Organogenesis (US:ORGO)2023-11-10 03:19Financial Performance - Q3 2023 - Net revenue for Q3 2023 was $108.5 million, a decrease of $8.3 million or 7% compared to $116.9 million in Q3 2022[3, 20] - Advanced Wound Care product revenue decreased by $8.2 million or 7% to $101.4 million [3, 20] - Surgical & Sports Medicine product revenue decreased by $0.2 million or 2% to $7.2 million [3, 20] - Net income for Q3 2023 was $3.2 million, an increase of $3.0 million compared to $0.2 million in Q3 2022[3, 5] - Adjusted EBITDA for Q3 2023 was $16.0 million, an increase of $4.4 million or 38% compared to $11.6 million in Q3 2022[3, 5] Financial Performance - Nine Months Ended September 30, 2023 - Net revenue was $333.5 million, a decrease of $1.9 million or 1% compared to $335.4 million for the same period in 2022[6, 21] - Advanced Wound Care products decreased by $1.0 million or less than 1% to $312.3 million [6, 21] - Surgical & Sports Medicine products decreased by $0.8 million or 4% to $21.1 million [6, 21] - Net income was $5.5 million, a decrease of $2.5 million compared to $8.0 million for the same period in 2022[6] - Adjusted EBITDA was $35.1 million, a decrease of $0.1 million or less than 1% compared to $35.2 million for the same period in 2022[6] Fiscal Year 2023 Guidance - Net revenue is expected to be between $433 million and $446 million, a decrease of approximately 1% to 4% year-over-year compared to $450.9 million in 2022[7] - Advanced Wound Care products revenue is expected to be between $406 million and $418 million, a decrease of 1% to 4% year-over-year compared to $422.2 million in 2022[7] - Surgical & Sports Medicine products revenue is expected to be between $27 million and $29 million, an approximately 6% decrease to 0% increase year-over-year compared to $28.7 million in 2022[7]