Start here if you're new
what it is
Elutia makes medical products that help implants sit better inside your body.
how it gets paid
Last year Elutia made $12M in revenue. SimpliDerm was the main engine at $4.8M, or 40% of sales.
why growth slowed
Revenue fell 15.0% last year. Revenue was up 172% vs. prior year, so the top line moved hard.
what just happened
Revenue hit $9M, while EPS was still -$0.66.
At a glance
C+ balance sheet — struggling to keep the lights on
50/100 earnings predictability — expect surprises
-$1.87 fy2024 eps est
$24M fy2024 rev est
n/a operating margin
xvary composite: 30/100 — weak
What they do
Elutia makes medical products that help implants sit better inside your body.
The company sold EluPro and CanGaroo for $88M cash. That is a tiny business landing a very large check. You care because $88M is enough to wipe out the $28M debt load and still leave money for NXT-41x.
How they make money
$12M
annual revenue · their business grew -15.0% last year
SimpliDerm
$4.8M
Cardiovascular portfolio
$3.6M
EluPro bioenvelopes
$1.8M
CanGaroo bioenvelopes
$1.2M
Other biologic products
$0.6M
The products that matter
drug-eluting biomatrix patch
NXT-41x
target clearance 1H 2027
it has zero current revenue and represents the new strategy. if it slips past 1H 2027, the timeline — and probably the valuation logic — changes with it.
pre-revenue
remaining commercial products
Legacy Portfolio
$3.3M Q4 revenue · +16%
these products generated $3.3M in Q4 2025 revenue and carried a 66.8% adjusted gross margin. they matter because they are the only operating proof left on the page.
bridge business
Key numbers
$12M
annual revenue
This is the whole business in one number. It is small enough that one product swing can move the entire company.
51.9%
gross margin
The products kept 52 cents of each sales dollar before overhead. That is the part Wall Street likes more than the losses.
$28M
debt
This is the bill that matters. If cash from the $88M sale does not erase it, the balance sheet stays loud.
-218.9%
op margin
For every $1 of sales, Elutia lost more than $2 at the operating line. That is not a margin. That is a leak.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $28M (38% of capital)
- net profit margin 41.0% — keeps -41 cents of every dollar in revenue
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ELUT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $9M, while EPS was still -$0.66.
Revenue was up 172% vs. prior year, so the top line moved hard. Gross margin was 51.9%, which means the products kept more than half of sales before overhead.
$3M
revenue
-$0.66
eps
51.9%
gross margin
the number that mattered
The $9M quarter matters because it was up 172% vs. prior year, but it is still small next to $28M of debt.
source: company earnings report, 2026
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What could go wrong
the top threat is NXT-41x slipping or failing after elutia sold down the old business.
med
single-asset execution risk
NXT-41x has no approval, no revenue, and no commercial history. if the product misses the targeted 1H 2027 clearance window, the new strategy loses its timing and most of its narrative support.
impact: the market stops valuing ELUT as a pipeline option and starts valuing it as shrinking cash plus a tiny bridge business.
med
cash burn before the pivot pays off
the company ended with $44.4M in cash, but the clock runs until at least 1H 2027. if operating losses and development costs eat through that treasury faster than expected, today's cash-backed floor gets lower every quarter.
impact: dilution risk rises and the $1.6M implied value of the operating stub stops looking cheap.
med
share issuance can matter fast at this size
the 2026 inducement award plan authorized 2M shares for new hires. at a roughly $46M market cap, even routine equity grants can be material to existing holders.
impact: your ownership percentage can shrink before the business proves anything new.
between now and 1H 2027, the company is effectively monetizing $44.4M of cash and $3.3M of quarterly legacy revenue while asking the market to believe in one product.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
NXT-41x submission timing in 2026
management is aiming for a path that leads to 1H 2027 clearance. if the 2026 submission slips, the whole timeline stretches.
cash
quarterly movement in the $44.4M cash balance
this is the number that matters most right now. every quarter without a major milestone turns cash into a countdown.
dilution
use of the 2M-share inducement plan
in a company this small, stock compensation is not an accounting footnote. watch how aggressively new grants show up.
operations
whether the $3.3M legacy revenue base holds up
the legacy portfolio is the bridge. if revenue or the 66.8% adjusted gross margin starts fading, the runway gets shorter in practice even if the headline cash balance still looks large.
Analyst rankings
earnings predictability
50 / 100
in human-speak, analysts do not have a stable operating model to lean on yet.
risk rank
5
safer than only 5% of stocks. translation: this sits near the speculative end of the market.
price stability
5 / 100
the stock does not trade like a stable healthcare compounder. it trades like a tiny special situation.
source: institutional data
Institutional activity
institutional ownership data for ELUT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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