AZIYO BIOLOGICS(AZYO) - 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 Q4 2024, indicating strong initial market uptake[4] - Net sales for BioEnvelope products totaled $9.9 million for the full year 2024, up from $9.4 million in 2023, reflecting a 5% increase[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] - Adjusted EBITDA for Q4 2024 was a loss of $3.8 million, an improvement from a loss of $4.5 million in Q4 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[18] - Adjusted EBITDA (Non-GAAP) for Q4 2024 was a loss of $3,751 million, an improvement from a loss of $4,453 million in Q4 2023[18] Operating Expenses - Total operating expenses for Q4 2024 were $10.8 million, slightly up from $10.6 million in Q4 2023[8] - Total operating expenses for Q4 2024 were $10,756 million, slightly up from $10,631 million in Q4 2023[15] - Research and development expenses for Q4 2024 were $834 million, down from $1,381 million in Q4 2023[15] Profitability Metrics - Gross margin on a GAAP basis was 43.9% for the full year 2024, down from 44.7% in 2023[8] - Gross profit for Q4 2024 increased to $2,324 million, up 9.4% from $2,124 million in Q4 2023[15] - Adjusted gross profit (Non-GAAP) for Q4 2024 was $3,175 million, compared to $2,975 million in Q4 2023, reflecting a 6.7% increase[16] - Gross margin for Q4 2024 was 42.5%, up from 36.2% in Q4 2023[16] - Adjusted gross margin percentage (Non-GAAP) for Q4 2024 was 58.1%, compared to 50.6% in Q4 2023[16] Customer Metrics - The company had approximately 100 actively ordering accounts by the end of 2024, with 67 approved EluPro accounts[4] Share Information - Weighted average common shares outstanding for Q4 2024 were 34,845,672, compared to 23,195,190 in Q4 2023[15]