$ELUT
ELUTIA INC.

2022 Q2 Form 10-Q Financial Statement

#000155837022013666 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $12.64M $11.50M $10.86M
YoY Change 3.93% -10.78% -12.9%
Cost Of Revenue $7.740M $7.214M $7.471M
YoY Change 18.24% 10.05% 15.83%
Gross Profit $4.898M $4.281M $3.390M
YoY Change -12.75% -32.36% -43.69%
Gross Profit Margin 38.76% 37.24% 31.21%
Selling, General & Admin $10.46M $8.931M $7.776M
YoY Change 25.64% 7.5% -10.72%
% of Gross Profit 213.62% 208.62% 229.38%
Research & Development $2.617M $2.272M $3.376M
YoY Change 39.13% 32.09% 165.83%
% of Gross Profit 53.43% 53.07% 99.59%
Depreciation & Amortization $934.0K $929.0K $933.0K
YoY Change -0.11% -0.43% -0.74%
% of Gross Profit 19.07% 21.7% 27.52%
Operating Expenses $13.08M $11.20M $11.15M
YoY Change 28.12% 11.72% 11.74%
Operating Profit -$8.182M -$6.922M -$7.762M
YoY Change 78.06% 87.13% 96.01%
Interest Expense $1.204M $1.215M -$1.290M
YoY Change -10.88% -10.33% -7.19%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$9.386M -$8.137M -$9.052M
YoY Change 296.54% 61.0% 69.2%
Income Tax $12.00K $12.00K $12.00K
% Of Pretax Income
Net Earnings -$9.398M -$8.100M -$9.064M
YoY Change 294.05% 59.86% 69.1%
Net Earnings / Revenue -74.36% -70.47% -83.45%
Basic Earnings Per Share -$0.69 -$0.60
Diluted Earnings Per Share -$0.69 -$0.60 -$817.4K
COMMON SHARES
Basic Shares Outstanding 13.62M 13.57M
Diluted Shares Outstanding 13.62M 13.57M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.49M $22.07M $30.39M
YoY Change -41.74% -27.44% -22.37%
Cash & Equivalents $16.49M $22.07M $30.39M
Short-Term Investments
Other Short-Term Assets $1.850M $3.139M $1.485M
YoY Change 1.37% 24.56% -54.59%
Inventory $9.699M $9.863M $9.554M
Prepaid Expenses
Receivables $6.646M $6.010M $5.996M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $34.68M $41.08M $47.43M
YoY Change -28.07% -20.87% -20.57%
LONG-TERM ASSETS
Property, Plant & Equipment $1.326M $1.155M $1.200M
YoY Change 6.68% -4.55% 3.27%
Goodwill
YoY Change
Intangibles $16.77M $17.62M $18.47M
YoY Change -16.85% -15.55%
Long-Term Investments
YoY Change
Other Assets $76.00K $76.00K $76.00K
YoY Change 0.0% -5.0% 0.0%
Total Long-Term Assets $18.17M $18.85M $19.74M
YoY Change -15.43% -15.48% -14.55%
TOTAL ASSETS
Total Short-Term Assets $34.68M $41.08M $47.43M
Total Long-Term Assets $18.17M $18.85M $19.74M
Total Assets $52.85M $59.93M $67.17M
YoY Change -24.17% -19.25% -18.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.764M $1.715M $1.582M
YoY Change 8.02% -12.94% -22.98%
Accrued Expenses $7.517M $5.750M $6.375M
YoY Change 18.42% 14.54% 0.82%
Deferred Revenue
YoY Change
Short-Term Debt $8.059M $8.059M $8.059M
YoY Change 7.4% 133.59% 27.72%
Long-Term Debt Due $8.059M $8.059M $8.059M
YoY Change 7.4% -6.51% 27.72%
Total Short-Term Liabilities $34.75M $27.32M $26.00M
YoY Change 47.27% 10.29% -2.91%
LONG-TERM LIABILITIES
Long-Term Debt $7.106M $8.758M $10.41M
YoY Change -48.06% -43.61% -41.55%
Other Long-Term Liabilities $899.0K $771.0K $698.0K
YoY Change -94.85% -95.58% -7.67%
Total Long-Term Liabilities $8.005M $9.529M $11.11M
YoY Change -41.49% -71.12% -40.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.75M $27.32M $26.00M
Total Long-Term Liabilities $8.005M $9.529M $11.11M
Total Liabilities $54.22M $53.37M $53.65M
YoY Change -0.94% -7.62% -13.44%
SHAREHOLDERS EQUITY
Retained Earnings -$122.6M -$113.2M -$105.1M
YoY Change 39.78% 30.94%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.369M $6.559M $13.52M
YoY Change
Total Liabilities & Shareholders Equity $52.85M $59.93M $67.17M
YoY Change -24.17% -19.25% -18.89%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$9.398M -$8.100M -$9.064M
YoY Change 294.05% 59.86% 69.1%
Depreciation, Depletion And Amortization $934.0K $929.0K $933.0K
YoY Change -0.11% -0.43% -0.74%
Cash From Operating Activities -$10.70M -$7.400M -$6.387M
YoY Change 1252.72% 43.02% 18.94%
INVESTING ACTIVITIES
Capital Expenditures -$255.0K $34.00K -$25.00K
YoY Change 117.95% -74.05% -77.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$255.0K -$34.00K -$25.00K
YoY Change 117.95% -74.05% -77.27%
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 -3.000M -900.0K 14.21M
YoY Change 144.7% -75.85% -67.23%
NET CHANGE
Cash From Operating Activities -10.70M -7.400M -6.387M
Cash From Investing Activities -255.0K -34.00K -25.00K
Cash From Financing Activities -3.000M -900.0K 14.21M
Net Change In Cash -13.70M -8.334M 7.802M
YoY Change 541.99% -7.72% -79.41%
FREE CASH FLOW
Cash From Operating Activities -$10.70M -$7.400M -$6.387M
Capital Expenditures -$255.0K $34.00K -$25.00K
Free Cash Flow -$10.45M -$7.434M -$6.362M
YoY Change 1449.7% 40.13% 20.95%

Facts In Submission

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azyo Increase Decrease In Contract With Customer Liability And Other Liabilities
IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiabilities
204000
azyo Increase Decrease In Contract With Customer Liability And Other Liabilities
IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiabilities
-134000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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-289000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Repayments Of Long Term Debt
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3333000
azyo Payments On Revenue Interest Obligation
PaymentsOnRevenueInterestObligation
1392000
azyo Payments On Revenue Interest Obligation
PaymentsOnRevenueInterestObligation
1372000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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192000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2954000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-13917000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-11164000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30428000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39532000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16511000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28368000
us-gaap Interest Paid Net
InterestPaidNet
1162000
us-gaap Interest Paid Net
InterestPaidNet
2522000
us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
3029000
us-gaap Net Income Loss
NetIncomeLoss
-17500000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-122600000
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10700000
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3000000.0
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16511000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28368000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16489000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28302000
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
22000
CY2021Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
66000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2021Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
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 June 30, 2022, the Company maintained $16.7 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>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
16700000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1386811
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.28
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
179000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1075858
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
92443
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.55
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2370226
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.98
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1677000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
563806
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
11.09
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y10M24D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
321000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.15
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1470000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
885000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2575000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1562000
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1913000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1880000
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
576000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
834000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7210000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6840000
CY2022Q2 us-gaap Inventory Net
InventoryNet
9699000
CY2021Q4 us-gaap Inventory Net
InventoryNet
9554000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17547000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7452000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13620196
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10228296
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13597243
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10227240
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.29
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
15165000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
18469000
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
8059000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
8059000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7106000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10410000
CY2017Q2 azyo Revenue Recognized Based On Milestone
RevenueRecognizedBasedOnMilestone
5000000.0
azyo Number Of Production Facilities Under Operating Lease
NumberOfProductionFacilitiesUnderOperatingLease
2
azyo Number Of Administrative And Research Facility Under Operating Lease
NumberOfAdministrativeAndResearchFacilityUnderOperatingLease
1
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
51
CY2022Q2 azyo Number Of Claims Recall No Lawsuit
NumberOfClaimsRecallNoLawsuit
43
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9398000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2385000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3143511
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1537254
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12638000
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12160000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24133000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
25044000

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