Organogenesis Holdings Inc. reported a net revenue of $482.0 million for the fiscal year ended December 31, 2024, representing an increase of 11% from $433.1 million in 2023. The growth was primarily driven by a 12% increase in sales from the Advanced Wound Care segment, which generated $453.6 million, up from $405.5 million the previous year. In contrast, revenue from the Surgical & Sports Medicine segment saw a modest increase of 3%, totaling $28.4 million compared to $27.6 million in 2023. The company achieved a net income of $0.9 million, a significant decline from $4.9 million in the prior year, largely due to increased operating expenses, including a notable $18.8 million impairment charge related to property and construction.
The company's total operating expenses rose to $367.6 million in 2024, up from $314.1 million in 2023, driven by higher selling, general, and administrative costs, which increased by 9% to $294.5 million. This rise was attributed to increased royalty expenses and facility-related costs. Research and development expenses also grew by 13% to $50.3 million, reflecting ongoing investments in clinical trials and product development. The company recorded a gross profit of $366.3 million, up 12% from $326.7 million in 2023, indicating improved profitability despite rising costs.
In terms of strategic developments, Organogenesis entered a license and manufacturing agreement with Vivex Biologics, allowing it to sell certain products, including CYGNUS Dual and Matrix. The company also secured a lease for a new biomanufacturing facility in Smithfield, Rhode Island, which is expected to enhance production capabilities starting in 2027. Additionally, in November 2024, Organogenesis raised $130 million through the issuance of Series A Convertible Preferred Stock, which will be used to fund growth initiatives and repurchase shares of Class A common stock.
As of December 31, 2024, Organogenesis employed approximately 869 individuals and had 256 direct sales representatives, supported by around 160 independent agencies. The company is focused on expanding its geographic reach and product offerings, particularly in international markets, while continuing to enhance its sales and marketing infrastructure. The management anticipates that the ongoing clinical studies and product pipeline will further strengthen its market position in the advanced wound care and surgical medicine sectors.
Looking ahead, Organogenesis remains optimistic about its growth trajectory, despite the challenges posed by regulatory changes and market competition. The company plans to continue investing in research and development to support its product pipeline and enhance its existing offerings. However, it acknowledges potential risks related to reimbursement policies, market acceptance, and operational execution that could impact future performance.
About Organogenesis Holdings Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.