Press release
Organogenesis Holdings Inc. Reports Second Quarter and First Half 2021 Financial Results
CANTON, Mass., Aug. 09, 2021 (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, 2021 (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 three and six months ended June 30, 2021. Second Quarter 2021 Financial Results Summary: Net revenue of $123.2 million for the second quarter of 2021, up 79% compared to net revenue of $69 million for the second quarter of 2020. Net revenue is based upon: Net revenue from Advanced Wound Care products for the second quarter of 2021 of $111.4 million, an increase of 87% from the second quarter of 2020.Net revenue from Surgical & Sports Medicine products for the second quarter of 2021 of $11.8 million, an increase of 27% from the second quarter of 2020. Net revenue from the sale of PuraPly products of $37.6 million for the second quarter of 2021, an increase of 32% from the second quarter of 2020.Net revenue from the sale of non-PuraPly products of $85.6 million, an increase of 112% from the second quarter of 2020.Net income of $20.7 million for the second quarter of 2021, compared to a net loss of $5.2 million for the second quarter of 2020, an increase of $25.9 million.Adjusted EBITDA income of $25.1 million, or 20.4% of net revenue, for the second quarter of 2021, compared to Adjusted EBITDA of $0.3 million, or 0.4% of net revenue, for the second quarter of 2020, an increase of $24.9 million. Highlights Subsequent to Quarter-End: On August 9, 2021, the Company announced the refinancing of the existing credit facilities resulting in improved liquidity and lower borrowing costs “The Organogenesis team executed extremely well in the second quarter, further accelerating our growth momentum,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “We delivered 79% year-over-year revenue growth with strong contributions across both our Advanced Wound Care and Surgical and Sports Medicine portfolios as well as significantly improved profitability.” Mr. Gillheeney, Sr. continued: “As we enter the second half of 2021, we remain focused on executing our commercial strategy and believe we are well positioned to continue to deliver strong operating and financial results. Given the deep dedi...