Q2 2024 Elutia Inc Earnings Call

August 7, 2024

Greetings. Welcome to the Elutia Second Quarter 2024 Financial Results Call. At this time, all participants are in listen-only mode. The question and answer session will follow the formal presentation.

Operator: Results Call. At this time, all participants are in listen-only mode. The question and answer session will follow the formal presentation.

Operator: At this time, all participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone today should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. At this time, I'll turn the conference over to Matt Steinberg with FIM Partners. Please go ahead, Matt.

Operator: Next time, all participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone today should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. At this time, I'll turn the conference over to Matt Steinberg with FIM Partners. Please go ahead, Matt.

Operator: If anyone today should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded.

Speaker Change: If anyone today should require operator assistance during the conference, please press star zero on your telephone keypad.

Matt Steinberg: At this time, I'll turn the conference over to Matt Steinberg with FIM Partners. Please go ahead, Matt.

Please note, this conference is being recorded.

Speaker Change: At this time, I'll turn the conference over to Matt Steinberg with FIM Partners. Please go ahead, Matt.

Matt Steinberg: Thank you, operator, and thank you all for participating in today's call. Earlier today, Elutia released financial results for the quarter ended June 30th, 2024. A copy of the press release is available on the company's website.

Matt Steinberg: Thank you, operator. And thank you all for participating in today's call. Earlier today, Elutia released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, which are pursuant to the state public provision of the Private Securities Litigation Reform Act of 1995.

Matt Steinberg: Thank you, Operator, and thank you all for participating in today's call. Earlier today, Elutia released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.

Matt Steinberg: 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 and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

Matt Steinberg: 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 and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

Matt Steinberg: Before we begin, I'd 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. And these 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 include, without limitation. Those relating to our operating trends and future financial performance are based upon our current estimates and various assumptions.

Speaker Change: 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 state public provision of the Private Securities Litigation Reform Act of 1995.

Unknown Executive: Accordingly, you should not place undue reliance on these statements. For a list and description 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, 2023, which is accessible on the SEC's website at www.sec.gov.

Matt Steinberg: Accordingly, you should not place undue reliance on these statements. For a list and description 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 31st, 2023, which is accessible on the SEC's website at www.sec.gov.

Speaker Change: And these 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.

Unknown Executive: Such factors may be updated from time to time in Elutia's other filings with the SEC. The conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 7, 2024. Elutia disclaims any intention or obligation, except as required by applicable law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. Also, during this presentation, we refer to gross margin, excluding intangible asset amortization, which is a non-gap financial measure.

Speaker Change: All forward-looking statements include, without limitation, those relating to our operating trends and future financial performance are based upon our current estimates and various assumptions.

Matt Steinberg: These statements involve material 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.

Speaker Change: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

Speaker Change: Accordingly, you should not place undue reliance on these statements.

Matt Steinberg: For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factor section of our public filings with the SEC, including Elutia's annual report on Form 10-K for the year ended to December 31st, 2023. That's accessible on the SEC's website at www.sec.gov. Such factors may be updated from time to time, and Elutia's other filings with the SEC.

Speaker Change: For a list and description of the risks and uncertainties associated with our business,

Speaker Change: 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 31st, 2023. That's accessible on the SEC's website at www.sec.gov.

Matt Steinberg: Such factors may be updated from time to time in Elutia's other filings with the SEC. The conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 7, 2024. Elutia disclaims any intention or obligation, except as required by applicable law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. Also, during this presentation, we refer to gross margin, excluding intangible asset amortization, which is a non-GAAP financial measure.

Speaker Change: Such factors may be updated from time to time in Elutia's other filings with the SEC.

Matt Steinberg: The conference call contains time-sensitive information and is accurate only as of the wide broadcast today, August 7th, 2024. Elutia disclaims any intention or obligation, except as required by applicable law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise.

Matt Steinberg: A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is available in the company's financial results release for the second quarter ended June 30, 2024, which is accessible on the SEC's website and posted on the investor page of the Elutia website at www.elutia.com. And with that, I will turn the call over to Elutia's CEO, Randy Mills. Thank you, Matt.

Speaker Change: The conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 7, 2024.

Alusha: Elutia disclaims any intention or obligation, except as required by applicable law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise.

Matt Steinberg: Also, during this presentation, we refer to the gross margin, excluding intangible asset amortization, which is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure, the most directly comparable GAAP financial measure, is available in the company's financial results release for the second quarter ended June 30th, 2024, which is accessible on the SEC's website and posted on the investor page of the Elutia website at www.elutia.com.

Unknown Executive: A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is available in the company's financial results release for the second quarter ended June 30, 2024, which is accessible on the SEC's website and posted on the investor page of the Elutia website at www.elutia.com. And with that, I will turn the call over to Elutia's CEO, Randy Mills. Thank you, Matt.

Alusha: Also, during this presentation, we refer to gross margin, excluding intangible asset amortization, which is a non-GAAP financial measure.

Alusha: A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is available in the company's financial results release.

Alusha: for the second quarter ended June 30th, 2024, which is accessible on the SEC's website and posted on the investor page of the Elutia website at www.elutia.com. And with that, I will turn the call over to Elutia's CEO , Randy Mills.

Wendy Mills: And with that, I will turn the call over to Elutia's CEO, Wendy Mills. Thank you, Matt, and thank you for joining us today on this conference call. Starting out, as we always do, let's just really quickly review the mission of Elutia's, why we exist as a company. So it's humanizing medicine so that patients can thrive without compromising. When we talk about this concept of humanizing medicine, we're talking about combining traditional therapeutics with biologics so that the actual implant, for the first time ever, isn't some type of synthetic or plastic or polymer or metal that simply elutes a drug or a therapeutic, but instead is this living implant that can remodel and incorporate and become the patient's own living tissue over time with the addition of this sophisticated therapeutic payload.

Randy Mills: And thank you for joining us today on this conference call. Starting out as we always do. Let's just really quickly review the mission of Elutia. It's why we exist as a company. So it's humanizing medicine so that patients can thrive without compromise. And when we talk about this concept of humanizing medicine, we're talking about combining traditional therapeutics with biologics, so that the actual implant, for the first time ever, isn't some type of synthetic or plastic or polymer or metal that simply elutes a drug or a therapeutic but instead is this living implant that can remodel and incorporate and become the patient's own living tissue over time with the addition of this sophisticated therapeutic payload.

Randy Mills: And thank you for joining us today on this conference call. Starting out as we always do. Let's just really quickly review the mission of Elutia. It's why we exist as a company. So it's humanizing medicine so that patients can thrive without compromise. And when we talk about this concept of humanizing medicine, we're talking about combining traditional therapeutics with biologics, so that the actual implant, for the first time ever, isn't some type of synthetic or plastic or polymer or metal that simply elutes a drug or a therapeutic but instead, is this living implant that can remodel and incorporate and become the patient's own living tissue over time.

Randy Mills: Thank you Matt and thank you for joining us today on this conference call. Starting out as we always do,

Speaker Change: Let's just really quickly review the mission of Elutia, it's why we exist as a company. So it's humanizing medicine so that patients can thrive without compromise. When we talk about this concept of humanizing medicine, we're talking about combining traditional therapeutics

Speaker Change: with biologics so that the actual implant for the first time ever isn't some type of synthetic or plastic or polymer or metal that simply elutes

Speaker Change: a drug or a therapeutic, but instead is this living implant that can remodel and incorporate and become the patient's own living tissue over time.

Randy Mills: The addition of this sophisticated therapeutic payload, and we do that so that our patients can thrive without compromise. This word humanizing medicine also means another thing to us, and that means that we recognize and realize that every single customer out there, every single market demographic out there is also a mother, a father, a husband, a brother, a son, a loved one. And we take that very seriously, and we care for those patients and provide them with quality products as if they were our own. If you are new to Elutia, let's start off really quickly with a high-level investment summary and why we think you should be interested in what we think is a very compelling story.

Speaker Change: with the addition of this sophisticated therapeutic payload. And we do that so that our patients can thrive without compromise. This word humanizing medicine also means another thing to us. And it means that we recognize and realize that every single.

Wendy Mills: And we do that so that our patients can thrive without compromise. This word humanizing medicine also means another thing to us, and it means that we recognize and realize that every single customer out there, every single market demographic out there is also a mother, a father, a husband, a brother, a son, a loved one. And we take that very seriously, and we care for those patients and provide them with quality products as if they were art.

Randy Mills: And we do that so that our patients can thrive without compromise. But this word humanizing medicine also means another thing to us. And it means that we recognize and realize that every single customer out there, every single market demographic out there is also a mother, a father, a husband, a brother, a son, a loved one. And we take that very seriously, and we care for those patients and provide them with quality products as if they were our own. If you are new to Elutia, let's start off really quickly with a high-level investment summary and why we think you should be interested in what we think is a very compelling story.

Speaker Change: customer out there, every single market demographic out there is also a mother, a father, a husband, a brother, a son, a loved one. And we take that very seriously. And we care for those patients and provide them with quality products as if they were our own.

Wendy Mills: Um, if you are new to Elutia, let's start off really quickly with a high-level investment summary and why we think you should be interested in what we think is a very compelling story. So our, it's just about Elutia Pro now. Elutia's Elutia Pro envelope is the first and only antibiotic-leading envelope on the market. We designed it really specifically to protect patients by combining this idea of an act of biological matrix with drug deployment technology, and what we're talking about when we say drug deployment with Elutia Pro, we're talking about the powerful antibiotics, right-fampant and then a cycling.

Speaker Change: If you are new to Elutia, let's start off really quickly with a high-level investment summary and why we think

Speaker Change: You should be interested in what we think is a very compelling story. So, our, this is about Elutia Pro now. Elutia's Elutia Pro envelope is the first and only antibiotic eluting envelope on the market. We designed it really specifically to protect patients.

Randy Mills: So our, this is about Elutia Pro now. Elutia's Elutia Pro envelope is the first and only antibiotic eluting envelope on the market. We designed it really specifically to protect patients by combining this idea of an active biological matrix with drug deployment technology. And what we're talking about when we say drug deployment with Elutia Pro, we're talking about the powerful antibiotics rifampin and minocycline. We built Elutia Pro on our earlier successful track record of selling our kangaroo product, which was like Elutia Pro, but it didn't have the drug elution technology.

Speaker Change: By combining this idea of an active biological matrix with drug deployment technology and what we're talking about when we say drug deployment with LU-PRO, we're talking about the powerful antibiotics, rifampin and minocycline.

Wendy Mills: Um, we build Elutia Pro on our earlier successful track record of selling our Kangaroo product, which was like Elutia Pro, but it didn't have the drug illusion technology. This monumental event for us happened in the second quarter. This was a June, 2024 event and we were very, very excited and deadly focused on the planned commercial launch of this product soft launch starting in the second half of this year, full launch starting in January of 2025.

Speaker Change: We build LUPRO on our earlier successful track record of selling our kangaroo product which was like LUPRO but it didn't have the drug elution technology.

Randy Mills: This monumental event for us happened in the second quarter. This was a June 2024 event, and we were very, very excited and deadly focused on the planned commercial launch of this product. A soft launch starting in the second half of this year, and a full launch starting in January of 2025.

Speaker Change: This monumental event for us happened in the second quarter, this was a June .

Speaker Change: 2024 event, and we were very, very excited and deadly focused on the planned commercial launch of this product, soft launch starting in the second half of this year, full launch starting in January of 2025.

Randy Mills: So why is it such a big deal to have an antibiotic eluting envelope for pacemakers and the like? Well, the pacemaker device protection market is a $600 million market with only one other competitor. There is $350 million of white space out there that's uncontested, but I'll say that's not enough for us because this isn't a me too product. We believe Elutia Pro to be a fully superior product to the other competitors on the market, and we look forward to that challenge.

Wendy Mills: So why is it such a big deal to have an antibiotic-leading envelope for pacemakers in the like? Well, the pacemaker device protection market is a $600 million market with only one other competitor. There is $350 million of white space out there that's uncontested, but I'll say that's not enough for us because this isn't a me too product. We believe Elutia Pro to be a fully superior product to the other competitor on the market, and we look forward to that challenge. Um, worth noting, we also received FDA clearance for indications beyond pacemakers in planable distribulators. We collectively call the CID market.

Speaker Change: So why is it such a big deal to have an antibiotic eluting envelope for pacemakers and the like?

Speaker Change: The pacemaker device protection market is a $600 million market with only one other competitor. There is $350 million of white space out there that's uncontested.

Speaker Change: But I'll say that's not enough for us because this isn't a me-too product. We believe Elutipro to be a fully superior product to the other competitor on the market and we look forward to that challenge.

Randy Mills: Worth noting, we also received FDA clearance for invocations beyond pacemakers and implantable defibrillators, which we collectively call the CID market, and these include other aspects of neurostimulation.

Speaker Change: Worth noting, we also received FDA clearance

Speaker Change: for invocations beyond pacemakers and implantable defibrillators. We collectively call the CID market.

Wendy Mills: Um, and these include the other aspects of neurostimulation. So pain management in continents will fecal and urinary sleep out in an epilepsy. And we're talking about an eight an additional $8 billion device market. So one that is collectively equal in size to the cardiac indication. So we'll talk a little bit more about our efforts going into exploiting of those markets as well.

Randy Mills: So pain management, incontinence, both fecal and urinary sleep apnea, and epilepsy. And we're talking about an eight, an additional $8 billion device market. So one that is collectively equal in size to the cardiac indication.

Randy Mills: So pain management incontinence, both fecal and urinary sleep apnea, and epilepsy. And we're talking about an additional $8 billion device market. So one that is collectively equal in size to the cardiac indication.

Speaker Change: And these include the other aspects of neurostimulation, so pain management incontinence, both fecal and urinary, sleep apnea and epilepsy. And we're talking about an additional $8 billion device market, so one that is collectively equal in size to the cardiac indication. So we'll talk a little bit more about our efforts going into exploiting those markets as well. And lastly, I'd like to point out, we didn't develop LUPRO to end with LUPRO. We developed LUPRO as a platform technology of drug-eluting biologics that we are actively growing and building over time. So we're super excited about all that. We'll go into that more.

Randy Mills: So we'll talk a little bit more about our efforts going into exploiting those markets as well. And lastly, I'd like to point out that we didn't develop LUPRO to end with LUPRO. We developed LUPRO as a platform technology for drug-eluting biologics that we are actively growing and building over time.

Wendy Mills: And that's how I'd like to point out. We didn't develop Elutia Pro to end with Elutia Pro. We developed Elutia Pro as a platform technology of drug-leading biologics that we are actively growing and building over time. So we're super excited about all that. We'll go into that more.

Randy Mills: So we're super excited about all that. We'll go into that more, but that is a snapshot of the investment summary. So today, with our conference call, I actually wanted to sort of share more granularities of the plan as we talk about it and as we execute it internally. So these are actually the words we use internally.

Wendy Mills: But that is a snapshot of the investment summary of Elutia at a high level. So today, with our conference call, I actually wanted I wanted to sort of share more granularity with the plan as we talk about it and as we execute it internally. So these are actually the words we use internally. So I'm inviting you into the company to take a look at how we're executing on our plan to continually build the value of Elutia. So we go through it very methodically. The first thing we had to do was clear it. Last quarter was all about clearing it.

Speaker Change: That is a snapshot of the investment summary of Elutia at a high level.

Randy Mills: So today, with our conference call, I actually wanted to sort of share more granularities of the plan as we talk about it and as we execute it internally. So these are the words we use internally, so I'm inviting you into the company to take a look at how we're executing on our plan to continually build the value of Elutia. So we went through it very methodically. The first thing we had to do was clean it. This quarter, it was all about clearing it.

Speaker Change: So, today, with our conference call, I actually wanted to sort of share more granularities of the plan as we talk about it and as we execute it internally. So these are actually the words we use internally, so I'm inviting you in to the company.

Randy Mills: So I'm inviting you into the company to take a look at how we're executing on our plan to continually build the value of Elutia. So we go through it very methodically. The first thing we had to do was clear it. Last quarter, it was all about clearing it.

Speaker Change: to take a look at how we're executing on our plan to continually build the value of Elutia.

Randy Mills: Then we have to make sure that we can produce the product, make it. We have to introduce it to the hospital systems, and then lastly, it's not enough for us to introduce it, but we have to grow it so that this technology can reach every patient that it's needed. And in order to do all of that kind of great stuff that I get to be super involved in, we also need to have a strong, sound financial position, and I think we made really tremendous progress this quarter solidifying our financial position so that we have the resources that we need to go and execute on this strategy. So this is going to be the game plan for the call today. We're going to go through each of these different boxes at some granularity, so let's kick it off by clearing one.

Speaker Change: So we go through it very methodically. The first thing we had to do was clear it.

Wendy Mills: Then we have to make sure that we can produce the product, make it. We have to introduce it to the hospital systems. And then lastly, it's not enough for us to introduce it. We've got to grow it so that this technology can reach every patient that it's needed. But also this technology can reach every indication that it's needed.

Speaker Change: Last quarter was all about clearing it. Then we have to make sure that we can produce the product, make it.

Speaker Change: We have to introduce it to the hospital systems. And then lastly, it's not enough for us to introduce it, but we've got to grow it so that this technology can reach every patient that it's needed, but also this technology can reach every indication.

Wendy Mills: And in order to do all of that kind of great stuff that I get to be super involved in, we also needed to have a strong sound financial position. And I think we made really tremendous progress of this quarter, solidifying our financial position so that we have the resources that we need to go and execute on this strategy.

Speaker Change: that it's needed and in order to do all of that kind of great stuff that i get to be super involved in we also needed to have a strong sound financial position and i think we' made really tremendous

Speaker Change: progress this quarter solidifying our financial position.

Speaker Change: so that we have the resources that we need to go and execute on this strategy. So this is gonna be the game plan for the call today. We're gonna go through each of these different, each of these different boxes in some granularity. So let's kick it off with.

Wendy Mills: So this is going to be the game plan for the call today. We're going to go through each of these different the each of these different boxes in some granularity. So let's kick it off with clear it. And under the category of clear it, this was monumental for us. We received regulatory approval for the workforce first drug-alluding bioembalic product that was in June, as we talked about. We weren't really happy for a couple of reasons. One of them was that we received all of the shelf likely asked for for this product. So we received the full nine-month shelf life.

Randy Mills: We're going to go through each of these different boxes in some granularity. So let's kick it off with clear it. Under the category of clear it, this was monumental for us. We received regulatory approval for the Workforce First drug-eluting bioenvelope product in June, as we talked about. We were really happy for a couple of reasons.

Randy Mills: Under the category of clear it, this was monumental for us. We received regulatory approval for the Workforce First drug-eluting bioenvelope product in June, as we talked about. We were really happy for a couple of reasons.

Speaker Change: Clear It. And under the category of Clear It, this was monumental for us, we received regulatory approval for the workforce first.

Speaker Change: drug eluting bioenvelope product that was in June . As we talked about, we were really happy for a couple of reasons. One of them, uh, was that we received all of the shelf life we asked for, for this product. So we received the full nine month shelf life. We received a great indication.

Randy Mills: One of them was that we received all of the shelf life we asked for for this product. Thus, we received the full nine-month shelf life. We received a great indication and, again, a great product. If you're new, this is what LUPRO looks like. It has the extended-release powerful antibiotics, rifampin and minocycline, all wrapped up in this biological matrix. That matrix, from a primary standpoint, prevents that device from migrating and moving down the patient's chest wall and eroding out.

Randy Mills: One of them was that we received all of the shelf life we asked for for this product, so we received the full nine-month shelf life, we received a great indication, and again, a great product. If you're new, this is what LUPRO looks like. It has the extended-release powerful antibiotics, rifampin and minocycline, all wrapped up in this biological matrix. That matrix, from a primary standpoint, prevents that device from migrating and moving down the patient's chest wall and eroding out.

Wendy Mills: We received a great indication. And again, a great product on the right.

Wendy Mills: If you're new, this is what you pro looks like. It has the extended release, powerful antibiotics where sample them in a cycling, all wrapped up in this biological matrix that matrix for a primary standpoint prevents that device from migrating and moving down the patient's chest wall and eroding out. We have an indication that allows us to be used both in the NOVO procedure. So as soon as a patient breakers put in and change out a procedure. So, it's come time for a battery change. If there's a lead problem, it can be used in both of those.

Speaker Change: And again, a great product on the right. If you're new, this is what LUPRO looks like. It has the extended release

Speaker Change: powerful antibiotics, rifampin, and minocycline, all wrapped up in this biological matrix.

Speaker Change: that matrix.

Speaker Change: From a primary standpoint, prevents that device from migrating and moving down the patient's chest wall and eroding out.

Randy Mills: We have an indication that allows it to be used both in de novo procedures, so as soon as the pacemaker is put in, and in change-out procedures. When it comes time for a battery change, if there's a lead problem, it can be used in both of those.

Randy Mills: We have an indication that allows it to be used both in de novo procedures, so as soon as a pacemaker is put in, and in change-out procedures. When it comes time for a battery change, if there's a lead problem, it can be used in both of those.

Speaker Change: We have an indication that allows it to be used both in de novo procedures, so as soon as the pacemaker's put in, and change out procedures. So when it comes time for a battery change, if there's a lead problem, it can be used in both of those. Physicians love this product because you can kind of see from the picture there, this is a product that perfectly and completely conforms

Randy Mills: Physicians love this product because, as you can kind of see from the picture here, this is a product that perfectly and completely conforms to the underlying pacemaker, and as it's reconstituted and wet, it is really like a beautiful, slippery, we call it lubricity, that allows it to just simply slide easily into the patient's chest wall with absolutely no need to upsize the pocket. When we hear from the physicians that we've talked to at HRS and others, this is a really, really big deal for them.

Wendy Mills: Physicians love this product because you can kind of see from the picture there. This is a product that perfectly and completely conforms to the underlying pacemaker. And as it's reconstituted in the wet, it is really like a beautiful, slippery, go lubricity of the product, allows it to just simply slide, easily into the patient's chest wall would absolutely know need to upside the pocket. And when we hear, you know, when we hear from the physicians that we've talked to at HRS and others, this is a really, really big deal for them. And then lastly, this is an envelope that regenerates.

Randy Mills: Physicians love this product because, as you can see from the picture here, this is a product that perfectly and completely conforms to the underlying pacemaker, and as it's reconstituted and wet, it is really a beautiful, slippery, we call it lubricity, that allows it to just simply slide easily into the patient's chest wall with absolutely no need to upsize the pocket. When we hear from the physicians that we've talked to at HRS and others, this is a really, really big deal for them.

Speaker Change: underlying pacemaker, and as it's reconstituted and wet, it is really like a beautiful,

Speaker Change: liering lubricity of the product allows it to just simply slide

Speaker Change: easily into the patient's chest wall with absolutely no need to upsize the pocket. And when we hear it, you know, when we hear from the physicians that we've talked to,

Randy Mills: Lastly, this is an envelope that regenerates. This is not a synthetic, this is not a plastic, this is not a polymer, this is not a metal that sits there or dissolves over time, but instead, it remodels into the patient's own healthy vascularized tissue, and you can't have a foreign body response if you don't have a foreign body anymore, and so it completely eliminates, in the long term, that type of problem from taking place.

Randy Mills: Then lastly, this is an envelope that regenerates. This is not a synthetic material, this is not a plastic, this is not a polymer, this is not a metal that sits there or dissolves over time, but instead, it remodels into the patient's own healthy vascularized tissue, and you can't have a foreign body response if you don't have a foreign body anymore, and so it completely eliminates, in the long term, that type of problem from taking place

Speaker Change: at HRS and others, this is a really, really big deal for them. And then lastly, this is an envelope that regenerates. This is not a synthetic, this is not a plastic, this is not a polymer, it's not a metal that sits there or dissolves over time, but instead it remodels into the patient's own healthy vascularized tissue. And you can't have a foreign body response if you don't have a foreign body anymore. And so it completely eliminates in the longterm that type of problem for taking place.

Wendy Mills: This is not a plastic, it's not a polymer, it's not a metal that sits there or dissolves over time, but instead it remodels in the patient's own healthy vascular eye tissue. And you can't have a foreign body response; you don't have a foreign body anymore. And so it's completely eliminate in the long term, that type of problem for taking place.

Wendy Mills: So, as we talked about, we were going after and we were super excited about the cardiac rhythm management market. That device market is an $8 billion market, meaning the devices that get implanted there are currently doing about $8 billion in sales. And that was the primary approval we were seeking. But there's also this neuro stimulation market that we went after for strategic purposes. Just so everyone realized that, that is an additional $8 billion device market that we have now opportunity and we have label claim in order to be able to go in and protect.

Randy Mills: So as we talked about, we were going after, and we were super excited about the cardiac rhythm management market. That device market is an $8 billion market, meaning the devices that get implanted there are currently doing about $8 billion in sales. And that was the primary approval we were seeking. But there's also this neurostimulation market that we went after for strategic purposes, just so everyone realizes that is an additional $8 billion device market that we now have an opportunity for, and we have a label claim in order to be able to go in and protect.

Speaker Change: So, as we talked about, we were going after and we were super excited about the cardiac rhythm management market. That device market is an $8 billion market, meaning the devices that get implanted there are currently doing about $8 billion in sales. And that was the primary approval we were seeking.

Speaker Change: But there's also this neurostimulation market that we went after for strategic purposes.

Speaker Change: just so everyone realizes that is an additional $8 billion device market that we have now opportunity and we have label claim in order to be able to go in and protect. And so I want to really make sure we describe both of these markets adequately. Let's first start for us with the most important market and the one we're focused on, which is cardiac rhythm management. So let's dig into that a little bit. This is a market that only has four players, four primary players.

Wendy Mills: And so I want to really make sure we describe both of these markets adequately. Let's first start for us with the most important market and the one we're focused on, which is cardiac rhythm management. So let's dig into that a little bit. This is a market that only has four players, four primary players in the pacemaker and defibrillator space. Metronic is the largest to this at 40%; behind them. We have Boston and Scientific and Avid at 25%, and then lastly Biotronic at 10%. Now, Metronic from a competitive standpoint introduced a product that actually acquired a product line in the company called Tyrex back in 2014.

Randy Mills: But there's also this neurostimulation market that we went after for strategic purposes. Just so everyone realizes that is an additional $8 billion device market that we now have an opportunity for, and we have a label claim in order to be able to go in and protect. And so I want to really make sure we describe both of these markets adequately. Let's first start with the most important market for us and the one we're focused on, which is cardiac rhythm management. So let's dig into that a little bit.

Randy Mills: And so I want to really make sure we describe both of these markets adequately. Let's first start with the most important market and the one we're focused on, which is cardiac rhythm management. So let's dig into that a little bit.

Randy Mills: This is a market that only has four players, four primary players in the pacemaker and defibrillator space. Medtronic is the largest of these at 40%. Behind them, we have Boston and Scientific and Abbott at 25%, and then lastly, Biotronic at 10%. Now, Medtronic, from a competitive standpoint, introduced a product; they actually acquired a product line from a company called Tyrex back in 2014. Tyrex is a pretty interesting story in that this is a product with very few sales when it was acquired, and it's a fully synthetic antibiotic eluting envelope, and so after it's implanted, the envelope kind of dissolves over time, and as it dissolves, it liberates the same antibiotics we use for thampin and minocycline.

Speaker Change: in the pacemaker and defibrillator space. Medtronic is the largest of this at 40%. Behind them we have Boston Scientific and Abbott at 25% and then lastly Biotronic at 10%.

Speaker Change: Now, Medtronic, from a competitive standpoint,

Speaker Change: introduced a product, they actually acquired a product line in the company called Tyrex back in 2014. And Tyrex is a pretty interesting story in that this is a product with very little sales when it was acquired.

Wendy Mills: Tyrex is a pretty interesting story in that this is a product with very little sales when it was acquired. And it's a fully synthetic antibiotic looting envelope. And so it's after it's implanted. The envelope kind of dissolves over time. And as it dissolves, it liberates the same antibiotics we use, like Bampton and minifiglin. And what metronic was able to do is they acquired this product and they went out into the they went out into the pacemaker and defibrillator market space. And they said, hey, it's a really good idea for you guys to have this product as you're implanting them, and they were right, and they did a really beautiful job creating this market, and we estimate their sales right now are somewhere between 250 and 300 million dollars a year with this product.

Speaker Change: And it's a fully synthetic antibiotic looting envelope. And so it's.

Speaker Change: After it's implanted, the envelope kind of dissolves over time, and as it dissolves, it liberates the same antibiotics we use for thampin.

Randy Mills: And what Medtronic was able to do is acquire this product, and they went out into the pacemaker and the percolator market space, and they said, hey, this is a really good idea for you guys to have this product as you're implanting them. And they were right, and they did a really beautiful job creating this market. And we estimate their sales right now are somewhere between $250 million and $300 million a year with this product. And so they have really de-risked the marketplace around this idea of whether or not an antibiotic-eluting pouch will be accepted. The answer to that is definitively yes.

Randy Mills: And what Medtronic was able to do is acquire this product, and they went out into the pacemaker and defibrillator market space, and they said, hey, this is a really good idea for you guys to have this product as you're implanting them. And they were right, and they did a really beautiful job creating this market. And we estimate their sales right now are somewhere between $250 million and $300 million a year with this product. And so they have really de-risked the marketplace around this idea of whether or not an antibiotic eluting pouch will be accepted. The answer to that is definitively yes.

Speaker Change: and market .

Speaker Change: their sales right now are somewhere between 250 and 300 million dollars a year with this product and so they have really de-risked

Wendy Mills: And so they have really de-risked the marketplace around this idea. Will you know will an antibiotic looting pouch be accepted? The answer that is definitively yes now. It's a product we think that can can be improved upon. And so when we look at this, we look at these markets that have at least 60% of the market really uncontested right now. 60% of the market that doesn't have access to a pouch, and you might look at those favorable market dynamics and say that's really pretty good. If all if you did, which have a me too product to that you have 60% light space in this is pretty fantastic.

Speaker Change: Unknown Speaker The marketplace around this idea, will, you know, will an antibiotic looting pouch be accepted? The answer to that is definitively yes. Now it's

Randy Mills: Now, it's a product we think that can be improved upon. And so when we look at this, we look at these markets that have at least 60% of the market really uncontested right now, 60% of the market that doesn't have access to a pouch. And you might look at those favorable market dynamics and say, that's really pretty good. Like, if all you did was have a Me Too product like that, you have 60% white space in this. This is pretty fantastic.

Randy Mills: Now, it's, It's a product we think that can be improved upon. And so when we look at this, we look at these market dynamics, that means 60% of the market is really uncontested right now, 60% of the market that doesn't have access to a pouch. And you might look at those favorable market dynamics and say that's, that's really pretty good. Like if all you did was have a Me Too product to that, you have 60% white space in this. This is pretty fantastic. But I'm here to tell you that we do not have a Me Too product.

Speaker Change: it's

Speaker Change: It's a product we think that

Speaker Change: can be improved upon. And so when we look at this, we look at these markets that have at least 60% of the market really uncontested.

Speaker Change: All right. Now, 60% of the market that doesn't have access to a pouch. And you might look at those favorable market dynamics and say, that's really pretty good. I guess all you did was have a MeToo product to that. You have 60% whitespace in this. This is pretty fantastic.

Wendy Mills: But I'm here to tell you we do not have a me too product. We believe fully that we have a far superior product to Metronic's Tyrax product because of we've we've taken the same power plant of X by fan and minifiglin and we have paired them with this biological envelope that has always great things that a biologic. And we hear it's over and over again from physicians. It is a product they love to use; it's really excited about going after the rest of this, going after the rest of this market space.

Randy Mills: But I'm here to tell you that we do not have a Me Too product. We believe fully that we have a far superior product to Medtronic's Tyrex product because we have taken those same powerful antibiotics from Samson and Minocyclin and we have paired them with this biological envelope that does all those great things that a biologic does. And we hear this over and over again from physicians.

Speaker Change: What I'm here to tell you, we do not have a Me Too product. We believe...

Randy Mills: We believe Fully that we have a far superior product to Medtronic's Tyrex product because we have taken those same powerful antibiotics by Samson and minocycline and we have paired them with this biological envelope that does all those great things that biological does. And we hear this over and over again from physicians; it is a product they love to use. And so we're really excited about going after the rest of this, going after the rest of, Okay, that's the cardiac market.

Speaker Change: that we have a far superior product to Medtronic's Tyrex product because of, we've, we've, we've taken those same powerful antibiotics, rifampin and minocycline.

Speaker Change: and we have paired them with this biological envelope that does all those great things that Biologic does. And we hear this over and over again from physicians. It is a product they love to use. And so we're really excited about going after the rest of this market space.

Randy Mills: It is a product they love to use. And so we're really excited about going after the rest of this, going after the rest of, Okay, that's the cardiac market. We also picked up this neurostimulation market, which is another $8 billion in devices. And we're just briefly looking at what that market looks like. The neurostimulation market is growing at 12%, so quite a healthy rate. It has four major components to it, pain management, incontinence, both urinary and fecal, the epilepsy market, and sleep apnea.

Randy Mills: We also picked up this neurostimulation market, which is another $8 billion in devices. And it worked just briefly, looking at what that market looks like. So the neurostimulation market is growing at 12%, so quite a healthy rate. It has four major components to it: pain management, incontinence, both urinary and fecal, epilepsy market, and sleep apnea.

Wendy Mills: Okay, that's the cardiac market, and we also picked up this neural stimulation market, which is another eight billion dollars in devices, and it's worth just briefly working at what that market looks like. So neural stimulation market is growing at 12%, so quite a quite a healthy rate. It has four major components to it: pain management, incontinence (both urinary and fecal), epilepsy market, and sleep apnea. And here's the thing: you've got to look at across all of these markets: 30% complication rate, 41% complication, 21%, about 27% complication rate, 42% complication rate, and sleep apnea with 24% of those devices requiring.

Speaker Change: That's the cardiac market. We also picked up this neurostimulation market, which is another $8 billion in devices. And it worked just briefly, looking at what that market looks like. So neurostimulation market is growing at 12%. So quite a healthy rate.

Speaker Change: It has four major components to it, pain management, incontinence both urinary and fecal, epilepsy market and sleep apnea. Here's the thing you've got to look at across all of these markets.

Randy Mills: Here's the thing you've got to look at across all of these markets: 30% complication rate, 41% complication rate, 21%, 27% complication rate, 42% complication rate, and sleep apnea with 24% of those devices requiring revision. These are markets that are ripe for LUPRO and where we think we can go in and really add significant value not only to the procedures and the underlying devices but, frankly, to the patients they're having these put in. They're having devices put in for a reason. They need the underlying technology.

Randy Mills: Here's the thing you've got to look at across all of these markets: 30% complication rate, 41% complication rate, 21%, 27% complication rate, 42% complication rate, and sleep apnea, with 24% of those devices requiring revision. These are markets that are ripe for AlluPro and where we think we can go in and really add significant value not only to the procedures and the underlying devices but, frankly, to the patients they're having these put in. They're having devices put in for a reason. They need the underlying technology.

Speaker Change: 30% complication rate, 41% complication.

Speaker Change: 21%.

Speaker Change: A 27% complication rate, 42% complication rate in sleep apnea with 24% of those devices requiring

Wendy Mills: Revision: these are markets that are screaming for value pro and where we think we can go in and and and not and really add significant value not only to the procedures and the underlying devices but frankly to the patients they're having these put in. They're having devices put in for reason they need the underlying technology. We believe we can make that undertake underlying technology more successful as it relates. So it's to convert ability with the patient. Elutia.

Speaker Change: Revisions. These are markets that are

Speaker Change: streaming for LUPRO and where we think we can go in and not

Speaker Change: And really add significant value, not only to the procedures and the underlying devices, but frankly to the patients they're having these put in. They're having devices put in for a reason, they need the underlying technology. We believe we can make that underlying technology more successful as it relates to compatibility with the patient.

Randy Mills: We believe we can make that underlying technology more successful as it relates to compatibility with the patient. Okay, so that wraps up why we were so excited about having Elupro finally cleared. Now let's move on. The next step we've got to do is we've got to make that product. I am, let me just sort of take you in really quickly.

Wendy Mills: Okay, so that rocks up clearing why we were so excited about having EluPro finally cleared. Now let's move on.

Speaker Change: Okay, so that wraps up clearing why we were so excited about having Elutia Pro finally cleared. Now let's move on. The next step we've got to do is we've got to make that product.

Wendy Mills: The next step we've got to do is we've got to make that product. Let me just sort of take it really quickly. First, we manufacture EluPro in the same place we manufacture Kangaroo, which is our manufacturing facility in Roswell, Georgia. We've had operations there since 2013 and have turned out 75,000 units. So this isn't a risky thing for us. Like, are you going to be able to manufacture this product? This is the first time you're doing it. We've been at it for a long time to be sure the addition of antibiotic into this manufacturing process increases the complexity, but we're not new with this.

Randy Mills: First, we manufacture Elupro in the same place we manufacture Kangaroo, which is our manufacturing facility in Roswell, Georgia. We've had operations there since 2013, and have turned out 75,000 units. So this isn't a risky thing for us. Like, are you going to be able to manufacture this product this first time you do it? We've been at it for a long time. To be sure, the addition of antibiotics into this manufacturing process increases its complexity. But We're not new to this.

Randy Mills: First, we manufacture Elupro in the same place we manufacture Kangaroo, which is our facility, manufacturing facility in Roswell, Georgia. We've had operations there since 2013, and have turned out 75,000 units. So this isn't a risky thing for us. Like, are you going to be able to manufacture this product this first time you do it? We've been at it for a long time. To be sure, the addition of antibiotics into this manufacturing process increases its complexity. But we're not new to this. We've been at it for a while. We have a facility that has really great clean rooms.

Speaker Change: Let me just sort of take you in really quickly first.

Speaker Change: We manufacture, LU Pro, in the same place we manufacture Kangaroo, which is our facility, manufacturing facility in Roswell, Georgia. We've had operations there since 2013 and have turned out 75,000 units. So this isn't a risky thing for us, like, are you going to be able to manufacture this product? It's the first time you're doing it. We've been at it for a long time.

Speaker Change: To be sure, the addition of antibiotics into this manufacturing process increases the complexity, but we're not new at this. We've been at it for a while. We have a facility that has...

Wendy Mills: We've been at it for a while. We have a facility that has really great clean rooms. It also has a lot of capacity. So we're talking about the ability in the current facility to manufacture the run rate of $140 million of EluPro and to build out from there actually doesn't require a whole lot of sophisticated space. So we certainly have the capacity to be able to launch and get this thing going. And when the time comes, we will be able to efficiently expand and open that up and increase that capacity. And by the way, we do think we will need more capacity in time beyond $140 million.

Randy Mills: We've been at it for a while. We have a facility that has really great clean rooms. It also has a lot of capacity. So we're talking about the ability in the current facility to manufacture at a run rate of $140 million of Elupro. And to build out from there actually doesn't require a whole lot of sophisticated space.

Randy Mills: It also has a lot of capacity. So we're talking about the ability of the current facility to manufacture Elupro at a run rate of 140 million dollars. And to build out from there actually doesn't require a whole lot of sophisticated space.

Speaker Change: really great clean rooms it also has a lot of capacity so we're talking about the ability in the current facility to manufacture the run rate of one hundred and forty million dollars of lupro and to build out from there actually doesn't require a whole lot of sophisticated space so we have certainly have thecapacity

Randy Mills: So we certainly have the capacity to be able to launch and get this thing going. And when the time comes, we will be able to efficiently expand and open that up and increase that capacity. And by the way, we do think we will need more capacity in time beyond 140 million dollars in revenue. Lastly, and something I'm really proud of the team, is while we were going through the review of Elupro's submission at FDA, the site also went through a complete FDA audit and inspection in the month of June. It was an inspection that lasted about a week. It was comprehensive, and I'm super proud of the group down there. They completed that inspection with no deficiencies; no observations noted from the FDA whatsoever.

Randy Mills: So we certainly have the capacity to be able to launch and get this thing going. And when the time comes, we will be able to efficiently expand and open that up and increase that capacity. And by the way, we do think we will need more capacity in time beyond $140 million in revenue. Lastly, and something I'm really proud of the team, is while we were going through the review of Elupro's submission at FDA, the site also went through a complete FDA audit and inspection in the month of June. It was an inspection that lasted about a week. It was comprehensive, and I'm super proud of the group down there. They completed that inspection with no deficiencies; no observations noted from the FDA whatsoever.

Speaker Change: to be able to launch and get this thing going. And when the time comes, we will be able to efficiently expand and open that up and increase that capacity. And by the way, we do think we will need more capacity in time beyond one hundred forty million dollars revenue.

Wendy Mills: Lastly, and something I'm really proud about of the team is, while we were going through review of EluPro's submission at FDA, the site also went through a complete FDA audit and inspection in the month of June. It was an inspection that lasted about a week. It was comprehensive, and I'm super proud of the group down there. Completed that inspection with no deficiencies, no observations noted from the FDA whatsoever. So we've got a clean bill of health on the approval side, and we've got a clean bill of health on the facility side.

Speaker Change: Lastly, and something I'm really proud of the team is, while we were going through review of LU Pro submission at FDA, the site also went through a complete FDA audit and inspection in the month of June . It was an inspection that lasted about a week.

Speaker Change: It was comprehensive and I'm super proud of the group down there.

Speaker Change: completed that inspection with no deficiencies, no observations noted from the FDA whatsoever. So we've got a clean bill of health on the approval side, and we've got a clean bill of health on the facility side, and we are ready to manufacture products. And so let's talk about that. This...

Randy Mills: So we've got a clean bill of health on the approval side, and we've got a clean bill of health on the facility side, and we are ready to manufacture products. And so let's talk about that. Ladies and gentlemen, I am super happy to say this is the first unit of Elupro that has ever been manufactured for commercial use. Hannah Lee, our senior operations associate in Roswell, Georgia, manufactured it. And to say she was a proud parent is an understatement.

Wendy Mills: And we are ready to manufacture products.

Randy Mills: So we've got a clean bill of health on the approval side, and we've got a clean bill of health on the facility side. And we are ready to manufacture products. And so let's talk about that. This, ladies and gentlemen, I am super happy to say, is the first unit of Elupro that has ever been manufactured for commercial use. Hannah Lee, our senior operations associate in Roswell, Georgia, manufactured it. And to say she was a proud parent is an understatement.

Wendy Mills: And so let's talk about that. This, ladies and gentlemen, I am super happy to say this is the first unit of EluPro that has ever been manufactured for commercial use. Hannah Lee, our senior operations associate in Roswell, Georgia, manufactured it. And to say she was a proud parent is an understatement. There was applause and cheers that went up in this facility. I will also say the entire leadership team was there to see this model. So there you go. We are well underway on manufacturing of this product. It's currently in the first lots are in QA review and are expected off the line shortly.

Speaker Change: Ladies and gentlemen, I am super happy to say

Speaker Change: This is the first unit of LUPRO that has ever been manufactured for commercial use. Hannah Lee, our Senior Operations Associate in Roswell, Georgia, manufactured it. And to say she was a proud parent is an understatement.

Randy Mills: There was applause and cheers that went up in this facility. I will also say the entire leadership team was there to see this monumental event. And so there you go. We are well underway with the manufacturing of this product. It's currently in the first lots are in QA review and are expected to be off the line. All right, we've cleared it, we've made it. Now we've got to introduce it into the hospital system. And you may have heard me talk about this before, but the introduction of this product into the hospital system is not trivial, and we actually think it's the rate-limiting step.

Speaker Change: There was applause and cheers that went up in this facility. I will also say the entire leadership team was there to see this monumental event. So there you go. We are well underway on manufacturing of this product.

Speaker Change: It's currently in, the first lots are in QA review and are expected off the line shortly.

Wendy Mills: All right, we've cleared it. We've made it.

Wendy Mills: Now we've got to introduce it into the hospital system. And you maybe have heard me talk about this before, but the introduction to this product in the hospital systems is not trivial. And we actually think it's the right. So the first thing we needed was all of a collateral in order to, you know, to do that. And so you can see over there whether it be packaging or, or, or promotional material for or value analysis committee packages. This is what the new look of EluPro looks like. We love it. We think it's very consistent with the brand.

Speaker Change: We've.

Speaker Change: We've cleared it, we've made it, now we've got to introduce it into the hospital system. And you maybe have heard me talk about this before, but the introduction of this product in the hospital system

Randy Mills: So the first thing we needed was all the collateral in order to, you know, do that. And so you can see over here, whether it be packaging or promotional material for it, or value analysis, or committee packages. This is what the new look of Elupro looks like. We love it.

Randy Mills: So the first thing we needed was all of the collateral in order to, you know, do that. And so you can see over here, whether it be packaging or promotional material for it, or value analysis, or committee packages. This is what the new look of Elupro looks like. We love it.

Speaker Change: Matt Steinberg, Unknown Executive Matt Steinberg, Unknown Executive

Randy Mills: We think it's very consistent with the brand. We think it is very differentiated and really talks about the freshness that this product brings to what's been a stagnant market for the last 10 years. So where are we on this? Well, we currently have Kangaroo out there in the market.

Wendy Mills: We think it is very differentiated and really talks about the freshness that this product brings to really within a stagnant market for the last, the last 10 years.

Wendy Mills: So, where are we on this? Well, we currently have kangaroo out there in the market, and then we talked about before we continue to add new hospitals. And so it says approximately 400 active accounts. I like specificity. 398 accounts are active, which is a significant increase since the last time we've talked, and we continue to build out this hospital network. We are also though, so just because we have a hospital on account with Kangaroo, it's important. No, doesn't mean they want for one just transfer over with EluPro. EluPro has to go through the value analysis or VAC committee submission.

Speaker Change: So, where are we on this?

Randy Mills: As we talked about before, we continue to add new hospitals. And so it says approximately 400 active accounts. I like specificity.

Speaker Change: Well, we currently have Kangaroo out there in the market. And then we talked about before, we continue to add new hospitals. And so it says approximately 400 active accounts. I like specificity. 398 accounts are active, which is a significant increase.

Randy Mills: 398 accounts are active, which is a significant increase since the last time we talked. And we continue to build out this hospital network. We are also though, so just because we have a hospital on account with Kangaroo, it's important though, doesn't mean they will transfer over one for one with LUPRO. LUPRO has to go through the value analysis or VAC committee submission, and that process is underway. So we have completed the assembly of the packages that you need to do in order to submit them to VAC.

Randy Mills: 398 accounts are active, which is a significant increase since the last time we talked. And we continue to build out this hospital network. We are also though, so just because we have a hospital on account with Kangaroo, it's important though, doesn't mean they will one for one, just transfer over with Elupro. Elupro has to go through the value analysis or VAC committee submission, and that process is underway. So we have completed the assembly of the packages that you need to do in order to submit them to VAC.

Speaker Change: Since the last time we've talked and we continue to build out this this hospital network

Speaker Change: We are also, though, so just because we have a hospital on account with Kangaroo, it's important though, doesn't mean they one for one just transfer over with Elupro. Elupro has to go through.

Speaker Change: the value analysis or VAC committee submission, and that process is underway. So we have completed that assembly of the packages that you need to do in order to submit to VACs.

Wendy Mills: And that process is underway. So we have completed that assembly of the packages that you need to do in order to submit to Vacs. So that is being done. It's done sort of on an account basis. Our KOLs, our physician champions, that these are going in hand in hand with the reps and those territories. And they are personally submitting them into the backs. We are obviously prioritizing that from a standpoint of we are going to our key accounts first for our launch. So our soft launch in the second half of this year has started now; in conjunction with that, is the initiation of a registry where we're beginning to collect clinical data.

Randy Mills: So that is being done; it's done sort of on an account-by-account basis. Our KOLs, our physician champions, are going in hand-in-hand with the reps in those territories, and they are personally submitting them to the VACs. We are obviously prioritizing that from a standpoint of going to our key accounts first for a launch.

Speaker Change: So that is being done, it's done sort of on an account-by-account basis.

Speaker Change: Our KOLs, our physician champions, that these are going in hand-in-hand with the reps in those territories, and they are personally submitting them.

Speaker Change: into the VACs.

Speaker Change: We are obviously prioritizing that from a standpoint of we are going to our key accounts first for a launch. So our soft launch

Randy Mills: So our soft launch in the second half of this year has started now, and in conjunction with that is the initiation of a registry where we're beginning to collect clinical data, and the full launch of this product starts in the first quarter of 2025, January of 2025. All right, so it wouldn't be complete without talking about the reception that we're receiving out there. And I've gone through this before, where 88% of Tyrex users basically wanted to become LU Pro users.

Randy Mills: So our soft launch in the second half of this year has started now. In conjunction with that is the initiation of a registry where we are beginning to collect clinical data, and the full launch of this product starts in the first quarter of 2025, January of 2025. All right, so it wouldn't be complete without talking about the reception that we're receiving out there. And I've gone through this before, where 88% of Tyrex users basically wanted to become LU Pro users.

Speaker Change: in the second half of this year is starting now in conjunction with that is the initiation of a registry where we're beginning to collect clinical data and the full launch of this product starts in the first quarter of 2025 January of 2025

Wendy Mills: And the full launch of this product starts in the first quarter of 2025, January of 2020. DeFaz.

Wendy Mills: All right, so it wouldn't be complete without talking about the reception that we're receiving out there. And I've gone through this before where 88% of Tyrex users basically wanted to come LUPO users. This was a market survey that we did where we were pulling 50 Tyrex users and explaining to them about the benefits of having a biologic envelope instead of a synthetic envelope and asking them if they would switch some or all of their business. 88% said yes. And so that was really gratifying as we were building this product because we thought, hey, we're on the right track here.

Speaker Change: Alright, so...

Speaker Change: It wouldn't be complete without talking about the reception that we're receiving out there. And I've gone through this before, where 88% of Tyrex users basically want to become LUPRO users. This was a market survey that we did where we were polling 50 Tyrex

Randy Mills: This was a market survey that we did where we pulled 50 Tyrex users and explained to them about the benefits of having a biological envelope instead of a synthetic envelope and asked them if they would switch some or all of their business. 88% said yes.

Speaker Change: users and explaining to them about the benefits of having a biologic envelope instead of a synthetic envelope.

Randy Mills: And so that was really gratifying as we were building this product because we thought, hey, we're on the right track here. We're on to something that physicians care about. But I think what's validating this more for us is the enthusiastic reception we are receiving. Steinberg, Frank Takkinen, Matthew Ferguson, Ross Osborn, Unknown Executive, Lishan Aklog, Junwoo Park, Elutia, Text me in the middle of the night. I love it. That is what is going on. Hey, how can I get my hands on this?

Randy Mills: And so that was really gratifying as we were building this product because we thought, hey, we're on the right track here. We're on to something that physicians care about. But I think what's validating this more for us is the enthusiastic reception we are receiving. So not only treating physicians and, and, and by the way, if you're a treating physician out there, I appreciate the enthusiasm. No need to text me in the middle of the night.

Speaker Change: and asking them if they would switch some or all of their business. 88% said yes. And so that was really gratifying as we were building this product because we thought, Hey, we're on the right track here. We're on, we're onto something that physicians care about. But I think what's validating this more for us is the enthusiastic reception we are receiving.

Wendy Mills: We're on to something that physicians care about. But I think what's validating this more for us is the enthusiastic reception we are receiving since approval. So not only treating physicians and, in, by the way, if you're a treating physician out there, I appreciate the enthusiasm. No need to text me in the middle of the night. That is happening. And it actually texted me in the middle of the night. I love it. That is going on. Hey, how can I get my hands on this? How can I bring this into my hospital system? How can I show this to my colleague?

Randy Mills: That is happening, and it actually happens. Text me in the middle of the night.

Speaker Change: since approval. So not only treating physicians, and by the way, if you're a treating physician out there, I appreciate the enthusiasm. No need to text me in the middle of the night. That is happening. And it actually.

Randy Mills: I love it. That is going on. Hey, how can I get my hands on this?

Randy Mills: How can I bring this into my hospital system? How can I show this to my colleagues, but also other industry partners out there? We're receiving inbound calls of interest saying, Hey, you know, we're super interested and excited about this product. And, And we are evaluating all of that the way we should responsibly and sorting through making those kinds of decisions. But the important thing to understand is what that's telling us and what that's validating for us is that this is a product that the industry thinks can move the mark, right?

Speaker Change: Text me in the middle of the night. I love it That is going on Hey, how can I get my hands on this? How can I bring this into my hospital system? How can I show this?

Wendy Mills: But also other industry partners out there are receiving inbound calls of interest saying, "Hey, you know, we're super interested and excited about this product." And we are evaluating all of that the way we should responsibly and sorting through making those kinds of decisions. But the important thing to understand is what that's telling us and what that's validating for us is that this is a product that the industry thinks can move the mark. Right. This is this is a product that the industry thinks can move the CID market and the mirror spin market. And therefore, we think that is clearly validating the value of the product that we've, that we've about to work through all that stuff responsibly as we should.

Speaker Change: to my colleagues, but also other industry partners out there. We're receiving inbound calls of interest saying, hey, you know, we're super interested and excited about this product.

Speaker Change: and and we are evaluating all of that the way we should responsibly and sorting through making those kinds of decisions. But the important thing to understand is what that's telling us and what that's validating for us.

Randy Mills: This is this is a product that the industry thinks can move the CIED market and the neurostim market. And therefore, we think Steinberg, Unknown Executive, Lishan Aklog, Junwoo Park, Elutia Steinberg, Ross Osborn, [inaudible] We can't do any of this sales stuff if we don't have the product on hand to make. And so towards that end, we were really excited about adding Ryan Marquis to the team as vice president of operations to oversee the manufacturing and production of both of these product lines. Ryan is a really solid guy that we've, as a leadership team, got to spend a lot of time with and really think he's going to be a really quality addition to this organization.

Speaker Change: is that this is a product

Speaker Change: that the industry thinks can move the mark, right? This is this is a product that the industry thinks can move the CIED market and the neurostim market and therefore we think that is

Speaker Change: clearly validating the value of the product that we've that we've developed. So we'll work through all that stuff responsibly as we should. But it's a very, very exciting time as we get ready for get ready for launch. Okay, and then the last thing we need to do, it's not enough for us to introduce it and stay stagnant. We've got to grow it. And when I say grow it, I mean the brand. I mean the team. I mean the value of the company. So let's talk about how we're doing that right now.

Wendy Mills: But it's a very, very exciting time as we get ready for get ready for launch. Okay.

Wendy Mills: And then the last thing we need to do is not enough for us to introduce it and stay stagnant. We've got to grow it. And when I say grow it, I mean the brand, I mean the team, I mean the value of the company. So let's talk about how we're doing that right now. First thing is, we are methodically, systematically building out our commercial teams. We are now up to 26 reps for the value pro team and growing. And I put in parentheses here intelligently. I'm really clear that we're not just doing this indiscriminately. We are not throwing reps at this thing and hoping a market comes.

Speaker Change: First thing is, we are methodically, systematically building out our commercial teams. We are now up to 26 reps.

Randy Mills: This is this is a product that the industry thinks can move the CIED market and the neurostim market. And therefore, we think that it is. We are now up to 26 reps for the EluPro team and growing, and I put in parentheses there intelligently because I want to be really clear that we're not just doing this indiscriminately.

Speaker Change: for the LU pro team and growing and I put in parentheses there intelligently. I want to be really clear that we're not just doing this indiscriminately. We are not throwing reps at this thing and hoping a market comes. We are adding them methodically, we are adding quality people to places where we think they can have a significant contribution.

Randy Mills: We are not throwing reps at this thing and hoping a market comes along. We are adding them methodically. We are adding quality people to places where we think they can make a significant contribution. Same thing as it goes with Simple Derm.

Wendy Mills: We are adding them methodically. We are adding quality people to places where we think they can have a significant contribution.

Wendy Mills: Same thing as it goes with simple terms. We haven't talked much about simple nervous; largely been the elder pro show today. But Simple Term is a great product and it continues to be a great product. And it's one where we are investing more and more on a direct sales team and really controlling the destiny of that asset as well. We can't do any of this sell stuff.

Randy Mills: We haven't talked much about Simple Derm. It's largely been the EluPro show today, but Simple Derm is a great product, and it continues to be a great product. And it's one where we are investing more and more in a direct sales team and really controlling the destiny of that asset as well. We can't do any of this sales stuff if we don't have the product on hand to make.

Speaker Change: Same thing as it goes with Simpliderm. So we haven't talked much about Simpliderm. It's largely been the Elutia Pro show today, but Simpliderm is a great product and it continues to be a great product. And it's one where we are investing more and more on a direct sales team and really controlling the destiny of that asset as well.

Wendy Mills: If we don't have the product on hand to make and so towards that end, we were really excited about adding Ryan Marquise to the team as Vice President of Operations to oversee the manufacturing and production of both of these product lines. Ryan is a really solid guy that we've, as a leadership team, got to spend a lot of time with and really think he's going to be a really quality add to this organization. I also talked a lot about these new adjacent markets that we all of a sudden have indications for for AluPro, and what we're doing there is we're going on and we are starting and intensifying BD efforts into these adjacent markets so that we can see if there make sense to have different partnerships with other types of arrangements there. And then lastly, we didn't develop AluPro to get to the finish line.

Speaker Change: We can't do any of this sales stuff if we don't have the product on hand to make. And so towards that end, we were really excited about adding Ryan Marquis to the team as vice president of operations to oversee, uh, uh, the, the manufacturing and production of both, uh, of these product lines. Ryan is a really solid guy that we've as a leadership team got to spend a lot of time with and, and, and, uh,

Randy Mills: And so towards that end, we're really excited about adding Ryan Marquis to the team as vice president of operations to oversee the, uh, uh, manufacturing and production of both of these product lines. Ryan is a really solid guy that we've got as a leadership team got to spend a lot of time with and, and, and, and, and, really, I think he's going to be a really quality addition to this organization.

Speaker Change: and really I think he's going to be a really quality add to this organization.

Randy Mills: I also talked a lot about, you know, these new adjacent markets that we all of a sudden have indications for, for Alipro, and what we're doing there is we're going on, and we are starting and intensifying BD efforts in these adjacent markets so that we can see if it makes sense to have different partnerships or other types of arrangements there. And lastly, we didn't develop Alipro to get to the finish line. We developed Alipro to get to the starting line. This is the first drug-eluting biomatrix that is out there.

Speaker Change: I also talked a lot about, you know, these new adjacent markets.

Speaker Change: that we all of a sudden have indications for, for Elutipro. And what we're doing there is we're going on and we are starting and intensifying BD efforts into these adjacent markets.

Speaker Change: so that we can see if there makes sense to have different partnerships or other types of arrangements there. And then lastly, we didn't develop Elutia Pro

Wendy Mills: We developed AluPro to get to the starting line. This is the first drug-looting biometrics that it's out there. We think all of the success that we're going to have with AluPro really just validates the sector. We have a platform technology that our R&D teams are aggressively building on, and as they do that from a product level, they are also building out a very broad and robust intellectual property position, which we think makes the products and makes the company disproportionately more valuable.

Speaker Change: to get to the finish line.

Speaker Change: We developed Elutipro to get to the starting line. This is the first drug-eluting biomatrix that is out there. We think all of the success that we're going to have...

Randy Mills: We think all of the success that we're going to have with Alipro really just validates the sector. We have a platform technology that our R&D teams are aggressively building on, and as they do that from a product level, they are also building out a very broad and robust intellectual property position, which we think makes the products and makes the company disproportionately more valuable. So all in all, really exciting times at Alutia. Could I be more proud of the team?

Randy Mills: We think all of the success that we're going to have with Alipro really just validates the sector. We have a platform technology that our R&D teams are aggressively building on, and as they do that from a product level, they are also building out a very broad and robust intellectual property position, which we think makes the products and makes the company disproportionately more valuable. So, all in all, really exciting times at Elutia. Couldn't be more proud of the team, and I thank them so much for an incredibly successful quarter. We couldn't do any of this, though, without the financial resources that we need.

Speaker Change: with LUPRO really just validates the sector. We have a platform technology that our R&D teams are aggressively building on. And as they do that from a product level, they are also building out a very broad and robust intellectual property position, which we think makes the products and make the company.

Wendy Mills: So all in all, really exciting times at AluPro. Couldn't be more proud of the team, and I thank them so much for an incredibly successful quarter.

Speaker Change: disproportionately more valuable. So all in all, really exciting times at Elutia.

Randy Mills: And I thank them so much for an incredibly successful quarter. We couldn't do any of this, though, without the financial resources that we need. And so we went to great lengths to make sure that we had a solid financial position in which we could really execute on this growth plan. And I will now stop talking and turn it over to our chief financial officer, Matt Ferguson, who will go through some of the financial details. Okay, well, thank you, Randy.

Speaker Change: Couldn't be more proud of the team and I thank them so much

Matt Ferguson: We couldn't do any of this without the financial resources that we need, and so we went to a pretty great extent to make sure that we had a solid financial position in which we can really execute on this growth plan. I will now stop talking and turn it over to our chief financial officer, Matt Ferguson, who goes through some of the financial details. Okay, well thank you R&D. It is no doubt a very exciting time to be in AluPro, and Q2 is really an extremely important quarter. Even what's happened in the week since then has been a very important time for us as well.

Speaker Change: for an incredibly successful quarter. We couldn't do any of this, though, without the financial resources that we need. And so we've

Randy Mills: And so we went to great lengths to make sure that we had a solid financial position in which we could really execute on this growth plan. And I will now stop talking and turn it over to our Chief Financial Officer, Matt Ferguson, who will go through some of the financial details. Okay, well, thank you, Randy.

Matt Ferguson: We went to pretty great extents to make sure that we had a solid financial position in which we can really execute on this growth plan and I will now stop talking and turn it over to our Chief Financial Officer, Matt Ferguson, who will go through some of the financial details.

Matt Ferguson: It is, no doubt, a very exciting time to be in Elutia, and Q2 is really an extremely important quarter. And even what's happened in the week since then has been a very important time for us as well.

Matt Ferguson: Okay, well, thank you, Randy. It is no doubt a very exciting time to be in Elutia and Q2 is really an extremely important quarter and even what's happened in the week since then has been a very important time for us as well. I'm just going to hit

Matt Ferguson: I'm just going to hit a few of the highlights of our financials. Of course, the full financials are available in our earnings release, and our 10Q will come out early next week. So, from an overall net sales point of view, there was little change this year in Q2 compared to the prior year, coming in at $6.3 million, a less than $100,000 difference from $6.4 million last year. But what that masks a bit is the growth that we saw in our two most important product lines, Kangaroo and Simpliderm.

Matt Ferguson: I'm just going to hit a few of the highlights of our financials. Of course, the full financials are available in our earnings relief, and our 10Q will come out early next week. So from an overall net sales point of view, there was little change this year and Q2 compared to the prior year, coming in at 6.3 million, less than a hundred thousand dollars difference from 6.4 million last year. But what that masks a bit is the growth that we saw in our two most important product lines, Kangaroo and Simplardurm. Kangaroo, we had a 19% increase to 2.6 million dollars.

Matt Ferguson: A few of the highlights of our financials, of course, the full financials are available in our earnings release and our 10-Q will come out early next week.

Matt Ferguson: Kangaroo, we had a 19% increase to $2.6 million. Simpliderm also came in at $2.6 million, which is an increase year-over-year of 7%. That will, as you may know, that was a decline from Q1 of this year, which really related to the dislocation associated with our U.S. distributor that went through bankruptcy and an attack during the quarter and is now... being integrated into that new organization. And we've actually seen a nice return to those earlier levels of production that we were getting out of that distributor.

Matt Ferguson: So, from an overall net sales point of view, there was little change this year in Q2 compared to the prior year, coming in at $6.3 million, less than $100,000 difference from $6.4 million last year.

Speaker Change: But what that masks a bit is the growth that we saw in our two most important product lines, Kangaroo and Simpliderm. Kangaroo, we had a 19% increase to $2.6 million.

Matt Ferguson: Simplardurm also came in at 2.6 million dollars, which is an increase year over year of 7%. That will, as you may know, that was a decline from Q1 of this year, which really related to the dislocation associated with our US distributor that went through bankruptcy and a sale during the quarter and is now being integrated into that new organization. And we've actually seen a nice return to those earlier levels of production that we were getting out of that distributor. So we're doing a number of things in the Simplardurm area to drive growth that we will keep you a pride staff, but overall we feel very positive about that part of the organization.

Matt Ferguson: Simple Derm also came in at $2.6 million, which is an increase year-over-year of 7%.

Matt Ferguson: That was a decline from Q1 of this year, which really related to the dislocation associated with our U.S. distributor that went through bankruptcy and a sale during the quarter and

Matt Ferguson: being integrated into that new organization. And we've actually seen a nice return to those earlier levels of production that we were getting out of that distributor. So we're doing a number of things in the simple derm area to drive growth that we will

Matt Ferguson: So we're doing a number of things in the Simple DERM area to drive growth that we will keep you apprised of, but overall, we feel very positive about that part of the organization. And, of course, we're very excited about what will happen when we have Elena Pro on the market here in the second half of the year. So, in addition to that, Cardiovascular, which we don't focus on quite as much, that is exclusively distributed in the U.S. by our distribution partner, LATE, had a good quarter with 1.1 million in overall sales. We put that relationship in place during the second quarter of 2023.

Matt Ferguson: So we're doing a number of things in the simple derm area to drive growth that we will keep you apprised of, but overall, we feel very positive about that part of the organization. And of course, we're very excited about what will occur when LUPRO is actually on the market here in the second half of the year. So, in addition to that, Cardiovascular, which we don't focus on quite as much, that is exclusively distributed in the U.S. by our distribution partner, Lomate, had a good quarter with 1.1 million in overall sales.

Speaker Change: keep you apprised of. But overall, we feel very positive about that part of the organization. And of course, we're very excited about what will occur when we have LUPRO actually on the market here in the second half of the year.

Matt Ferguson: Of course we're very excited about what will occur when we have LUPRO actually on the market here in the second half of the year. So, in addition to that, Cardio Vascular, which we don't focus on quite as much, that is exclusively distributed in the US by our distribution partner of a mate, had a good quarter with 1.1 million in overall sales. We put that relationship in place during the second quarter of 2023. So, on a year-over-year basis, that was a decline, but some of the sales last year were at a full and user price, whereas this year they're at a transfer price.

Matt Ferguson: So in addition to that.

Speaker Change: Cardiovascular, which we don't.

Matt Ferguson: Focus on quite as much that is exclusively distributed in the U.S. by our distribution partner of the day

Matt Ferguson: had a good quarter with 1.1 million in overall sales. We put that relationship in place during the second quarter of 2023. So on a year over year basis, that was a decline, but

Matt Ferguson: We put that relationship in place during the second quarter of 2023, so on a year-over-year basis, that was a decline, but some of the sales last year were at the full end-user price, whereas this year they're at a transfer price.

Matt Ferguson: So, on a year-over-year basis, that was a decline, but some of the sales last year were at the full end-user price, whereas this year they're at a transfer price. So, that was a decline, but we actually were quite pleased with the $1.1 million performance, which was up sequentially from earlier in the year. On a gross margin basis, we came in at an adjusted gross margin, which excludes non-cash amortization expense, overall at 58%, versus 56%.

Matt Ferguson: Some of the sales last year were at the full end-user price, whereas this year they're at a transfer price. So that was a decline, but we actually were quite pleased with the 1.1 million dollar performance, which was up sequentially from earlier in the year.

Matt Ferguson: So, that was a decline, but we're actually quite pleased with the 1.1 million dollar performance, which was up sequentially from earlier in the year. On a growth margin basis, we came in on an adjusted growth margin basis, which excludes non-cash amortization expense overall at 58% versus 56%. So, we're seeing some life gains and efficiency overall there. And then I would like to note, well, people are not quite as focused as they are in our net loss. We had a large number there, but most of that was from a non-cash charge associated with the warrants that were exercised in July of this year.

Matt Ferguson: So that was a decline, but we actually were quite pleased with the $1.1 million performance, which was up sequentially from earlier in the year. On a gross margin basis, we came in at an adjusted gross margin, which excludes non-cash amortization expense, overall at 58%, versus 56%. So we're seeing some nice gains in efficiency overall there. And then I would like to note that while people are not usually quite as focused on our net loss, we had a large number there.

Matt Ferguson: On a gross margin basis, we came in on an adjusted gross margin basis, which excludes non-cash amortization expense overall at 58% versus 56%. So we're seeing some nice gains in efficiency overall there.

Matt Ferguson: But most of that was from a non-cash charge associated with the warrants that were exercised in July of this year. But because it does change with our stock price, the warrant liability charge, We had a large $18 million non-cash charge, which will primarily wash out of the P&L if we move forward here.

Matt Ferguson: So we're seeing some nice gains in efficiency overall there. And then I would like to note, while people are not usually quite as focused on our net loss, we had a large number there, but most of that was from a non-cash charge associated with the warrants that were exercised in July of this year, but because it does change with our stock price, the warrant liability charge. We had an $18 million non-cash charge, which will primarily wash out of the P&L if we move forward here.

Matt Ferguson: and then

Speaker Change: I would like to note, while people are not quite as focused usually on our net loss, we had a large number there, but most of that was from a non-cash charge associated with the warrants that were exercised in July of this year. But because it does...

Matt Ferguson: But because it does change with our stock price, the warrant liability charge, we had an $18 million non-cash charge, which will primarily wash out of the P&L if we move forward here. More importantly, and more reflective of our actual operating performance on an adjusted EBITDA basis, we came in at 2.9 million for the quarter, and that was an improvement compared to 3.4 million last year. So, we're seeing with the revenue growth and improvement in growth margin and control of operating expenses. We're seeing nice results on the adjusted EBITDA bottom line level. And then last, but certainly not least, we've made a lot of progress in terms of the overall cash position for the company.

Matt Ferguson: change with our stock price, the warrant liability charge. We had a large $18 million non-cash charge, which will primarily wash out of the P&L if we move forward here.

Matt Ferguson: More importantly, and more reflective of our actual operating performance on an adjusted EBITDA basis, we came in at 2.9 million for the quarter, and that was an improvement compared to 3.4 million last year. So we're seeing revenue growth and improvement in gross margin and control of operating expenses. We're seeing nice results on the adjusted EBITDA bottom line. And, last but certainly not least, we've made a lot of progress in terms of the overall cash position for the company.

Matt Ferguson: More importantly, and more reflective of our actual operating performance on an adjusted EBITDA basis, we came in at $2.9 million for the quarter, and that was an improvement compared to $3.4 million last year. And so we're seeing with the revenue growth and the

Matt Ferguson: Improvement in gross margin and control of operating expenses. We're seeing nice results on the adjusted EBITDA bottom line level.

Matt Ferguson: And then last, but certainly not least, we've made a lot of progress in terms of the overall cash position for the company. We did a financing that brought in $13.3 million during the second quarter of the year in a registered direct offering.

Matt Ferguson: We did a financing that brought in $13.3 million during the second quarter of the year in a registered direct offering. And then, as I mentioned, the warrants that were exercised in July of this year, so following the end of the quarter, actually brought in an additional $13.8 million, which is not reflected in our quarter-end cash balance. But if you think about it more on a pro forma basis, that would put us a little over $30 million in cash on our balance sheet, which is quite an improvement for where we've been over the last year or two. I am so excited about what we are looking at here for the second half of the year and beyond, and with that, I think we are going to open it up to your questions. Thank you.

Matt Ferguson: We did a financing that brought in $13.3 million during the second quarter of the year in a registered direct offering. And then, as I mentioned, the warrants that were exercised in July of this year, so following the end of the quarter, actually brought in an additional $13.8 million, which is not reflected in our quarter-end cash balance. But if you think of it more on a pro forma basis, that would put us a little over $30 million in cash on our balance sheet, which is quite an improvement for where we've been over the last year or two, really. So, I'm excited about what we are looking at here for the second half of the year and beyond. And with that, I think we are going to open it up to your questions. Thank you.

Matt Ferguson: We did a financing that brought in 13.3 million dollars during the second quarter of the year in a registered direct offering. And then, as I mentioned, the warrants that were exercised in July of this year following the end of the quarter actually brought in an additional $13.8 million, which is not reflected in our quarter-end cash balance. But if you think of it more on a pro forma basis, that would put us a little over 30 million in cash on our balance sheet, which is quite an improvement for where we've been over the last year or two, really.

Matt Ferguson: And then, as I mentioned, the warrants that were exercised in July of this year following the end of the quarter actually brought in an additional $13.8 million.

Matt Ferguson: which is not reflected in our quarter-end cash balance. But if you think of it more on a pro forma basis, that would put us a little over $30 million in cash on our balance sheet, which is quite an improvement for where we've been over the last year or two, really.

Matt Ferguson: So, excited about what we are looking at here for the second half of the year and beyond.

Matt Ferguson: So, excited about what we are looking at here for the second half of the year and beyond. And with that, I think we are going to open it up to your questions. Thank you.

Operator: And with that, I think we are going to open it up to your questions. Thank you.

Operator: At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad, and a confirmation tone to indicate your lines in the question queue. You may press star two if you'd like to withdraw your question from the queue. For participants who speak your equipment, maybe necessary to pick up your handset before pressing the star keys. One moment, please; we'll be poll for questions. Thank you.

Operator: At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad and a confirmation tone to indicate your line is in the question queue. You may press star 2 if you would like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key.

Operator: At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad and a confirmation tone to indicate your line is in the question queue. You can press star 2 if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key.

Speaker Change: Thank you.

Speaker Change: At this time, we'll be conducting a question and answer session.

Speaker Change: If you'd like to ask a question, please press star 1 on your telephone keypad, and a confirmation tone will indicate your line is in the question queue.

Speaker Change: You may press star 2 if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Operator: One moment, please, while we poll for questions. Thank you. Thank you. And the first question is from the line of Ross Osborn with Candor Fitzgerald. Please proceed with your question.

Speaker Change: One moment, please, while we poll for questions. Thank you.

Matthew Park: And the first question is from the line of Ross Osborne with Candor Fitzgerald. Please receive your question. Hi, guys.

Speaker Change: Thank you. And the first question is from the line of Ross Osborn with Candor Fitzgerald. Please receive your question.

Matthew Park: Hi guys, this is Matthew Park on for Ross today. Congratulations on the progress and thank you for taking the question. I just want to start off with LUPRO and get some additional color on how conversations with VACs have gone. How are you guys feeling about the overall adoption as you ramp towards the full commercial line?

Matthew Park: Hi guys, this is Matthew Park on for Ross today. Congratulations on the progress and thank you for taking the question. I just want to start off with L.U. Pro and get some additional color on how conversations with VACs have gone. How are you guys feeling about the overall adoption as you ramp towards the full commercial line?

Matthew Park: This is Matthew Park on for Ross today. Congrats on the progress, and thank you for taking the question. I just want to start off with all you probably get some additional color on how conversation with back of gone. How are you guys feeling about the overall adoption that you ran towards folks? Commercial launch.

Matthew Park: Hi guys, this is Matthew Park on for Ross today. Congrats on the progress and thank you for taking the question. I just want to start off with LUPRO and get some additional color on how conversations with VACs have gone. How are you guys feeling about the overall adoption as you ramp towards the full commercial launch?

Wendy Mills: Hey, Matthew, it was a little hard to hear, but I think the question was, how is the process going with our VAC submissions, the Value Analysis Committee submissions? Is that correct, Matthew? Yeah. Okay. Yeah. No, it's going exactly as we expected it. So our vac submission strategy is a very, a very methodical targeted one. And so the first hospitals that we are submitting to are ones that are part of our soft launch pilot launch process for the first half. They're ones where we have very, very strong physician champions, and those physicians want this technology and in their hospital system.

Randy Mills: Hey Matthew, it was a little hard to hear.

Randy Mills: Hey, Matthew. It was a little hard to hear, but I think the question was, How is the process going with our VAC submissions, the Value Analysis Committee submissions? Is that correct, Matthew? Yep. Okay, yeah, no.

Speaker Change: Hey Matthew, it was a little hard to hear, but I think the question was, how is the process going with our VAC submissions, the Value Analysis Committee submissions, is that correct Matthew? Thank you. Thank you.

Matthew Park: But I think the question was, How is the process going with our VAC submissions, the Value Analysis Committee submissions, is that correct, Matthew? Yep. Okay, yeah, no.

Speaker Change: Yep.

Randy Mills: It's going exactly as we expected it. So, our VAX submission strategy is a very methodical, targeted one, and so the first hospitals that we are submitting to are ones that are part of our soft launch, pilot launch process for the first half. They're ones where we have very, very strong physician champions, and those physicians want this technology in their hospital systems. They want to be the ones using it first, and they're aggressively walking the packages through.

Randy Mills: It's going exactly as we expected it. So, our VAC submission strategy is a very methodical, targeted one, and so the first hospitals that we are submitting to are ones that are part of our soft launch, pilot launch process for the first half. They're ones where we have very, very strong physician champions, and those physicians want this technology in their hospital systems. They want to be the ones using it first, and they're aggressively walking it, walking the packages through.

Speaker Change: Okay. Yeah, no.

Speaker Change: It's going exactly as we expected it.

Speaker Change: Our VAC submission strategy is a very methodical targeted one and so

Speaker Change: The first

Speaker Change: Hospitals that we are submitting to are ones that are are part of our soft launch pilot launch

Speaker Change: process for the first half therere one we we very very strong

Speaker Change: physician champions in those physicians want this technology in in their hospital system they want to be they want to be the ones using it first and

Wendy Mills: They want to be; they want to be the ones using it first. And they're aggressively walking it, walking the packages through. So we're really excited about that.

Speaker Change: They're aggressively walking the packages through. So we're really excited about that. With that said, there will still be a range just based on how each individual hospital VAC process works in how long it takes.

Randy Mills: So we're really excited about that. With that said, there will still be a range, just based on how each individual hospital's VAC process works and how long it takes, but we think we will basically have full demand for the quantities that we're targeting in the soft launch from the hospitals and, more importantly, preparing and starting the VAC submission process so that when our full commercial launch comes January 1, we'll have a much broader universe of Hospital Systems. So, very positive.

Randy Mills: So we're really excited about that. With that said, there will still be a range, just based on how each individual hospital's VAX process works and how long it takes, but we think we will basically have full demand for the quantities that we're targeting in the soft launch from the hospitals and, more importantly, preparing and starting the VAC submission process so that when our full commercial launch comes January 1, we will have a much broader universe of Hospital Systems. So, very positive.

Matthew Park: Got it. That makes sense.

Wendy Mills: I, with that said, there will still be a range just based on how each individual hospital's back process works in how long it takes. But, but we think we will basically have full demand for the quantities, you know, that we're targeting in the soft launch from the hospital. And then, more importantly, preparing and starting the VAC submission process so that when our commercial, the full commercial launch comes January 1st, that will have a much broader universe of hospital systems. So, very positive.

Speaker Change: But we think we will basically have full demand for the quantities, you know, that we're targeting in the soft launch from the hospitals. And then more importantly,

Speaker Change: preparing and starting the VAC submission process so that when our commercial, the full commercial launch comes January 1st, that we'll have a much broader universe of hospital systems. So very positive.

Matthew Park: Got it. That makes sense.

Matt Ferguson: And then I guess just one more question for me moving down to P&L. In terms of OpEx cadence in the back half of the year, how should we think about sales and marketing spend? In the second half, should we expect more of a gradual buildup of reps, or would these additions be more skewed towards the fourth quarter? Thanks.

Matthew Park: And then I guess just one more from me moving down the PNL in terms of opex cadence in the back half of the year. How should we think about sales and marketing spend in the second half? Should we expect more of a gradual buildup of reps, or would these additions be more skewed towards the fourth quarter? Thanks.

Speaker Change: Got it. That makes sense. And then I guess just one more from me moving down to P&L. In terms of OpEx cadence in the back half of the year, how should we think about sales and marketing spend in the second half? Should we expect more of a gradual buildup of reps, or would these additions be more skewed towards the fourth quarter? Thanks.

Matthew Park: And then I guess just one more question for me moving down to P&L. In terms of OpEx cadence in the back half of the year, how should we think about sales and marketing spend? In the second half, should we expect more of a gradual buildup of reps, or would these additions be more skewed towards the fourth quarter? Thanks.

Matt Ferguson: Yeah, I could speak to that, Matthew. I would think we are; we are actively recruiting for new sales representatives, both in the LUPRO and the simpler term categories. So we may see some additional expense there, maybe some additional marketing expense would also show up on that line. However, probably the biggest driver would be, as we continue to grow, we will see additional sales commissions associated with that.

Matt Ferguson: Yeah, I could speak to that, Matthew. I think we are actively recruiting for new sales representatives, both in the LU Pro and the Simpliderm categories. So we may see some additional expense there. Maybe some additional marketing expense would also show up on that line. However, probably the biggest driver would be, as we continue to grow, we will see additional sales commissions associated with that. So I would expect to see some increase in that line as we move through the year. But it will be roughly, it will be generally in line with increased revenue, I would say, as we go through the second half of this year and certainly into 2025.

Matt Ferguson: Yeah, I could speak to that, Matthew. I think we are actively recruiting for new sales representatives, both in the LU Pro and the SimpliDerm categories. So we may see some additional expense there. Maybe some additional marketing expense would also show up on that line. However, probably the biggest driver would be, as we continue to grow, we will see, you know, additional sales commissions associated with that. So I would expect to see some increase in that line as we move through the year, but it will be roughly, it will be generally in line with increased revenue, I would say, as we go through the second half of this year and certainly into 2025.

Speaker Change: Yeah, I could speak to that, Matthew. I would think we are actively recruiting for new sales representatives, both in the LU Pro and the Simpliderm category. So we may see some additional expense there. Maybe some additional marketing expense would also show up on that line.

Speaker Change: on

Speaker Change: However, probably the biggest driver would be, as we continue to grow, we will see, you know, additional sales commissions associated with that.

Matthew Park: So I would expect to see some increase in that line as we move through the year, but it will be roughly, it will be generally in line with increased revenue, I would say, as we go through the second half of this year and certainly into 2025. Got it. That makes sense.

Speaker Change: So I would expect to see some.

Speaker Change: increase in that line as we move through the year. But it will be roughly, it will be generally in line with increased revenue, I would say as we as we go through the second half of this year, and certainly into 2025.

Matthew Park: All right, that makes sense. Thanks for taking the questions and congrats again on the program.

Matthew Park: Got it, that makes sense. Thanks for taking the questions and congrats again on the program.

Speaker Change: A Film by Matt Steinberg Previous Episode The Boundary of the Internet Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Part 10 Part 10 Part 11 Part 12 Part 13 Part 14 Part 15 Part 16 Part 17 Part 18 Part 19 Part 18 Part 19 Part 19 Part 20 Part 21 Part 22 Part 23

Matthew Park: Thanks for taking the questions, and congrats again on the progress. Thank you, Matt.

Speaker Change: That makes sense. Thanks for taking the questions and congrats again on the progress.

Frank Takkinen: Our next question is from the line of Frank Takenin with Lake Street Capital Market. Please proceed there. Great. Thanks for taking the questions, guys. Congrats on an exciting quarter. Happy to see, are you pro make it to market. I will apologize up front. I've been bouncing between a couple calls. So if I ask a repetitive question, I apologize up front.

Operator: Our next question is from the line of Frank Takkinen with Lake Street Capital Markets. Please answer your question.

Frank Takkinen: Our next question is from the line of Frank Takkinen with Lake Street Capital Markets. Please answer your question.

Matt: Thank you, Matt.

Matt: Our next question is from the line of Frank Takkinen with Lake Street Capital Markets. Please receive your question.

Frank Takkinen: Great. Thanks for taking the questions, guys. Congratulations on an exciting quarter. Happy to see how you pro make it to market.

Frank Takkinen: Great. Thanks for taking the questions, guys. Congrats on an exciting quarter. I'm happy to see how you pro make it to market. I will apologize up front. I've been bouncing between a couple calls. So, if I ask a repetitive question, I apologize up front. I wanted to first start by clarifying. Randy, I heard you say 26 reps. Is that today or the goal? And two, how should we think about the right rep count over a longer period of time, say 12, 18, 24 months, and what the adequate size selling organization looks like?

Frank Takkinen: I will apologize up front. I've been bouncing between a couple calls. So, if I ask a repetitive question, I apologize up front. I wanted to first start with clarifying. Randy, I heard you say 26 reps. Is that today or the goal? And two, how should we think about the right rep count over a longer period of time, say 12, 18, 24 months, and what the adequate size selling organization looks like?

Frank Takkinen: Great, thanks for taking the questions guys. Congrats on an exciting quarter. Happy to see how you pro make it to

Mark: Mark it. I will apologize up front. I've been bouncing between a couple calls. So if I ask a repetitive question, I apologize up front. I wanted to first start with clarifying, Randy I heard you say 26 reps. Is that today or the goal?

Frank Takkinen: I wanted to first start with clarifying, Randy. I heard you say 26 reps. Is that today or the goal? And to how should we think about the right rep count over a longer period of time, say 12, 18, 24 months, and what the adequate size selling organization looks like? Yeah, Frank, that is 26 reps as of today that are on board. We are using a hybrid of direct reps. And we also will add the 10, 99 reps. That's sort of what Matt was alluding to in terms of why we don't have a real significant hit to the P&L.

Randy Mills: Yeah, Frank, that is 26 reps as of today that are on board. We are using a hybrid of direct reps, and we will also add the 1099 reps. That's sort of what Matt was alluding to in terms of why we don't have a real significant, you know, hit to the P&L that doesn't that doesn't scale really nicely with revenue because a lot of those are just commission-based reps.

Frank Takkinen: And two, how should we think about the right rep count over a longer period of time, say 12, 18, 24 months, and what the adequate size selling organization looks like?

Randy Mills: Yeah, Frank, that is 26 reps as of today. That are those that are on board. We are using a hybrid of direct reps, and we will also add the 1099 reps. That's sort of what Matt was alluding to in terms of why we don't have a real significant, you know, hit to the P&L that doesn't that doesn't scale really nicely with revenue because a lot of those are just commission-based reps.

Randy Mills: Yeah, Frank, that is 26 reps as of today.

Randy Mills: that are on board.

Speaker Change: we are using a hybrid of direct rep

Speaker Change: We also will add the 1099 reps. That's sort of what Matt was alluding to in terms of why we don't have a real significant, you know, hit to the P&L that doesn't that doesn't scale really nicely with

Wendy Mills: That doesn't scale really nicely with revenue because a lot of those are just commission-based reps. But we are, you know, we're taking that number up. We're taking that number up. And I frankly, Frank, I don't want to be more specific than that right now. But it will continue. It will continue to climb as we approach January and launch. Okay. Fair enough. That's helpful.

Randy Mills: But we are, you know, we're taking that number up. And Frankly, Frank, I don't want to be more specific than that.

Randy Mills: Right now, but it will continue to climb as we approach January and

Randy Mills: We're taking that number up, and Frank, I don't want to be more specific than that right now, but it will continue to climb as we approach January and launch.

Frank Takkinen: Okay, fair enough. That's helpful. And then maybe we can shift over to some pricing discussion. I'm sure you don't want to speak to too clearly about it given for competitive reasons, but any thoughts on directional pricing versus Kangaroo classic or versus Tyrex on the market today for Elupro?

Frank Takkinen: Okay, fair enough. That's helpful. And then maybe we can shift over to some pricing discussion. I'm sure you don't want to speak too clearly about it, given for competitive reasons, but any thoughts on directional pricing versus Kangaroo Classic or versus Tirex on the market today for Elupro?

Wendy Mills: And then maybe shifting over to the some pricing discussion. I'm sure you don't want to speak too clearly about it for competitive reasons, but any thoughts on directional pricing versus Kangaroo Classic or versus Tyrex on the market today for early problems? Well, I can talk directionally about it. No problem. It's obviously kangaroo plus the addition of right to happen in the cycle. And so it's a better product. And we think it's a much better product than Tyrex. It does more. It has, you know, it has the biological features. And so we expect, directionally, it will be priced in the premium to both of us.

Speaker Change: Okay, fair enough, that's helpful. And then maybe shifting over to some pricing discussion. I'm sure you don't want to speak too clearly about it given for competitive reasons, but any thoughts on directional pricing versus Kangaroo Classic or versus Tirex on the market today for LUPRO?

Randy Mills: Oh, I can talk directionally about it. No problem. It's obviously kangaroo plus the addition of rifampin and minocycline, so it's a better product. We think it's a much better product than Tyrex. It does more, it has the biological features, and so we expect, directionally, it will be priced as a premium to both.

Speaker Change: oh i can talk directionally about it no problem it's obviously ang u us theaddition of right p cycle so it's a bit better product that and we think is a much better product than tyrectx

Frank Takkinen: Got it. That's helpful.

Randy Mills: Got it. That's helpful.

Speaker Change: It does more, it has, you know, it has the biological features, you know, and so we expect directionally it will be priced as a premium to both of us.

Wendy Mills: Got it. That's helpful.

Randy Mills: And then maybe last one, just an update on Simpleterm. I think last quarter there were discussions around the partnership with now Tiger and whether or not that partnership made the most sense for Elutia on a go-forward basis. What's the latest update on that, and any other thoughts around any partnership opportunities in that side of the business?

Frank Takkinen: And then maybe last one, just an update on Simpleterm. I think last quarter there were discussions around the partnership with now Tiger and whether or not that partnership made the most sense for Elutia on a go-forward basis. What's the latest update on that, and any other thoughts around any partnership opportunities in that side of the business?

Wendy Mills: And then maybe last one, just an update on on simple term. I think last quarter, there's discussions around the partnership with now Tiger and whether or not that partnership made the most sense for a Luciano before basis. What's the latest update on that and any other thoughts around any partnership opportunities in that side of the business? Well, you know, right now we have a partnership with Tiger, and because of that, that is a result of Tiger acquiring the distribution contract from the assets of Centra. So they paid money to acquire that agreement. So right now, we have an agreement in place.

Speaker Change: Got it. That's helpful. And then maybe last one, just an update on Simpleterm. I think last quarter there were discussions around the partnership with now Tiger and whether or not that that partnership made the most sense for Lucia on a go-forward basis. What's the latest update on that?

Speaker Change: and any other thoughts around any partnership opportunities in that side of the business.

Randy Mills: Well, you know, right now, we have a partnership with with Tiger. And because of that, that is a result of Tiger acquiring the distribution contract from the assets of Cientra. So they, you know, they paid money to acquire, to acquire that agreement. So right now, we have an agreement in place. As Matt said, there was, as you would expect, significant disruption when a company goes bankrupt and gets sold at an auction and acquired and integrated, you know, all in the second quarter. That's a lot.

Randy Mills: Well, you know, right now, we have a partnership with with Tiger. And because of that, that is a result of Tiger acquiring the distribution contract from the assets of Cientra. So they, you know, they paid money to acquire, to acquire that agreement. So right now, we have an agreement in place. As Matt said, there was, as you would expect, significant disruption when a company goes bankrupt and gets sold at auction and acquired and integrated, you know, all in the second quarter. That's a lot. And it's a lot to expect that there wasn't going to be, you know, some disruption there.

Speaker Change: Well, you know, right now, we have a partnership.

Speaker Change: with Tiger. And because of that, that is a result.

Speaker Change: of Tiger acquiring the distribution contract.

Speaker Change: from the assets of Cientra. So they, you know, they paid money to, you know, to, to acquire

Speaker Change: to acquire that agreement. So right now, we have an agreement in place. As Matt said,

Wendy Mills: As Matt said, there was, as you would expect, significant disruption when a company goes bankrupt and gets sold in an auction and acquired and integrated, all in the second quarter. That's a lot. And it's a lot to expect that there wasn't going to be, you know, some disruption there. And also, as Matt said, you know, we're seeing, I would say, in general, a return to more significant, you know, all that happening, we still have the product due to our own distribution network. But right now, we have both of those distribution networks in place. And they're both performing reasonably well.

Speaker Change: There was, as you would expect, significant disruption when a company goes bankrupt and gets

Matt: sold, and an auction and acquired and integrated, you know, all in the second quarter, that's a lot. And it's a lot to expect that there wasn't going to be, you know, some disruption there.

Randy Mills: And it's a lot to expect that there wasn't going to be, you know, some disruption there. And, and also, as Matt said, we're seeing, I would say, in general, a return to more significant growth. You know, with all of that happening, we still had, the product still grew in the second quarter, and that's largely due to our own distribution network. But right now, we have both of those distribution networks in place, and they're both performing reasonably well, but we are putting a lot of emphasis on growing our own distribution network. Just because they're doing so well, why wouldn't we do more of that? It's proprietary.

Randy Mills: And also, as Matt said, we're seeing, I would say, in general, a return to more significant growth. You know, with all of that happening, we still had product growth in the second quarter, and that's largely due to our own distribution network. But right now, we have both of those distribution networks in place, and they're both performing reasonably well, but we are putting a lot of emphasis on growing our own distribution network.

Speaker Change: And also, as Matt said, you know, we're seeing, I would say, in general,

Matt: a return to more significance. You know, with all that happening, we still had, the product still grew in the second quarter.

Speaker Change: largely due to our own

Speaker Change: and our own distribution network. But right now we have both of those distribution networks in place and they're both performing reasonably well, but we are putting a lot of emphasis on growing our own distribution network.

Frank Takkinen: But we are putting a lot of emphasis on growing our own distribution network just because they're doing so well. Why wouldn't we do, why wouldn't we do more of that? It's proprietary. for a lot of reasons. It makes sense for us to do it. But right now we have both of those in place. And we're seeing the product actually return to, I would say, more simple Durham-like growth numbers. Got it. That's a couple. Thanks, and congratulations. Thanks, Frank. Thank you.

Randy Mills: Just because they're doing so well, why wouldn't we do more of that? It's proprietary, you know, for a lot of reasons, it makes sense for us to do it. But right now, we have both of those in place, and we're seeing the product actually, you know, returned to, I would say, more simple Durham growth numbers. So

Speaker Change: Just because they're doing so well, why wouldn't we do more of that? It's proprietary.

Randy Mills: You know, for a lot of reasons, it makes sense for us to do it. But right now, we have both of those in place, and we're seeing the product actually, you know, return to, I would say, more simple Durham growth numbers. So

Speaker Change: you know, for a lot of reasons, it makes sense for us to do that. But right now we have both of those in place and we're seeing the product actually, you know, return to, I would say, more simple-derm-like growth numbers. So.

Frank Takkinen: Got it. That's helpful. Thanks and congratulations.

Frank Takkinen: Got it. That's helpful. Thanks and congrats again.

Speaker Change: Got it. That's helpful. Thanks and congrats again.

Operator: Ladies and gentlemen, this will include our question-and-answer session. And this will also conclude today's conference. You may now disconnect your lines this time. Thank you for your participation, and have a wonderful day.

Operator: Ladies and gentlemen, this will conclude our question and answer session, and this will also conclude today's conference.

Operator: Ladies and gentlemen, this will conclude our question and answer session, and this will also conclude today's conference. You may now disconnect your lines at this time. Thank you for your participation and have a wonderful day.

Frank Takkinen: Thanks, Frank.

Speaker Change: thank you ladiesandgentlementhis conclude our question-answer session and this will also conclude today's conference you may now disconnect your lances time thank you for your participation and have a wonderful day

Q2 2024 Elutia Inc Earnings Call

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