Organogenesis Sets 2026 Revenue at $179.4 Million to $200.0 Million

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter net product revenue was $45.5 million, down 70% from a year earlier, as the company now expects a 65% to 68% full-year decline.

Organogenesis Holdings Inc. (ORGO), a regenerative medicine and tissue innovations company, reported a third-quarter net loss of $29.6 million, or $(0.25) a share, after net product revenue of $45.5 million, down 70% from $150.5 million a year earlier.

The company said the decline was driven by Advanced Wound Care, which contributed $38.2 million, down 73%. Surgical & Sports Medicine revenue was $7.3 million, down 19%.

Sequentially, net product revenue rose from $42.8 million in the second quarter, after a $6.5 million sequential increase from $36.3 million in the first quarter. Advanced Wound Care rose to $38.2 million from $36.1 million, and Surgical & Sports Medicine rose to $7.3 million from $6.7 million.

Gross profit was $23.6 million, or 52% of net product revenue, compared with $114.2 million, or 76%, a year earlier. The gross margin had been 45% in the second quarter and 29% in the first quarter.

Operating expenses were $74.9 million, down 42% from $130.1 million a year earlier, after $94.7 million in the second quarter and $106.1 million in the first quarter. Selling, general and administrative expenses were $45.1 million, research and development was $8.0 million, and cost of goods sold was $21.9 million.

The company swung to an operating loss of $29.5 million from operating income of $20.7 million a year earlier. Adjusted EBITDA was a loss of $22.4 million versus Adjusted EBITDA income of $30.1 million a year earlier; adjusted net loss was $29.3 million versus adjusted net income of $23.2 million.

Adjusted EBITDA loss narrowed sequentially to $22.4 million from $34.4 million in the second quarter and $48.2 million in the first quarter; adjusted net loss narrowed to $29.3 million from $89.0 million and $43.7 million.

President, Chief Executive Officer and Chair Gary S. Gillheeney, Sr., said third-quarter revenue increased sequentially and that market share gains were broad-based across the portfolio. He said the company is defining a sustainable future for advanced wound care as it emerges from the market reset.

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

For the year ending December 31, 2026, Organogenesis now expects total net revenue between $179.4 million and $200.0 million, representing a decline in the range of 65% to 68% versus total net revenue of $564.2 million for the year ended December 31, 2025. The company said updated guidance continues to reflect an expectation of sequential improvement in revenue trends in the fourth quarter, however, at a more measured rate versus what prior guidance assumed, resulting in a second-half revenue decline in the range of approximately 68% to 74% year over year, compared with a prior guidance range that assumed a decline of 64% to 74%.