The Avita Medical Inc (ASX: AVH) share price is having a banner day.
Shares in the ASX healthcare stock closed yesterday trading for $3.56. In morning trade on Tuesday, shares were swapping hands for $4.16, up a whopping 16.9%.
After what looks to be a bit of profit-taking, shares are currently trading for $4.06 apiece, up 14.04%.
With those gains factored in, the Avita Medical share price is up a stellar 110% in 2023.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.64% today and up 1% year to date.
So, what's stirring investor interest in the regenerative medicine company today?
What's lifting the Avita Medical share price?
With no fresh price-sensitive news out from the ASX healthcare share, the Avita Medical share price looks to be rebounding from its 4% sell-down yesterday and continuing in line with Friday's 16.7% gains.
Friday's gains were spurred by the company's third-quarter update, with investors reacting positively to Avita's commercial revenue growth.
Commercial revenue increased 51% over the three months to reach US$13.5 million.
And investors weren't put off by the 48% increase in operating expenses, which saw Avita's net loss increase 55% to US$8.7 million over the quarter.
Investors may have shrugged off that loss because the company retained just over US$60 million cash on hand, which management said was enough to meet its profitability goals.
Crucially, Avita Medical CEO Jim Corbett anticipates the company will receive US FDA approval for its Recell Go product by mid-2024.
"We expect to submit a response to the FDA's open questions on February 28, 2024," Corbett said.
"Under the Breakthrough Device program, we anticipate FDA approval on May 30, 2024, which positions us for a launch the following day," he added.
That long-awaited FDA approval, should it come through, could offer some sustained tailwinds for the Avita Medical share price.
