Home Trending Stocks Why Organogenesis Holdings Inc. (ORGO) stock performed well on Wednesday?

Why Organogenesis Holdings Inc. (ORGO) stock performed well on Wednesday?

Organogenesis Holdings Inc. (ORGO) shares gained 12.45% in after-market on Wednesday, May 26, 2021, and closed at $18.7. Earlier, ORGO’s stock gained 0.79% to close Wednesday’s normal trading session at $16.63 per share. ORGO shares have risen 380.64% over the last 12 months, and they have moved down 0.54% in the past week. Over the past three months, the stock has gained 14.65%, while over the past six months, it has jumped 221.66%.

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Let’s discuss its latest developments briefly.

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Inauguration on S&P SmallCap 600

Organogenesis Holdings Inc will replace Crocs in the S&P SmallCap 600 effective before the opening of trading on Wednesday, June 2, 2021. STERIS plc (NYSE: STE) is acquiring Cantel Medical in a deal expected to be completed soon pending final closing conditions.

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Financial results announcement

On May 10, 2021, Organogenesis Holdings Inc released its financial results for the first quarter of 2021 which ended on March 31, 2021.

Q1 2021 financial highlights

  • Organogenesis Holdings reported net revenue of $102.6 million for the first quarter of 2021, compared to net revenue of $61.7 million for the first quarter of 2020.
  • Gross profit was $77.1 million in Q1 2021 compared to $42.9 million in Q1 2020.
  • Operating expenses were $64.4 million in Q1 2021, compared to $58.0 million in Q1 2020.
  • Operating income was $12.6 million in Q1 2021, compared to an operating loss of $15.1 million in Q1 2020.
  • Net income was $9.9 million, or $0.07 per share in Q1 2021, compared to a net loss of $16.3 million, or $0.16 per share, in Q1 2020.
  • Adjusted EBITDA was positive $16.0 million in Q1 2021, compared to Adjusted EBITDA loss of $10.9 million in Q1 2020.
  • Organogenesishad $78.0 million in cash and restricted cash and $88.1 million in debt obligations on March 31, 2021.

The financial outlook for FY 2021

For FY 2021, Organogenesisnow expects net revenue between $438 million and $454 million. 

New Board member

On May 10, 2021, Organogenesis Holdings Inc appointed Jon Giacomin to the Company’s Board of Directors, effective May 7, 2021, who replaced Wayne Mackie as he resigned as a member of the Company’s Board of Directors effective May 7, 2021.

Exhibiting advanced wound care innovations and research 

Organogenesis Holdings Inc showcased its latest advanced wound care research on its PuraPly® AM, Affinity®, Apligraf®, and Nushield® product lines at the 2021 Symposium on Advanced Wound Care (SAWC) Spring | Wound Healing Society Virtual Experience, which held on May 10-14.

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Conclusion

Well, as of this writing, there is no recent news or development which could be the reason behind its positive performance on Wednesday. We hope that ORGO will continue its momentum for the rest of the week.

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