CANTON, Mass., May 10, 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 first quarter ended March 31, 2023.
First Quarter 2023 Financial Results Summary:
- Net revenue of $107.6 million for the first quarter of 2023, an increase of $10.5 million compared to net revenue of $97.1 million for the first quarter of 2022. Net revenue for the first quarter of 2023 consists of:
- Net revenue from Advanced Wound Care products of $100.9 million, an increase of 12% from the first quarter of 2022.
- Net revenue from Surgical & Sports Medicine products of $6.7 million, a decrease of 4% from the first quarter of 2022.
- Net loss of $3.0 million for the first quarter of 2023, compared to a net loss of $0.9 million for the first quarter of 2022, an increase of $2.1 million.
- Adjusted net loss1 of $0.7 million for the first quarter of 2023, compared to an adjusted net income of $1.0 million for the first quarter of 2022, a decrease of $1.6 million.
- Adjusted EBITDA of $3.8 million for the first quarter of 2023, compared to Adjusted EBITDA of $5.0 million for the first quarter of 2022, a decrease of $1.2 million.
“First quarter sales came in above the high-end of the guidance range we provided on our fourth quarter earnings call,” said Gary S. Gillheeney, Sr., President, Chief Executive Officer and Chair of the Board of Organogenesis. “Sales of Advanced Wound Care products drove the majority of the upside in the quarter, exceeding the high-end of our expectations in both the hospital outpatient and physician office settings. As expected, we leveraged our diversified portfolio and leadership position in Wound Care Centers and physician offices across the U.S. to deliver strong growth in Q1.
Mr. Gillheeney, Sr. continued: “We are proud of the team’s execution in Q1 and believe our ability to deliver results above the high-end of our guidance range represents another clear illustration that we have the right strategy to maximize our competitive position in the Advanced Wound Care market. We have increased our financial guidance as a result of the stronger-than-expected first quarter results and look forward to continued progress in 2023. We will continue to be a leader in the Advanced Wound Care space while improving our competitive positions in the Surgical & Sports Medicine and burn markets as we deliver on our mission to provide integrated healing solutions that substantially improve patient outcomes and lower the overall cost of care. We remain committed to educating the public on the benefits of the use of skin substitutes and improving access to clinically efficacious treatment options.”
1Defined as GAAP net income (loss) adjusted to exclude the effect of amortization, restructuring charges, GPO settlement fee and the resulting income taxes on these items.