ELUT · Elutia Inc.

Elutia reported first quarter 2026 net sales of $3.1 million, a 6% increase from $3.0 million in the prior year period, driven by a significant jump in Cardiovascular product sales ($1.0 million vs. $0.3 million) partially offset by a decline in SimpliDerm sales ($2.1 million vs. $2.6 million). GAAP gross margin improved sharply to 57.9% from 46.8%, reflecting a favorable product mix and cost efficiencies. Adjusted gross margin (non-GAAP) rose to 66.5% from 55.9%. Total operating expenses were flat at $8.2 million, with increases in sales and marketing ($1.5 million vs. $1.0 million) and R&D ($2.0 million vs. $0.9 million) offset by lower litigation costs ($0.6 million vs. $2.6 million). Net loss from continuing operations widened to $7.9 million from $1.9 million, primarily due to a $1.7 million non-cash loss on revaluation of warrant liabilities in Q1 2026 compared to a $5.2 million non-cash gain in Q1 2025. Net loss was $7.5 million versus $3.9 million. Adjusted EBITDA loss was $4.4 million versus $2.8 million. Management highlighted progress on NXT-41x, with FDA review of NXT-41 advancing and anticipated clearance in Q4 2026, informing the NXT-41x submission expected in H1 2027. A new automated manufacturing process is online, supporting a gross margin target above 80% at scale. Chief Commercial Officer Pete Ligotti's initial surgeon engagement confirmed significant unmet need in the $1.5 billion breast reconstruction market. The company ended the quarter with $28.5 million in cash and $8.0 million in escrow from the BioEnvelope divestiture, expected to be released in Q4 2026. The balance sheet provides runway through key milestones.