Elutia Inc. reported a net loss of $53.9 million for the fiscal year ending December 31, 2024, compared to a loss of $37.7 million in the previous year. Total net sales decreased by 1.5% to $24.4 million, down from $24.7 million in 2023. The decline was attributed to a significant drop in revenues from the Cardiovascular segment, which fell by 42.2% due to lower sales volumes and a new distribution agreement with LeMaitre Vascular that shifted pricing structures. In contrast, sales from the Device Protection and Women’s Health segments increased, with Device Protection sales rising to $9.9 million and Women’s Health sales reaching $11.6 million, reflecting a growing adoption of the newly FDA-cleared EluPro product.
The company underwent a strategic shift with the sale of its Orthobiologics Business to Berkeley Biologics in November 2023 for $14.6 million, with potential additional earn-out payments of up to $20 million based on future sales. This divestiture, which accounted for a significant portion of Elutia's previous revenues, has led to a reliance on a smaller suite of products. The company recognized a gain of $6.0 million from the sale in 2023 and an additional $0.2 million in 2024. However, Elutia retained liabilities related to product recalls of its FiberCel and Viable Bone Matrix products, which have resulted in ongoing litigation costs.
Operationally, Elutia's workforce consisted of 51 employees as of December 31, 2024, with a focus on expanding its sales force and enhancing product marketing efforts. The company has established commercial partnerships with major medical device companies, including Boston Scientific and Tiger Aesthetics Medical, to drive market penetration. Elutia's manufacturing capabilities are centered in Roswell, Georgia, with plans to expand production facilities in Gaithersburg, Maryland, expected to be operational by the third quarter of 2025.
Looking ahead, Elutia anticipates continued operating losses as it invests in the commercialization of EluPro and other product developments. The company faces significant challenges, including the need for additional capital to support operations and potential fluctuations in market demand. Elutia's management has expressed uncertainty regarding its ability to achieve profitability in the near term, emphasizing the importance of successful product launches and market acceptance to stabilize its financial position.
About ELUTIA INC.
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