Organogenesis Holdings Inc. Reports Third Quarter 2025 Financial Results, Posts Record Revenue and Raises 2025 Guidance
Organogenesis Holdings (Nasdaq: ORGO) reported Q3 2025 net product revenue of $150.5M, up 31% year-over-year, driven by Advanced Wound Care ($141.5M, +31%) and Surgical & Sports Medicine ($9.0M, +25%). Q3 net income was $21.6M versus $12.3M in Q3 2024; adjusted EBITDA was $30.1M. Nine-month net product revenue declined 5% to $338.0M and the nine-month operating loss was $18.6M. Cash and equivalents were $64.4M at Sept 30, 2025. For FY2025 the company updated guidance to $500.0M–$525.0M in net product revenue and adjusted EBITDA of $45.5M–$68.3M.
Organogenesis Holdings (Nasdaq: ORGO) ha riportato ricavi netti da prodotti nel III trimestre 2025 di 150,5 milioni di dollari, in aumento del 31% rispetto all'anno precedente, guidati da Advanced Wound Care (141,5 milioni di dollari, +31%) e Surgical & Sports Medicine (9,0 milioni, +25%). Il reddito netto del III trimestre è stato 21,6 milioni di dollari rispetto a 12,3 milioni nel III trimestre 2024; l'EBITDA rettificato è stato 30,1 milioni di dollari. Il reddito netto nei primi nove mesi da prodotti è diminuito del 5% a 338,0 milioni di dollari e la perdita operativa nei nove mesi è stata 18,6 milioni di dollari. La cassa e equivalenti erano 64,4 milioni di dollari al 30 settembre 2025. Per l'anno fiscale 2025 la società ha aggiornato le guidance a 500,0–525,0 milioni di dollari di ricavi netti da prodotti e EBITDA rettificato di 45,5–68,3 milioni di dollari.
Organogenesis Holdings (Nasdaq: ORGO) informó ingresos netos de productos del 3T 2025 de 150,5 millones de dólares, un aumento del 31% interanual, impulsado por Advanced Wound Care (141,5 millones, +31%) y Surgical & Sports Medicine (9,0 millones, +25%). El ingreso neto del 3T fue 21,6 millones de dólares frente a 12,3 millones en el 3T 2024; el EBITDA ajustado fue 30,1 millones de dólares. Los ingresos netos de los primeros nueve meses por productos cayeron un 5% a 338,0 millones de dólares y la pérdida operativa de los nueve meses fue 18,6 millones de dólares. Efectivo y equivalentes fueron 64,4 millones de dólares al 30 de septiembre de 2025. Para el FY2025 la empresa actualizó la guía a 500,0–525,0 millones de dólares en ingresos netos por productos y EBITDA ajustado de 45,5–68,3 millones de dólares.
Organogenesis Holdings (Nasdaq: ORGO)은 2025년 3분기 순제품 매출 1억 5,050만 달러를 보고했으며, 전년 대비 31% 증가, Advanced Wound Care(1억 4,150만 달러, +31%) 및 Surgical & Sports Medicine(9백만 달러, +25%)에 힘입었습니다. 3분기 순이익은 2,160만 달러로 2024년 3분기의 1,230만 달러를 상회했고; 조정 EBITDA는 3,010만 달러였습니다. 9개월 순제품 매출은 5% 감소하여 3억 3,800만 달러가 되었고, 9개월간의 영업손실은 1,860만 달러였습니다. 2025년 9월 30일 기준 현금 및 현금성자산은 6,440만 달러였습니다. FY2025에 대해 회사는 순제품 매출 5억–5.25억 달러, 조정 EBITDA 4,550만–6,830만 달러의 가이던스를 업데이트했습니다.
Organogenesis Holdings (Nasdaq: ORGO) a annoncé un chiffre d'affaires net des produits du T3 2025 de 150,5 M$, en hausse de 31% d'une année sur l'autre, porté par Advanced Wound Care (141,5 M$, +31%) et Surgical & Sports Medicine (9,0 M$, +25%). Le résultat net du T3 était de 21,6 M$ contre 12,3 M$ au T3 2024; l'EBITDA ajusté était de 30,1 M$. Le chiffre d'affaires net sur neuf mois pour les produits a reculé de 5% à 338,0 M$ et la perte opérationnelle des neufs mois était de 18,6 M$. La trésorerie et équivalents s'élevaient à 64,4 M$ au 30 septembre 2025. Pour l'exercice 2025, la société a révisé ses prévisions à 500,0–525,0 M$ de chiffre d'affaires net des produits et EBITDA ajusté de 45,5–68,3 M$.
Organogenesis Holdings (Nasdaq: ORGO) berichtete Nettoverkaufserlöse aus Produkten im Q3 2025 von 150,5 Mio. USD, gegenüber dem Vorjahr um 31% gestiegen, getragen von Advanced Wound Care (141,5 Mio. USD, +31%) und Surgical & Sports Medicine (9,0 Mio. USD, +25%). Das Nettoergebnis des Q3 betrug 21,6 Mio. USD gegenüber 12,3 Mio. USD im Q3 2024; das bereinigte EBITDA betrug 30,1 Mio. USD. Der Nettoverkauf aus Produkten für die neun Monate sank um 5% auf 338,0 Mio. USD und der operative Verlust der neun Monate betrug 18,6 Mio. USD. Barbestand und Äquivalente betrugen 64,4 Mio. USD zum 30. September 2025. Für das Geschäftsjahr 2025 hat das Unternehmen die Guidance auf 500,0–525,0 Mio. USD Nettoverkauf aus Produkten und ein bereinigtes EBITDA von 45,5–68,3 Mio. USD aktualisiert.
Organogenesis Holdings (Nasdaq: ORGO) أبلغت عن إيرادات صافية من المنتجات في الربع الثالث من 2025 بلغت 150.5 مليون دولار، بزيادة قدرها 31% على أساس سنوي، مدفوعاً بـ Advanced Wound Care (141.5 مليون دولار، +31%) و Surgical & Sports Medicine (9.0 مليون دولار، +25%). صافي الدخل للربع الثالث كان 21.6 مليون دولار مقابل 12.3 مليون دولار في الربع الثالث من 2024؛ EBITDA المعدلة كانت 30.1 مليون دولار. إيرادات الأثمان التسعة أشهر من المنتجات انخفضت 5% لتصبح 338.0 مليون دولار وكانت الخسارة التشغيلية للأشهر التسعة 18.6 مليون دولار. النقد وما يعادله كان 64.4 مليون دولار في 30 أيلول/سبتمبر 2025. للسنة المالية 2025 قامت الشركة بتحديث التوجيه إلى 500.0–525.0 مليون دولار كإيرادات صافية من المنتجات وEBITDA المعدلة من 45.5–68.3 مليون دولار.
- Q3 net product revenue of $150.5M (+31% YoY)
- Q3 net income of $21.6M versus $12.3M prior year
- Q3 adjusted EBITDA of $30.1M (+$16.7M YoY)
- FY2025 revenue guidance of $500.0M–$525.0M (4%–9% growth)
- Nine-month net product revenue down 5% to $338.0M
- Nine-month operating loss of $18.6M
- Cash and equivalents fell to $64.4M from $136.2M (Dec 31, 2024)
Insights
Record Q3 revenue, improved profitability and raised 2025 guidance signal materially positive operational momentum.
Third-quarter results show Organogenesis delivered
The quarter’s strength supports the updated full‑year 2025 revenue guidance of
CANTON, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical & Sports Medicine markets, today reported financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial Results Summary:
- Net product revenue of
$150.5 million for the third quarter of 2025, an increase of$35.3 million compared to net product revenue of$115.2 million for the third quarter of 2024. Net product revenue for the third quarter of 2025 consists of:- Net product revenue from Advanced Wound Care products of
$141.5 million , an increase of31% from the third quarter of 2024. - Net product revenue from Surgical & Sports Medicine products of
$9.0 million , an increase of25% from the third quarter of 2024.
- Net product revenue from Advanced Wound Care products of
- Net income of
$21.6 million for the third quarter of 2025, compared to net income of$12.3 million for the third quarter of 2024, an increase in net income of$9.2 million . - Adjusted net income of
$23.2 million for the third quarter of 2025, compared to adjusted net income of$12.9 million for the third quarter of 2024, an increase in adjusted net income of$10.3 million . - Adjusted EBITDA of
$30.1 million for the third quarter of 2025, compared to Adjusted EBITDA of$13.4 million for the third quarter of 2024, an increase in Adjusted EBITDA of$16.7 million .
“Our record revenue performance in the third quarter reflects the team’s strong execution and commitment to our strategy, leveraging our deep customer relationships to promote access to new and existing products despite the continued challenging environment,” said Gary S. Gillheeney, Sr., President, Chief Executive Officer and Chair of the Board for Organogenesis. “In light of the recently announced CMS payment rule, I believe we are well-positioned in 2026 and beyond propelled by the strength of our evidence-based portfolio of regenerative technologies combined with the transformative potential of ReNu in a significant new and addressable market opportunity.”
Third Quarter 2025 Financial Results:
| Three Months Ended September 30, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| (in thousands, except for percentages) | ||||||||||||||||
| Advanced Wound Care | $ | 141,451 | $ | 107,953 | $ | 33,498 | 31 | % | ||||||||
| Surgical & Sports Medicine | 9,036 | 7,224 | 1,812 | 25 | % | |||||||||||
| Net product revenue | $ | 150,487 | $ | 115,177 | $ | 35,310 | 31 | % | ||||||||
Net product revenue for the third quarter of 2025 was
The Company recorded
Gross profit for the third quarter of 2025 was
Operating expenses for the third quarter of 2025 were
Operating income for the third quarter of 2025 was
Total other income (expense), net, for the third quarter of 2025 was
Net income for the third quarter of 2025 was
Adjusted net income was
Adjusted EBITDA was
Non-GAAP operating income was
Nine Months ended September 30, 2025, Financial Results:
| Nine Months Ended September 30, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| (in thousands, except for percentages) | ||||||||||||||||
| Advanced Wound Care | $ | 314,074 | $ | 335,054 | $ | (20,980 | ) | (6 | %) | |||||||
| Surgical & Sports Medicine | 23,885 | 20,333 | 3,552 | 17 | % | |||||||||||
| Net product revenue | $ | 337,959 | $ | 355,387 | $ | (17,428 | ) | (5 | %) | |||||||
Net product revenue for the nine months ended September 30, 2025 was
Gross profit for the nine months ended September 30, 2025 was
Operating expenses for the nine months ended September 30, 2025 were
Operating loss for the nine months ended September 30, 2025 was
Other income (expense), net, for the nine months ended September 30, 2025 was
Net loss for the nine months ended September 30, 2025 was
Adjusted net income was
Adjusted EBITDA was
Non-GAAP operating loss was
As of September 30, 2025, the Company had
Fiscal Year 2025 Guidance:
For the year ending December 31, 2025 the Company is updating its prior revenue guidance and updating its profitability guidance and expects:
- Net product revenue between
$500.0 million and$525.0 million , representing an increase of4% to9% year-over-year as compared to net product revenue of$482.0 million for the year ended December 31, 2024.- The 2025 net product revenue guidance range assumes:
- Net product revenue from Advanced Wound Care products between
$470.0 million and$490.0 million , an increase of4% to8% year-over-year as compared to net product revenue of$453.6 million for the year ended December 31, 2024. - Net product revenue from Surgical & Sports Medicine products between
$30.0 million and$35.0 million , an increase of6% to23% year-over-year as compared to net product revenue of$28.4 million for the year ended December 31, 2024.
- Net product revenue from Advanced Wound Care products between
- The 2025 net product revenue guidance range assumes:
- Net income between
$8.6 million and$25.4 million and adjusted net income between$21.5 million and$38.4 million . - EBITDA between
$19.1 million and$41.9 million and Adjusted EBITDA between$45.5 million and$68.3 million .
Third Quarter Earnings Conference Call:
Management will host a conference call at 5:00 p.m. Eastern Time on November 6th to discuss the results of the quarter, and to provide a corporate update with a question and answer session. Those who would like to participate may access the live webcast here, or access the teleconference by dialing 800-715-9871 (646-307-1963 for international callers) and providing access code: 9073428. The live webcast can also be accessed via the company’s website at investors.organogenesis.com. The webcast will be archived on the company website for approximately one year.
| ORGANOGENESIS HOLDINGS INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 63,745 | $ | 135,571 | ||||
| Restricted cash | 627 | 580 | ||||||
| Accounts receivable, net | 168,783 | 109,861 | ||||||
| Inventories, net | 39,583 | 26,219 | ||||||
| Asset held for sale (Note 6) | 4,365 | — | ||||||
| Prepaid expenses and other current assets | 22,646 | 13,710 | ||||||
| Total current assets | 299,749 | 285,941 | ||||||
| Property and equipment, net | 78,058 | 89,128 | ||||||
| Intangible assets, net | 9,943 | 12,468 | ||||||
| Goodwill | 28,772 | 28,772 | ||||||
| Operating lease right-of-use assets, net | 33,304 | 37,110 | ||||||
| Deferred tax asset, net | 45,591 | 39,462 | ||||||
| Other assets | 14,410 | 5,005 | ||||||
| Total assets | $ | 509,827 | $ | 497,886 | ||||
| Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of finance lease obligations | $ | 1,207 | $ | 1,170 | ||||
| Current portion of operating lease obligations - related party | 3,798 | 3,671 | ||||||
| Current portion of operating lease obligations | 4,785 | 4,272 | ||||||
| Accounts payable | 40,219 | 28,911 | ||||||
| Accrued expenses and other current liabilities | 40,310 | 39,453 | ||||||
| Total current liabilities | 90,319 | 77,477 | ||||||
| Finance lease obligations, net of current portion | 2,094 | 718 | ||||||
| Operating lease obligations, net of current portion - related party | 5,419 | 8,283 | ||||||
| Operating lease obligations, net of current portion | 23,507 | 25,198 | ||||||
| Other liabilities | 2,509 | 894 | ||||||
| Total liabilities | 123,848 | 112,570 | ||||||
| Commitments and contingencies (Note 15) | ||||||||
| Series A redeemable convertible preferred stock, | 130,851 | 122,419 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 13 | 13 | ||||||
| Additional paid-in capital | 301,893 | 302,994 | ||||||
| Accumulated deficit | (46,778 | ) | (40,110 | ) | ||||
| Total stockholders’ equity | 255,128 | 262,897 | ||||||
| Total liabilities, redeemable convertible preferred stock, and stockholders' equity | $ | 509,827 | $ | 497,886 | ||||
| ORGANOGENESIS HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (amounts in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue: | ||||||||||||||||
| Net product revenue | $ | 150,487 | $ | 115,177 | $ | 337,959 | $ | 355,387 | ||||||||
| Grant income | 377 | — | 603 | — | ||||||||||||
| Total revenue | 150,864 | 115,177 | 338,562 | 355,387 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of goods sold | 36,251 | 26,796 | 87,604 | 84,690 | ||||||||||||
| Selling, general and administrative | 79,743 | 71,795 | 226,062 | 220,657 | ||||||||||||
| Research and development | 13,221 | 10,344 | 34,256 | 38,741 | ||||||||||||
| Write-down to fair value for asset held for sale | 922 | — | 9,235 | — | ||||||||||||
| Impairment of property and construction | — | — | — | 18,842 | ||||||||||||
| Write-down of capitalized internal-use software costs | — | — | — | 3,959 | ||||||||||||
| Total operating expenses | 130,137 | 108,935 | 357,157 | 366,889 | ||||||||||||
| Income (loss) from operations | 20,727 | 6,242 | (18,595 | ) | (11,502 | ) | ||||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest income (expense), net | 415 | (471 | ) | 2,045 | (1,605 | ) | ||||||||||
| Other income, net | 18 | 52 | 93 | 47 | ||||||||||||
| Total other income (expense), net | 433 | (419 | ) | 2,138 | (1,558 | ) | ||||||||||
| Net income (loss) before income taxes | 21,160 | 5,823 | (16,457 | ) | (13,060 | ) | ||||||||||
| Income tax benefit | 407 | 6,508 | 9,789 | 6,248 | ||||||||||||
| Net income (loss) and comprehensive income (loss) | 21,567 | 12,331 | (6,668 | ) | (6,812 | ) | ||||||||||
| Accretion of redeemable convertible preferred stock to redemption value | (140 | ) | — | (390 | ) | — | ||||||||||
| Cumulative dividend on redeemable convertible preferred stock | (2,734 | ) | — | (8,042 | ) | — | ||||||||||
| Undistributed earnings allocated to participating redeemable convertible preferred stock | (4,168 | ) | — | — | — | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 14,525 | $ | 12,331 | $ | (15,100 | ) | $ | (6,812 | ) | ||||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.11 | $ | 0.09 | $ | (0.12 | ) | $ | (0.05 | ) | ||||||
| Diluted | $ | 0.11 | $ | 0.09 | $ | (0.12 | ) | $ | (0.05 | ) | ||||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 126,881,709 | 132,575,301 | 126,679,109 | 132,342,203 | ||||||||||||
| Diluted | 130,848,995 | 133,926,755 | 126,679,109 | 132,342,203 | ||||||||||||
| ORGANOGENESIS HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (amounts in thousands, except share and per share data) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (6,668 | ) | $ | (6,812 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 11,207 | 10,008 | ||||||
| Amortization of intangible assets | 2,525 | 2,569 | ||||||
| Reduction in the carrying value of right-of-use assets | 6,193 | 6,377 | ||||||
| Non-cash interest expense | 208 | 313 | ||||||
| Deferred interest expense | — | 274 | ||||||
| Deferred tax benefit | (6,129 | ) | (7,887 | ) | ||||
| Provision recorded for credit losses | 5,403 | 3,723 | ||||||
| Loss on disposal of property and equipment | 73 | 444 | ||||||
| Adjustment for excess and obsolete inventories | 7,963 | 5,884 | ||||||
| Stock-based compensation | 8,974 | 7,687 | ||||||
| Write-down to fair value for asset held for sale (Note 6) | 9,235 | — | ||||||
| Impairment of property and construction (Note 6) | — | 18,842 | ||||||
| Write-down of capitalized internal-use software costs (Note 6) | — | 3,959 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (64,325 | ) | (22,996 | ) | ||||
| Inventories | (14,954 | ) | (5,749 | ) | ||||
| Prepaid expenses and other current assets and other assets | (3,298 | ) | (4,052 | ) | ||||
| Operating leases | (6,302 | ) | (9,253 | ) | ||||
| Accounts payable | 643 | (6,022 | ) | |||||
| Accrued expenses and other current liabilities | (1,943 | ) | 5,882 | |||||
| Other liabilities | 1,466 | 80 | ||||||
| Net cash provided by (used in) operating activities | (49,729 | ) | 3,271 | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (9,499 | ) | (6,671 | ) | ||||
| Net cash used in investing activities | (9,499 | ) | (6,671 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Landlord assets under construction, net of tenant allowance | (10,039 | ) | — | |||||
| Payments of term loan under the 2021 Credit Agreement | — | (4,219 | ) | |||||
| Payments of withholding taxes in connection with RSUs vesting | (1,798 | ) | (1,173 | ) | ||||
| Proceeds from the exercise of stock options | 155 | 184 | ||||||
| Principal repayments of finance lease obligations | (869 | ) | (804 | ) | ||||
| Net cash used in financing activities | (12,551 | ) | (6,012 | ) | ||||
| Change in cash, cash equivalents and restricted cash | (71,779 | ) | (9,412 | ) | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 136,151 | 104,338 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 64,372 | $ | 94,926 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | — | $ | 4,105 | ||||
| Cash paid for income taxes | $ | 4,086 | $ | 5,493 | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Accretion to redemption value and cumulative dividends on redeemable convertible preferred stock | $ | 8,432 | $ | — | ||||
| Change in purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | $ | (2,029 | ) | $ | (222 | ) | ||
| Right-of-use assets obtained through finance lease obligations | $ | 2,282 | $ | — | ||||
| Right-of-use assets obtained through operating lease obligations | $ | 2,388 | $ | 1,201 | ||||
| Landlord asset additions included in accounts payable and accrued expenses and other current liabilities, net of tenant allowances | $ | 1,925 | $ | — | ||||
Non-GAAP Financial Measures
Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Our management uses Adjusted EBITDA, adjusted net income, and non-GAAP operating income (loss) to evaluate our operating performance and trends and make planning decisions. Our management believes Adjusted EBITDA, adjusted net income and non-GAAP operating income (loss) help identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that Adjusted EBITDA, adjusted net income and non-GAAP operating income (loss) provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.
Adjusted EBITDA
Adjusted EBITDA consists of GAAP net income (loss) excluding: (i) interest income (expense), net, (ii) income tax benefit, (iii) depreciation and amortization, (iv) amortization of intangible assets, (v) stock-based compensation expense, and (vi) additional infrequently occurring adjustments described in more detail below.
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP EBITDA and non-GAAP Adjusted EBITDA, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
| Net income (loss) | $ | 21,567 | $ | 12,331 | $ | (6,668 | ) | $ | (6,812 | ) | ||||||
| Interest (income) expense, net | (415 | ) | 471 | (2,045 | ) | 1,605 | ||||||||||
| Income tax benefit | (407 | ) | (6,508 | ) | (9,789 | ) | (6,248 | ) | ||||||||
| Depreciation and amortization | 4,029 | 3,570 | 11,207 | 10,008 | ||||||||||||
| Amortization of intangible assets | 842 | 834 | 2,525 | 2,569 | ||||||||||||
| EBITDA | 25,616 | 10,698 | (4,770 | ) | 1,122 | |||||||||||
| Stock-based compensation expense | 3,065 | 2,712 | 8,974 | 7,687 | ||||||||||||
| Write-down to fair value for asset held for sale (1) | 922 | — | 9,235 | — | ||||||||||||
| Restructuring charge (2) | 516 | — | 516 | — | ||||||||||||
| Impairment of property and construction (3) | — | — | — | 18,842 | ||||||||||||
| Write-down of capitalized internal-use software costs (4) | — | — | — | 3,959 | ||||||||||||
| Adjusted EBITDA | $ | 30,119 | $ | 13,410 | $ | 13,955 | $ | 31,610 | ||||||||
(1) Amount reflects the fair value adjustment of a purchased building classified as held for sale.
(2) Amount reflects employee severance and benefits as well as other exit costs associated with the Company’s restructuring activities.
(3) Amount reflects the impairment of a purchased building and associated unfinished construction work.
(4) Amount reflects the write-down of costs previously capitalized in the development of internal-use software, that the Company determined have no future value.
Adjusted Net Income
Adjusted net income is defined as GAAP net income (loss) plus (i) amortization of intangible assets and (ii) additional infrequently occurring adjustments described in more detail below, less the estimated tax on these adjustments.
The following table presents a reconciliation of GAAP income (loss) to non-GAAP adjusted net income, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
| Net income (loss) | $ | 21,567 | $ | 12,331 | $ | (6,668 | ) | $ | (6,812 | ) | ||||||
| Amortization of intangible assets | 842 | 834 | 2,525 | 2,569 | ||||||||||||
| Write-down to fair value for asset held for sale (1) | 922 | — | 9,235 | — | ||||||||||||
| Restructuring charge (2) | 516 | — | 516 | — | ||||||||||||
| Impairment of property and construction (3) | — | — | — | 18,842 | ||||||||||||
| Write-down of capitalized internal-use software costs (4) | — | — | — | 3,959 | ||||||||||||
| Tax on above | (616 | ) | (225 | ) | (3,315 | ) | (6,850 | ) | ||||||||
| Adjusted net income | $ | 23,231 | $ | 12,940 | $ | 2,293 | $ | 11,708 | ||||||||
(1) Amount reflects the fair value adjustment of a purchased building classified as held for sale.
(2) Amount reflects employee severance and benefits as well as other exit costs associated with the Company’s restructuring activities.
(3) Amount reflects the impairment of a purchased building and associated unfinished construction work.
(4) Amount reflects the write-down of costs previously capitalized in the development of internal-use software, that the Company determined have no future value.
Non-GAAP Operating Income (Loss)
Non-GAAP operating income (loss) is defined as GAAP income (loss) from operations plus (i) amortization of intangible assets and (ii) additional infrequently occurring adjustments described in more detail below.
The following table presents a reconciliation of GAAP income (loss) from operations to non-GAAP operating income (loss), for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
| Income (loss) from operations | $ | 20,727 | $ | 6,242 | $ | (18,595 | ) | $ | (11,502 | ) | ||||||
| Amortization of intangible assets | 842 | 834 | 2,525 | 2,569 | ||||||||||||
| Write-down to fair value for asset held for sale (1) | 922 | — | 9,235 | — | ||||||||||||
| Restructuring charge (2) | 516 | — | 516 | — | ||||||||||||
| Impairment of property and construction (3) | — | — | — | 18,842 | ||||||||||||
| Write-down of capitalized internal-use software costs (4) | — | — | — | 3,959 | ||||||||||||
| Non-GAAP operating income (loss) | $ | 23,007 | $ | 7,076 | $ | (6,319 | ) | $ | 13,868 | |||||||
(1) Amount reflects the fair value adjustment of a purchased building classified as held for sale
(2) Amount reflects employee severance and benefits as well as other exit costs associated with the Company’s restructuring activities
(3) Amount reflects the impairment of a purchased building and associated unfinished construction work.
(4) Amount reflects the write-down of costs previously capitalized in the development of internal-use software, that the Company determined have no future value.
Amounts reported within the following tables are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Projected EBITDA and Adjusted EBITDA
The following table presents a reconciliation of projected GAAP net income to projected non-GAAP EBITDA and projected non-GAAP Adjusted EBITDA included in our guidance for the year ending December 31, 2025:
| Year Ended December 31, | ||||||||
| 2025L | 2025H | |||||||
| Net income | $ | 8,600 | $ | 25,400 | ||||
| Interest income | (3,300 | ) | (3,300 | ) | ||||
| Income tax (benefit) expense | (4,400 | ) | 1,500 | |||||
| Depreciation and amortization | 15,000 | 15,000 | ||||||
| Amortization of intangible assets | 3,400 | 3,400 | ||||||
| EBITDA | $ | 19,100 | $ | 41,900 | ||||
| Stock-based compensation expense | 12,000 | 12,000 | ||||||
| Write-down to fair value for asset held for sale (1) | 9,200 | 9,200 | ||||||
| Restructuring charge (2) | 500 | 500 | ||||||
| FDA fee | 4,600 | 4,600 | ||||||
| Adjusted EBITDA | $ | 45,500 | $ | 68,300 | ||||
(1) Amount reflects the fair value adjustment of a purchased building classified as held for sale.
(2) Amounts reflect employee severance and benefits as well as other exit costs associated with the Company’s restructuring activities.
Projected Adjusted Net Income
The following table presents a reconciliation of projected GAAP net income to projected non-GAAP adjusted net income included in our guidance for the year ending December 31, 2025:
| Year Ending December 31, | ||||||||
| 2025L | 2025H | |||||||
| Net income | $ | 8,600 | $ | 25,400 | ||||
| Amortization of intangible assets | 3,400 | 3,400 | ||||||
| Write-down to fair value for asset held for sale (1) | 9,200 | 9,200 | ||||||
| Restructuring charge (2) | 500 | 500 | ||||||
| FDA fee | 4,600 | 4,600 | ||||||
| Tax on above | (4,800 | ) | (4,800 | ) | ||||
| Adjusted net income | $ | 21,500 | $ | 38,400 | ||||
(1) Amount reflects the fair value adjustment of a purchased building classified as held for sale.
(2) Amounts reflect employee severance and benefits as well as other exit costs associated with the Company’s restructuring activities.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include statements relating to the Company’s expected revenue, net income, adjusted net income, EBITDA, and Adjusted EBITDA for fiscal 2025 and the breakdown of expected revenue in both its Advanced Wound Care and Surgical & Sports Medicine categories. Forward-looking statements with respect to the operations of the Company, strategies, prospects, and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact and uncertainty of any changes to the coverage and reimbursement levels for the Company’s products (including as a result of the proposed LCDs and the finalized CMS rules related to reimbursement for skin substitute products that could each take effect as soon as January 1, 2026); (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company’s products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete; (4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company’s ability to raise funds to expand its business; (6) the Company has incurred losses in the current period and prior periods and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company’s ability to maintain production or obtain supply of its products in sufficient quantities to meet demand; (10) any resurgence of the COVID-19 pandemic or the occurrence of another public health emergency and its impact, if any, on the Company’s fiscal condition and results of operations; (11) the impact of the suspension of commercialization of: (a) ReNu and NuCel in connection with the expiration of the FDA’s enforcement grace period for HCT/Ps on May 31, 2021 and (b) Dermagraft in the second quarter of 2022 pending transition of manufacturing to a new manufacturing facility or a third-party manufacturer; (12) whether the Company is able to obtain regulatory approval for and successfully commercialize ReNu; and (13) other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of the Company’s Form 10-K for the year ended December 31, 2024 and its subsequently filed periodic reports. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
About Organogenesis Holdings Inc.
Organogenesis Holdings Inc. is a leading regenerative medicine company focused on the development, manufacture, and commercialization of solutions for the advanced wound care and surgical and sports medicine markets. Organogenesis offers a comprehensive portfolio of innovative regenerative products to address patient needs across the continuum of care. For more information, visit www.organogenesis.com.
Investor Inquiries: ICR Healthcare Mike Piccinino, CFA OrganoIR@icrinc.com Press and Media Inquiries: Organogenesis communications@organo.com
FAQ
What were Organogenesis (ORGO) Q3 2025 revenues and growth rates?
How much net income did ORGO report for Q3 2025 and per share amount?
What guidance did Organogenesis (ORGO) issue for full-year 2025 revenue?
What material profitability metrics did ORGO report for Q3 2025?
How has ORGO’s cash position changed by Sept 30, 2025?
Did Organogenesis report any year-to-date revenue declines in 2025?
