Regenerative medicine company Organogenesis Holdings Inc. (ORGO:NASDAQ), which is engaged in designing, manufacturing and selling products used in surgical and sports medicine markets and advanced wound care, yesterday afternoon announced financial results for the fourth quarter and full year of 2021 ended December 31, 2021.
Organogenesis Holdings indicated that in Q4/21, net revenue increased by 20% to $128.6 million, compared to $106.8 million in Q4/20. The firm advised that during the latest quarter, Advanced Wound Care products rose 30% year-over-year to $121.4 million and Surgical & Sports Medicine products increased by 45% y-o-y to $7.2 million.
The firm noted that in Q4/21, net revenues from PuraPly products increased by 38% y-o-y to $62.6 million, while its net revenues non-PuraPly products sales were up 7% y-o-y at $66.0 million.
The company earned net income of $51.7 million, or $0.39 per diluted share in Q4/21, versus $18.3 million, or $0.15 per diluted share in Q4/20.
For FY/21 Organogenesis reported that net revenue increased by 38% to $468.1 million, compared to net revenue of $338.3 million during FY/20. The bulk of the revenue was generated from sales of its Advanced Wound Care products which increase by 46% y-o-y to $430.8 million, compared to $294.6 million in FY/20. During the same period, the firm advised that Surgical & Sports Medicine products revenue decreased by 15% y-o-y to $37.2 million.
The company indicated that during FY21, PuraPly products net revenues increased by 35% y-o-y to $198.5 million and non-PuraPly products net revenues were up 41% y-o-y at $269.6 million.
The firm listed that it earned net income of $94.9 million, or $0.71 per dilute share in FY/21, versus net income of $17.2 million, or $0.15 per diluted share in FY/20.
The company's President and CEO Gary S. Gillheeney, Sr., commented, "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."
"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," Gillheeney, Sr. added.
Organogenesis Holdings offered some forward guidance and advised that for FY/22 it Expects net revenue to increase by 4-10% to between $485-515 million. The company indicated that the revenue estimates are based upon Advanced Wound Care products sales of $455-481 million and Surgical & Sports Medicine products sales of $30-34 million.
The firm added that for FY/21 it expects net income of $56.5-$71.5 million and adjusted net income of $60.2-75.2 million.
Organogenesis is headquartered in Canton, Mass and is a regenerative medicine firm that produces bioactive and acellular biomaterials products. The company's products are utilized in advanced wound care treatment and surgical biologics in applications including orthopedics, sports medicine and spinal care. The firm's wound care products are designed for use in treatment of chronic and acute wounds and its surgical and sports medicine products are utilized in the treatment of musculoskeletal injuries and degenerative conditions such as tendonitis and osteoarthritis.
Organogenesis Holdings started the day with a market cap of around $931.4 million with approximately 128.6 million shares outstanding and a short interest of about 8.0%. ORGO shares opened 12% higher today at $8.14 (+$0.90, +12.43%) over yesterday's $7.24 closing price. The stock has traded today between $7.96 and $9.27 per share and is currently trading at $8.90 (+$1.66, +22.93%).
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