ORGANOGENESIS 2024 Q3
Earnings Overview & AI Insights

Earnings Performance

Gary S. Gillheeney -- Chairman, Director, President, and Chief Executive Officer -- will give a brief overview of the company's third quarter revenue results. He'll also provide an in-depth review of our financial results, our balance sheet and financial condition at quarter end, as well as our financial guidance for 2024. Organogenesis is on track to deliver the ReNu BLA submission by the end of Q4 2025. We completed enrollment of 594 patients, well ahead of original timing expectations. We enrolled 120 more patients than the required by the study. We've also made important progress on our second phase 3.ipient, randomized clinical trial. NuShield demonstrated 48% greater likelihood of wound closure and decreased medium time to complete wound closure when compared to standard of care. NuShield group demonstrated a 48% greater probability of wound closure. The company also enrolled the first patient in its new PREPARE study evaluating the PuraPly AM plus.standard of care versus standard of. care. The manufacturer says CMS should transition to a value-based payment methodology where skin substitutes categories are paid on a fixed per square centimeter basis. CMS does not say more about what that framework might look like or the timing of any future changes. Organogenesis' net revenue for the third quarter was $115.2 million, up 6%. Net revenue from surgical and sports-medicine products was $7million, up 1%. Gross profit was $88 million or 76.7% of net revenue, compared to 76.2% last year.quarter were $82.1 million compared to $74.7 million last year, an increase of $7.4 million or 10% year-over-year change in operating expenses. Research and development expenses declined 1% year over year and declined 34% sequentially. Company intends to use net proceeds from the closing of the private placement to fund strategic growth initiatives including, but not necessarily limited to, operating and commercial activities, working capital, capital expenditures, and for general corporate corporate corporate purposes. Company now expects net revenue between $455 million and $480 million in 2024. Loss in the range of $12.3 million to $0.6                million. EBITDA in the range of a loss of $1.3 million to $14.4 million. Organogenesis has a clear target for submission of our BLA by the end of Q4 2025. We are excited by the continued progress in our ReNu program. Organogenesis is a leader in our space with highly-innovative products that deliver on our mission. And I'd like to recognize the significant investment in Organogenesis that we received from Avista Healthcare Partners.