Published on 29 Feb 2024 on GuruFocus.com via Yahoo Finance
Organogenesis Holdings Inc (ORGO) Faces Revenue Decline in Q4 and FY 2023, Aims for Growth in 2024
Net Revenue: Decreased by 14% in Q4 2023 and 4% for FY 2023 compared to the previous year.Net Income: Dropped significantly to $4.9 million for FY 2023 from $15.5 million in FY 2022.Adjusted EBITDA: Fell to $42.6 million for FY 2023, reflecting a decrease of $6.7 million year-over-year.Advanced Wound Care Products: Remained the largest revenue contributor despite a 4% decline.2024 Guidance: Anticipates net revenue growth of 3% to 9% year-over-year, with a focus on product launches and commercial support programs.
Warning! GuruFocus has detected 5 Warning Sign with ORGO.
On February 29, 2024, Organogenesis Holdings Inc (NASDAQ:ORGO), a leader in regenerative medicine, announced its financial results for the fourth quarter and fiscal year 2023. The company, which specializes in advanced wound care and surgical & sports medicine products, experienced a downturn in both quarterly and annual revenue. Organogenesis Holdings Inc released its 8-K filing detailing the financial performance and providing guidance for the fiscal year 2024.