The following is a summary of the Elutia Inc. (ELUT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Elutia reported Q3 revenue of $5.9 million, a slight decrease from $6.1 million in the same quarter last year.

• SimpliDerm grew 19% this quarter with sales of $3.1 million.

• Adjusted gross margin increased slightly to 61% from 60% the previous year, with EluPro and CanGaroo achieving a gross margin of 68% and SimpliDerm at 56%.

• Operating expenses rose to $13 million from $10 million, largely due to non-cash stock-based compensation expense.

• The company reported a net income of $1.3 million for the quarter, influenced by non-cash gains from warrant revaluations.

• Adjusted EBITDA showed a loss of $2.9 million, up from $1.7 million in the previous year.

Business Progress:

• Elutia is expanding its commercial footprint with strategic additions to its sales force in Southern California and the Northeast.

• They have completed over 100 VAC submissions, with 36 accounts actively ordering, reflecting effective market penetration strategies.

• EluPro's first commercial use began on September 5th with significant early adoption, already accounting for 25% of ongoing bio envelope sales.

• The company continues to advance its GPO strategies with expected favorable coverage decisions in early 2025.

Opportunities:

• Elutia is focusing on commercial launch and market expansion for its EluPro product, starting full commercialization in January 2025.

• There is increasing adoption of EluPro across major CIED brands, demonstrating market acceptance and potential growth.

• EluPro was used for the first neurostimulator device on October 31st, indicating potential for broader application beyond initial targets and opening up new market segments.

Risks:

• Initial growth from EluPro, while promising, has been described as gradual, noting challenges in scaling and integrating the product into various markets swiftly.

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