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Mar 31, 2024
Organogenesis Q1 2024 Earnings Report
Organogenesis reported first quarter results with revenue exceeding guidance
Key Takeaways
Organogenesis Holdings Inc. reported a strong start to 2024, with first quarter revenue exceeding the high-end of revenue guidance. Net revenue increased by $2.3 million compared to the first quarter of 2023. The company is reaffirming its prior guidance for fiscal year 2024.
Net revenue for the first quarter of 2024 was $110.0 million, an increase of $2.3 million compared to the first quarter of 2023.
Net loss for the first quarter of 2024 was $2.1 million, compared to a net loss of $3.0 million for the first quarter of 2023.
Adjusted EBITDA was $2.6 million for the first quarter of 2024, compared to $3.8 million for the first quarter of 2023.
The Company had $89.3 million in cash, cash equivalents and restricted cash as of March 31, 2024.
Organogenesis
Organogenesis
Organogenesis Revenue by Segment
Revenue by Segment
Advanced Wound Care Revenue
CapyFin.comSurgical & Sports Medicine Revenue
CapyFin.com Forward Guidance
For the year ending December 31, 2024 the Company is reaffirming its prior guidance for fiscal year 2024.
Positive Outlook
- Net revenue between $445.0 million and $470.0 million, representing an increase of approximately 3% to 9% year-over-year, as compared to net revenue of $433.1 million for the year ended December 31, 2023.
- Net revenue from Advanced Wound Care products between $415.0 million and $435.0 million, an increase of 2% to 7% year-over-year as compared to net revenue of $405.5 million for the year ended December 31, 2023.
- Net revenue from Surgical & Sports Medicine products between $30.0 million and $35.0 million, an increase of 9% to 27% year-over-year as compared to net revenue of $27.6 million for the year ended December 31, 2023.
- Net (loss) income between ($10.6) million and $4.6 million and adjusted net (loss) income between ($8.1) million and $7.1 million.
- EBITDA between $5.8 million and $25.0 million and Adjusted EBITDA between $15.8 million and $35.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income