ORGO - Why Organogenesis Holding Stock Plummeted by 18% Today
2024-03-01 18:29:39 ET
This earnings season, quite a few healthcare companies notched solid beats on revenue, earnings, or both. Unfortunately for its shareholders, Organogenesis Holdings (NASDAQ: ORGO) was not one of them.
The wound care specialist published its fourth-quarter and full-year 2023 results after market hours on Thursday. This was greeted the following day with a sell-off that saw the stock's price dive in excess of 18%. By contrast, the S&P 500 index landed in the black with a 0.8% increase.
For the quarter, Organogenesis earned net revenue of $99.7 million, which was down 14% year over year. Of this, advanced wound care -- by far the larger of its two business segments -- was responsible for more than $93 million. (The other segment, surgical and sports medicine, suffered only a 3% drop to $6.5 million.)
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Why Organogenesis Holding Stock Plummeted by 18% Today