The following is a summary of the Organogenesis Holdings, Inc. (ORGO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Organogenesis Holdings reported Q1 net revenue of $110 million, an increase of 2% from the previous year.

• Advanced Wound Care net revenue was $103.9 million, a growth of 3%.

• Net revenue for Surgical and Sports Medicine products saw a slight decrease of 9%, bringing it to $6.1 million.

• Gross profit increased to $81.3 million, which is equivalent to 73.9% of net revenue.

• Both operating loss and net loss for the first quarter reduced to $3.9 million and $2.1 million respectively.

Business Progress:

• Significant advancements were seen in the Phase III clinical trial for ReNu, a product designed to manage knee osteoarthritis symptoms.

• The trial data exhibited a significant reduction in knee OA pain, improved patient functioning, and successful safety profiling.

• A strategic increase in engagement with customers led to revitalizing existing customers and driving overall growth.

• Two of the company's products, Apligraf and Affinity, made it to the proposed LCD covered list for Medicare reimbursement.

• Organogenesis continues to develop clinical validation data to secure coverage for other products.

• Financial guidance for 2024 projects net revenue between $445 million and $470 million, indicative of a 3% to 9% increase in year-over-year growth.

• The company views the bundled payment system as an essential move to control and manage the market effectively. The implementation may only take place in 2026 or later.

• For the product ReNu, ORGO expects to complete data analysis by the end of May and have a meeting with FDA in early August. They anticipate revealing the results by September.

• Depending on the requirement of one or two studies for approval, they aim at BLA submission in Q2 of '26 (two studies) or '25 (one study), with a corresponding anticipated approval and commercialization in Q2 of '27 or '26 respectively.

More details: Organogenesis IR

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