Revenue growth remains in a contractionary phase with a 48.4% year-over-year decline in 2026Q1, while operating margins remain severely pressured at -184.4%.
| Sales/Revenue | 15.97M | 12.29M | 24.38M | 24.75M | 23.85M | 47.39M | 42.68M | 42.9M | 39.04M |
| Revenue Growth % | -32.64% | -49.57% | -1.5% | 3.76% | -49.68% | 11.03% | -0.51% | 9.9% | - |
| Cost of Goods Sold | 7.34M | 5.7M | 13.67M | 13.69M | 12.21M | 28.37M | 22.12M | 23.13M | 23.09M |
| COGS % of Revenue | - | 46.34% | 56.07% | 55.33% | 51.2% | 59.86% | 51.83% | 53.92% | 59.16% |
| Gross Profit | 8.63M | 6.6M | 10.71M | 11.05M | 11.64M | 19.02M | 20.56M | 19.77M | 15.95M |
| Gross Margin % | 54.02% | 53.66% | 43.93% | 44.67% | 48.8% | 40.14% | 48.17% | 46.08% | 40.84% |
| Gross Profit Growth % | - | -38.4% | -3.13% | -5.03% | -38.81% | -7.49% | 4.01% | 23.98% | - |
| Operating Expenses | 34.09M | 25.01M | 46.36M | 41.58M | 46.83M | 42.05M | 34.16M | 28.18M | 24.17M |
| OpEx % of Revenue | - | 203.43% | 190.19% | 168.03% | 196.35% | 88.74% | 80.03% | 65.68% | 61.9% |
| Selling, General & Admin | 19.51M | 20.84M | 31.2M | 27.19M | 33.9M | 32.51M | 28.21M | 25.78M | 21.68M |
| SG&A % of Revenue | - | 169.57% | 128.02% | 109.88% | 142.15% | 68.61% | 66.08% | 60.08% | 55.55% |
| Research & Development | 5.73M | 4.16M | 3.79M | 4.4M | 7.73M | 9.27M | 5.95M | 2.4M | 2.48M |
| R&D % of Revenue | - | 33.86% | 15.53% | 17.78% | 32.4% | 19.55% | 13.95% | 5.59% | 6.36% |
| Other Operating Expenses | 2M | 0 | 11.37M | 9.99M | 5.2M | 276K | 0 | 0 | 0 |
| Operating Income | -25.46M | -18.41M | -35.65M | -30.53M | -35.19M | -23.03M | -13.6M | -8.41M | -8.22M |
| Operating Margin % | -159.43% | -149.78% | -146.26% | -123.36% | -147.55% | -48.6% | -31.86% | -19.6% | -21.06% |
| Operating Income Growth % | - | 48.35% | -16.79% | 13.25% | -52.78% | -69.37% | -61.72% | -2.29% | - |
| EBITDA | -23.22M | -15.63M | -32.2M | -27.02M | -31.46M | -19.3M | -9.73M | -4.55M | -4.42M |
| EBITDA Margin % | -145.36% | -127.12% | -132.1% | -109.18% | -131.9% | -40.73% | -22.81% | -10.61% | -11.32% |
| EBITDA Growth % | 26.62% | 51.47% | -19.18% | 14.11% | -62.97% | -98.27% | -113.82% | -2.99% | - |
| D&A (Non-Cash Add-back) | 2.25M | 2.79M | 3.45M | 3.51M | 3.73M | 3.73M | 3.86M | 3.86M | 3.8M |
| EBIT | -20.43M | -18.41M | -49.34M | -35.42M | -31.03M | -19.45M | -16.17M | -6.53M | -6.02M |
| Net Interest Income | 2.96M | 387K | -4.78M | -5.8M | -5.12M | -5.32M | -5.63M | -5.38M | -5.52M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -2.96M | -387K | 4.78M | 5.8M | 5.12M | 5.32M | 5.63M | 5.38M | 5.52M |
| Other Income/Expense | 1.14M | 2.55M | -18.47M | -10.7M | -959K | -1.75M | -8.2M | -3.5M | -3.32M |
| Pretax Income | -24.32M | -15.86M | -54.12M | -41.22M | -36.15M | -24.78M | -21.8M | -11.91M | -11.54M |
| Pretax Margin % | -152.29% | -129% | -222.04% | -166.58% | -151.57% | -52.28% | -51.07% | -27.76% | -29.56% |
| Income Tax | 75K | 13K | 7K | 28K | 34K | 55K | 26K | 30K | 26K |
| Effective Tax Rate % | -0.31% | -0.08% | -0.01% | -0.07% | -0.09% | -0.22% | -0.12% | -0.25% | -0.23% |
| Net Income | 49.84M | 53.38M | -53.95M | -37.66M | -32.9M | -24.83M | -21.82M | -11.94M | -11.57M |
| Net Margin % | 312.09% | 434.23% | -221.33% | -152.18% | -137.94% | -52.4% | -51.13% | -27.83% | -29.63% |
| Net Income Growth % | 224.96% | 198.95% | -43.27% | -14.47% | -32.48% | -13.78% | -82.8% | -3.23% | - |
| Net Income (Continuing) | -24.4M | -15.87M | -54.13M | -41.25M | -36.18M | -24.83M | -21.82M | -11.94M | -11.57M |
| Discontinued Operations | 425K | 69.25M | 180K | 3.59M | 3.29M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.16 | -0.79 | -1.86 | -2.07 | -2.38 | -2.38 | -2.13 | -1.12 | -1.08 |
| EPS Growth % | 144.56% | 57.53% | 10.14% | 13.03% | 0% | -11.74% | -90.18% | -3.7% | - |
| EPS (Basic) | - | 1.29 | -1.86 | -2.07 | -2.38 | -2.38 | -2.13 | -1.12 | -1.08 |
| Diluted Shares Outstanding | 43M | 45.94M | 29.07M | 18.16M | 13.83M | 10.44M | 10.23M | 10.67M | 10.67M |
| Basic Shares Outstanding | 43M | 41.42M | 29.07M | 18.16M | 13.83M | 10.44M | 10.23M | 10.67M | 10.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Binary product pipeline dependency
As reported in recent financial filings, Elutia's revenue has experienced a significant decline, with the most recent quarterly figures showing a 48.4% year-over-year contraction, reflecting the company's deliberate divestiture of legacy orthobiologics assets to focus exclusively on its high-value drug-eluting biologic platform.
The sharp drop in top-line performance is a direct consequence of the company's transition away from commodity-like tissue products. While this pivot aims to improve long-term margins, the current revenue base is significantly smaller, increasing the company's vulnerability to any delays in the commercial adoption of its CanGarooRM product.
Based on the company's income statement data, gross margins have fluctuated around the 50% level, reaching 57.9% in 2026Q1, which highlights the inherent cost intensity of processing porcine-derived extracellular matrix scaffolds compared to synthetic medical device alternatives.
The reliance on specialized tissue-processing facilities creates a high fixed-cost floor that limits scalability. Investors should monitor whether the shift toward drug-eluting biologics can command sufficient premium pricing to offset these regulatory and procurement-heavy production costs, as current margins remain insufficient to cover operating expenses.
According to the provided income statement, Elutia continues to operate with a deeply negative operating margin of -184.4% as of 2026Q1, indicating that SG&A and R&D expenditures significantly exceed the gross profit generated by the company's current product portfolio.
The persistent gap between gross profit and operating expenses suggests that the company is heavily front-loading investment to support its clinical sales force and regulatory pathway. Without a substantial increase in revenue scale, the current cost structure appears unsustainable, necessitating a rapid improvement in sales force productivity.
As evidenced by the 434.23% net margin spike in 2025Q4, the company's reported net income is heavily influenced by non-recurring events, specifically the divestiture of its orthobiologics business, which masks the underlying operational cash burn that remains the primary concern for fundamental analysts.
Investors must strip out these one-time gains to accurately assess the company's recurring earnings power. The discrepancy between the positive net income in certain periods and the consistent operating losses suggests that the company's core business model has yet to achieve a sustainable path to profitability.
While management frames the divestiture as a strategic focus, the 48.4% revenue decline suggests that Elutia may face significant re-entry friction, as the loss of legacy assets could weaken the hospital relationships necessary to drive adoption of its remaining cardiac envelope portfolio.
Short-term performance metrics indicate that the company is operating in a precarious state where any disruption in the CanGaroo product line could lead to a liquidity crisis. The market may be underestimating the difficulty of maintaining market share in a competitive cardiac device space with a narrowed product offering.
Quick answers to the most common questions about buying ELUT stock.
For fiscal year 2025, Elutia Inc. (ELUT) reported total revenue of $12.3M. This represents a 68.5% decline compared to $39.0M in 2018.
Elutia Inc. (ELUT) is profitable, generating $53.4M in net income for the fiscal year ending 2025 with a net profit margin of 434.2%.
Elutia Inc. (ELUT) reported an operating income of $-18.4M, resulting in an operating profit margin of -149.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Elutia Inc. (ELUT) generated $6.6M in gross profit for the year, representing a gross profit margin of 53.7%. This demonstrates the company's core pricing power and production efficiency.