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

Core Viewpoint - Elutia Inc. reported strong sales growth driven by the successful pilot launch of EluPro, an FDA-cleared antibiotic-eluting biomatrix, which has gained significant traction in the market [3][4]. Business Highlights - EluPro accounted for over 30% of BioEnvelope sales in the fourth quarter, indicating robust initial market uptake [5]. - The company ended 2024 with 67 approved EluPro accounts, averaging more than 15 new approvals per month [5]. - Sales growth is supported by agreements with major national group purchasing organizations (GPOs) [5]. - Independent sales agents contributed 45% of BioEnvelope sales from EluPro, showcasing the scalability of the sales model [5]. - Elutia raised approximately $15 million in a registered direct offering, enhancing its financial position [5]. Financial Results - For the full year 2024, net sales for BioEnvelope products increased by 5% to $9.9 million compared to $9.4 million in 2023 [6]. - SimpliDerm net sales rose by 12% to $11.6 million, while cardiovascular product sales decreased by 42% to $2.9 million [6]. - Overall net sales decreased by 1.5% to $24.4 million, driven by changes in the cardiovascular sales model [6]. - Gross margin on a GAAP basis was 43.9%, down from 44.7% [6]. - Total operating expenses increased to $46.4 million from $41.6 million, with a net loss from continuing operations of $54.1 million compared to a loss of $41.2 million in 2023 [6]. Quarterly Performance - In Q4 2024, net sales for BioEnvelope products increased by 18% to $2.7 million compared to $2.3 million in Q4 2023 [10]. - SimpliDerm sales decreased by 23% to $2.3 million, while cardiovascular product sales fell by 20% to $0.5 million [10]. - Overall net sales for the quarter decreased by 7% to $5.5 million [10]. - Gross margin on a GAAP basis improved to 42.5% from 36.2% [10]. - Adjusted EBITDA for Q4 was a loss of $3.8 million, an improvement from a loss of $4.5 million in the same period last year [10].