Shares of Organogenesis Holdings Inc (ORGO) plunged 15.17% in after-hours trading on Thursday, following the release of the company's disappointing first-quarter financial results and fiscal year outlook.
The regenerative medicine company reported a net loss of $18.8 million for the first quarter, with revenue coming in at $86.7 million. The company's adjusted EBITDA for the quarter stood at negative $12.5 million, while operating income was reported at negative $26.7 million. These figures indicate significant financial challenges for Organogenesis in the current economic environment.
Adding to investors' concerns, Organogenesis provided a cautious outlook for the full fiscal year. The company expects EBITDA to range between $20 million and $59.6 million, with adjusted EBITDA projected between $43.6 million and $83.2 million. This guidance suggests ongoing uncertainty and potential headwinds for the company's performance throughout the year, likely contributing to the sharp sell-off in after-hours trading.
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