---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-058445"
form_type: "8-K"
ticker: "ELUT"
cik: "0001708527"
company_name: "ELUTIA INC."
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T06:38:14.247152+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Aziyo reports record Q1 sales $13.1M; Nasdaq warns MVLS below $35M

## Summary
- Net sales rose 14% YoY to record $13.1M; gross margin improved to 49% from 37%.
- Net loss $8.0M ($0.49 per share) vs $8.1M ($0.60) in Q1 2022.
- Partnerships with LeMaitre Vascular and Sientra to expand distribution of cardiovascular and SimpliDerm products.
- Nasdaq notified company its MVLS was below $35M; 180-day compliance period ends Oct 31, 2023.
- Cash balance $11.8M; FDA meeting confirmed path to resubmit CanGaroo RM 510(k).

## SEC filing metadata
- accession: 0001104659-23-058445
- form_type: 8-K
- ticker: ELUT
- cik: 0001708527
- company_name: ELUTIA INC.
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 3.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1708527/000110465923058445/0001104659-23-058445-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1708527/000110465923058445/tm2315197d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-058445
- JSON: https://secwatch.observer/filing/0001104659-23-058445.json
- Plain text: https://secwatch.observer/filing/0001104659-23-058445.txt

## Key facts
- Earnings Releases
  ELUTIA INC. reported first quarter ended March 31, 2023 results: revenue $13.1 million, net income $8.0 million, EPS $0.49 per share.
  - Period: first quarter ended March 31, 2023
  - Revenue: $13.1 million
  - Net income: $8.0 million
  - EPS: $0.49 per share
  - Result: reported results
  source text: Net sales for the first quarter of 2023 were $13.1 million, an increase of 14% compared to the first quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1708527/000110465923058445/0001104659-23-058445-index.htm
- Listing & Compliance Notices
  ELUTIA INC. received a nasdaq deficiency notice notice regarding market value (rules 5550(b)(2), 5550(b)(1), 5550(b)(3)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: market value
  - Rules: 5550(b)(2), 5550(b)(1), 5550(b)(3)
  source text: May 4, 2023, the Company received written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for 30 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the “Market Value Standard”). The Staff also noted that the Company does not meet the requirements under Nasdaq Listing Rules 5550(b)(1) (Equity Standard) and 5550(b)(3) (Net In
  evidence_url: https://www.sec.gov/Archives/edgar/data/1708527/000110465923058445/0001104659-23-058445-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.