Organogenesis Holdings Inc.

Listed Company

ORGOCIK 0001661181NasdaqAcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$564.17M

Net Income

$37.03M

Total Assets

$598.73M

Equity

$300.13M

Shares Out

128.64M

Op. Cash Flow

$-10.31M

Business

Organogenesis is a regenerative medicine and tissue innovations company that develops, manufactures and sells products for the advanced wound care and surgical & sports medicine markets. Its main products include Apligraf, Dermagraft, the PuraPly family (including PuraPly AM), CYGNUS Dual, Affinity, Novachor, NuShield, PuraForce, TransCyte, ReNu and other placental- and collagen-based biologics and devices. The company operates through two primary business segments: Advanced Wound Care and Surgical & Sports Medicine, supported by R&D, manufacturing and commercial functions. It distributes primarily in the United States via a direct sales force and independent agencies to hospitals, wound care centers, ASCs, physician offices and government facilities, with selective international sales.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	564	482	433	451	467
Cost of goods sold	138	116	106	—	—
Selling, general and administrative	326	295	270	284	250
Research and development	45	50	44	40	31
Write-down to fair value for asset held for sale	11	—	—	—	—
Impairment of property and construction	—	19	0	0	—
Write-down of capitalized internal-use software costs	—	4	0	0	—
Total operating expenses	519	483	421	324	281
Income (loss) from operations	45	−1	13	22	72
Interest income (expense), net	2	−2	−2	−2	—
Other income (expense), net	−5,000	20,000	57,000	−13,000	−13,000
Total other income (expense), net	2	−2	−2	−2	−9
Net income (loss) before income taxes	47	−3	10	20	63
Income tax benefit (expense)	−10	4	−5	−5	31
Net income (loss) and comprehensive income (loss)	37	861,000	5	16	94
Accretion of redeemable convertible preferred stock to redemption value	−540,000	−412,000	0	0	—
Cumulative dividend on redeemable convertible preferred stock	−11	−1	0	0	—
Undistributed earnings allocated to participating redeemable convertible preferred stock	−6	—	—	—	—
Net income (loss) attributable to common stockholders - basic	20	−937,000	5	16	95
Net income (loss) attributable to common stockholders - diluted	20	−937,000	5	16	—
Basic (per share)	0.16	−0.01	0.04	0.12	0.73
Diluted (per share)	0.15	−0.01	0.04	0.12	0.7
Basic (shares)	127	132	131	130	128
Diluted (shares)	130	132	133	132	134

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-03-31
Cash and cash equivalents	94	136	104	102	—
Restricted cash	652,000	580,000	498,000	812,000	—
Accounts receivable, net of allowance for credit losses of $17,467 and $9,576	217	110	82	89	—
Inventories, net	30	26	28	25	—
Asset held for sale (Note 8)	2	—	—	—	—
Prepaid expenses and other current assets	18	14	10	5	—
Total current assets	362	286	225	223	—
Property and equipment, net	104	89	116	102	—
Intangible assets, net	9	12	16	21	—
Goodwill	29	29	29	29	—
Operating lease right-of-use assets, net	56	37	40	43	—
Deferred tax asset, net	30	39	28	30	—
Other assets	9	5	6	2	—
Total assets	599	498	460	449	—
Current portion of finance lease obligations	9	1	1	—	—
Current portion of operating lease obligations - related party	4	4	8	3	—
Current portion of operating lease obligations	5	4	5	9	—
Accounts payable	32	29	31	32	—
Accrued expenses and other current liabilities	50	39	30	26	34
Total current liabilities	100	77	81	75	78
Finance lease obligations, net of current portion	13	718,000	2	—	—
Operating lease obligations, net of current portion - related party	28	8	12	20	—
Operating lease obligations, net of current portion	22	25	25	21	—
Other liabilities	1	894,000	1	1	—
Total liabilities	165	113	181	184	195
Commitments and contingencies (Note 20)	—	—	—	—	—
Series A redeemable convertible preferred stock, $0.0001 par value; 130,000 shares authorized, issued and outstanding; liquidation preference of $142,217 and $131,387 at December 31, 2025 and 2024, respectively.	134	122	—	—	—
Preferred stock, $0.0001 par value; 870,000 shares authorized; none issued or outstanding	—	—	—	—	—
Common stock, $0.0001 par value; 400,000,000 shares authorized; 127,680,424 and 126,458,784 shares issued; 126,951,876 and 125,730,236 shares outstanding at December 31, 2025 and 2024, respectively	13,000	13,000	13,000	13,000	—
Additional paid-in capital	303	303	320	311	—
Accumulated deficit	−3	−40	−41	−45	−62
Total stockholders' equity	300	263	279	266	242
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	599	498	460	449	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	15	14	10	6	—
Amortization of intangible assets	3	3	5	5	5
Reduction in the carrying value of right-of-use assets	8	8	8	7	6
Non-cash interest expense	375,000	394,000	427,000	434,000	346,000
Deferred interest expense	—	305,000	490,000	501,000	1
Deferred tax expense (benefit)	10	−11	2	2	−32
Loss on disposal of property and equipment	188,000	1	235,000	4	1
Loss on lease termination	—	0	559,000	0	—
Loss on extinguishment of term loan	—	215,000	0	0	—
Provision recorded for credit losses	8	4	1	2	3
Adjustment for excess and obsolete inventories	15	8	7	10	12
Stock-based compensation	13	11	9	7	4
Accounts receivable	−116	−32	6	−9	−29
Inventories	−18	−6	−8	−9	−9
Prepaid expenses and other current and other assets	−183,000	−3	−10	−378,000	−34,000
Operating leases	−8	−14	−8	−7	−6
Accounts payable	−528,000	−2	−108,000	3	4
Accrued expenses and other current liabilities	10	9	3	−12	9
Other liabilities	158,000	−1	91,000	72,000	−6
Net cash provided by (used in) operating activities	−10	14	31	25	62
Purchases of property and equipment	−14	−10	−24	−34	−31
Net cash used in investing activities	−14	−10	−24	−34	−31
Construction of landlord assets, net of tenant allowance	−14	—	—	—	—
Term loan repayments under the 2021 Credit Agreement	—	−67	−5	−3	−938,000
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	—	121	0	0	—
Payments for the repurchase of common stock	—	−25	0	0	—
Principal repayments of finance lease obligations	−1	−1	−485,000	−200,000	−3
Proceeds from the exercise of stock options	157,000	1	0	2	2
Payments of withholding taxes in connection with RSUs vesting	−2	−1	−332,000	−648,000	−737,000
Net cash provided by (used in) financing activities	−17	28	−6	−2	−1
Change in cash, cash equivalents and restricted cash	−42	32	1	−11	30
Cash paid for interest	—	5	5	3	6
Cash paid for income taxes	5	7	3	1	607,000
Cumulative effect adjustment for adoption of ASU No. 2016-13	—	0	615,000	0	—
Change in purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	715,000	−432,000	841,000	2	—
Right-of-use assets obtained through operating lease obligations	27	5	6	1	54
Right-of-use assets obtained through finance lease obligations	22	0	3	0	—
Redeemable convertible preferred stock issuance costs included in accrued expenses	—	67,000	0	0	—
Prepaid rent reclassified to right-of-use assets	—	230,000	—	—	—
Landlord asset additions included in accounts payable and other liabilities, net of tenant allowances	3	—	—	—	—
Accretion to redemption value and cumulative dividends on redeemable convertible preferred stock	11	2	0	0	—

Filings

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