10-Q · May 15, 2026
Elutia Inc. reported Q1 2026 financials with revenue of $3.114 million, exceeding estimates of $3.0 million, though it posted an EPS loss of $-0.17, missing the expected $-0.15. Management expects to maintain gross…
Earnings analysis · 10-Q
ELUT earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Elutia reported second-quarter revenue of $2.427 million and EPS of $(0.17), missing consensus revenue of $2.9 million and EPS of $(0.15), although gross margin improved to 59.6%. Liquidity was supported by a $10…
Read full summary
Elutia reported second-quarter revenue of $2.427 million and EPS of $(0.17), missing consensus revenue of $2.9 million and EPS of $(0.15), although gross margin improved to 59.6%. Liquidity was supported by a $10 million initial senior secured loan and a potential $5 million delayed draw, but the financing carries interest of at least 12.25% and includes warrants for 1,395,348 shares. The planned SimpliDerm sale could provide up to $11 million, but closing and proceeds are uncertain, while the company faces a Nasdaq minimum-bid deficiency through February 2, 2027.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.17
- Gross margin
- 59.6%
What stood out
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Gross margin improved
Second-quarter revenue was $2.427 million and EPS was $(0.17), while gross margin improved to 59.6%.
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$10 million initial loan funded
On August 11, 2026, the company received an initial $10 million senior secured term loan, with an additional $5 million delayed-draw tranche available subject to conditions.
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Potential SimpliDerm proceeds
The SimpliDerm APA provides for aggregate consideration of up to $11 million, including $8 million in cash at closing, subject to adjustments and contingencies.
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Prior facility repayment reduced rate risk
The company repaid its SWK Loan Facility on October 1, 2025 and reported no material interest-rate risk during the six months ended June 30, 2026.
What to watch
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SimpliDerm sale may not close
The SimpliDerm sale is subject to multiple closing conditions, and the company only expects completion in Q3 2026; there is no assurance the transaction will close on time or at all.
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Disposition proceeds are uncertain
Although aggregate SimpliDerm consideration is up to $11 million, only $8 million is payable in cash at closing; up to $2 million of milestone payments and up to $1 million of earn-outs remain contingent.
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Major revenue transition risk
SimpliDerm generated approximately 61% of aggregate revenue in the first six months of 2026 versus 81% in the first six months of 2025, creating material post-disposition revenue concentration and transition risk.
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Nasdaq minimum-bid deficiency
Nasdaq notified the company that its closing bid price had been below $1.00 for 30 consecutive business days, with a compliance deadline of February 2, 2027; failure to regain compliance could result in delisting.
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Expensive secured financing
The new term loans bear interest at the greater of 12.25% or the Wall Street Journal Prime Rate plus 5.50%, and are secured by substantially all company assets.
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Warrant and dilution risk
The financing includes warrants exercisable for 1,395,348 shares at an exercise price capped by the lower of $0.86 and a potentially lower future offering price, creating dilution risk.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects the SimpliDerm Disposition to occur in Q3 2026, subject to closing conditions. The filing also states that the $5 million Second Tranche Term Loan may be available from May 1, 2027 through September 30, 2027, subject to regulatory approvals and liquidity conditions.
Earlier filings 4
10-K · March 13, 2026
Elutia completed strategic portfolio divestitures in 2025 and is repositioning as a focused developer of drug-eluting biomatrix (DEB) products for reconstructive surgery. The company closed the sale of its CIED business…
10-Q · November 12, 2025
Elutia reported Q3 2025 net sales of $3,323,000 and GAAP diluted loss per share of $(0.19). Gross margin expanded to ~55.8% while loss from operations narrowed to $(5,208,000) compared with $(9,175,000) in Q3 2024.…
10-Q · May 13, 2024
Elutia reported Q1 net sales of $6,694,000 (up from $6,392,000 a year ago) but posted a larger net loss of $17,994,000 (net loss per share $0.75) driven by a $9,637,000 loss on revaluation of the warrant liability and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.