Organogenesis Holdings Inc. Reports Third Quarter 2026 Financial Results

CANTON, Mass., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine and tissue innovations company focused on empowering healing through the development, manufacture, and sale of product solutions for the Advanced Wound Care and Surgical & Sports Medicine markets, today reported financial results for the third quarter ended September 30, 2026.

• Net revenue of $45.5 million for the third quarter of 2026, a decrease of $105.0 million compared to net revenue of $150.5 million for the third quarter of 2025. Net revenue for the third quarter of 2026 consists of:

• Net revenue from Advanced Wound Care products of $38.2 million, a decrease of 73% from the third quarter of 2025.

• Net revenue from Surgical & Sports Medicine products of $7.3 million, a decrease of 19% from the third quarter of 2025.

• Net loss of $29.6 million for the third quarter of 2026, compared to net income of $21.6 million for the third quarter of 2025, an increase in net loss of $51.2 million.

• Adjusted net loss of $29.3 million for the third quarter of 2026, compared to adjusted net income of $23.2 million for the third quarter of 2025, an increase in adjusted net loss of $52.5 million.

• Adjusted EBITDA loss of $22.4 million for the third quarter of 2026, compared to Adjusted EBITDA income of $30.1 million for the third quarter of 2025, an increase in Adjusted EBITDA loss of $52.5 million.

“We continue to strengthen our position as a leader in regenerative medicine as customers choose a partner and products they trust,” said Gary S. Gillheeney, Sr., President, Chief Executive Officer and Chair of the Board for Organogenesis. “Third quarter revenue increased sequentially, and our market share gains are broad-based across our portfolio. We are defining a sustainable future for advanced wound care as we emerge from the market reset a stronger company anchored by evidence-based living cell products that we believe will be the cornerstone of the market going forward.”

Net product revenue for the third quarter of 2026 was $45.5 million, compared to $150.5 million for the third quarter of 2025, a decrease of $105.0 million, or 70%. The decrease in net product revenue was driven by a decrease of $103.3 million, or 73%, in net product revenue for Advanced Wound Care products.

Gross profit for the third quarter of 2026 was $23.6 million, or 52% of net product revenue, compared to $114.2 million, or 76% of net product revenue for the third quarter of 2025, a decrease of $90.7 million, or 79%.

Operating expenses for the third quarter of 2026 were $74.9 million compared to $130.1 million for the third quarter of 2025, a decrease of $55.2 million, or 42%. Cost of goods sold was $21.9 million for the third quarter of 2026, compared to $36.3 million for the third quarter of 2025, a decrease of $14.4 million, or 40%. Selling, general and administrative expenses were $45.1 million for the third quarter of 2026, compared to $79.7 million for the third quarter of 2025, a decrease of $34.7 million, or 43%. R&D expense was $8.0 million for the third quarter of 2026, compared to $13.2 million for the third quarter of 2025, a decrease of $5.3 million, or 40%.

Operating loss for the third quarter of 2026 was $29.5 million, compared to an operating income of $20.7 million for the third quarter of 2025, an increase in operating loss of $50.2 million.

Total other expense, net, for the third quarter of 2026 was $0.1 million, compared to total other income, net, of $0.4 million for the third quarter of 2025, a decrease of $0.6 million.

Net loss for the third quarter of 2026 was $29.6 million, or $(0.25) per share, compared to net income of $21.6 million, or $0.11 per share, for the third quarter of 2025, an increase in net loss of $51.2 million, or $(0.36) per share.

Adjusted net loss was $29.3 million for the third quarter of 2026, compared to adjusted net income of $23.2 million for the third quarter of 2025, an increase in adjusted net loss of $52.5 million.

Adjusted EBITDA loss was $22.4 million for the third quarter of 2026, compared to Adjusted EBITDA income of $30.1 million for the third quarter of 2025, an increase in Adjusted EBITDA loss of $52.5 million.

Non-GAAP operating loss was $29.1 million for the third quarter of 2026, compared to non-GAAP operating income of $23.0 million for the third quarter of 2025, an increase in non-GAAP operating loss of $52.1 million.

Net product revenue for the nine months ended September 30, 2026 was $124.5 million, compared to $338.0 million for the nine months ended September 30, 2025, a decrease of $213.4 million, or 63%. The decrease in net product revenue was driven by a decrease of $210.3 million, or 67%, in net product revenue for Advanced Wound Care products.

Gross profit for the nine months ended September 30, 2026 was $53.2 million, or 43% of net product revenue, compared to $250.4 million, or 74% of net product revenue for the nine months ended September 30, 2025, a decrease of $197.2 million, or 79%.

Operating expenses for the nine months ended September 30, 2026 were $275.8 million compared to $357.2 million for the nine months ended September 30, 2025, a decrease of $81.3 million, or 23%. Cost of goods sold was $71.3 million for the nine months ended September 30, 2026, compared to $87.6 million for the nine months ended September 30, 2025, a decrease of $16.3 million, or 19%. Selling, general and administrative expenses were $164.2 million for the nine months ended September 30, 2026, compared to $226.1 million for the nine months ended September 30, 2025, a decrease of $61.8 million, or 27%. R&D expense was $41.4 million for the nine months ended September 30, 2026, compared to $34.3 million for the nine months ended September 30, 2025, an increase of $7.2 million, or 21%.

Operating loss for the nine months ended September 30, 2026 was $149.4 million, compared to an operating loss of $18.6 million for the nine months ended September 30, 2025, an increase in operating loss of $130.8 million.

Total other income, net, for the nine months ended September 30, 2026 was $0.4 million, compared to $2.1 million for the nine months ended September 30, 2025, a decrease of $1.7 million.

Net loss for the nine months ended September 30, 2026 was $179.1 million, or $(1.47) per share, compared to net loss of $6.7 million, or $(0.12) per share, for the nine months ended September 30, 2025, an increase in net loss of $172.4 million, or $(1.35) per share.

Adjusted net loss was $162.1 million for the nine months ended September 30, 2026, compared to adjusted net income of $2.3 million for the nine months ended September 30, 2025, an increase in adjusted net loss of $164.4 million.

Adjusted EBITDA loss was $104.9 million for the nine months ended September 30, 2026, compared to Adjusted EBITDA income of $14.0 million for the nine months ended September 30, 2025, an increase in Adjusted EBITDA loss of $118.9 million.

Non-GAAP operating loss was $126.1 million for the nine months ended September 30, 2026, compared to non-GAAP operating loss of $6.3 million for the nine months ended September 30, 2025, an increase in non-GAAP operating loss of $119.8 million.

As of September 30, 2026, the Company had $26.9 million in cash, cash equivalents and restricted cash and no outstanding debt obligations, compared to $94.3 million in cash, cash equivalents and restricted cash and no outstanding debt obligations as of December 31, 2025.

Fiscal Year 2026 Outlook:

For the year ending December 31, 2026, the Company now expects:

• Total net revenue between $179.4 million and $200.0 million, representing a decline in the range of 65% to 68%, as compared to total net revenue of $564.2 million for the year ended December 31, 2025.

• Our updated total revenue guidance continues to reflect the expectation that we see sequential improvement in our revenue trends in the fourth quarter, however, at a more measured rate versus what our prior guidance assumed, resulting in a second half revenue decline in the range of approximately 68% to 74% year over year, and compared to our prior guidance range which assumed a decline in the range of 64% to 74% year-over-year.

Management will host a conference call at 5:00 p.m. Eastern Time on November 5th to discuss the results of the quarter, and to provide a corporate update with a question and answer session. Those who would like to participate may access the live webcast here, or access the teleconference here. The live webcast can also be accessed via the company’s website at investors.organogenesis.com. The webcast will be archived on the company website for approximately one year.

Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Our management uses Adjusted EBITDA, adjusted net income (loss) and non-GAAP operating income (loss) to evaluate our operating performance and trends and make planning decisions. Our management believes Adjusted EBITDA, adjusted net income (loss) and non-GAAP operating income (loss) help identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that Adjusted EBITDA, adjusted net income (loss) and non-GAAP operating income (loss) provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.

Adjusted EBITDA

Adjusted EBITDA consists of GAAP net loss excluding: (i) interest (income) expense, net, (ii) income tax (benefit) expense, (iii) depreciation and amortization, (iv) amortization of intangible assets, (v) stock-based compensation expense, and (vi) additional infrequently occurring adjustments described in more detail below.

The following table presents a reconciliation of GAAP net income (loss) to non-GAAP EBITDA and non-GAAP Adjusted EBITDA, for the periods presented:

Adjusted Net Income (Loss)

Adjusted net loss is defined as GAAP net income (loss) plus (i) amortization of intangible assets and (ii) additional infrequently occurring adjustments described in more detail below, less the estimated tax on these adjustments.

The following table presents a reconciliation of GAAP net loss to non-GAAP adjusted net income (loss), for the periods presented:

Non-GAAP Operating Income (Loss)

Non-GAAP operating income (loss) is defined as GAAP income (loss) from operations plus (i) amortization of intangible assets and (ii) additional infrequently occurring adjustments described in more detail below.

The following table presents a reconciliation of GAAP income (loss) from operations to non-GAAP operating income (loss), for the periods presented:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include statements relating to the Company’s expected revenue, competitive positioning and long-term opportunities. Forward-looking statements with respect to the operations of the Company, strategies, prospects, and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact of any changes to the coverage and reimbursement levels for the Company’s products, particularly in light of CMS’ updated 2026 Medicare reimbursement and coverage changes; (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company’s products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete; (4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company’s ability to raise funds to expand its business; (6) the Company has incurred losses in the prior periods and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company’s ability to maintain production or obtain supply of its products in sufficient quantities to meet demand; (10) the Company’s ability to build out its Smithfield, Rhode Island facility on time and on budget; (11) whether (and on what timeline) the Company is able to obtain regulatory approval for and successfully commercialize Amnuvx; and (12) other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of the Company’s Form 10-K for the year ended December 31, 2025 and its subsequently filed periodic reports. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

About Organogenesis Holdings Inc. Organogenesis Holdings Inc. is a leading regenerative medicine and tissue innovations company focused on empowering healing through the development, manufacture, and sale of solutions for the Advanced Wound Care and Surgical & Sports Medicine markets. Organogenesis offers a comprehensive portfolio of innovative regenerative products to address patient needs across the continuum of care. For more information, visit www.organogenesis.com.