Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative
medicine company focused on the development, manufacture, and
commercialization of product solutions for the Advanced Wound Care
and Surgical & Sports Medicine markets, today reported
financial results for its first quarter ended March 31, 2019.
First Quarter 2019 Financial
Summary:
- Net revenue of $57.1 million for the first quarter of 2019, up
60.8% compared to net revenue of $35.5 million for the first
quarter of 2018. Net revenue comprised:
- Net revenue from Advanced Wound Care products of $47.8 million,
up 63.7% from the first quarter of 2018.
- Net revenue from Surgical & Sports Medicine products of
$9.3 million, up 47.2% from the first quarter of 2018.
- Net revenue from the sale of PuraPly products of $25.4 million
for the first quarter of 2019, up 139.1% from the first quarter of
2018.
- Net revenue from the sale of non-PuraPly products of $31.7
million for the first quarter of 2019, up 27.3% from the first
quarter of 2018.
- Net loss was $15.7 million, compared to a net loss of $22.5
million for the first quarter of 2018.
- Adjusted EBITDA loss of $9.4 million, compared to Adjusted
EBITDA loss of $17.3 million for the first quarter of 2018.
First Quarter 2019 and Recent
Highlights:
- On March 4, 2019, the Company presented a new case series
published in Plastic and Reconstructive Surgery - Global Open
suggesting that PuraPly® Antimicrobial (PuraPly AM) positively
affects the course of healing in a variety of complex, chronic
wounds that were previously unresponsive to treatment.
- On March 14, 2019, the Company entered into a new credit
agreement with Silicon Valley Bank and MidCap Financial, providing
an aggregate principal amount of $100 million consisting of a $60
million term loan and a $40 million revolving credit facility.
- On March 14, 2019, Jack Farr, MD, Medical Director of the
Cartilage Research Center of Indiana presented clinical trial
results demonstrating the effectiveness of ReNu® in treating
symptoms associated with knee osteoarthritis at the American
Academy of Orthopedic Surgeons Annual Meeting.
- On May 1, 2019, the Company announced that it received an
Innovative Technology contract from Vizient, Inc. for its portfolio
of Advanced Wound Care and Surgical & Sports Medicine
products.
“2019 is off to a strong start,” said Gary S. Gillheeney, Sr.,
President and Chief Executive Officer of Organogenesis. “We
delivered significant year-over-year revenue growth across both our
Advanced Wound Care and Surgical & Sports Medicine portfolios
driven by strong sales of our PuraPly and amnion products. With
successful execution against our commercial strategy, we leveraged
PuraPly’s pass through advantage to gain new PuraPly accounts,
drive customer and clinician adoption of PuraPly deeper into
existing accounts, and drive sales of our other products into
accounts that had previously only purchased PuraPly. Strong
execution from our sales team also drove penetration of our amnion
products into existing and new accounts despite suspension of
Affinity production in Q1 2019. Additionally, we grew our customer
base across both our Advanced Wound Care and Surgical & Sports
Medicine portfolios, and continued to build our commercial
infrastructure by adding direct sales representatives and agencies.
Based on our solid first quarter financial results and our
expectation for continued strong commercial execution, we have
increased our 2019 full year financial guidance.”
Mr. Gillheeney, Sr. continued: “We remain committed to
delivering on our mission to provide integrated healing solutions
that substantially improve medical outcomes and the lives of
patients, while lowering the overall cost of care. To that end, we
recently announced that we received an ‘Innovative Technology’
contract from Vizient, Inc., the largest health care performance
improvement company in the country as part of Vizient’s move to
value-based care.”
Net Revenue Summary:
The following table represents revenue by
product grouping for the three months ended March 31, 2019:
|
Three Months Ended March 31, |
|
Increase/Decrease |
|
(In thousands) |
2019 |
|
2018 |
|
$ Change |
|
% Change |
|
|
Advanced Wound Care |
$ |
47,844 |
|
|
$ |
29,223 |
|
|
$ |
18,621 |
|
|
63.7 |
% |
|
Surgical & Sports Medicine |
9,279 |
|
|
6,306 |
|
|
2,973 |
|
|
47.2 |
% |
|
Net revenue |
$ |
57,123 |
|
|
$ |
35,529 |
|
|
$ |
21,594 |
|
|
60.8 |
% |
|
First Quarter 2019 Results:
Net revenue for the first quarter of 2019 was $57.1 million,
compared to $35.5 million for the first quarter of 2018, an
increase of $21.6 million, or 60.8%. The increase in net revenue
was driven by a $18.6 million increase in net revenue of Advanced
Wound Care products and a $3.0 million increase in net revenue of
Surgical & Sports Medicine products, representing growth of
63.7% and 47.2%, respectively, compared to the first quarter of
2018. The increase in Advanced Wound Care net revenue was primarily
attributable to additional sales personnel, PuraPly regaining
pass-through reimbursement status for the two-year period effective
October 1, 2018 and the continued growth in adoption of our amnion
products. The increase in Surgical & Sports Medicine revenue
was primarily due to the expansion of the sales force and
penetration of existing and new customer accounts. Net revenue of
PuraPly products for the first quarter of 2019 was $25.4 million,
compared to $10.6 million for the first quarter of 2018, an
increase of $14.8 million, or 139.1%. Net revenue of PuraPly
products represented approximately 45% of net revenue in the first
quarter of 2019, compared to 30% of net revenue in the first
quarter of 2018.Gross profit for the first quarter of 2019 was
$40.1 million or 70.3% of net revenue, compared to $21.0 million,
or 59.1% of net revenue, for the first quarter of 2018, an increase
of $19.1 million, or 91.1%. The improvement in gross profit and
gross profit margin percentage resulted primarily from a more
favorable product mix of revenue in the first quarter of 2019,
PuraPly regaining pass-through reimbursement status, and
volume-based manufacturing efficiencies.
Operating expenses for the first quarter of 2019 were $52.3
million, compared to $41.0 million for the first quarter of 2018,
an increase of $11.3 million, or 27.5%. The increase in operating
expenses in the first quarter of 2019 as compared to the first
quarter of 2018 was driven primarily by higher selling, general and
administrative expenses which increased to $48.9 million, compared
to $38.2 million in the first quarter of 2018, an increase of $10.7
million, or 28.1%. The increase in selling, general and
administrative expenses is primarily due to additional headcount,
predominantly in the direct sales force, higher sales commissions
and increased marketing and promotional expenses for the Company’s
products. R&D expense was $3.4 million for the first quarter of
2019, compared to $2.8 million in the first quarter of 2018, an
increase of $0.5 million, or 19.4%. The increase in R&D was
driven by additional headcount and continued and new investment in
clinical programs.
Operating loss for the first quarter of 2019 was $12.1 million,
compared to an operating loss of $20.0 million for the first
quarter of 2018, a decrease of $7.9 million, or 39.3%. Total other
expenses, net, for the first quarter of 2019 were $3.5 million,
compared to $2.5 million for the first quarter of 2018, an increase
of $1.0 million, or 41.5%. The increase was driven primarily by a
$1.9 million non-cash loss on the extinguishment of debt and
entering into the Company’s new $100 million credit agreement with
Silicon Valley Bank and MidCap Financial.
Net loss for the first quarter of 2019 was $15.7 million, or
$0.17 per share, compared to a net loss of $22.5 million, or $0.35
per share, for the first quarter of 2018, a decrease of $6.8
million, or 30.3%.
As of March 31, 2019, the Company had $30.6 million in cash and
$88.1 million in debt obligations, of which $17.4 million were
capital lease obligations, compared to $21.3 million in cash and
$59.3 million in debt obligations, of which $17.7 million were
capital lease obligations, as of December 31, 2018.
Fiscal Year 2019 Revenue
Guidance:
The Company is updating its fiscal year 2019 revenue
expectations. For the twelve months ending December 31, 2019, the
Company expects:
- Net revenue of between $249 million and $262 million,
representing growth of approximately 29% to 35% year-over-year, as
compared to net revenue of $193.4 million for the twelve months
ended December 31, 2018.
- The 2019 net revenue forecast assumes:
- Net revenue from Advanced Wound Care products of between
$219 million and $229 million, representing growth of
approximately 33% to 39% year-over-year as compared to net revenue
of $164.3 million for the twelve months ended December 31,
2018.
- Net revenue from Surgical & Sports Medicine products
of between $30 million and $33 million, representing
growth of approximately 3% to 13% year-over-year as compared to net
revenue of $29.1 million for the twelve months ended December
31, 2018.
- The 2019 net revenue guidance range also assumes that net
revenue from the sale of PuraPly products will represent between
$96 million and $103 million of net revenue, representing
growth of approximately 38% to 48% year-over-year, as compared to
net revenue of $69.8 million for the twelve months ended December
31, 2018.
Conference
Call:
Management will host a conference call at 8:00 a.m. Eastern Time
on May 10 to discuss the results of the quarter with a question and
answer session. Those who would like to participate may dial
866-795-3142 (409-937-8908 for international callers) and provide
access code 4572798. A live webcast of the call will also be
provided on the investor relations section of the Company's website
at investors.organogenesis.com.
For those unable to participate, a replay of the call will be
available for two weeks at 855-859-2056 (404-537-3406 for
international callers); access code 4572798. The webcast will be
archived at investors.organogenesis.com.
Forward-Looking StatementsThis 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 for fiscal 2019 and the breakdown of
such revenue in both its Advanced Wound Care and Surgical &
Sports Medicine categories as well as the estimated revenue
contribution of its PuraPly products. 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 Company has incurred significant
losses since inception and anticipates that it will incur
substantial losses for the foreseeable future; (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 impact of any changes
to the reimbursement levels for the Company’s products and the
impact to the Company of the loss of preferred “pass through”
status for PuraPly AM and PuraPly on October 1, 2020; (7) the
Company’s ability to maintain compliance with applicable Nasdaq
listing standards; (8) changes in applicable laws or regulations;
(9) the possibility that the Company may be adversely affected by
other economic, business, and/or competitive factors; and (10)
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, 2018. 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 company offering a
portfolio of bioactive and acellular biomaterials products in
advanced wound care and surgical biologics, including orthopedics
and spine. Organogenesis’s comprehensive portfolio is designed to
treat a variety of patients with repair and regenerative needs. For
more information, visit www.organogenesis.com.
ORGANOGENESIS HOLDINGS
INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share
amounts)
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
30,561 |
|
|
$ |
21,291 |
|
Restricted cash |
|
102 |
|
|
|
114 |
|
Accounts receivable, net |
|
32,509 |
|
|
|
34,077 |
|
Inventory |
|
17,972 |
|
|
|
13,321 |
|
Prepaid expenses and other current assets |
|
3,918 |
|
|
|
2,328 |
|
Total current assets |
|
85,062 |
|
|
|
71,131 |
|
Property and equipment,
net |
|
39,454 |
|
|
|
39,623 |
|
Notes receivable from related
parties |
|
496 |
|
|
|
477 |
|
Intangible assets, net |
|
24,592 |
|
|
|
26,091 |
|
Goodwill |
|
25,539 |
|
|
|
25,539 |
|
Deferred tax asset |
|
238 |
|
|
|
238 |
|
Other assets |
|
1,072 |
|
|
|
579 |
|
Total assets |
$ |
176,453 |
|
|
$ |
163,678 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Deferred acquisition consideration |
$ |
5,000 |
|
|
$ |
5,000 |
|
Redeemable common stock liability |
|
- |
|
|
|
6,762 |
|
Current portion of notes payable |
|
- |
|
|
|
2,545 |
|
Current portion of capital lease obligations |
|
2,337 |
|
|
|
2,236 |
|
Accounts payable |
|
24,575 |
|
|
|
19,165 |
|
Accrued expenses and other current liabilities |
|
20,395 |
|
|
|
20,388 |
|
Total current liabilities |
|
52,307 |
|
|
|
56,096 |
|
Line of credit |
|
30,984 |
|
|
|
26,484 |
|
Notes payable, net of current
portion |
|
- |
|
|
|
12,578 |
|
Term loan |
|
39,635 |
|
|
|
- |
|
Deferred rent, net of current
portion |
|
179 |
|
|
|
130 |
|
Capital lease obligations, net
of current portion |
|
15,109 |
|
|
|
15,418 |
|
Other liabilities |
|
5,680 |
|
|
|
5,931 |
|
Total liabilities |
|
143,894 |
|
|
|
116,637 |
|
Commitments and contingencies
(Note 13) |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.0001 par value; 400,000,000 shares authorized;
92,044,587 and 91,261,413 shares issued; 91,316,039 and 91,261,413
shares outstanding at March 31, 2019 and December 31, 2018,
respectively. |
|
9 |
|
|
|
9 |
|
Additional paid-in
capital |
|
178,124 |
|
|
|
177,272 |
|
Accumulated deficit |
|
(145,574 |
) |
|
|
(130,240 |
) |
Total stockholders' equity |
|
32,559 |
|
|
|
47,041 |
|
Total liabilities and stockholders' equity |
$ |
176,453 |
|
|
$ |
163,678 |
|
ORGANOGENESIS HOLDINGS INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share and per share
amounts)
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
(in thousands) |
Net revenue |
$ |
57,123 |
|
|
$ |
35,529 |
|
Cost of goods sold |
|
16,980 |
|
|
|
14,521 |
|
Gross profit |
|
40,143 |
|
|
|
21,008 |
|
Operating expenses: |
|
|
|
Selling, general and administrative |
|
48,893 |
|
|
|
38,165 |
|
Research and development |
|
3,371 |
|
|
|
2,824 |
|
Total operating expenses |
|
52,264 |
|
|
|
40,989 |
|
Loss from operations |
|
(12,121 |
) |
|
|
(19,981 |
) |
Other income (expense),
net: |
|
|
|
Interest expense |
|
(1,797 |
) |
|
|
(2,429 |
) |
Interest income |
|
19 |
|
|
|
19 |
|
Change in fair value of warrants |
|
- |
|
|
|
(74 |
) |
Loss on the extinguishment of debt |
|
(1,862 |
) |
|
|
- |
|
Other income, net |
|
132 |
|
|
|
5 |
|
Total other income (expense), net |
|
(3,508 |
) |
|
|
(2,479 |
) |
Net loss before income
taxes |
|
(15,629 |
) |
|
|
(22,460 |
) |
Income tax expense |
|
(37 |
) |
|
|
(28 |
) |
Net loss |
$ |
(15,666 |
) |
|
$ |
(22,488 |
) |
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.17 |
) |
|
$ |
(0.35 |
) |
Weighted average common shares
outstanding - basic and diluted |
|
90,604,107 |
|
|
|
64,320,931 |
|
ORGANOGENESIS
HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
|
|
|
|
|
Three Months Ended March
31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Cash flows
from operating activities: |
|
|
|
Net
loss |
$ |
(15,666 |
) |
|
$ |
(22,488 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation |
|
902 |
|
|
|
872 |
|
Amortization of intangible assets |
|
1,498 |
|
|
|
917 |
|
Non-cash interest expense |
|
170 |
|
|
|
239 |
|
Non-cash interest income |
|
(19 |
) |
|
|
(20 |
) |
Non-cash rent expense |
|
49 |
|
|
|
14 |
|
Benefit recorded for sales returns and doubtful accounts |
|
(76 |
) |
|
|
(208 |
) |
Provision recorded for inventory reserve |
|
520 |
|
|
|
1,482 |
|
Stock-based compensation |
|
224 |
|
|
|
317 |
|
Change in fair value of warrant liability |
|
- |
|
|
|
73 |
|
Loss on extinguishment of debt |
|
1,862 |
|
|
|
- |
|
Changes in fair value of forfeiture rights |
|
- |
|
|
|
589 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
2,474 |
|
|
|
7,547 |
|
Inventory |
|
(5,339 |
) |
|
|
(2,282 |
) |
Prepaid expenses and other current assets |
|
(963 |
) |
|
|
(1,352 |
) |
Accounts payable |
|
4,882 |
|
|
|
9,706 |
|
Accrued expenses and other current liabilities |
|
176 |
|
|
|
(789 |
) |
Accrued interest - affiliate debt |
|
- |
|
|
|
797 |
|
Other liabilities |
|
(252 |
) |
|
|
129 |
|
Net cash used in operating activities |
|
(9,558 |
) |
|
|
(4,457 |
) |
Cash flows
from investing activities: |
|
|
|
Purchases of
property and equipment |
|
(317 |
) |
|
|
(65 |
) |
Net cash used in investing activities |
|
(317 |
) |
|
|
(65 |
) |
Cash flows
from financing activities: |
|
|
|
Line of credit
borrowings |
|
4,500 |
|
|
|
3,075 |
|
Proceeds from term
loan |
|
40,000 |
|
|
|
- |
|
Repayment of notes
payable |
|
(17,585 |
) |
|
|
(10 |
) |
Proceeds from the
exercise of stock options |
|
- |
|
|
|
44 |
|
Redemption of
redeemable common stock |
|
(6,762 |
) |
|
|
- |
|
Principal
repayments of capital lease obligations |
|
(209 |
) |
|
|
(18 |
) |
Payment of debt
issuance costs |
|
(811 |
) |
|
|
(9 |
) |
Net cash provided by financing activities |
|
19,133 |
|
|
|
3,082 |
|
Change in
cash and restricted cash |
|
9,258 |
|
|
|
(1,440 |
) |
Cash and
restricted cash, beginning of period |
|
21,405 |
|
|
|
2,358 |
|
Cash and
restricted cash, end of period |
$ |
30,663 |
|
|
$ |
918 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for
interest |
$ |
1,627 |
|
|
$ |
1,650 |
|
Cash paid for
income taxes |
$ |
58 |
|
|
$ |
1 |
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
Debt issuance
costs included in accounts payable |
$ |
113 |
|
|
$ |
- |
|
Purchases of
property and equipment in accounts payable and accrued
expenses |
$ |
415 |
|
|
$ |
715 |
|
Exercise of common
stock warrants included in prepaids and other current
assets |
$ |
628 |
|
|
$ |
- |
|
Use of Non‑GAAP MeasuresOur 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 principally as a measure of our operating
performance and believes Adjusted EBITDA helps 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 provides useful information to investors and others in
understanding and evaluating our operating results, enhancing the
overall understanding of our past performance and future prospects,
and allowing for greater transparency with respect to key financial
metrics used by our management in its financial and operational
decision‑making.
We define EBITDA as net income (loss) before depreciation and
amortization, net interest expense and income taxes and we define
Adjusted EBITDA as EBITDA, further adjusted for the impact of
certain items that we do not consider indicative of our core
operating performance. These items consist of non-cash equity
compensation, mark to market adjustments on our warrant
liabilities, change in fair value of interest rate swaps and our
contingent asset and liabilities, write-off of deferred offering
costs, Avista merger transaction costs and loss on the
extinguishment of debt. We have presented Adjusted EBITDA in this
press release because it is a key measure used by our management
and Board of Directors to understand and evaluate our operating
performance, generate future operating plans and make strategic
decisions regarding the allocation of capital. In particular, we
believe that the exclusion of certain items in calculating Adjusted
EBITDA can produce a useful measure for period-to-period
comparisons of our business.
Our Adjusted EBITDA is not prepared in accordance with GAAP, and
should not be considered in isolation of, or as an alternative to,
measures prepared in accordance with GAAP. There are a number of
limitations related to the use of Adjusted EBITDA rather than net
income (loss), which is the most directly comparable GAAP
equivalent. Some of these limitations are:
- Adjusted EBITDA excludes stock-based compensation expense, as
stock-based compensation expense has recently been, and will
continue to be for the foreseeable future, a significant recurring
expense for our business and an important part of our compensation
strategy;
- Adjusted EBITDA excludes depreciation and amortization expense
and, although these are non-cash expenses, the assets being
depreciated may have to be replaced in the future;
- Adjusted EBITDA excludes net interest expense, or the cash
requirements necessary to service interest, which reduces cash
available to us;
- Adjusted EBITDA excludes the impact of the changes in the fair
value of our warrant liability, our contingent consideration
forfeiture asset, and the fair value of interest rate
swaps;
- Adjusted EBITDA excludes the write-off of deferred offering
costs, as well as merger transaction costs, consisting primarily of
legal and professional fees;
- Adjusted EBITDA excludes the loss on extinguishment of debt,
which is a non-cash loss related to the write-off of unamortized
debt issuance costs upon repayment of affiliate and third-party
debt, and related prepayment penalties;
- Adjusted EBITDA excludes income tax expense (benefit); and
- Other companies, including companies in our industry, may
calculate Adjusted EBITDA differently, which reduces its usefulness
as a comparative measure.
Because of these limitations, we consider, and you should
consider, Adjusted EBITDA together with other operating and
financial performance measures presented in accordance with GAAP. A
reconciliation of Adjusted EBITDA to net loss, the most directly
comparable measure calculated in accordance with GAAP, has been
included herein.
|
Three Months Ended March 31, |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Net loss |
$ |
(15,666 |
) |
|
$ |
(22,488 |
) |
Interest expense, net |
1,778 |
|
|
2,410 |
|
Income tax expense |
37 |
|
|
28 |
|
Depreciation |
902 |
|
|
872 |
|
Amortization |
1,498 |
|
|
917 |
|
EBITDA |
$ |
(11,451 |
) |
|
$ |
(18,261 |
) |
Stock-based compensation
expense |
224 |
|
|
317 |
|
Change in contingent
consideration forfeiture asset |
- |
|
|
589 |
|
Change in fair value of
warrant liability |
- |
|
|
74 |
|
Loss on extinguishment of
debt |
1,862 |
|
|
- |
|
Adjusted EBITDA |
$ |
(9,365 |
) |
|
$ |
(17,281 |
) |
Investor Inquiries:
Westwicke Partners
Mike Piccinino, CFA
OrganoIR@westwicke.com
443-213-0500
Press and Media Inquiries:
Organogenesis
Angelyn Lowe
alowe@organo.com
781-774-9364
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