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Elutia(ELUT) - 2025 Q2 - Quarterly Results
ElutiaElutia(US:ELUT)2025-08-14 20:11

Business Update and Highlights Elutia reported robust Q2 2025 growth, driven by strong EluPro™ adoption and expanded hospital access, while advancing its NXT-41 platform and resolving FiberCel litigation EluPro™ Performance and Market Adoption EluPro™ demonstrated strong Q2 2025 commercial momentum with 49% sequential revenue growth, rapid market penetration, and higher average sales per customer | Metric | Q2 2025 Performance | | :--- | :--- | | EluPro™ Revenue Growth | Up 49% sequentially | | Total BioEnvelope Revenue | $3.5 million (Up 33% YoY) | | EluPro™ Sales Contribution | ~66% of total BioEnvelope sales | - Market access for EluPro™ has expanded significantly, achieving Value Analysis Committee (VAC) approvals in over 160 centers, with the customer base growing more than 15 times since launch45 - EluPro demonstrates strong clinical demand, with average sales per customer being 130% higher than the legacy CanGaroo product, indicating deeper procedure penetration5 - The company utilizes an efficient selling model with both direct and distributor channels, with distributor-led growth now accounting for approximately 33% of EluPro sales5 Pipeline and Portfolio Update Elutia is advancing its NXT-41x platform for breast reconstruction, targeting FDA clearance in 2026-2027, and regained direct control of its Cardiovascular portfolio, generating $736K in Q2 2025 - The company is progressing its NXT-41x platform for breast reconstruction, targeting a $1.5 billion market with high complication rates45 | Pipeline Product | Target Indication | FDA Clearance Timeline | | :--- | :--- | :--- | | NXT-41x (Base Matrix) | Breast Reconstruction | 2H 2026 | | NXT-41x (Drug-eluting) | Breast Reconstruction | 1H 2027 | - Elutia regained direct sales control of its Cardiovascular portfolio in May 2025, generating $736K in revenue in its first partial quarter5 Corporate and Legal Updates The company has substantially resolved its legacy FiberCel litigation, settling 97 out of 110 cases, which is expected to significantly reduce future legal expenses - Elutia has settled an additional 27 FiberCel cases, bringing the total number of settlements to 97 out of 110, which is expected to significantly lower future litigation expenses5 Second Quarter 2025 Financial Results Elutia's Q2 2025 net sales remained stable at $6.3 million, with a significantly improved net loss of $9.6 million, though adjusted EBITDA loss widened to $3.8 million | Financial Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Overall Net Sales | $6.3M | $6.3M | ~0% | | GAAP Gross Margin | 48.8% | 44.5% | +4.3 p.p. | | Adjusted Gross Margin | 62.4% | 58.0% | +4.4 p.p. | | Loss from Operations | ($9.9M) | ($8.5M) | +16.5% | | Net Loss | ($9.6M) | ($28.2M) | -66% | | Adjusted EBITDA | ($3.8M) | ($2.6M) | +45.3% | | Cash Balance (as of 6/30) | $8.5M | N/A | N/A | | Net Sales by Product | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :--- | :--- | :--- | :--- | | BioEnvelope | $3.5M | $2.6M | +33% | | SimpliDerm | $2.0M | $2.6M | -23% | | Cardiovascular | $0.7M | $1.1M | -36% | Financial Statements This section presents Elutia's unaudited consolidated financial statements as of June 30, 2025, including the Balance Sheet and Statement of Operations Consolidated Balance Sheet As of June 30, 2025, Elutia reported $8.5 million in cash, $33.8 million in total assets, $75.7 million in total liabilities, and a $41.8 million stockholders' deficit | Balance Sheet Item (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash | $8,500 | $13,239 | | Total Current Assets | $22,280 | $26,172 | | Total Assets | $33,849 | $36,127 | | Total Current Liabilities | $37,948 | $37,795 | | Total Liabilities | $75,692 | $82,387 | | Total Stockholders' Deficit | ($41,843) | ($46,260) | Consolidated Statement of Operations For Q2 2025, Elutia reported $6.3 million net sales, $3.1 million gross profit, a $9.9 million operating loss, and a $9.6 million net loss, or ($0.23) per share | Statement of Operations (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $6,263 | $6,291 | | Gross profit | $3,058 | $2,799 | | Total operating expenses | $12,933 | $11,309 | | Loss from operations | ($9,875) | ($8,510) | | Net loss | ($9,610) | ($28,180) | | Net loss per share - basic | ($0.23) | ($1.13) | Non-GAAP Financial Measures Elutia provides non-GAAP measures like adjusted gross margin and EBITDA to supplement GAAP results, excluding non-cash items and litigation costs for core performance evaluation - The company presents non-GAAP financial measures such as adjusted EBITDA and adjusted gross margin to provide supplemental information to investors, excluding items like stock-based compensation, litigation costs, and amortization of acquired intangible assets9 Non-GAAP Gross Profit and Gross Margin Reconciliation In Q2 2025, Elutia's adjusted gross profit was $3.9 million, with an adjusted gross margin of 62.4%, reflecting an improvement from the prior year | Gross Profit/Margin (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Gross profit (GAAP) | $3,058 | $2,799 | | Adjusted gross profit (Non-GAAP) | $3,907 | $3,648 | | Gross margin (GAAP) | 48.8% | 44.5% | | Adjusted gross margin (Non-GAAP) | 62.4% | 58.0% | EBITDA and Adjusted EBITDA Reconciliation Elutia's Q2 2025 adjusted EBITDA was a loss of $3.8 million, calculated by adjusting net loss for non-cash gains and litigation costs | EBITDA Reconciliation (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss | ($9,610) | ($28,180) | | EBITDA (Non-GAAP) | ($8,191) | ($26,062) | | Adjusted EBITDA (Non-GAAP) | ($3,829) | ($2,648) |