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Elutia Inc. (ELUT+2.19%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $5.9 million, a decrease from $6.1 million in the same quarter the previous year. The decrease is attributed to volume declines in Device Protection and Cardiovascular products.
Cost of goods sold for the quarter was $3.2 million, representing 53.7% of sales, compared to 53.6% in the same quarter of the previous year. The gross margin was 46.3%, consistent with the previous year.
The company reported a gross profit of $2.7 million for the quarter, compared to $2.8 million in the previous year.
Sales and marketing expenses increased to $3.0 million from $2.8 million, primarily due to non-cash equity compensation grants.
General and administrative expenses increased to $4.5 million from $2.8 million, driven by non-cash equity compensation.
Research and development expenses increased to $0.8 million from $0.6 million, largely due to non-cash equity compensation.
Litigation costs, net, increased to $4.7 million from $4.1 million, with higher expenses in the 2024 period offset by a $1.6 million recovery from a settlement.
Interest expense decreased to $1.1 million from $1.4 million, due to lower principal outstanding on debt.
Net income for the quarter was $1.3 million, compared to a net loss of $9.7 million in the previous year. The improvement was driven by a $12.7 million gain on revaluation of warrant liability.
Elutia Inc. continues to focus on the commercialization of its EluPro product, which was approved by the FDA in June 2024 and is set for full commercial launch in the first quarter of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Elutia Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.