Elutia Inc. is a commercial-stage biotechnology company headquartered in Gaithersburg, Maryland, focused on developing drug-eluting biomatrix products that improve compatibility between medical implants and human biology. The company operates through two segments: Women's Health and Cardiovascular. Its proprietary technology platform combines biologic scaffolds with local antibiotic delivery to prevent infections ...Elutia Inc. is a commercial-stage biotechnology company headquartered in Gaithersburg, Maryland, focused on developing drug-eluting biomatrix products that improve compatibility between medical implants and human biology. The company operates through two segments: Women's Health and Cardiovascular. Its proprietary technology platform combines biologic scaffolds with local antibiotic delivery to prevent infections and reduce complications. Key products include SimpliDerm, a human acellular dermal matrix for soft tissue reconstruction; ProxiCor, an intracardiac patch for cardiac repairs; Tyke for neonatal cardiac applications; and VasCure for peripheral vascular repair. Additionally, EluPro™ is the first FDA-cleared antibiotic-eluting biomatrix designed for cardiac implantable electronic devices and neurostimulators. Elutia sells its products directly to hospitals and healthcare facilities through independent sales agents. Founded in 2015 (originally as Aziyo Biologics, Inc.), the company rebranded to Elutia in September 2023 to reflect its strategic focus on drug-eluting technologies. As of the latest data, Elutia employs 26 full-time employees and is listed on the NASDAQ Capital Market. The company has made significant strides, including the recent sale of its BioEnvelope business to Boston Scientific for $88 million in September 2025, signaling a strategic pivot. Financially, Elutia has a market cap of ~$35 million, with revenue per share of $0.371, but faces negative profitability metrics. The CEO, Dr. Randy Mills, is a co-founder with deep expertise in regenerative medicine, and the company aims to reduce surgical complications, particularly in breast cancer surgery and cardiac procedures.
Operator: Good day, and thank you for standing by. Welcome to the Elutia Q2 2026 Financial Results Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Bernadine Cherniak. Please go ahead.
Bernadine Cherniak: Thank you, operator, and thank you all for participating in today's call. Earlier today, Elutia released financial results for the second quarter ended June 30, 2026. A copy of the press release is available on the company's website. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that do not relate to matters of historical facts or relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including, without limitation, those relating to our operating trends and future financial performance are based upon our current estimates and various assumptions. These statements involve material risks, risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and descriptions of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our public filings with the SEC. Including Elutia's annual report on Form 10-K for the year ended December 31, 2025, and in our subsequent periodic reports on Form 10-Q and 10-K accessible on the SEC's website at www.sec.gov. Such factors may be updated from time to time in Elutia's other filings with the SEC. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 13, 2026. Elutia disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements because of new information, future events or otherwise. Also, during this presentation, we refer to gross margins, excluding intangible asset amortization, which is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is available on the company's financial results release for the second quarter ended June 30, 2026, which is accessible on the SEC's website and posted on the Investors page of the Elutia website at www.elutia.com. And with that, I will turn the call over to Elutia's CEO, Randy Mills.
C. Mills: Thank you, Bernadine, and thank you, everyone, for joining us today. The second quarter was another solid quarter of execution for Elutia, so let's get right …
