ORGO - Why Shares of Organogenesis Holdings Are Dropping Thursday
2023-08-10 11:54:04 ET
Shares of Organogenesis Holdings (NASDAQ: ORGO) were down more than 19% as of 11 a.m. on Thursday after the company announced second-quarter earnings and withdrew annual guidance after the markets closed on Wednesday. The stock is up less than 1% so far this year.
Organogenesis is a healthcare company that makes advanced care products for the wound-healing process. On Wednesday, the company reported second-quarter revenue of $117.3 million, down 3% year over year. The company operates in two segments, Advanced Wound Care and Surgical & Sports Medicine, and both saw declines. The first reported revenue of $110.1 million, down 3%, and the second reported revenue of $7.2 million, down 5%.
The company also said it had net income of $5.3 million, or $0.04 in earnings per share (EPS), compared to $8.7 million, or $0.07 in EPS in the same period a year ago.
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Why Shares of Organogenesis Holdings Are Dropping Thursday