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Jun 30, 2023
Organogenesis Q2 2023 Earnings Report
Reported a decrease in revenue and net income compared to the same quarter last year, and withdrew fiscal year 2023 guidance due to uncertainty related to recent local coverage determinations.
Key Takeaways
Organogenesis Holdings Inc. reported second quarter 2023 financial results with a decrease in net revenue to $117.3 million compared to $121.4 million for the second quarter of 2022. Net income also decreased to $5.3 million from $8.7 million in the prior year. The company withdrew its fiscal year 2023 guidance due to uncertainties from recent local coverage determinations.
Net revenue for the second quarter of 2023 was $117.3 million, a decrease of $4.1 million compared to the second quarter of 2022.
Advanced Wound Care products revenue was $110.1 million, a 3% decrease from the second quarter of 2022.
Surgical & Sports Medicine products revenue was $7.2 million, a 5% decrease from the second quarter of 2022.
Net income for the second quarter of 2023 was $5.3 million, compared to $8.7 million for the second quarter of 2022.
Organogenesis
Organogenesis
Organogenesis Revenue by Segment
Revenue by Segment
Advanced Wound Care Revenue
CapyFin.comSurgical & Sports Medicine Revenue
CapyFin.com Forward Guidance
The Company is withdrawing its previously announced fiscal year 2023 guidance due to the uncertainty resulting from the potential impact of the recently published local coverage determinations from Novitas, First Coast Services and CGS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income