Elutia Q2 BioEnvelope revenue $3.5M (+33% YoY), EluPro sales surge 49% sequentially

ELUTIA INC.

2025-Q2 EPS reported -$0.47 revenue$12,293,000

EluPro drug-eluting envelope revenue up 49% sequentially; now ~2/3 of BioEnvelope sales; average per-customer spend 130% higher vs legacy CanGaroo.
Total Q2 net sales $6.3M (flat YoY); SimpliDerm $2.0M (down from $2.6M); Cardiovascular $0.7M (down from $1.1M).
GAAP gross margin improved to 48.8% (vs 44.5%); adjusted gross margin 62.4% (vs 58.0%); net loss narrowed to $9.6M (vs $28.2M).
Litigation substantially resolved: settled 27 additional FiberCel cases for total 97 of 110; expect reduced litigation expenses.
Pipeline: progressing NXT-41 antibiotic biomatrix for breast reconstruction; FDA clearance targeted 2H26 (base) and 1H27 (drug-eluting); addresses $1.5B market.

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