Elutia Announces Fourth Quarter and Full Year 2024 Financial Results: Strong Demand for EluPro™ in Pilot Launch Sets the Stage for Full Commercial Roll-Out
Elutia (NASDAQ: ELUT) reported mixed financial results for Q4 and full year 2024. BioEnvelope product sales showed strong growth, up 18% in Q4 to $2.7M, with same-center sales increasing 65% following EluPro commercialization. The company's newly launched EluPro accounted for over 30% of BioEnvelope sales in Q4.
For full year 2024, BioEnvelope sales rose 5% to $9.9M, while SimpliDerm sales increased 12% to $11.6M. However, overall net sales decreased 1.5% to $24.4M due to declining cardiovascular product sales. The company reported a net loss of $54.1M for 2024, compared to $41.2M in 2023.
EluPro's market penetration has been notable, with 67 approved accounts by year-end and approximately 100 actively ordering accounts. The company strengthened its financial position with a $15M registered direct offering in February 2025.
Elutia (NASDAQ: ELUT) ha riportato risultati finanziari misti per il quarto trimestre e l'intero anno 2024. Le vendite del prodotto BioEnvelope hanno mostrato una forte crescita, aumentando del 18% nel quarto trimestre a $2,7 milioni, con vendite nei centri stessi che sono aumentate del 65% dopo la commercializzazione di EluPro. Il nuovo prodotto lanciato dall'azienda, EluPro, ha rappresentato oltre il 30% delle vendite di BioEnvelope nel quarto trimestre.
Per l'intero anno 2024, le vendite di BioEnvelope sono aumentate del 5% a $9,9 milioni, mentre le vendite di SimpliDerm sono cresciute del 12% a $11,6 milioni. Tuttavia, le vendite nette complessive sono diminuite dell'1,5% a $24,4 milioni a causa del calo delle vendite dei prodotti cardiovascolari. L'azienda ha riportato una perdita netta di $54,1 milioni per il 2024, rispetto ai $41,2 milioni del 2023.
La penetrazione di mercato di EluPro è stata notevole, con 67 conti approvati entro la fine dell'anno e circa 100 conti attivamente ordinanti. L'azienda ha rafforzato la sua posizione finanziaria con un'offerta diretta registrata di $15 milioni a febbraio 2025.
Elutia (NASDAQ: ELUT) reportó resultados financieros mixtos para el cuarto trimestre y el año completo 2024. Las ventas del producto BioEnvelope mostraron un fuerte crecimiento, aumentando un 18% en el cuarto trimestre a $2.7 millones, con ventas en el mismo centro que aumentaron un 65% tras la comercialización de EluPro. El nuevo producto lanzado por la empresa, EluPro, representó más del 30% de las ventas de BioEnvelope en el cuarto trimestre.
Para el año completo 2024, las ventas de BioEnvelope aumentaron un 5% a $9.9 millones, mientras que las ventas de SimpliDerm crecieron un 12% a $11.6 millones. Sin embargo, las ventas netas totales disminuyeron un 1.5% a $24.4 millones debido a la caída en las ventas de productos cardiovasculares. La empresa reportó una pérdida neta de $54.1 millones para 2024, en comparación con los $41.2 millones en 2023.
La penetración de mercado de EluPro ha sido notable, con 67 cuentas aprobadas al final del año y aproximadamente 100 cuentas que realizan pedidos activamente. La empresa fortaleció su posición financiera con una oferta directa registrada de $15 millones en febrero de 2025.
엘루티아 (NASDAQ: ELUT)는 2024년 4분기 및 연간 혼합 재무 결과를 보고했습니다. 바이오엔벨로프 제품 판매는 강력한 성장을 보여주었으며, 4분기 동안 18% 증가하여 270만 달러에 달했습니다. 같은 센터의 판매는 엘루프로 상용화 이후 65% 증가했습니다. 회사의 새로 출시된 엘루프는 4분기 바이오엔벨로프 판매의 30% 이상을 차지했습니다.
2024년 전체 연도 동안 바이오엔벨로프 판매는 5% 증가하여 990만 달러에 달했으며, 심플리더름 판매는 12% 증가하여 1160만 달러에 도달했습니다. 그러나 전반적인 순매출은 심혈관 제품 판매 감소로 인해 1.5% 감소하여 2440만 달러에 이르렀습니다. 회사는 2024년에 5410만 달러의 순손실을 보고했으며, 이는 2023년의 4120만 달러에 비해 증가한 수치입니다.
엘루프로의 시장 침투는 주목할 만하며, 연말까지 67개의 승인된 계정과 약 100개의 활발히 주문하는 계정이 있습니다. 회사는 2025년 2월에 1500만 달러의 등록된 직접 공모를 통해 재무 상태를 강화했습니다.
Elutia (NASDAQ: ELUT) a rapporté des résultats financiers mitigés pour le quatrième trimestre et l'année complète 2024. Les ventes du produit BioEnvelope ont montré une forte croissance, augmentant de 18 % au quatrième trimestre pour atteindre 2,7 millions de dollars, avec des ventes dans les mêmes centres augmentant de 65 % suite à la commercialisation d'EluPro. Le nouveau produit lancé par l'entreprise, EluPro, a représenté plus de 30 % des ventes de BioEnvelope au quatrième trimestre.
Pour l'année complète 2024, les ventes de BioEnvelope ont augmenté de 5 % pour atteindre 9,9 millions de dollars, tandis que les ventes de SimpliDerm ont augmenté de 12 % pour atteindre 11,6 millions de dollars. Cependant, les ventes nettes globales ont diminué de 1,5 % pour s'établir à 24,4 millions de dollars en raison de la baisse des ventes de produits cardiovasculaires. L'entreprise a déclaré une perte nette de 54,1 millions de dollars pour 2024, contre 41,2 millions de dollars en 2023.
La pénétration de marché d'EluPro a été notable, avec 67 comptes approuvés à la fin de l'année et environ 100 comptes commandant activement. L'entreprise a renforcé sa position financière avec une offre directe enregistrée de 15 millions de dollars en février 2025.
Elutia (NASDAQ: ELUT) hat gemischte Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Umsätze des BioEnvelope-Produkts zeigten ein starkes Wachstum und stiegen im vierten Quartal um 18% auf 2,7 Millionen Dollar, während die Verkäufe im gleichen Zentrum um 65% nach der Kommerzialisierung von EluPro zunahmen. Das neu eingeführte Produkt EluPro machte im vierten Quartal über 30% der BioEnvelope-Umsätze aus.
Für das gesamte Jahr 2024 stiegen die BioEnvelope-Umsätze um 5% auf 9,9 Millionen Dollar, während die Umsätze von SimpliDerm um 12% auf 11,6 Millionen Dollar zunahmen. Die Gesamtumsätze gingen jedoch um 1,5% auf 24,4 Millionen Dollar zurück, was auf einen Rückgang der Verkaufszahlen von kardiovaskulären Produkten zurückzuführen ist. Das Unternehmen meldete für 2024 einen Nettoverlust von 54,1 Millionen Dollar, verglichen mit 41,2 Millionen Dollar im Jahr 2023.
Die Marktdurchdringung von EluPro war bemerkenswert, mit 67 genehmigten Konten zum Jahresende und etwa 100 aktiv bestellenden Konten. Das Unternehmen stärkte seine finanzielle Position mit einem registrierten Direktangebot in Höhe von 15 Millionen Dollar im Februar 2025.
- BioEnvelope Q4 sales up 18% with 65% same-center growth
- EluPro accounts for 30% of BioEnvelope sales in first quarter of launch
- SimpliDerm full-year sales increased 12% to $11.6M
- Secured GPO agreements with Premier Inc. and S3P
- Raised $15M in new capital through February 2025 offering
- Overall net sales declined 1.5% to $24.4M in 2024
- Net loss increased to $54.1M from $41.2M year-over-year
- Cardiovascular product sales dropped 42% to $2.9M
- Operating expenses increased to $46.4M from $41.6M
- Gross margin declined to 43.9% from 44.7%
Insights
Elutia's Q4 and full-year 2024 results present a company in transition, with some encouraging product-specific metrics amid overall financial challenges. The 18% Q4 growth in BioEnvelope products (reaching
However, this growth was offset by declines in other segments, resulting in overall net sales decreasing 1.5% to
The company's bottom line remains concerning with net losses from continuing operations widening to
The Q4 gross margin improvement to
EluPro's market performance since its Q4 pilot launch demonstrates exceptional clinical receptivity for an antibiotic-eluting biomatrix in the device envelope space. Achieving adoption across all major cardiac implantable electronic device brands within a single quarter indicates strong physician acceptance and addresses an unmet clinical need.
The
The expansion into neurostimulator applications represents a strategic market extension beyond the core cardiac device market. This cross-specialty adoption pattern typically indicates a product with broad clinical utility rather than a niche solution.
The
The agreements with major group purchasing organizations including Premier and S3P provide institutional validation and should accelerate hospital access. While the
– Overall BioEnvelope sales up
SILVER SPRING, Md., March 06, 2025 (GLOBE NEWSWIRE) -- Elutia Inc. (Nasdaq: ELUT) (“Elutia” or the “Company”), a pioneer in drug-eluting biomatrix technologies, today provided a business update and financial results for the fourth quarter and full year ended December 31, 2024.
Business Highlights:
- Strong Initial Market Uptake for EluPro: Since its pilot launch in the fourth quarter, EluPro has been utilized across all major cardiac implantable electronic device (CIED) brands, accounting for over
30% of BioEnvelope (CanGaroo and EluPro) sales in the quarter. Early adoption in neurostimulator applications is also underway. - Robust Market Expansion: Elutia closed 2024 with 67 approved EluPro accounts, averaging more than 15 new approvals per month through Value Analysis Committees (VACs). The Company now has approximately 100 actively ordering accounts.
- Group Purchasing Agreements: Sales growth is further supported by agreements with major national group purchasing organizations (GPOs), including Premier, Inc. and Southern Strategic Sourcing Partners (S3P).
- Strong Independent Sales Agent Engagement: The mix of BioEnvelope sales generated from EluPro by the Company’s independent or '1099' sales agent network reached
45% in the quarter, highlighting EluPro’s strong value proposition and the scalability of its sales model. - Business Development Activity: Engaged in active discussions with multiple parties exploring partnering opportunities.
- Enhanced Financial Position: Raised gross proceeds of approximately
$15 million in a registered direct offering that closed on February 4, 2025.
“Elutia closed out 2024 with the successful pilot launch of EluPro, the first ever FDA-cleared antibiotic-eluting biomatrix designed for use with CIEDs and neurostimulators,” said Dr. Randy Mills, CEO of Elutia. "EluPro has quickly gained traction with physicians and hospital groups, and we are building on this momentum through VACs and key GPO relationships. Most importantly, EluPro is helping patients. We believe it is the most complete solution for device protection in this
Full Year 2024 Financial Results
For the year ended December 31, 2024, as compared to the same period of 2023:
- Net sales for BioEnvelope products, including both EluPro and CanGaroo, increased by
5% , totaling$9.9 million compared to$9.4 million for the full year 2023. - Net sales of SimpliDerm increased
12% to$11.6 million , compared to$10.3 million . - Net sales of Cardiovascular products were
$2.9 million , a decrease of42% , as LeMaitre Vascular continues transitioning Cardiovascular products into its sales strategy, in line with our exclusive distribution relationship. - Overall net sales decreased
1.5% to$24.4 million , compared to$24.7 million , driven by the change in the cardiovascular sales model. - Gross margin on a GAAP basis was
43.9% , compared to44.7% . - Adjusted gross margin (a non-GAAP measure which excludes non-cash amortization of intangibles) was
57.9% , compared to58.4% . A reconciliation of GAAP gross margin to adjusted gross margin is included in the accompanying financial tables. - Total operating expenses were
$46.4 million , compared to$41.6 million . - Loss from operations was
$35.7 million , compared to$30.5 million . - Net loss from continuing operations was
$54.1 million , compared to a loss of$41.2 million . - Adjusted EBITDA (a non-GAAP measure that excludes from net loss certain non-operating, non-cash and non-recurring items) was a loss of
$12.9 million , compared to a loss of$14.4 million . A reconciliation of net income (loss) to adjusted EBITDA is included in the accompanying financial tables. - Cash balance as of December 31, 2024, was
$13.2 million . Following year-end, the company completed a registered direct offering resulting in gross proceeds of approximately$15 million .
Fourth Quarter 2024 Financial Results
For the three-month period ended December 31, 2024, as compared to the same period of 2023:
- Net sales for BioEnvelope products, including both EluPro and CanGaroo, increased by
18% , totaling$2.7 million compared to$2.3 million in Q4 2023, reflecting strong initial sales of EluPro. - Net sales of SimpliDerm decreased
23% to$2.3 million , compared to$3.0 million . - Net sales of Cardiovascular products were
$0.5 million , a decrease of20% . - Overall net sales decreased
7% to$5.5 million , compared to$5.9 million . - Gross margin on a GAAP basis was
42.5% , compared to36.2% - Adjusted gross margin (a non-GAAP measure which excludes non-cash amortization of intangibles) was
58.1% , compared to50.6% . A reconciliation of GAAP gross margin to adjusted gross margin is included in the accompanying financial tables. - Total operating expenses were
$10.8 million , compared to$10.6 million . - Loss from operations was
$8.4 million , compared to$8.5 million . - Net loss from continuing operations was
$9.1 million , compared to a loss of$15.2 million . - Adjusted EBITDA (a non-GAAP measure that excludes from net loss certain non-operating, non-cash and non-recurring items) was a loss of
$3.8 million , compared to a loss of$4.5 million . A reconciliation of net income (loss) to adjusted EBITDA is included in the accompanying financial tables.
Conference Call
Elutia will host a conference call today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss its fourth quarter and full year 2024 financial results and performance.
The conference call can be accessed using the following information:
Webcast: Click here
U.S. Investors: 877-407-8029
International Investors: 201-689-8029
Conference ID: 13751810
About Elutia
Elutia develops and commercializes drug-eluting biomatrix products to improve compatibility between medical devices and the patients who need them. With a growing population in need of implantable technologies, Elutia’s mission is humanizing medicine so patients can thrive without compromise. For more information, visit www.Elutia.com.
Non-GAAP Disclosure
In addition to the Company's financial results determined in accordance with U.S. GAAP, the Company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity. The Company presents in this press release the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted gross margin and adjusted gross profit. The Company defines EBITDA as GAAP net loss excluding interest expense, income tax expense, depreciation and amortization, and the Company defines adjusted EBITDA as EBITDA excluding income from discontinued operations, stock-based compensation, FiberCel litigation costs, loss on extinguishment of debt, net of gain on debt forgiveness, loss or gain on revaluation of warrant liability and gain on revaluation of revenue interest obligation. The Company defines adjusted gross profit and adjusted gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding amortization of acquired intangible assets. The amortization of these intangible assets will recur in future periods until such intangible assets have been fully amortized. Management believes that presentation of non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. The Company uses this non-GAAP financial information to establish budgets, manage the Company's business, and set incentive and compensation arrangements. Non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. For a reconciliation of these non-GAAP measures to GAAP, see below “Non-GAAP Reconciliations of EBITDA and Adjusted EBITDA” and “Non-GAAP Reconciliations of Adjusted Gross Profit and Adjusted Gross Margin.”
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including any statements and information concerning the launch and market reception of EluPro, including the timing and anticipated success thereof. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements, including, but not limited to the following: our ability to successfully commercialize, market and sell our newly approved EluPro product; our ability to continue as a going concern; our ability to achieve or sustain profitability; the risk of product liability claims and our ability to obtain or maintain adequate product liability insurance; our ability to defend against the various lawsuits and claims related to our recalled FiberCel and other viable bone matrix products and avoid a material adverse financial consequence from those lawsuits and claims; our ability to prevail in lawsuits and claims seeking indemnity, contribution and insurance coverage for FiberCel and other viable bone matrix product liabilities; the continued and future acceptance of our products by the medical community; our ability to enhance our products, expand our product indications and develop, acquire and commercialize additional product offerings; our dependence on our commercial partners and independent sales agents to generate a substantial portion of our net sales; our dependence on a limited number of third-party suppliers and manufacturers, which, in certain cases are exclusive suppliers for products essential to our business; our ability to successfully realize the anticipated benefits of the November 2023 sale of our Orthobiologics business; physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products; our ability to compete against other companies, most of which have longer operating histories, more established products and/or greater resources than we do; pricing pressure as a result of cost-containment efforts of our customers, purchasing groups, third-party payors and governmental organizations that could adversely affect our sales and profitability; our ability to obtain regulatory approval or other marketing authorizations by the FDA and comparable foreign authorities for our products and product candidates; our ability to obtain, maintain and adequately protect our intellectual property rights; and other important factors which can be found in the “Risk Factors” section of Elutia’s public filings with the Securities and Exchange Commission (“SEC”), including Elutia’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Elutia’s other filings with the SEC, including Elutia’s Quarterly Reports on Form 10-Q, accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Elutia’s website at https://investors.elutia.com. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made by Elutia in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, Elutia expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investors:
Matt Steinberg
FINN Partners
matt.steinberg@finnpartners.com
| ELUTIA INC. | ||||||
| CONSOLIDATED BALANCE SHEET DATA | ||||||
| (Unaudited, in thousands) | ||||||
| Assets | December 31, 2024 | December 31, 2023 | ||||
| Current assets: | ||||||
| Cash | $ | 13,239 | $ | 19,276 | ||
| Accounts receivable, net | 2,276 | 3,263 | ||||
| Inventory | 3,911 | 3,853 | ||||
| Receivables of litigation costs | 4,760 | 2,696 | ||||
| Prepaid expense and other current assets | 1,986 | 2,165 | ||||
| Total current assets | 26,172 | 31,253 | ||||
| Property and equipment, net | 773 | 172 | ||||
| Intangible assets, net | 8,273 | 11,671 | ||||
| Operating lease right-of-use assets, and other | 909 | 332 | ||||
| Total assets | $ | 36,127 | $ | 43,428 | ||
| Liabilities and Stockholders' Deficit | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued expenses and other current liabilities | $ | 11,253 | $ | 12,676 | ||
| Current portion of long-term debt | 1,250 | 3,321 | ||||
| Current portion of revenue interest obligation | 4,400 | 11,741 | ||||
| Contingent liability for legal proceedings | 20,432 | 15,024 | ||||
| Current operating lease liabilities | 460 | 275 | ||||
| Total current liabilities | 37,795 | 43,037 | ||||
| Long-term debt | 22,603 | 20,356 | ||||
| Long-term revenue interest obligation | 5,490 | 5,360 | ||||
| Warrant liability | 16,076 | 12,760 | ||||
| Other long-term liabilities | 423 | 515 | ||||
| Total liabilities | 82,387 | 82,028 | ||||
| Stockholders' equity (deficit): | ||||||
| Common stock | 35 | 23 | ||||
| Additional paid-in capital | 183,298 | 137,021 | ||||
| Accumulated deficit | (229,593) | (175,644) | ||||
| Total stockholders' deficit | (46,260) | (38,600) | ||||
| Total liabilities and stockholders' deficit | $ | 36,127 | $ | 43,428 | ||
| ELUTIA INC. | ||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net sales | $ | 5,468 | $ | 5,875 | $ | 24,375 | $ | 24,745 | ||||
| Cost of goods sold | 3,144 | 3,751 | 13,668 | 13,692 | ||||||||
| Gross profit | 2,324 | 2,124 | 10,707 | 11,053 | ||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing | 2,918 | 2,572 | 12,546 | 13,087 | ||||||||
| General and administrative | 4,393 | 3,967 | 18,659 | 14,104 | ||||||||
| Research and development | 834 | 1,381 | 3,785 | 4,399 | ||||||||
| FiberCel litigation costs | 2,611 | 2,711 | 11,368 | 9,989 | ||||||||
| Total operating expenses | 10,756 | 10,631 | 46,358 | 41,579 | ||||||||
| Loss from operations | (8,432) | (8,507) | (35,651) | (30,526) | ||||||||
| Interest expense | 1,070 | 1,511 | 4,779 | 5,796 | ||||||||
| Other (income) expense, net | (443) | 5,211 | 13,692 | 4,899 | ||||||||
| Income (loss) before provision of income taxes | (9,059) | (15,229) | (54,122) | (41,221) | ||||||||
| Income tax expense | 2 | (8) | 7 | 28 | ||||||||
| Net income (loss) from continuing operations | (9,061) | (15,221) | (54,129) | (41,249) | ||||||||
| Income (loss) from discontinued operations | - | 5,905 | 180 | 3,593 | ||||||||
| Net income (loss) | (9,061) | (9,316) | (53,949) | (37,656) | ||||||||
| Net income (loss) attributable to common | ||||||||||||
| stockholders per share - basic and diluted | $ | (0.26) | $ | (0.40) | $ | (1.86) | $ | (2.07) | ||||
| Weighted average common shares outstanding - | ||||||||||||
| basic and diluted | 34,845,672 | 23,195,190 | 29,071,113 | 18,160,822 | ||||||||
| ELUTIA INC. | ||||||||||||
| NON-GAAP RECONCILIATIONS OF ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN | ||||||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net sales | $ | 5,468 | $ | 5,875 | $ | 24,375 | $ | 24,745 | ||||
| Gross profit | 2,324 | 2,124 | 10,707 | 11,053 | ||||||||
| Intangible asset amortization expense | 851 | 851 | 3,398 | 3,398 | ||||||||
| Adjusted gross profit (Non-GAAP) | $ | 3,175 | $ | 2,975 | $ | 14,105 | $ | 14,451 | ||||
| Gross margin | ||||||||||||
| Adjusted gross margin percentage (Non-GAAP) | ||||||||||||
| ELUTIA INC. | |||||||||||
| NON-GAAP RECONCILIATIONS OF EBITDA AND ADJUSTED EBITDA | |||||||||||
| (Unaudited, in thousands, except share and per share data) | |||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net loss | $ | (9,061) | $ | (9,316) | $ | (53,949) | $ | (37,656) | |||
| Interest expense(1) | 1,070 | 1,511 | 4,779 | 5,796 | |||||||
| Provision (benefit) for income taxes | 2 | (8) | 7 | 28 | |||||||
| Depreciation and amortization | 863 | 891 | 3,451 | 3,713 | |||||||
| Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (Non-GAAP) | (7,126) | (6,922) | (45,712) | (28,119) | |||||||
| Income (loss) from discontinued operations | - | (5,905) | (180) | (3,593) | |||||||
| Stock-based compensation | 1,207 | 452 | 7,891 | 2,406 | |||||||
| FiberCel litigation costs(2) | 2,611 | 2,711 | 11,368 | 9,989 | |||||||
| (Gain) loss on revaluation of warrant liability(3) | (443) | 4,452 | 14,878 | 4,140 | |||||||
| Warrant issuance expenses | - | 759 | 257 | 759 | |||||||
| Gain on revaluation of revenue interest obligation(4) | - | - | (1,443) | - | |||||||
| Adjusted EBITDA (Non-GAAP) | $ | (3,751) | $ | (4,453) | $ | (12,941) | $ | (14,418) | |||
| (1) Represents interest expense recorded on all outstanding long-term debt as well as the revenue interest obligation. | |||||||||||
| (2) Represents FiberCel litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding FiberCel litigation cases offset by the amounts recovered under insurance, indemnity and contribution agreements for such costs. | |||||||||||
| (3) Represents non-cash expense attributable to the revaluation of Common Warrants and Prefunded Warrants issued in connection with a private offering in September 2023 and a registered direct offering in June 2024. | |||||||||||
| (4) Represents the gain on the revaluation of the revenue interest obligation. At each reporting period, the value of the revenue interest obligation is re-measured based on current estimates of future payments, with changes to be recorded in the consolidated statements of operations using the catch-up method. | |||||||||||
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