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Organogenesis Holdings Inc. Reports First Quarter 2025 Financial Results

CANTON, Mass., May 08, 2025 (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听31, 2025.

First Quarter 2025 Financial Results Summary:

• Net revenue of $86.7 million for the first quarter of 2025, a decrease of $23.3 million compared to net revenue of $110.0 million for the first quarter of 2024. Net revenue for the first quarter of 2025 consists of:
  • Net revenue from Advanced Wound Care products of $79.9 million, a decrease of 23% from the first quarter of 2024.
  • Net revenue from Surgical & Sports Medicine products of $6.8 million, an increase of 11% from the first quarter of 2024.
• Net loss of $18.8 million for the first quarter of 2025, compared to a net loss of $2.1 million for the first quarter of 2024, an increase in net loss of $16.7 million.
• Adjusted net loss of $13.4 million for the first quarter of 2025, compared to an adjusted net loss of $1.4 million for the first quarter of 2024, an increase in adjusted net loss of $12.0 million.
• Adjusted EBITDA loss of $12.5 million for the first quarter of 2025, compared to Adjusted EBITDA income of $2.6 million for the first quarter of 2024, a decrease of $15.1 million.

鈥淚鈥檓 proud of the team鈥檚 continued dedication to our customers and their patients in this challenging market. We managed the anticipated disruption well and I鈥檓 confident in our ability to execute on our commercial strategy for the remainder of the year,鈥� said Gary S. Gillheeney, Sr., President, Chief Executive Officer and Chair of the Board for Organogenesis. 鈥淲ith our strong brand equity, diverse portfolio and deep customer relationships, we remain well-positioned to navigate the evolving reimbursement landscape.鈥�

Mr. Gillheeney, Sr. continued: 鈥淲e continue to progress the ReNu development plan with all patients expected to complete the second phase 3 study by the end of the second quarter and remain on track to submit the BLA by the end of 2025.鈥�

First Quarter 2025 Financial Results:

Net revenue for the first quarter of 2025 was $86.7 million, compared to $110.0 million for the first quarter of 2024, a decrease of $23.3 million, or 21%. The decrease in net revenue was driven by a decrease of $23.9 million, or 23%, in net revenue for Advanced Wound Care products partially offset by an increase of $0.7 million, or 11%, in net revenue for Surgical & Sports Medicine products.

Gross profit for the first quarter of 2025 was $63.0 million, or 73% of net revenue, compared to $81.3 million, or 74% of net revenue for the first quarter of 2024, a decrease of $18.3 million, or 23%.

Operating expenses for the first quarter of 2025 were $89.7 million compared to $85.1 million for the first quarter of 2024, an increase of $4.6 million, or 5%. R&D expense was $10.6 million for the first quarter of 2025, compared to $12.8 million for the first quarter of 2024, a decrease of $2.2 million, or 17%. Selling, general and administrative expenses were $72.5 million for the first quarter of 2025, compared to $72.3 million for the first quarter of 2024, an increase of $0.2 million, or less than 1%. For the three months ended March 31, 2025, the Company recorded write down expenses of $6.6 million.

Operating loss for the first quarter of 2025 was $26.7 million, compared to an operating loss of $3.9 million for the first quarter of 2024, an increase in operating loss of $22.9 million.

Total other (income) expense, net, for the first quarter of 2025 was $(1.0) million income, compared to $0.5 million expense for the first quarter of 2024, a change of $1.5 million.

Net loss for the first quarter of 2025 was $18.8 million, or $(0.17) per share, compared to net loss of $2.1 million, or $(0.02) per share, for the first quarter of 2024, an increase in net loss of $16.7 million, or $(0.15) per share.

Adjusted net loss was $13.4 million for the first quarter of 2025, compared to adjusted net loss of $1.4 million for the first quarter of 2024, an increase in adjusted net loss of $12.0 million.

Adjusted EBITDA loss was $(12.5) million for the first quarter of 2025, compared to Adjusted EBITDA income of $2.6 million for the first quarter of 2024, a change of $15.1 million.

Non-GAAP operating loss was $19.3 million for the first quarter of 2025, compared to non-GAAP operating loss of $3.0 million for the first quarter of 2024, a change of $16.4 million.

As of March听31, 2025, the Company had $110.5 million in cash, cash equivalents and restricted cash and no outstanding debt obligations, compared to $136.2 million in cash, cash equivalents and restricted cash and no outstanding debt obligations as of December听31, 2024.

Fiscal Year 2025 Guidance:

For the year ending December听31, 2025, the Company is reaffirming听its prior revenue guidance and updating its profitability guidance and expects:

• Net revenue between $480.0 million and $535.0 million, representing a year-over-year change in the range of a roughly flat to an increase of 11%, as compared to net revenue of $482.0 million for the year ended December听31, 2024.
  • The 2025 net revenue guidance range assumes:
    • Net revenue from Advanced Wound Care products between $450.0 million and $500.0 million, a decrease of 1% to an increase of 10% year-over-year as compared to net revenue of $453.6 million for the year ended December听31, 2024.
    • Net revenue from Surgical & Sports Medicine products between $30.0 million and $35.0 million, an increase of 6% to 23% year-over-year as compared to net revenue of $28.4 million for the year ended December听31, 2024.
• Net income between $4.7 million and $34.0 million and adjusted net income between $15.3 million and $44.6 million.
• EBITDA between $20.0 million and $59.6 million and Adjusted EBITDA between $43.6 million and $83.2 million.

First Quarter Earnings Conference Call:

Management will host a conference call at 5:00 p.m. Eastern Time on May 8th to discuss the results of the quarter, and provide a corporate update with a question and answer session. Those who would like to participate may access the live webcast or access the teleconference . The live webcast can also be accessed via the company's website at . The webcast will be archived on the company website for approximately one year.

ORGANOGENESIS HOLDINGS INC.
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ORGANOGENESIS HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
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ORGANOGENESIS HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
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Non-GAAP Financial Measures

Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Our management uses Adjusted EBITDA and adjusted net income (loss) to evaluate our operating performance and trends and make planning decisions. Our management believes Adjusted EBITDA, adjusted net income (loss) and non-GAAP operating income (loss) help identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that Adjusted EBITDA, adjusted net income (loss) and non-GAAP operating income (loss) provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.

Adjusted EBITDA

Adjusted EBITDA consists of GAAP net loss excluding: (i) interest (income) expense, net, (ii) income tax (benefit), (iii) depreciation and amortization, (iv) amortization of intangible assets, (v) stock-based compensation expense, and (vi) additional infrequently occurring adjustments described in more detail below.

The following table presents a reconciliation of GAAP net loss to non-GAAP EBITDA and non-GAAP Adjusted EBITDA, for the periods presented:

(1)听听听Amount reflects the fair value adjustment of a purchased building classified as held for sale.

Adjusted Net Loss

Adjusted net loss is defined as GAAP net loss plus (i) amortization of intangible assets and (ii) additional infrequently occurring adjustments described in more detail below, less the estimated tax on these adjustments.

The following table presents a reconciliation of GAAP net loss to non-GAAP adjusted net loss, for the periods presented:

(1)听听听Amount reflects the fair value adjustment of a purchased building classified as held for sale.

Non-GAAP Operating Loss

Non-GAAP operating loss is defined as GAAP loss from operations plus (i) amortization of intangible assets and (ii) fair value adjustments related to a purchased building classified as held for sale.

The following table presents a reconciliation of GAAP net loss from operations to non-GAAP operating loss, for the periods presented:

(1)听听听Amount reflects the fair value adjustment of a purchased building classified as held for sale.

Projected EBITDA and Adjusted EBITDA

The following table presents a reconciliation of projected GAAP net income to projected non-GAAP EBITDA and projected non-GAAP Adjusted EBITDA included in our guidance for the year ending December听31, 2025:

(1)听听听Amount reflects the fair value adjustment of a purchased building classified as held for sale.

Projected Adjusted Net Income

The following table presents a reconciliation of projected GAAP net income to projected non-GAAP adjusted net income included in our guidance for the year ending December听31, 2025:

(1)听听听Amount reflects the fair value adjustment of a purchased building classified as held for sale.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified by the use of words such as 鈥渇orecast,鈥� 鈥渋ntend,鈥� 鈥渟eek,鈥� 鈥渢arget,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥渙utlook,鈥� and 鈥減roject鈥� and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include statements relating to the Company鈥檚 expected revenue, net income, adjusted net income, EBITDA, and Adjusted EBITDA for fiscal 2025 and the breakdown of expected revenue in both its Advanced Wound Care and Surgical & Sports Medicine categories. Forward-looking statements with respect to the operations of the Company, strategies, prospects, and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact and uncertainty of any changes to the coverage and reimbursement levels for the Company鈥檚 products (including as a result of the proposed LCDs that could take effect as soon as January 1, 2026); (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company鈥檚 products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete; (4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company鈥檚 ability to raise funds to expand its business; (6) the Company has incurred losses in the current period and prior periods and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company鈥檚 ability to maintain production or obtain supply of its products in sufficient quantities to meet demand; (10) any resurgence of the COVID-19 pandemic and its impact, if any, on the Company鈥檚 fiscal condition and results of operations; (11) the impact of the suspension of commercialization of: (a) ReNu and NuCel in connection with the expiration of the FDA鈥檚 enforcement grace period for HCT/Ps on May 31, 2021 and (b) Dermagraft in the second quarter of 2022 pending transition of manufacturing to a new manufacturing facility or a third-party manufacturer; (12) whether the Company is able to obtain regulatory approval for and successfully commercialize ReNu; and (13) other risks and uncertainties described in the Company鈥檚 filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of the Company鈥檚 Form 10-K for the year ended December听31, 2024 and its subsequently filed periodic reports. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

About Organogenesis Holdings Inc.
Organogenesis Holdings Inc. is a leading regenerative medicine company focused on the development, manufacture, and commercialization of solutions for the advanced wound care and surgical and sports medicine markets. Organogenesis offers a comprehensive portfolio of innovative regenerative products to address patient needs across the continuum of care. For more information, visit .听听

Investor Inquiries:
ICR Healthcare
Mike Piccinino, CFA
[email protected]
443-213-0500

Press and Media Inquiries:
Organogenesis
[email protected]