
AVITA Medical had current assets of $35.5 million and current liabilities of $62.7 million, a current ratio of 0.57 (current liabilities exceed current assets).
How much goodwill does AVITA Medical have?
AVITA Medical carried $5.6 million of goodwill and intangible assets, 10.0% of total assets, at the end of fiscal 2025.