Elutia(ELUT) - 2024 Q4 - Annual Results

Sales Performance - Overall BioEnvelope sales increased by 18%, with same-center sales rising by 65% following the commercialization of EluPro[1] - EluPro accounted for over 30% of BioEnvelope sales in the fourth quarter, indicating strong initial market uptake[4] - Net sales for BioEnvelope products, including EluPro and CanGaroo, totaled $9.9 million for the full year 2024, a 5% increase from $9.4 million in 2023[5] - Net sales of SimpliDerm increased by 12% to $11.6 million, compared to $10.3 million in 2023[5] - Net sales for Q4 2024 were $5,468 million, a decrease of 6.9% compared to $5,875 million in Q4 2023[15] Financial Performance - Net loss from continuing operations was $54.1 million for the full year 2024, compared to a loss of $41.2 million in 2023[8] - Cash balance as of December 31, 2024, was $13.2 million, following a registered direct offering that raised approximately $15 million[8] - Gross margin on a GAAP basis was 43.9% for the full year 2024, down from 44.7% in 2023[8] - Net loss for Q4 2024 was $9,061 million, compared to a net loss of $9,316 million in Q4 2023, showing a 2.7% improvement[15] Operating Expenses - Total operating expenses for the fourth quarter were $10.8 million, compared to $10.6 million in the same period of 2023[8] - Total operating expenses for Q4 2024 were $10,756 million, an increase of 1.2% from $10,631 million in Q4 2023[15] - Research and development expenses for Q4 2024 were $834 million, down 39.5% from $1,381 million in Q4 2023[15] - FiberCel litigation costs for Q4 2024 were $2,611 million, slightly down from $2,711 million in Q4 2023[15] Profitability Metrics - Adjusted EBITDA for the fourth quarter was a loss of $3.8 million, an improvement from a loss of $4.5 million in the same period of 2023[8] - Adjusted gross profit (Non-GAAP) for Q4 2024 was $3,175 million, up 6.7% from $2,975 million in Q4 2023[16] - Adjusted gross margin percentage (Non-GAAP) for Q4 2024 was 58.1%, compared to 50.6% in Q4 2023[16] - EBITDA (Non-GAAP) for Q4 2024 was $(7,126) million, a decline from $(6,922) million in Q4 2023[18] - Adjusted EBITDA (Non-GAAP) for Q4 2024 was $(3,751) million, an improvement from $(4,453) million in Q4 2023[18] Product Development - The company had 67 approved EluPro accounts by the end of 2024, averaging more than 15 new approvals per month[4] - Gross profit for Q4 2024 increased to $2,324 million, up 9.4% from $2,124 million in Q4 2023[15]