Organogenesis Holdings Inc. - ORGO STOCK NEWS

Organogenesis Holdings Inc. to participate in Morgan Stanley 21st Annual Global Healthcare Conference

Organogenesis Holdings Inc. reports financial results for Q2 2023, with net revenue of $117.3 million, a decrease of $4.1 million compared to Q2 2022. Net income for Q2 2023 was $5.3 million, compared to $8.7 million in Q2 2022. Adjusted EBITDA was $15.4 million, a decrease of $3.2 million. The company is withdrawing its fiscal year 2023 guidance due to uncertainty resulting from recently published local coverage determinations.

Organogenesis Holdings Inc. will report its Q2 2023 financial results on August 9th and host a conference call to discuss the results and provide a corporate update.

Organogenesis Holdings Inc. (Nasdaq: ORGO) has announced significant leadership changes within its Board of Directors. Gary S. Gillheeney, Sr. has been elected as Chair of the Board while continuing as President and CEO, a role he has held since 2014, succeeding Alan A. Ades, who remains a director. Additionally, Arthur S. Leibowitz, a director since 2018, has been appointed as Lead Independent Director. The Board expressed confidence in Gillheeney's leadership and strategic vision, which are expected to drive the company’s growth in the Advanced Wound Care and Surgical and Sports Medicine markets. The company's commitment to integrated healing solutions aims to improve patient outcomes and reduce care costs. However, forward-looking statements indicate potential risks related to competition, reimbursement levels, and product viability.

Organogenesis Holdings Inc. (Nasdaq: ORGO), a key player in regenerative medicine, will release its first quarter 2023 financial results on May 10th after market close. The company specializes in advanced wound care and surgical and sports medicine solutions. Following the release, management will hold a conference call at 5:00 PM ET to discuss financial results and provide a corporate update. Interested parties can access the live webcast or telephone call through provided links. The archived version will be available on the company’s investor website for one year.

Organogenesis Holdings Inc. (ORGO) recently welcomed the U.S. Office of the Inspector General's findings, which indicate that transitioning skin substitute products to average sales price (ASP)-based payments could significantly reduce Medicare Part B expenditures. The report noted that the Centers for Medicare and Medicaid Services (CMS) could save tens of millions of dollars quarterly by adopting this methodology. CEO Gary S. Gillheeney emphasized the potential for improved access to effective treatments and a more stable market for skin substitutes. The company urges CMS to publish ASPs for all skin substitutes in the coming year.

Organogenesis Holdings Inc. (Nasdaq: ORGO) reported a 10% decline in Q4 2022 net revenue, totaling $115.5 million, down from $127.9 million in Q4 2021. The decrease was attributed to a 10% drop in Advanced Wound Care product revenue. Net income fell sharply to $7.5 million, down from $51.0 million year-over-year. For 2022, net revenue was $450.9 million, down 4% from 2021, with net income declining 83% to $15.5 million. Looking ahead, the company expects 2023 net revenue to range between $450.0 million and $462.0 million, indicating flat growth. Organogenesis anticipates solid growth in the hospital outpatient setting while addressing challenges in the physician office environment.

Organogenesis Holdings Inc. (Nasdaq: ORGO) has reported positive results from the interim analysis of its Phase 3 clinical trial for treating knee osteoarthritis symptoms. The analysis, conducted on 50% of the 474 patients enrolled, showed a favorable outcome, allowing the trial to proceed without modifications. The Independent Data Monitoring Committee indicated that safety data aligned with expectations for the ReNu treatment. This trial targets a significant health issue, affecting millions of Americans, and is crucial for patients with moderate to severe symptoms.