The Organogenesis Holdings Inc. (Nasdaq: ORGO) shares were down -0.27% to $7.34 at yesterday’s close. During the day stock price ranged from $7.22 to $7.44 with a volume of 813,817.
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The company is a leader in the field of regenerative medicine offering products derived from bioactive and acellular sources, including orthopedics and spine. Today It reported preliminary financial results for the three months ended December 31, 2020, and for the twelve months ended December 31, 2020.
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4th Quarter 2020 Financial Results
For the year ending December 31, 2020, net revenue is projected to increase from $74.6 million to $104.6 million, up between 40% to 42% from the year ending December 31, 2019.
Amounts of between $92.01 million and $93.21 million were generated by Advanced Wound Care products, an increase of between 45 and 47% from a year ago.
Sales of $12.6 million to $12.8 million from Surgical & Sports Medicine products, up between 12 to 14% year-over-year.
Based on the sales of PuraPly products, PuraPly’s net revenue from the period of January to December 2020 may range from $43.8 million to $44.6 million, up 10% to 12% year-over-year.
For the three months ended December 31, 2020, the Company expects to report positive GAAP net income and positive Adjusted EBITDA.
Full Year 2020 Financial Results
Gross sales of between $336.1M and $337.5M for the twelve months ended December 31, 2020, will be 29% higher than net sales of $261M for the same period last year.
More than $33 million of net revenue was achieved from Advanced Wound Care products last year.
Net revenue increased 7% to 8% from $43.1 million to $43.3 million for Surgical and Sports Medicine.
Sales of PuraPly products are expected to reach between $145.8 million and $146.6 million for the 12-month period ended December 31, 2020, increasing 15% to 16% over the prior year.
For the full fiscal year 2020 period, the Company expects to report positive GAAP net income and positive Adjusted EBITDA.
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Conclusion
Following the upbeat results, Company stock surged +37.06% to $10.06 in the premarket session today.