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Elutia Inc. (ELUT-0.04%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Elutia's focus on leveraging biologics and local drug delivery to improve the interaction between implanted medical devices and patients, aiming to reduce complications such as infection and device migration.
Net sales for the year ended December 31, 2024, were $24.4 million, a slight decrease from $24.7 million in the previous year. The decrease was attributed to lower sales volumes in the Cardiovascular segment, despite growth in Device Protection and Women's Health segments.
Cost of goods sold remained stable at $13.7 million, with a gross margin of 43.9% compared to 44.7% in 2023. The decrease in gross margin was primarily due to changes in the Cardiovascular business.
Operating expenses increased to $46.4 million from $41.6 million, driven by higher general and administrative costs, which rose due to non-cash equity compensation grants.
Elutia reported a net loss from continuing operations of $54.1 million, compared to $41.2 million in the previous year, reflecting increased litigation costs and a loss on the revaluation of warrant liability.
The company completed the sale of its Orthobiologics Business to Berkeley Biologics, LLC in November 2023 for $14.6 million, with potential additional earn-out payments of up to $20 million.
Elutia's cash and cash equivalents stood at $13.2 million as of December 31, 2024. The company raised additional funds through a registered direct offering in February 2025, generating gross proceeds of approximately $15.0 million.
The company continues to face significant litigation related to its FiberCel and Viable Bone Matrix recalls, with estimated contingent liabilities of $20.4 million as of December 31, 2024.
Elutia's growth strategy focuses on increasing penetration in the Device Protection and Women's Health markets, with plans to expand its drug-eluting biologics offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Elutia Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.