CANTON, Mass., May 10, 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 first quarter ended March 31, 2022.
First Quarter 2022 Financial Results Summary:
- Net revenue of $98.1 million for the first quarter of 2022, a decrease of 4% (an increase of 1% on an adjusted basis1) compared to net revenue of $102.6 million for the first quarter of 2021. Net revenue for the first quarter of 2022 consists of:
- Net revenue from Advanced Wound Care products of $91.0 million, an increase of 0.3% from the first quarter of 2021.
- Net revenue from Surgical & Sports Medicine products of $7.2 million, a decrease of 39% from the first quarter of 2021.
- Net revenue from the sale of PuraPly products of $53.3 million for the first quarter of 2022, an increase of 29% from the first quarter of 2021.
- Net revenue from the sale of non-PuraPly products of $44.8 million, a decrease of 27% from the first quarter of 2021.
- Net income of $0.1 million for the first quarter of 2022, compared to a net income of $9.9 million for the first quarter of 2021, a decrease of $9.9 million.
- Adjusted net income2 of $1.2 million for the first quarter of 2022, compared to an adjusted net income of $11.2 million for the first quarter of 2021, a decrease of $10.0 million.
Adjusted EBITDA of $5.0 million for the first quarter of 2022, compared to Adjusted EBITDA of $16.0 million for the first quarter of 2021, a decrease of 69%.
1 After excluding net revenue from the sale of our ReNu, and NuCel products for both periods.
2 Defined as GAAP net income adjusted to exclude the effect of amortization, restructuring charges, the recovery of certain notes receivable from related parties, the change in the fair value of the CPN earnout and the resulting income taxes on these items.
“We delivered a solid start to 2022 despite the challenges related to the Omicron variant early in the quarter. Our diversified portfolio coupled with strong execution enabled us to generate revenue ahead of our expectations” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis.
Mr. Gillheeney, Sr. continued: “We are confident in our fiscal year 2022 financial guidance which continues to assume steady improvement in COVID-related headwinds and a more favorable operating environment over the second-half of 2022. Organogenesis is well-positioned to manage through the near-term operating environment challenges and achieve strong, long-term growth. We expect to continue to improve our position as a leader in the industry as we deliver on our mission to provide integrated healing solutions that substantially improve outcomes while lowering the overall cost of care.”