Organogenesis Holdings Stock Up After Strong Fourth Quarter and Fiscal Year 2021 Financial Results
Mar 2, 2022 By MarketDepth
Organogenesis Holdings Inc. (NASDAQ: ORGO) shares up about 25% after the regenerative medicine company reported financial results for the fourth quarter and the year ended December 31, 2021 and introduced financial guidance for the fiscal year ending December 31, 2022.
Higher Than Expected
According to Organogenesis Net revenue of $128.6 million for the fourth quarter of 2021, an increase of 20% (28% on an adjusted basis1) compared to net revenue of $106.8 million for the fourth quarter of 2020. Net income of $51.7 million for the fourth quarter of 2021, compared to a net income $18.3 million for the fourth quarter of 2020, an increase of $33.4 million. Adjusted net income of $54.0 million for the fourth quarter of 2021, compared to an adjusted net income of $19.5 million for the fourth quarter of 2020, an increase of $34.4 million.
“We delivered strong fourth quarter financial results rounding out another transformative year for the Company. In the fourth quarter, we achieved net revenue growth of 20% year-over-year and adjusted net revenue growth of 28%. We generated more than $26 million of Adjusted EBITDA in the fourth quarter, representing 20.5% of net revenue in the period.”Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis
Net revenue of $468.1 million for the year ended December 31, 2021, an increase of 38% (45% on an adjusted basis2), compared to net revenue of $338.3 million for the year ended December 31, 2020.
“I am proud of our team’s dedication and strong execution during 2021, a year in which we delivered impressive financial results including a 45% increase in adjusted net revenue, expansion of both our gross and operating margins and a 130% increase in Adjusted EBITDA, representing 19% of net revenue. We remain confident in our ability to execute our long-term strategic plan of driving strong commercial execution, continued development of our new product pipeline, and improvement of our profitability profile. As always, we are committed to delivering on our mission to provide integrated healing solutions that substantially improve medical outcomes while lowering the overall cost of care.”Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis