Press release
Organogenesis Holdings Inc. Reports Third Quarter and Nine Months 2020 Financial Results
CANTON, Mass., Nov. 09, 2020 (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, 2020 (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, 2020.\n Third Quarter 2020 Financial Results Summary: Net revenue of $100.8 million for the third quarter of 2020, up 57% compared to net revenue of $64.3 million for the third quarter of 2019. Net revenue is based upon: Net revenue from Advanced Wound Care products for the third quarter of 2020 of $90.0 million, an increase of 66% from the third quarter of 2019.Net revenue from Surgical & Sports Medicine products for the third quarter of 2020 of $10.8 million, an increase of 9% from the third quarter of 2019. Net revenue from the sale of PuraPly products of $40.9 million for the third quarter of 2020, an increase of 29% from the third quarter of 2019.Net revenue from the sale of non-PuraPly products of $59.9 million, an increase of 84% from the third quarter of 2019.Net income of $20.9 million for the third quarter of 2020, compared to a net loss of $10.7 million for the third quarter of 2019, an increase of $31.7 million.Adjusted EBITDA of $24.6 million for the third quarter of 2020, compared to Adjusted EBITDA loss of $4.8 million for the third quarter of 2019, an increase of $29.4 million. Third Quarter 2020 Highlights: In July 2020, the Company’s latest advanced wound care research on its Apligraf®, Affinity®, Dermagraft®, Nushield® and PuraPly® AM product lines was showcased at the 2020 Symposium on Advanced Wound Care (SAWC) Spring | Wound Healing Society Virtual Experience.On August 24, 2020, the Company announced the appointment of Henry Hagopian, the Company’s Vice President of Finance and Treasurer, as interim Chief Financial Officer. The Company initiated a national search process to identify a permanent CFO.On September 17, 2020, Organogenesis Holdings Inc. acquired CPN Biosciences for aggregate consideration of $19.0 million in cash and common stock. The acquisition of CPN Biosciences did not materially impact revenue for the three months ended September 30, 2020. “We delivered third quarter revenue growth of 57% year-over-year, which was well ahead of e...