Aziyo Biologics (ELUT) AI Stock Analysis

• Market Cap: $93.27M
• Dividend Yield: N/A
• Average Volume (3M): 25.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.03
• Revenue Growth: -5.22%
• EPS Growth: 82.06%
• Country: US
• Employees: 51
• Sector: Healthcare
• Sector Strength: 48
• Industry: Biotechnology
• EPS (TTM): -0.26
• Shares Outstanding: 38,081,936
• 10 Day Avg. Volume: 31,089
• 30 Day Avg. Volume: 25,116
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 5.09
• Enterprise Value/Gross Profit: 11.39
• Enterprise Value/Ebitda: -8.61
• 1Y Price Target: $5.00
• Price Target Upside: 139.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 51 Neutral
• Price Target: $2.00 ▼(-4.31% Downside)

The overall stock score reflects significant financial challenges, offset by positive earnings call highlights. While financial instability and valuation concerns weigh heavily, strong product growth and strategic initiatives provide some optimism.

Positive Factors

Financial Stability

Cash on hand is expected to support Elutia until the second half of 2026, providing a stable financial footing for continued operations and growth.

Market Share

EluPro is positioned as a superior product with antibiotic properties and a soft biomatrix for better patient comfort and pacemaker protection, likely to capture significant market share.

Sales Growth

Product uptake for EluPro is robust, with substantial same-center sales growth and over 100 active accounts, indicating strong market acceptance.

Negative Factors

Business Development

The Company also made progress with its litigation related to the divested Orthobiologics business, critical to business development activity.

Product Performance

SimpliDerm was below expectations in Q4 due to partner Tiger working through its reorganization process.

Aziyo Biologics Business Overview & Revenue Model

Company Description

Aziyo Biologics (ELUT) is a regenerative medicine company that operates in the healthcare sector, focusing on the development and commercialization of biologic products to improve compatibility between medical devices and the human body. The company's core products include implantable tissues and device-compatible solutions designed for use in cardiology, orthopedics, and other medical fields. Aziyo Biologics aims to enhance healing and integration of medical implants, thereby improving patient outcomes.

How the Company Makes Money

Aziyo Biologics makes money primarily through the sale of its biologic products to healthcare providers and medical device manufacturers. Its revenue model is based on direct sales and distribution agreements, where the company supplies its proprietary solutions that are used alongside medical devices to improve performance and patient compatibility. Significant partnerships with leading medical device companies enhance its market reach and distribution capabilities, contributing to its revenue growth. The company's earnings are also influenced by its ability to innovate and expand its product offerings in response to evolving medical needs and regulatory approvals.

Aziyo Biologics Financial Statement Overview

Summary

Aziyo Biologics is facing significant financial challenges, with declining revenues, persistent losses, and negative cash flows. The balance sheet reflects high leverage and negative equity, while the income statement shows poor operational performance. The cash flow statement reveals a reliance on external financing. These factors combine to suggest a risky financial position with substantial challenges ahead.

Income Statement

Aziyo Biologics has faced a consistent decline in revenue from previous periods, with a negative revenue growth rate from 2021 to 2025. The gross profit margin has decreased considerably from 2020 onwards, highlighting increasing cost pressures. Additionally, the company has been experiencing continuous net losses, leading to negative net profit margins. EBIT and EBITDA margins are also negative, indicating operational inefficiencies.

Balance Sheet

The company exhibits a concerning financial structure with negative stockholders' equity since 2022, indicating liabilities exceed assets. The debt-to-equity ratio is not calculable due to negative equity, but high total liabilities suggest significant leverage. Return on equity is negative due to losses. The equity ratio is also negative, reflecting financial instability and risk.

Cash Flow

Aziyo Biologics is experiencing negative operating and free cash flows, which have deteriorated over the past years. The operating cash flow to net income ratio indicates cash flow issues, as cash flows do not cover net losses. The company is heavily reliant on financing activities to support operations, posing a risk to sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	23.68M	24.38M	24.75M	23.85M	47.39M	42.68M
Gross Profit	10.58M	10.71M	11.05M	11.64M	19.02M	20.56M
EBITDA	-14.01M	-45.89M	-31.92M	-27.30M	-15.72M	-12.30M
Net Income	-21.32M	-53.95M	-37.66M	-32.90M	-24.83M	-21.82M
Balance Sheet
Total Assets	33.85M	36.13M	43.43M	68.84M	67.17M	82.81M
Cash, Cash Equivalents and Short-Term Investments	8.50M	13.24M	19.28M	16.99M	30.39M	39.15M
Total Debt	28.24M	24.74M	23.95M	39.40M	23.24M	52.31M
Total Liabilities	75.69M	82.39M	82.03M	73.87M	53.65M	61.98M
Stockholders Equity	-41.84M	-46.26M	-38.60M	-5.03M	13.52M	20.83M
Cash Flow
Free Cash Flow	-33.27M	-23.31M	-22.11M	-21.97M	-15.99M	-14.07M
Operating Cash Flow	-32.79M	-22.66M	-21.76M	-21.43M	-15.62M	-13.44M
Investing Cash Flow	-1.03M	-474.00K	14.21M	-540.00K	-369.00K	-640.00K
Financing Cash Flow	24.14M	17.09M	9.84M	9.00M	6.71M	51.02M

Aziyo Biologics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.09
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELUT, the sentiment is Positive. The current price of 2.09 is above the 20-day moving average (MA) of 2.03, above the 50-day MA of 2.02, and below the 200-day MA of 2.74, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 52.40 is Neutral, neither overbought nor oversold. The STOCH value of 57.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ELUT.

Aziyo Biologics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CCCC	54 Neutral	$185.76M	―	-52.99%	―	16.55%	16.73%
Sector *	51 Neutral	$7.82B	-0.16	-39.78%	2.19%	21.38%	-1.56%
ELUT	51 Neutral	$93.27M	―	149.62%	―	-5.22%	82.06%
ZNTL	46 Neutral	$114.70M	―	-49.55%	―	-33.76%	17.10%
KYTX	36 Underperform	$142.71M	―	-61.29%	―	―	-39.69%
VOR	33 Underperform	$274.90M	―	-125.43%	―	―	-686.13%

Aziyo Biologics Corporate Events

Elutia Inc. Amends Credit Agreement with SWK Funding

On August 15, 2025, Elutia Inc. amended its Credit Agreement initially established on August 10, 2022, with SWK Funding LLC and other lenders. The amendment involves capitalizing accrued interest and amendment fees into the principal balance of a $25 million senior secured term loan, potentially impacting the company’s financial obligations and liquidity management.

Aziyo Biologics Holds Annual Stockholders Meeting

On May 29, 2025, Elutia Inc. conducted its annual meeting of stockholders, with 80.9% of Class A common stock represented. During the meeting, two Class II directors were elected to serve until 2028, and the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2025 was ratified.