ORGO - Why Shares of Organogenesis Holdings Jumped Thursday
2023-05-11 14:33:02 ET
Shares of Organogenesis Holdings (NASDAQ: ORGO) were up more than 30% Thursday afternoon after the healthcare company released first-quarter earnings after market close on Wednesday. The stock is up a little more than 2% so far this year.
Organogenesis makes products for the advanced wound care, surgical, and sports medicine markets, using regenerative tissue-based technologies that heal chronic and acute wounds. The company reported first-quarter revenue of $107.6 million, up 10% year over year. The company operates in two segments -- advanced wound care and surgical & sports medicine -- but the former was the star for the quarter, with a 12% increase in sales over the same period last year.
In the company's earnings call , Organogenesis president and CEO Gary Gillheeney said the biggest drivers of sales in the quarter came from its PuraPly antimicrobial wound mix and non-PuraPly products, such as NuShield, a dehydrated placental allograft wound covering.
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Why Shares of Organogenesis Holdings Jumped Thursday