Press release
Organogenesis Holdings Inc. Reports Third Quarter 2023 Financial Results
CANTON, Mass., Nov. 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., Nov. 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 third quarter ended September 30th, 2023. Third Quarter 2023 Financial Results Summary: Net revenue of $108.5 million for the third quarter of 2023, a decrease of $8.3 million compared to net revenue of $116.9 million for the third quarter of 2022. Net revenue for the third quarter of 2023 consists of: Net revenue from Advanced Wound Care products of $101.4 million, a decrease of 7% from the third quarter of 2022.Net revenue from Surgical & Sports Medicine products of $7.2 million, a decrease of 2% from the third quarter of 2022. Net income of $3.2 million for the third quarter of 2023, compared to net income of $0.2 million for the third quarter of 2022, an increase of $3.0 million.Adjusted net income1 of $5.3 million for the third quarter of 2023, compared to an adjusted net income of $5.1 million for the third quarter of 2022, an increase of $0.2 million.Adjusted EBITDA of $16.0 million for the third quarter of 2023, compared to Adjusted EBITDA of $11.6 million for the third quarter of 2022, an increase of $4.4 million. \"Our third quarter revenue results were impacted by the LCD-related issues discussed on our second quarter call,\" said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “Notably, despite the revenue impact, we delivered significant improvements in our operating profitability and generated strong adjusted EBITDA and cash flow compared to the prior year period.” Mr. Gillheeney, Sr. continued: “While we are pleased that the LCDs were withdrawn, we continue to navigate through the challenging environment created by their proposed adoption. We have reintroduced our 2023 financial guidance which reflects the impacts of business disruption in the third quarter, as well as our recovery activities throughout the end of the year. We expect to continue to build momentum as we close out 2023 and remain confident that we are well positioned for growth with our broad portfolio of products across all sites of care as we deliver on our mission to provide integrated healing ...