Elutia Inc
NASDAQ:ELUT
Elutia Inc
Aziyo Biologics, Inc. operates as a biotechnology company. The company is headquartered in Silver Spring, Maryland and currently employs 151 full-time employees. The company went IPO on 2020-10-08. The firm is a commercial-stage company that serves two markets with products based on its biomatrix platforms. The company offers a drug-eluting biologic technology: a fusion of natural biologic material and extended antibiotic release, for device implantation and soft tissue reconstruction. Its first product is CanGaroo Envelope, used for the stabilization of implantable cardiac devices, such as pacemakers and defibrillators. Its second product is SimpliDerm Acellular Dermal Matrix, used primarily in breast reconstruction following mastectomy. The company is also engaged in the development of CanGaroo RM, which adds the antibiotics rifampin and minocycline for sustained delivery directly to the surgical site. The Company’s products are used by electrophysiologists and plastic surgeons.
Aziyo Biologics, Inc. operates as a biotechnology company. The company is headquartered in Silver Spring, Maryland and currently employs 151 full-time employees. The company went IPO on 2020-10-08. The firm is a commercial-stage company that serves two markets with products based on its biomatrix platforms. The company offers a drug-eluting biologic technology: a fusion of natural biologic material and extended antibiotic release, for device implantation and soft tissue reconstruction. Its first product is CanGaroo Envelope, used for the stabilization of implantable cardiac devices, such as pacemakers and defibrillators. Its second product is SimpliDerm Acellular Dermal Matrix, used primarily in breast reconstruction following mastectomy. The company is also engaged in the development of CanGaroo RM, which adds the antibiotics rifampin and minocycline for sustained delivery directly to the surgical site. The Company’s products are used by electrophysiologists and plastic surgeons.
Business Transformation: Elutia completed the $88 million sale of its bioenvelope business to Boston Scientific, validating its technology and significantly strengthening its balance sheet.
Financial Health: The company ended Q3 with $4.7 million in cash, but received $80 million from the asset sale one day after quarter end. After debt and expenses, Elutia now holds about $49 million in cash, funding it through NXT-41 and 41x development and commercialization.
Core Focus: Elutia is now focused on advancing NXT-41x, a next-generation biological matrix with local antibiotic delivery aimed at the $1.5 billion breast reconstruction market with high unmet need.
Product Progression: SimpliDerm, its current product, is building commercial infrastructure and customer relationships that will support an eventual NXT-41x launch.
Quarterly Results: SimpliDerm revenue hit $2.4 million (up 18% QoQ), while cardiovascular product revenue was just under $1.9 million (up 28% QoQ, 68% YoY). Overall sales for continuing ops were $3.3 million.
Margin Improvement: Gross margin rose to 55.8% from 49% a year ago, and operating expenses dropped to $7.1 million from $11 million, narrowing losses.
Litigation Update: The company reduced its legacy FiberCel litigation caseload to just 6 remaining cases, with estimated liability under $1 million.
