Press release
Organogenesis Holdings Inc. Reports Third Quarter 2022 Financial Results
CANTON, Mass., Nov. 09, 2022 (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., Nov. 09, 2022 (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 third quarter ended September 30, 2022. Third Quarter 2022 Financial Results Summary: Net revenue of $116.9 million for the third quarter of 2022, an increase of 3% compared to net revenue of $113.8 million for the third quarter of 2021. Net revenue for the third quarter of 2022 consists of: Net revenue from Advanced Wound Care products of $109.5 million, an increase of 2% from the third quarter of 2021.Net revenue from Surgical & Sports Medicine products of $7.3 million, an increase of 15% from the third quarter of 2021.Net revenue from the sale of PuraPly products of $63.7 million for the third quarter of 2022, an increase of 12% from the third quarter of 2021.Net revenue from the sale of non-PuraPly products of $53.2 million, a decrease of 6% from the third quarter of 2021. Net income of $0.2 million for the third quarter of 2022, compared to a net income of $12.6 million for the third quarter of 2021, a decrease of $12.4 million.Adjusted net income1 of $5.1 million for the third quarter of 2022, compared to an adjusted net income of $15.8 million for the third quarter of 2021, a decrease of $10.7 million, or 68%.Adjusted EBITDA of $11.6 million for the third quarter of 2022, compared to Adjusted EBITDA of $21.7 million for the third quarter of 2021, a decrease of $10.0 million, or 46%. “We delivered third quarter revenue results below the guidance we provided on our second quarter earnings call driven primarily by a challenging environment in the physician office setting,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “Our full year 2022 revenue guidance now reflects a more challenging operating environment in the physician office setting in the fourth quarter, compared to what our prior guidance had assumed. Specifically, we expect our sales in the physician office setting to be impacted by continued competitive pressure from smaller amniotic players and overall market disruption driven by reimbursement uncertainty related to CMS’ publishing ASPs for skin substitut...