Press release
Organogenesis Holdings Inc. Reports Second Quarter 2023 Financial Results; Withdraws Fiscal Year 2023 Guidance
CANTON, Mass., Aug. 09, 2023 (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., Aug. 09, 2023 (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 second quarter ended June 30th, 2023. Second Quarter 2023 Financial Results Summary: Net revenue of $117.3 million for the second quarter of 2023, a decrease of $4.1 million compared to net revenue of $121.4 million for the second quarter of 2022. Net revenue for the second quarter of 2023 consists of: Net revenue from Advanced Wound Care products of $110.1 million, a decrease of 3% from the second quarter of 2022.Net revenue from Surgical & Sports Medicine products of $7.2 million, a decrease of 5% from the second quarter of 2022. Net income of $5.3 million for the second quarter of 2023, compared to a net income of $8.7 million for the second quarter of 2022, a decrease of $3.4 million.Adjusted net income1 of $6.1 million for the second quarter of 2023, compared to an adjusted net income of $11.3 million for the second quarter of 2022, a decrease of $5.2 million.Adjusted EBITDA of $15.4 million for the second quarter of 2023, compared to Adjusted EBITDA of $18.6 million for the second quarter of 2022, a decrease of $3.2 million. “Second quarter total net revenue came in above the high-end of the guidance range we provided on our first quarter earnings call,” said Gary S. Gillheeney, Sr., President, Chief Executive Officer and Chair of the Board of Organogenesis. “As expected, we leveraged our diversified portfolio and leadership position in Wound Care Centers and physician offices across the U.S. to deliver better-than-expected revenue and profitability performance in Q2.” Mr. Gillheeney continued: “The recently published local coverage determinations (LCDs) from Novitas, First Coast Services and CGS to limit coverage for treatment of diabetic foot ulcers (DFU) and venous leg ulcers (VLU) to include only Apligraf and Dermagraft, presents a significant amount of uncertainty regarding the revenue outlook for a number of our products in these regions. Further uncertainty remains as it relates to potential impact on demand for our products when used for treatment of non-DFU/VLU wounds. As such, we are withdrawi...