3 ASX shares at 52-week lows or worse

Times have been hard for owners of these shares.

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The market may be trading close to its record high, but the same cannot be said for the ASX shares in this article.

Much to the dismay of their shareholders, these shares have just hit 52-week lows or worse. Here's what you need to know:

AVITA Medical Inc (ASX: AVH)

The AVITA Medical share price dropped to a 52-week low of $2.54 on Monday. This means that the regenerative medicine company's shares have now lost around a third of their value over the last 12 months.

Almost all of this decline was generated last month when the company released its first-quarter sales update. That update revealed that AVITA Medical expects to report commercial revenue in the range of US$11 million to US$11.3 million for the quarter. This compares to its previous guidance of US$14.8 million to US$15.6 million.

Management advised that its guidance downgrade is attributable to a slower-than-expected conversion rate of new accounts for its expanded label of full-thickness skin defects.

Interestingly, its first quarter results are being released on Tuesday. So, watch out for them.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price sank to a multi-year low of $2.85 yesterday. This was driven by the release of a disappointing trading update.

That update revealed that market conditions across the company's Materials and Distribution divisions have weakened throughout FY 2024. In light of this, management expects to fall short of its EBIT before significant items guidance of NZ$540 million to NZ$640 million.

It now expects a result in the range of NZ$500 million to NZ$530 million for FY 2024. Management also warned that it expects market conditions to remain challenging in both New Zealand and Australia in the near term.

Fletcher Building shares are now down approximately 36% since this time last year.

Omni Bridgeway Ltd (ASX: OBL)

The Omni Bridgeway share price tumbled to a multi-year low of 77.5 cents on Monday.

Investors were selling the litigation funder's shares after the Federal Court of Australia ruled in favour of Commonwealth Bank of Australia (ASX: CBA) in a shareholder class action.

This is a big loss for the company. It notes that CBA investment's pre-judgment fair value represented approximately 5% of the aggregate A$2.5 billion non-IFRS portfolio fair value at 31 December 2023 and approximately 8% of the A$4.4 billion EPV.

Following this decline, this ASX share is now down by a very disappointing 72% over the last 12 months.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Avita Medical. The Motley Fool Australia has recommended Avita Medical. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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