Organogenesis Holdings Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results; Introduces Fiscal Year 2022 Guidance

CANTON, Mass., March 01, 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 fourth quarter and the year ended December 31, 2021 and introduced financial guidance for the fiscal year ending December 31, 2022.

Fourth Quarter 2021 Financial Results Summary:

• Net revenue of $128.6 million for the fourth quarter of 2021, an increase of 20% (28% on an adjusted basis¹) compared to net revenue of $106.8 million for the fourth quarter of 2020. Net revenue for the fourth quarter of 2021 consists of:
  • Net revenue from Advanced Wound Care products of $121.4 million, an increase of 30% from the fourth quarter of 2020.
  • Net revenue from Surgical & Sports Medicine products of $7.2 million, a decrease of 45% from the fourth quarter of 2020.
• Net revenue from the sale of PuraPly products of $62.6 million for the fourth quarter of 2021, an increase of 38% from the fourth quarter of 2020.
• Net revenue from the sale of non-PuraPly products of $66.0 million, an increase of 7% from the fourth quarter of 2020.
• Net income of $51.7 million for the fourth quarter of 2021, compared to a net income $18.3 million for the fourth quarter of 2020, an increase of $33.4 million. Adjusted net income of $54.0 million for the fourth quarter of 2021, compared to an adjusted net income of $19.5 million for the fourth quarter of 2020, an increase of $34.4 million
• Adjusted EBITDA of $26.3 million for the fourth quarter of 2021, compared to Adjusted EBITDA of $24.9 million for the fourth quarter of 2020, an increase of $1.5 million.

Fiscal Year 2021 Financial Summary:

• Net revenue of $468.1 million for the year ended December 31, 2021, an increase of 38% (45% on an adjusted basis²), compared to net revenue of $338.3 million for the year ended December 31, 2020. Net revenue for the year ended December 31, 2021 consists of:
  • Net revenue from Advanced Wound Care products of $430.8 million, an increase of 46% year-over-year.
  • Net revenue from Surgical & Sports Medicine products of $37.2 million, a decrease of 15% year-over-year.
• Net revenue from the sale of PuraPly products of $198.5 million for the year ended December 31, 2021, an increase of 35% year-over-year.
• Net revenue from the sale of non-PuraPly products of $269.6 million for the year ended December 31, 2021, an increase of 41% year-over-year.
• Net income of $94.9 million for the year ended December 31, 2021, compared to net income of $17.2 million for the year ended December 31, 2020.    Adjusted net income of $101.3 million for the year ended December 31, 2021, compared to adjusted net income of $20.0 million for the year ended December 31, 2020.
• Adjusted EBITDA of $89.1 million for the year ended December 31, 2021, compared to Adjusted EBITDA of $38.8 million year ended December 31, 2020.

“We delivered strong fourth quarter financial results rounding out another transformative year for the Company. In the fourth quarter, we achieved net revenue growth of 20% year-over-year and adjusted net revenue growth of 28%. We generated more than $26 million of Adjusted EBITDA in the fourth quarter, representing 20.5% of net revenue in the period,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis.

Mr. Gillheeney, Sr. continued: “I am proud of our team’s dedication and strong execution during 2021, a year in which we delivered impressive financial results including a 45% increase in adjusted net revenue, expansion of both our gross and operating margins and a 130% increase in Adjusted EBITDA, representing 19% of net revenue. We remain confident in our ability to execute our long-term strategic plan of driving strong commercial execution, continued development of our new product pipeline, and improvement of our profitability profile. As always, we are committed to delivering on our mission to provide integrated healing solutions that substantially improve medical outcomes while lowering the overall cost of care.”

SEE FINANCIALS HERE