Why Organogenesis (ORGO) Shares Are Surging Today - Organogenesis Hldgs (NASDAQ:ORGO)

Organogenesis Holdings Inc ORGO reported Q1 revenues of $107.6 million, up 11% Y/Y, beating the consensus of $95.50 million.
The increase in net revenue was driven by a 12% increase in Advanced Wound Care products sales to $100.9 million, partially offset by a 4% decrease in net revenue of Surgical & Sports Medicine products to $6.7 million.
Gross profit for the first quarter of 2023 was $81.0 million, or 75% of net revenue, compared to $72.0 million, or 74% of net revenue a year ago.
"First quarter sales came in above the high-end of the guidance range we provided on our fourth-quarter earnings call," said Gary Gillheeney, President, CEO & Chair.
"Sales of Advanced Wound Care products drove most of the upside in the quarter, exceeding the high-end of our expectations in both the hospital outpatient and physician office settings," Gillheeney said.
Guidance: Organogenesis forecasts FY23 revenues of $454 million-$466 million, up approximately 1% to 3% Y/Y, compared to the consensus of $454.80 million.
The guidance includes Advanced Wound Care product revenues of $424 million-$432 million, flat to up 2% Y/Y, with Surgical & Sports Medicine sales of $30 million-$34 million.
The company expects an adjusted EBITDA of $38 million-$49 million and an adjusted net income of $8 million-$16 million.
Price Action: ORGO shares are up 33.5% at $2.80 on the last check Thursday.

Why Organogenesis Shares Are Surging Today