Press release
Organogenesis Holdings Inc. Reports First Quarter 2024 Financial Results
CANTON, Mass., May 09, 2024 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the
About this update from Organogenesis Holdings Inc.
[{"type":"text","content":"CANTON, Mass., May 09, 2024 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical & Sports Medicine markets, today reported financial results for the first quarter ended March 31st, 2024. First Quarter 2024 Financial Results Summary: Net revenue of $110.0 million for the first quarter of 2024, an increase of $2.3 million compared to net revenue of $107.6 million for the first quarter of 2023. Net revenue for the first quarter of 2024 consists of: Net revenue from Advanced Wound Care products of $103.9 million, an increase of 3% from the first quarter of 2023.Net revenue from Surgical & Sports Medicine products of $6.1 million, a decrease of 9% from the first quarter of 2023. Net loss of $2.1 million for the first quarter of 2024, compared to a net loss of $3.0 million for the first quarter of 2023, a decrease in net loss of $0.9 million.Adjusted net loss1 of $1.4 million for the first quarter of 2024, compared to an adjusted net loss of $0.7 million for the first quarter of 2023, an increase in adjusted net loss of $0.8 million.Adjusted EBITDA of $2.6 million for the first quarter of 2024, compared to Adjusted EBITDA of $3.8 million for the first quarter of 2023, a decrease of $1.2 million. \"We delivered a strong start to 2024 with first quarter revenue exceeding the high-end of our revenue guidance,\" said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “Our commercial team executed well in navigating the challenging operating environment and driving solid momentum in the quarter.” Mr. Gillheeney, Sr. continued: “As a market leader, I’m confident that the MACs prioritization of demonstrated clinical efficacy will strengthen our competitive position over the long term. Additionally, we continue to achieve milestones in our ReNu program, which we believe will provide clinically meaningful benefits to the millions of patients suffering from knee OA symptoms. I am very pleased with the advancements we have made as a company and extremely optimistic about our expansion opportunities in a significant new addressable market that has the potential to transform Organogenesis and to provide integrated healing solutions that substant...