ELUTIA INC. Segments Disclosure
Note 18. Segment Information
With the divestiture of the CIED Business, the Company now operates in two segments. The Company determined its operating and reportable segments to be consistent with its major product groupings – Women’s Health and Cardiovascular. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM evaluates the performance of our segments based upon, among other things, segment net sales and segment gross profit, excluding intangible asset amortization (“segment gross profit”). Segment gross profit is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position. The CODM considers budget-to-actual variances and variances against prior years using segment gross profit when making decisions about allocating resources to the segments. Asset information is not provided as the Company's CODM does not regularly review or utilize detailed asset data to assess segment performance.
For the year ended December 31, 2025, the Company’s segment gross profit was comprised of the following (in thousands):
Women's Health | Cardiovascular | Total | ||||||
Net sales | $ | 9,138 | $ | 3,155 | $ | 12,293 | ||
Cost of goods sold, excluding intangible asset amortization | 3,986 | 634 | 4,620 | |||||
Segment gross profit | $ | 5,152 | $ | 2,521 | $ | 7,673 |
The net sales for the year ended December 31, 2025 include the revenues derived from one customer which represents 18% of total net sales. Such customer is included within the Women’s Health segment.
For the year ended December 31, 2024, the Company’s segment gross profit was comprised of the following (in thousands):
Women's Health | Cardiovascular | Total | ||||||
Net sales | $ | 11,553 | $ | 2,914 | $ | 14,467 | ||
Cost of goods sold, excluding intangible asset amortization | 5,568 | 1,107 | 6,675 | |||||
Segment gross profit | $ | 5,985 | $ | 1,807 | $ | 7,792 |
The net sales for the year ended December 31, 2024 include the revenues derived from one customer which represents 13% of total net sales. Such customer is included within the Women’s Health segment. The net sales for the year ended December 31, 2024 also include the revenues derived from one customer, which represents 10% of total net sales. Such customer is included within the Cardiovascular segment.
The following table is a reconciliation of segment gross profit to the consolidated loss before provision for income taxes for the years ended December 31, 2025 and 2024 (in thousands):
Year Ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
Segment gross profit | $ | 7,673 | $ | 7,792 | ||
Adjustments: | ||||||
Intangible asset amortization expense | 1,077 | 1,077 | ||||
Sales and marketing | 5,765 | 4,988 | ||||
General and administrative | 15,080 | 18,073 | ||||
Research and development | 4,163 | 2,998 | ||||
Litigation costs, net | 8,499 | 11,368 | ||||
Loss from operations | (26,911) | (30,712) | ||||
Interest expense | (387) | 934 | ||||
Loss on revaluation of warrant liability | (13,424) | 14,878 | ||||
Other (income) expense, net | 2,758 | (1,186) | ||||
Loss from continuing operations before provision for income taxes | $ | (15,858) | $ | (45,338) | ||
During the years ended December 31, 2025 and 2024, the Company did not have any material international product sales, and the Company did not own any long-lived assets outside the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 11, 2024 | |
| 2022 | Mar 23, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 15, 2021 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.