Press release
Organogenesis Holdings Inc. Reports Third Quarter and First Nine Months 2021 Financial Results
CANTON, Mass., Nov. 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., Nov. 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 nine months ended September 30, 2021. Third Quarter 2021 Financial Results Summary: Net revenue of $113.8 million for the third quarter of 2021, up 13%, and up 20% on an adjusted basis, compared to net revenue of $100.8 million for the third quarter of 2020. Net revenue is based upon: Net revenue from Advanced Wound Care products for the third quarter of 2021 of $107.3 million, an increase of 19% from the third quarter of 2020.Net revenue from Surgical & Sports Medicine products for the third quarter of 2021 of $6.4 million , a decrease of 41% from the third quarter of 2020. Net revenue from the sale of PuraPly products of $57.0 million for the third quarter of 2021, an increase of 39% from the third quarter of 2020.Net revenue from the sale of non-PuraPly products of $56.8 million, a decrease of 5% from the third quarter of 2020.Adjusted net revenue, excluding net revenue from the sale of our NuCel and ReNu products, was $113.8 million for the third quarter of 2021, up 20%, compared to Adjusted net revenue of $95.2 million for the third quarter of 2020.Net income of $12.6 million for the third quarter of 2021, compared to a net income of $20.8 million for the third quarter of 2020, a decrease of $8.2 million.Adjusted EBITDA income of $21.7 million, or 19% of net revenue, for the third quarter of 2021, compared to Adjusted EBITDA of $24.6 million, or 24% of net revenue, for the third quarter of 2020, a decrease of $3.0 million. “We delivered third quarter revenue growth of 13% year-over-year and, normalizing for the loss of ReNu and NuCel, third quarter Adjusted net revenue grew 20% year-over-year,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “The Organogenesis team continues to perform well despite a tougher-than-expected operating environment.” Mr. Gillheeney, Sr. continued: “We are proud of what we have accomplished so far this year. Our year-to-date performance and progress against our strategic priorities is a direct result of the strength of our organi...