Elutia Q3 net sales $6.1M (+5% YoY); proprietary products up 26%; narrows net loss; to file 510(k) for CanGarooRM in Q4

ELUTIA INC.

2023-Q3 EPS reported -$1.72 revenue$18,870,000

Net loss from continuing ops $8.5M ($0.50/sh), improving from $11.0M ($0.81/sh) YoY.
Proprietary product sales (SimpliDerm +44%, CanGaroo +11% YoY) drove 26% overall proprietary growth; total net sales $6.1M.
Completed Orthobiologics divestiture for initial $15M, plus private placement netting $10.5M; cash balance $14.5M at Sept 30.
Anticipates FDA 510(k) filing for CanGarooRM by year-end 2023, targeting $600M drug-eluting CIED envelope market.
Operating expenses down 14% YoY to $10.2M; gross margin declined to 46.4% from 50.2% due to distributor pricing shift.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ELUTIA INC. reported third quarter ended September 30, 2023 results: revenue $6.1 million, net income $8.5 million, EPS $0.50 per share.

Period: third quarter ended September 30, 2023
Revenue: $6.1 million
Net income: $8.5 million
EPS: $0.50 per share
Result: reported results

Exact text from the filing

and minocycline, we believe CanGarooRM is well-positioned to compete effectively in this space. Third Quarter 2023 Financial Results Net sales for the third quarter of 2023 were $6.1 million, compared to $5.8 million in the third quarter of 2022. Net sales of both SimpliDerm and CanGaroo performed well, growing 44% and 11%, respectively, versus the third quarter of

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Source: SEC EDGAR

accession 0001104659-23-117257

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