Elutia

What Elutia does

Elutia is a publicly traded medical device company (Nasdaq: ELUT) developing proprietary drug-eluting biomatrix products that combine biologic matrices with extended antibiotic release for use in soft tissue reconstruction and cardiovascular surgery. The company's core technology platform fuses human acellular dermal matrix (hADM) and porcine small intestine submucosa (SIS) extracellular matrix with antibiotics such as rifampin and minocycline, using a patented gentle processing method that achieves sterility assurance of 10^-6 while preserving native growth factors. Elutia commercializes a portfolio including SimpliDerm (hADM allograft for soft tissue reconstruction), ProxiCor PC and ProxiCor CTR (cardiac tissue repair and pericardial closure), and VasCure VR and VasCure CR (vascular and carotid repair), while advancing NXT-41x, a next-generation antibiotic-eluting biomatrix targeting the $1.5 billion U.S. breast reconstruction market with FDA clearance anticipated in H1 2027.

Elutia generates revenue through one-time sales of biologic matrix products to healthcare providers including hospitals, surgical centers, and physician practices. The go-to-market combines a direct sales force targeting plastic surgeons, cardiovascular surgeons, and vascular surgeons with a distributor channel that accounts for approximately 33% of EluPro sales, supplemented by seven national GPO contracts and more than 160 hospital value analysis committee (VAC) approvals. Following the November 2023 divestiture of Orthobiologics to Berkeley Biologics (up to $35M) and the October 2025 sale of the BioEnvelope business (EluPro and CanGaroo) to Boston Scientific for $88M, the company has narrowed its focus to higher-growth drug-eluting biomatrix applications, using divestiture proceeds to eliminate debt and fund NXT-41x development. The company is headquartered in Gaithersburg, Maryland, employs 51-100 people, and trades at approximately $47M market capitalization as of March 2026.

Name

Elutia

Legal name

Elutia Inc.

Website

https://elutia.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Elutia is a publicly traded medical device company (Nasdaq: ELUT) that develops drug-eluting biomatrix products combining biologic matrices with extended antibiotic release, serving plastic surgeons, cardiovascular surgeons, and vascular surgeons at U.S. hospitals and surgical centers.

Ownership category

akta.pro rank

Product category

Biologic Surgical Implants

NAICS

Medical Equipment and Supplies Manufacturing (3391), Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Acellular/Decellularized Matrices & ECM Products (HLAAAGAF)

akta.pro secondary industries

Wound Healing & Skin Regeneration (advanced dressings, skin substitutes) (HLAAAGAG), Skin Substitutes & Biologic/Regenerative Wound Therapies (Matrices, Grafts) (HLAHALAE)

Keywords

• Drug-eluting biomaterials
• Soft tissue reconstruction
• Cardiac tissue repair
• Vascular repair products
• Biologic matrix implants

Headquarters

HQ city

Silver Spring

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Biologic Product Sales: Elutia generates revenue from the sale of biologic matrix products to healthcare providers including hospitals, surgical centers, and physicians. Products include SimpliDerm (soft tissue repair), ProxiCor (cardiac tissue repair), and VasCure (vascular repair). Revenue is recognized upon product delivery to customers.
2. Registered Direct Offering (Equity): Elutia raised approximately $13.26 million through a registered direct offering of shares and prefunded warrants, intended for working capital and general corporate purposes.
3. Private Placement Financing: Elutia raised approximately $10.5 million in private placement financing with potential additional proceeds of $15.8 million if warrants are exercised, totaling $26.2 million.
4. Business Divestiture Proceeds: Elutia received $88 million from the sale of its BioEnvelope business to Boston Scientific Corporation. Prior divestiture of Orthobiologics business to Berkeley Biologics for up to $35 million.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Elutia develops and commercializes proprietary drug-eluting biomatrix products that combine human acellular dermal matrix (hADM) and porcine small intestine submucosa (SIS) extracellular matrix with extended antibiotic release for medical device implantation and soft tissue reconstruction. Its commercial portfolio includes SimpliDerm (soft tissue reconstruction allograft), ProxiCor PC and ProxiCor CTR (cardiac tissue repair ECM biomatrices), and VasCure VR and VasCure CR (vascular repair SIS ECM products), sold to hospitals, surgical centers, and surgeons in the United States.

Product overview

Elutia is a drug-eluting biomatrix technology company that develops and commercializes products to improve compatibility between medical devices and patients. The company's portfolio consists of proprietary drug-eluting biologic products built on engineered extracellular matrix (ECM) biology. Current commercial products include SimpliDerm (soft tissue reconstruction), ProxiCor PC (pericardial closure), ProxiCor CTR (cardiac tissue repair), VasCure VR (vascular repair), and VasCure CR (carotid repair). The company is advancing its NXT-41x antibiotic-eluting biomatrix for the breast reconstruction market, with the base matrix submitted for FDA clearance in 2026 and the drug-eluting version targeted for 2027. Elutia's technology platform combines biologics with extended antibiotic release, optimized for device implantation and soft tissue reconstruction. Former products including EluPro and CanGaroo bioenvelopes were sold to Boston Scientific in October 2025.

Differentiator

Problem solved

Functional benefit

Brands

• NXT-41: Base biologic matrix product for breast reconstruction, submitted to FDA for 510(k) clearance.
• NXT-41X
• SimpliDerm
• ProxiCor PC
• ProxiCor CTR
• VasCure VR

Products and services

• SimpliDerm High-performance allograft (human acellular dermal matrix, hADM) designed for soft tissue reconstruction, providing rapid integration with low inflammatory response and natural remodeling. Used in breast reconstruction following mastectomy, hernia repair, abdominal wall reconstruction, and other soft tissue reinforcement procedures. Q3 2025 revenue of $2.4 million. Processed using a proprietary patented gentle process achieving sterility assurance level (SAL) of 10-6 while preserving key growth factors.
• ProxiCor PC Extracellular matrix (ECM) biomatrix designed for pericardial closure following cardiac surgery, reducing post-operative adhesions and protecting the heart from mechanical injury during potential reoperations.
• ProxiCor CTR Biologic scaffold for intracardiac repair, providing immediate structural support while promoting healthy tissue remodeling and regeneration. Used by cardiac surgeons for intracardiac tissue repair procedures.
• VasCure VR Extracellular matrix derived from porcine small intestine submucosa (SIS) for vascular repair, used in femoral endarterectomies and arteriovenous (AV) fistula repairs. Regulates the biologic healing response to decrease inflammation and stimulate formation of healthy tissue, with antimicrobial activity during remodeling and resistance to calcification.
• VasCure CR SIS ECM product for carotid repair and vascular reconstruction, designed to decrease inflammation and stimulate healthy tissue formation. Demonstrated lower post-procedure complication rates for carotid repair including pseudoaneurysm, thrombus, and restenosis compared to alternative patch materials.

Quantifiable outcome

• 43% lower overall procedural difficulty in CIED reoperations for patients previously implanted with biologic envelopes versus control group
• +10 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• VizientcoreChannel Partner/ Reseller/ DistributorVizient, the nation's largest provider-driven healthcare performance improvement company, selected Elutia to exhibit EluPro at the Vizient Innovative Technology Exchange. This provides access to Vizient's hospital client network and supply chain leaders for product evaluation and GPO contracting.
• Group Purchasing Organizations (GPOs)coreChannel Partner/ Reseller/ DistributorElutia has secured seven national GPO contracts providing contracted pricing and hospital access for its products including EluPro. GPO contracts are a standard mechanism for hospital purchasing in the medical device sector.
• Wall Street ZenminorOthersWall Street Zen analysts provided equity research coverage, upgrading Elutia from sell to hold rating. Analyst ratings represent third-party market research assessment of company stock.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Integra LifeSciences: Integra LifeSciences is a direct peer with overlapping regenerative tissue technologies including DermaMatrix (acellular dermal matrix) for soft tissue reconstruction and a portfolio of wound care and surgical biologics. The company competes with Elutia's SimpliDerm and NXT-41x products in the soft tissue repair and breast reconstruction markets.
• MiMedx: MiMedx develops and commercializes placental tissue allografts (EpiFix, AmnioFix) and is a direct competitor in the regenerative medicine and skin substitute markets. Both companies target surgeons and hospitals for soft tissue repair, wound healing, and surgical reconstruction applications.
• Organogenesis: Organogenesis is a leading regenerative medicine company offering Apligraf, Dermagraft, and PuraPly for wound care and surgical applications. It competes directly with Elutia's ECM-based products in the soft tissue repair and wound healing markets, and shares a similar hospital GPO-driven commercial model.
• Vericel: Vericel develops and commercializes advanced cell therapies and regenerative medicine products (MACI, Epicel) for cartilage repair and burn treatment. It is comparable to Elutia as a small-cap public regenerative medicine company with FDA-approved biologic products targeting surgical specialists.
• Artivion: Artivion (formerly CryoLife) specializes in cardiac and vascular tissue preservation and bioprosthetic devices. It competes with Elutia's ProxiCor and VasCure product lines in cardiac tissue repair and vascular reconstruction, and shares the small-cap medical device profile with similar hospital sales models.
• MTF Biologics: MTF Biologics is a non-profit tissue bank that develops and distributes allograft tissues including dermal matrices for soft tissue reconstruction, directly competing with SimpliDerm. Both companies supply biologic matrices through similar hospital distribution channels and GPO contracts.
• AlloSource: AlloSource is a non-profit tissue bank providing allografts including AlloDerm and other dermal matrices for surgical reconstruction. As one of the largest suppliers of skin substitutes and soft tissue allografts, it represents a significant competitor to Elutia's soft tissue repair business.
• LifeNet Health: LifeNet Health is a non-profit organ and tissue donation organization that produces allograft and xenograft biologic matrices for surgical applications. It competes with Elutia in soft tissue reconstruction and wound healing markets with similar dermal matrix and ECM product offerings.

Emerging players

• CorMatrix: CorMatrix develops acellular extracellular matrix (ECM) products derived from porcine small intestinal submucosa for cardiac tissue repair, overlapping with Elutia's ProxiCor and VasCure platforms. Both companies target cardiovascular surgeons with biologic matrix alternatives to synthetic materials.

Broad incumbents

• Boston Scientific: Boston Scientific acquired Elutia's BioEnvelope business (EluPro and CanGaroo) for $88M in October 2025 and is now the strategic owner of Elutia's former lead commercial product. BSC is a broad incumbent in cardiac rhythm management (CIEDs) where EluPro is used, and represents a major potential acquirer or commercial partner for Elutia's remaining technology platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Elutia_Inc
• LinkedInlinkedin.com/company/aziyo-biologics-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds10 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elutia