$ELUT
ELUTIA INC.

2022 Q1 Form 10-Q Financial Statement

#000155837022008098 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $11.50M $12.88M
YoY Change -10.78% 30.67%
Cost Of Revenue $7.214M $6.555M
YoY Change 10.05% 40.97%
Gross Profit $4.281M $6.329M
YoY Change -32.36% 21.25%
Gross Profit Margin 37.24% 49.12%
Selling, General & Admin $8.931M $8.308M
YoY Change 7.5% 17.18%
% of Gross Profit 208.62% 131.27%
Research & Development $2.272M $1.720M
YoY Change 32.09% 31.3%
% of Gross Profit 53.07% 27.18%
Depreciation & Amortization $929.0K $933.0K
YoY Change -0.43% -3.81%
% of Gross Profit 21.7% 14.74%
Operating Expenses $11.20M $10.03M
YoY Change 11.72% 19.38%
Operating Profit -$6.922M -$3.699M
YoY Change 87.13% 16.32%
Interest Expense $1.215M $1.355M
YoY Change -10.33% -198.91%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.137M -$5.054M
YoY Change 61.0% 10.83%
Income Tax $12.00K $13.00K
% Of Pretax Income
Net Earnings -$8.100M -$5.067M
YoY Change 59.86% 11.12%
Net Earnings / Revenue -70.47% -39.33%
Basic Earnings Per Share -$0.60 -$0.50
Diluted Earnings Per Share -$0.60 -$0.50
COMMON SHARES
Basic Shares Outstanding 13.57M 10.23M
Diluted Shares Outstanding 13.57M 10.23M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.07M $30.41M
YoY Change -27.44%
Cash & Equivalents $22.07M $30.41M
Short-Term Investments
Other Short-Term Assets $3.139M $2.520M
YoY Change 24.56%
Inventory $9.863M $10.22M
Prepaid Expenses
Receivables $6.010M $8.760M
Other Receivables $0.00 $0.00
Total Short-Term Assets $41.08M $51.91M
YoY Change -20.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.155M $1.210M
YoY Change -4.55%
Goodwill
YoY Change
Intangibles $17.62M
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.00K $80.00K
YoY Change -5.0%
Total Long-Term Assets $18.85M $22.30M
YoY Change -15.48%
TOTAL ASSETS
Total Short-Term Assets $41.08M $51.91M
Total Long-Term Assets $18.85M $22.30M
Total Assets $59.93M $74.21M
YoY Change -19.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.715M $1.970M
YoY Change -12.94%
Accrued Expenses $5.750M $5.020M
YoY Change 14.54%
Deferred Revenue
YoY Change
Short-Term Debt $8.059M $3.450M
YoY Change 133.59%
Long-Term Debt Due $8.059M $8.620M
YoY Change -6.51%
Total Short-Term Liabilities $27.32M $24.77M
YoY Change 10.29%
LONG-TERM LIABILITIES
Long-Term Debt $8.758M $15.53M
YoY Change -43.61%
Other Long-Term Liabilities $771.0K $17.46M
YoY Change -95.58%
Total Long-Term Liabilities $9.529M $32.99M
YoY Change -71.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.32M $24.77M
Total Long-Term Liabilities $9.529M $32.99M
Total Liabilities $53.37M $57.77M
YoY Change -7.62%
SHAREHOLDERS EQUITY
Retained Earnings -$113.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.559M $16.44M
YoY Change
Total Liabilities & Shareholders Equity $59.93M $74.21M
YoY Change -19.25%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$8.100M -$5.067M
YoY Change 59.86% 11.12%
Depreciation, Depletion And Amortization $929.0K $933.0K
YoY Change -0.43% -3.81%
Cash From Operating Activities -$7.400M -$5.174M
YoY Change 43.02% 70.2%
INVESTING ACTIVITIES
Capital Expenditures $34.00K $131.0K
YoY Change -74.05% -318.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$34.00K -$131.0K
YoY Change -74.05% 118.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.667M
YoY Change
Cash From Financing Activities -900.0K -3.726M
YoY Change -75.85% -426.84%
NET CHANGE
Cash From Operating Activities -7.400M -5.174M
Cash From Investing Activities -34.00K -131.0K
Cash From Financing Activities -900.0K -3.726M
Net Change In Cash -8.334M -9.031M
YoY Change -7.72% 360.77%
FREE CASH FLOW
Cash From Operating Activities -$7.400M -$5.174M
Capital Expenditures $34.00K $131.0K
Free Cash Flow -$7.434M -$5.305M
YoY Change 40.13% 78.02%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions relating to inventory, receivables, long-lived assets, the valuation of stock-based awards, the valuation of the revenue interest obligation and deferred income taxes are made at the end of each financial reporting period by management. Management continually re-evaluates its estimates, judgments and assumptions, and management's evaluation could change. Actual results could differ from those estimates.</p>
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CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. At March 31, 2022, the Company maintained $22.1 million in bank deposit accounts that are in excess of the $0.25 million insurance provided by the Federal Deposit Insurance Corporation in one federally insured financial institution. The Company has not experienced any losses in such accounts.</p>
CY2022Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
22100000
CY2021Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
235985
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.98
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
356349
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.58
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
19247
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
14.53
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
8928
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
8.66
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
564159
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
8.31
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1105000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
677000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.010
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1872000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1880000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
568000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
834000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7423000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6840000
CY2022Q1 us-gaap Inventory Net
InventoryNet
9863000
CY2021Q4 us-gaap Inventory Net
InventoryNet
9554000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
16817000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
18469000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
8059000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
8059000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8758000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10410000
CY2022Q1 azyo Number Of Production Facilities Under Operating Lease
NumberOfProductionFacilitiesUnderOperatingLease
2
CY2022Q1 azyo Number Of Administrative And Research Facility Under Operating Lease
NumberOfAdministrativeAndResearchFacilityUnderOperatingLease
1
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2022Q1 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
47
CY2022Q1 azyo Number Of Claims Recall No Lawsuit
NumberOfClaimsRecallNoLawsuit
44
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8149000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5067000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13574058
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10226152
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2421250
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1470646
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11495000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12884000

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