ELUTIA INC. ELUT
At Elutia, our mission is to humanize medicine so that patients can thrive without compromise. We develop proprietary drug-eluting biomatrix products for use in surgical reconstruction and related applications. These products are designed to improve the interaction between implanted medical devices and patients. Our focus is on addressing unmet medical needs and reducing complications associated with surgery, including infection, migration, erosion, implant rejection, and fibrosis. Our operations span research and development through the commercial distribution of biologic matrix products used in plastic and reconstructive surgery.
We have applied these capabilities to develop and commercialize products for specific surgical applications. As more fully described below, on October 1, 2025, we divested one such product family through the sale of substantially all of the assets related to our business of developing, commercializing, manufacturing, selling and marketing our cardiac implantable electronic device ("CIED") products, EluPro™ and CanGaroo®, to Boston Scientific Corporation ("BSC") and Cardiac Pacemakers Inc ("CPI") for an aggregate purchase price of up to $88.0 million in cash. EluPro was the first antibiotic-eluting biologic matrix envelope for use with CIEDs. This transaction reflects the technical and commercial value of solutions developed using our biologic matrices and local drug delivery capabilities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.3M | $14.5M | $24.7M | $23.8M | $20.5M | $42.7M | $42.9M | — |
| Cost of revenue | $5.7M | $7.8M | $13.7M | $12.2M | $11.2M | $22.1M | $23.1M | — |
| Gross profit | $6.6M | $6.7M | $11.1M | $11.6M | $9.3M | $20.6M | $19.8M | — |
| R&D | $4.2M | $3.0M | $4.4M | $7.7M | $7.8M | $6.0M | $2.4M | — |
| SG&A | $15.1M | $18.1M | $14.1M | $16.1M | $13.1M | $10.6M | $9.6M | — |
| Total operating expenses | $33.5M | $37.4M | $41.6M | $46.8M | $37.8M | $34.2M | $28.2M | — |
| Operating income | -$26.9M | -$30.7M | -$30.5M | -$35.2M | -$28.5M | -$13.6M | -$8.4M | — |
| Interest expense | — | $4.8M | $5.8M | $5.1M | $5.3M | $5.6M | $5.4M | — |
| Pre-tax income | -$15.9M | -$45.3M | -$41.2M | -$36.1M | -$30.3M | -$21.8M | -$11.9M | — |
| Income tax | $13.0K | $7.0K | $28.0K | $34.0K | $55.0K | $26.0K | $30.0K | — |
| Net income | $53.4M | -$53.9M | -$37.7M | -$32.9M | -$24.8M | -$21.8M | -$11.9M | — |
| EPS, basic | 1.29 | -1.86 | -2.07 | -2.38 | -2.38 | -8.88 | — | — |
| EPS, diluted | 0.87 | -1.86 | -2.07 | -2.38 | -2.38 | -8.88 | -18.48 | — |
| Shares, diluted (wtd. avg.) | 45.9M | 29.1M | 18.2M | 13.8M | 10.4M | 2.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.4M | $13.2M | $19.3M | $17.0M | $30.4M | $39.5M | $2.6M | $2.4M |
| Receivables | $1.7M | $2.3M | $3.3M | $3.8M | $6.0M | $7.2M | $7.2M | — |
| Inventory | $2.6M | $1.9M | $3.9M | $4.2M | $9.6M | $10.1M | $7.2M | — |
| Total current assets | $55.8M | $26.2M | $31.3M | $50.7M | $47.4M | $59.7M | $18.4M | — |
| Property, plant and equipment | $2.5M | $671.0K | $172.0K | $245.0K | $1.2M | $1.2M | $988.0K | — |
| Other intangibles | $1.5M | $2.6M | $11.7M | $15.1M | $18.5M | $21.9M | $25.3M | — |
| Total assets | $62.4M | $36.1M | $43.4M | $68.8M | $67.2M | $82.8M | $44.8M | — |
| Accounts payable | $4.8M | $4.1M | $3.2M | $1.4M | $1.6M | $2.1M | $2.5M | — |
| Short-term debt | — | $1.2M | $3.3M | — | $8.1M | $6.3M | $1.7M | — |
| Total current liabilities | $25.1M | $37.8M | $43.0M | $42.6M | $26.0M | $26.8M | $18.3M | — |
| Long-term debt | — | $22.6M | $20.4M | $24.3M | $10.4M | $17.8M | $19.6M | — |
| Total liabilities | $34.7M | $82.4M | $82.0M | $73.9M | $53.6M | $62.0M | $55.4M | — |
| Retained earnings | -$176.2M | -$229.6M | -$175.6M | -$138.0M | -$105.1M | -$80.3M | -$56.9M | — |
| Total equity | $27.7M | -$46.3M | -$38.6M | -$5.0M | $13.5M | $20.8M | -$55.1M | -$43.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$44.8M | -$22.7M | -$21.8M | -$21.4M | -$15.4M | -$13.6M | -$7.2M | — |
| Depreciation and amortisation | $2.8M | $3.5M | $3.7M | $3.7M | $3.7M | $3.9M | $3.9M | — |
| Stock-based compensation | $5.2M | $7.9M | $2.4M | $3.6M | $3.5M | $779.0K | $208.0K | — |
| Capital expenditure | $1.9M | $654.0K | $346.0K | $540.0K | $369.0K | $640.0K | $577.0K | — |
| Investing cash flow | $78.6M | -$474.0K | $14.2M | -$540.0K | -$369.0K | -$640.0K | -$577.0K | — |
| Financing cash flow | -$10.6M | $17.1M | $9.8M | $8.5M | $6.7M | $51.2M | $8.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046897.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $42.9M | $42.7M | $20.5M | $23.8M | $24.7M | $14.5M | $12.3M |
| Gross profit | — | $19.8M | $20.6M | $9.3M | $11.6M | $11.1M | $6.7M | $6.6M |
| Net income | — | -$11.9M | -$21.8M | -$24.8M | -$32.9M | -$37.7M | -$53.9M | $53.4M |
Recent filings and events
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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