Elutia's Q1 2025: Key Contradictions on Manufacturing, Revenue, and Cash Flow

Manufacturing capacity and revenue capacity for EluPro, transition from CanGaroo to EluPro, cash burn and litigation settlements, manufacturing capacity and revenue capacity, sales and marketing spend and burn rate are the key contradictions discussed in Elutia's latest 2025Q1 earnings call.



Strong EluPro Performance and Market Share Growth:
- EluPro, Elutia's biologic envelope, experienced an 84% increase in revenue from Q4 to Q1 and now constitutes 52% of the BioEnvelope revenue.
- The rapid growth was driven by successful Value Analysis Committee (VAC) approvals and a strong commercial launch.

Expand Partnership with Boston Scientific:
- Elutia's partnership with Boston Scientific has resulted in EluPro sales at 52 hospitals since the agreement began, with plans to expand to 900 sales reps coast to coast.
- The partnership aims to leverage Boston Scientific's rep network to enhance EluPro's market penetration.

Financial Strength and Cash Flow Optimization:
- Elutia's cash balance at the end of Q1 was $17.4 million, supported by a registered direct offering and adjustments in financial agreements.
- The company focused on controlling operating expenses, leading to a $1 million year-over-year decrease, and achieving an adjusted EBITDA of $3.3 million.

Cardiovascular Portfolio Reacquisition:
- Elutia regained its cardiovascular portfolio from LeMaitre, contributing $300,000 in Q1 revenue, with expectations of significant growth and increased gross margins.
- The reacquisition is expected to have an immediate positive impact on cash flow and strategic flexibility.