Aziyo Biologics (ELUT) AI Stock Analysis

• Market Cap: $73.19M
• Dividend Yield: N/A
• Average Volume (3M): 30.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: -18.22%
• EPS Growth: 44.67%
• Country: US
• Employees: 51
• Sector: Healthcare
• Sector Strength: 55
• Industry: Biotechnology
• EPS (TTM): -0.21
• Shares Outstanding: 36,802,258
• 10 Day Avg. Volume: 29,476
• 30 Day Avg. Volume: 30,307
• PEG Ratio: 0.00
• Price to Book (P/B): -11.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.62
• Enterprise Value/Market Cap: 3.33
• Enterprise Value/Revenue: 2.49
• Enterprise Value/Gross Profit: 23.63
• Enterprise Value/Ebitda: -1.24
• 1Y Price Target: $8.00
• Price Target Upside: 354.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 48 Neutral
• Price Target: $2.00 ▲(13.64%Upside)

Elutia Inc.'s stock score is primarily impacted by its challenging financial performance, characterized by negative cash flows and high leverage. The technical analysis also points to bearish market sentiment. While the earnings call provided positive insights into strategic partnerships and operational improvements, these factors are not enough to offset the financial weaknesses.

Positive Factors

Market Acceptance

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

Product Performance

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.

Negative Factors

Financial Performance

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

Revenue Shortfall

Q4 revenue shortfall was related to the Women's Health business (SimpliDerm) as partner Tiger continues through its reorganization process.

Aziyo Biologics Business Overview & Revenue Model

Company Description

Elutia Inc., a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators. The company also develops CanGarooRM, a combination of the CanGaroo envelope with antibiotics, to reduce the risk of infection after surgical implantation of an electronic device. In addition, it provides ProxiCor for cardiac tissue repair and pericardial closure; Tyke, an extracellular material that is used in the repair of cardiac structures for neonate and infant patients; and VasCure, a patch material to repair or reconstruct the peripheral vasculature. Further, the company offers SimpliDerm, which uses human acellular dermal matrices for tissue repair and reconstruction in various applications, such as sports medicine, hernia repair, trauma reconstruction, and breast reconstruction surgeries following mastectomy. It serves hospitals and healthcare facilities through its direct sales force, independent sales agents, and distributors. The company was formerly known as Aziyo Biologics, Inc. and changed its name to Elutia Inc. in September 2023. Elutia Inc. was incorporated in 2015 and is headquartered in Silver Spring, Maryland.

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

Elutia Inc. 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 indicate 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
23.71M	24.38M	24.75M	23.85M	47.39M	42.68M
	Gross Profit
10.32M	10.71M	11.05M	11.64M	19.02M	20.56M
	EBIT
-35.09M	-35.65M	-30.53M	-29.99M	-23.03M	-13.60M
	EBITDA
-38.01M	-45.89M	-31.92M	-27.30M	-15.72M	-12.30M
	Net Income Common Stockholders
-39.89M	-53.95M	-37.66M	-32.90M	-24.83M	-21.82M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
17.36M	13.24M	19.28M	16.99M	30.39M	39.15M
	Total Assets
39.30M	36.13M	43.43M	68.84M	67.17M	82.81M
	Total Debt
29.43M	30.23M	23.95M	39.40M	23.24M	52.31M
	Net Debt
12.07M	16.99M	4.68M	22.41M	-7.16M	12.78M
	Total Liabilities
75.76M	82.39M	82.03M	73.87M	53.65M	61.98M
	Stockholders Equity
-36.46M	-46.26M	-38.60M	-5.03M	13.52M	20.83M
Cash Flow		Free Cash Flow
-29.25M	-23.31M	-22.11M	-21.97M	-15.99M	-14.07M
	Operating Cash Flow
-28.90M	-22.66M	-21.76M	-21.43M	-15.62M	-13.44M
	Investing Cash Flow
-737.00K	-474.00K	14.21M	-540.00K	-369.00K	-640.00K
	Financing Cash Flow
34.44M	17.09M	9.84M	9.00M	6.71M	51.02M

Aziyo Biologics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.76
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 1.76 is below the 20-day moving average (MA) of 1.82, below the 50-day MA of 2.03, and below the 200-day MA of 3.16, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 43.67 is Neutral, neither overbought nor oversold. The STOCH value of 44.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ELUT.

Aziyo Biologics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	54 Neutral	$5.34B	3.27	-45.10%	3.30%	16.80%	0.02%
ELUT	48 Neutral	$73.19M	―	149.62%	―	-18.22%	44.67%
TLSA		$173.88M	―	-250.49%	―	―	―
CCCC	48 Neutral	$115.74M	―	-45.55%	―	98.56%	37.97%
ZNTL	46 Neutral	$96.42M	―	-59.45%	―	―	48.92%
KYTX	36 Underperform	$139.16M	―	-49.72%	―	―	―
VOR	33 Underperform	$22.76M	―	-125.43%	―	―	2.98%

Aziyo Biologics Corporate Events

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.

The most recent analyst rating on (ELUT) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Aziyo Biologics stock, see the ELUT Stock Forecast page.

Elutia Inc. Reports Strong Q1 2025 Financial Results

Elutia Inc. announced amendments to its royalty agreement with Ligand Pharmaceuticals, converting $2.2 million in royalty obligations into shares of Elutia’s Class A Common Stock, which impacts cash flow positively by reducing outflows. Additionally, Elutia reported strong first-quarter 2025 financial results, driven by an 84% increase in EluPro sales and a strategic partnership with Boston Scientific, which is expected to accelerate product adoption and enhance market positioning.

Elutia Inc. Ends Distribution Agreement with LeMaitre

On April 30, 2025, Elutia Inc. ended its distribution agreement with LeMaitre Vascular, Inc., transitioning to direct distribution of its cardiovascular products in the U.S. This strategic move is expected to enhance Elutia’s top-line growth, improve gross margins, and increase profitability. Under the leadership of Dwayne Montgomery, Elutia has established a dedicated cardiovascular sales team to ensure a smooth transition and continuity for customers. The company anticipates maintaining a premium price position and achieving approximately 80% gross margins for its cardiovascular portfolio.