Here are 1-2 brief analogies to describe Organogenesis:

• Think of Organogenesis as a Medtronic or Johnson & Johnson for biological wound healing and tissue regeneration.
• It's like Stryker or Zimmer Biomet, but instead of metal implants, they provide advanced bioengineered tissues and cells for regenerating soft tissue and healing wounds.

Organogenesis (ORGO) offers the following major products:

• Affinity: An amniotic membrane wound covering preserving viable cells, growth factors, and ECM proteins.
• Apligraf: A bioengineered living cell therapy producing a spectrum of cytokines and growth factors.
• Dermagraft: A bioengineered product that produces human collagen, ECM proteins, and cytokines.
• NuShield: A wound covering tissue that includes both amnion and chorion membranes.
• PuraPly: An antimicrobial barrier designed for conformability and fluid drainage in wound care.
• Novachor: An amniotic membrane wound covering preserving viable cells, growth factors, and ECM proteins.
• NuCel: Dehydrated placental tissue surgically applied to support native healing.
• ReNu: A cryopreserved suspension used to support the healing of soft tissues.
• FiberOS and OCMP: Bone void fillers primarily for orthopedic and neurosurgical applications.

Organogenesis (ORGO) sells its products primarily to various healthcare institutions and facilities rather than directly to individuals. The company's major customers are not specific named companies with identifiable stock symbols, but rather categories of healthcare providers and organizations that procure its regenerative medicine solutions. These include:

• Hospitals
• Wound care centers
• Government facilities
• Ambulatory service centers
• Physician offices

Gary S. Gillheeney, Sr. President and Chief Executive Officer

Gary S. Gillheeney, Sr. has served as President and Chief Executive Officer of Organogenesis since 2014. Prior to this, he was Executive Vice President, Chief Operating Officer, and Chief Financial Officer from 2003 to 2014, and Chief Financial Officer from 2002 to 2003 at Organogenesis. Before joining Organogenesis, Mr. Gillheeney held executive positions, including Chief Operating Officer, Chief Financial Officer, Treasurer, and Secretary, at Innovative Clinical Solutions, Ltd., a provider of decision support and clinical knowledge solutions to healthcare staff, from 1999 to 2002. He also served as Senior Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary at Providence Energy Corporation. Mr. Gillheeney was recognized as an Ernst & Young's "Entrepreneur of the Year" in 2009 for his contributions at Organogenesis.

David C. Francisco Chief Financial Officer

David C. Francisco has been the Chief Financial Officer of Organogenesis since 2021. Before joining the company, Mr. Francisco spent 20 years at PerkinElmer, Inc. (NYSE: PKI), a provider of products, services, and solutions for the diagnostics, life sciences, and applied markets. His most recent role at PerkinElmer was Vice President and Treasurer from 2017 to 2021. During his tenure at PerkinElmer, he held various leadership positions, including Vice President, Investor Relations, Vice President of Financial Operations, and Chief Financial Officer of its Human Health segment.

Patrick Bilbo Chief Operating Officer

Patrick Bilbo has served as Chief Operating Officer since 2017. He previously held other executive positions at Organogenesis since 1999, including Senior Vice President, Regulatory, Government Affairs and Administration, until 2017. Before joining Organogenesis, Mr. Bilbo was Director, Regulatory and Clinical Affairs, for Cytyc Corporation from 1994 to 1998. He has over 30 years of experience in regenerative medicine, biotechnology, and medical devices. Mr. Bilbo was also part of the Organogenesis research and product development team that developed Apligraf® and led the successful development of the company's PuraPly and PuraPly Antimicrobial product lines.

Brian Grow Chief Commercial Officer

Brian Grow has served as Chief Commercial Officer of Organogenesis since 2017. He joined Organogenesis in 2004 and held various roles with increasing responsibility, including Director of Sales, Commercial Operations from 2013 to 2016, Associate Director, Marketing from 2012 to 2013, Project Manager—Apligraf from 2011 to 2013, Regional Sales Manager from 2006 to 2011, and Tissue Regeneration Specialist from 2004 to 2006. Prior to his time at Organogenesis, Mr. Grow worked as a pharmaceutical sales representative for Bristol-Myers Squibb from 2003 to 2004 and as a tissue engineering specialist for Innovex/Novartis from 2000 to 2003.

Lori Freedman Chief Administrative and Legal Officer

Lori Freedman has served as Chief Administrative and Legal Officer of Organogenesis since 2023. She joined Organogenesis in 2017 and held the position of Vice President and General Counsel since 2018. Previously, Mrs. Freedman was Vice President, Corporate Affairs & General Counsel of pSivida Corp., a specialty biopharmaceutical company, from 2001 to 2016. Before that, she served as Vice President, General Counsel for Allaire Corporation, a computer software company, from 1998 to 2001.

Here are the key risks to Organogenesis (ORGO):

1. Reimbursement and Regulatory Policy Changes by CMS: Organogenesis faces significant and immediate challenges due to recent policy changes and commentary from the Centers for Medicare & Medicaid Services (CMS). These actions, including the withdrawal of Local Coverage Determinations (LCDs) and statements regarding discarded products, are projected to cause a substantial decline in the company's revenue, with a forecasted drop of 25% to 38% year-over-year for 2026. This directly impacts the utilization and reimbursement of its advanced wound care products.
2. Market Competition and Pricing Pressure: The advanced wound care and surgical/sports medicine markets are highly competitive. Organogenesis contends with aggressive pricing strategies from competitors and the potential for broader market contraction as various products may lose coverage under new LCDs. This competitive environment can exert pressure on the company's market share, pricing, and overall profitability.
3. Clinician Confusion and Market Disruption: A direct consequence of the recent CMS policy shifts and commentary is widespread clinical confusion and material disruption in the market. This uncertainty among healthcare providers significantly impacts the utilization of Organogenesis's PMA-approved products, contributing to immediate operational challenges and market instability.

Organogenesis Holdings Inc. operates in the advanced wound care and surgical and sports medicine markets. The addressable market sizes for their main products are as follows:

• The total addressable market for Organogenesis's Advanced Wound Care and Surgical & Sports Medicine products was estimated to be approximately $24 billion in 2021.
• For Advanced Wound Care products, the addressable market was approximately $10 billion in 2021, encompassing both the U.S. and global markets. The global advanced wound care market was valued at approximately $12.5 billion in 2025 and is projected to reach $23.33 billion by 2034. North America held a 42.52% share of the advanced wound care market in 2025. The European advanced wound care sector represents a $2.1 billion market.
• For Surgical & Sports Medicine products, the addressable market was approximately $14 billion in the U.S. in 2021.

Organogenesis (ORGO) anticipates several key drivers to fuel its future revenue growth over the next two to three years, building on its regenerative medicine solutions for advanced wound care and surgical and sports medicine markets.

One primary driver is the continued **expansion of the PuraPly antimicrobial franchise**, particularly with the 2024–2025 rollout of the PuraPly XT line. This expansion targets more complex surgical applications and higher-acuity procedures, moving beyond chronic wound clinics into perioperative and surgical and sports medicine (SSM) settings.

Another significant growth area is the **growth and expansion within the Surgical and Sports Medicine (SSM) market**. Organogenesis is actively pursuing market share in the estimated $1.5 billion surgical market, with its ReNu franchise identified as a primary growth vector. The company aims for the SSM segment to constitute 30% of its total revenue by 2027. Furthermore, the "Renew program" is expected to transform treatment for knee osteoarthritis, expanding the company's mission into new markets.

Organogenesis also expects revenue growth from **enhanced commercial execution and deeper market penetration** through its expanded direct sales force. The sales organization has grown to over 350 specialized representatives focusing on high-volume hospital systems and outpatient wound centers, aiming to accelerate the adoption of its regenerative therapies.

Further driving future revenue is the company's commitment to **product pipeline advancement and strategic acquisitions**. In 2024, Organogenesis made a landmark acquisition of novel extracellular matrix technology, which expanded its total addressable market by an estimated $500 million. The company continues to invest significantly in research and development to foster innovation and develop new therapies.

Lastly, **international market expansion** is slated to contribute to revenue growth. Organogenesis is aggressively pursuing entry into international markets, with a focused commercial launch planned for key European markets in Q4 2025. The company's strategy includes capturing a 5% market share within Europe's $2.1 billion advanced wound care sector within three years.

Share Repurchases

• Organogenesis repurchased 500,000 shares of its Class A common stock from the GN 2016 Family Trust for approximately $2.03 million, at a price of $4.057 per share, with the transaction expected to close around December 3, 2024.
• The company's cash flow statements show common stock repurchases of $1.89 million in 2025, $26.65 million in 2024, $0.33 million in 2023, $0.65 million in 2022, and $0.74 million in 2021.

Share Issuance

• Organogenesis recorded common stock issuances of $0.16 million in 2025, $1.25 million in 2024, $2.07 million in 2022, and $2.2 million in 2021.
• In February 2026, the President and CEO, Gary S. Gillheeney, received equity awards including 890,625 restricted stock units and 186,968 shares of Class A common stock as part of a 2025 performance share award vesting.
• Several directors made open-market purchases, including Arthur S. Leibowitz acquiring 5,000 shares for $13,405 on March 9, 2026, and Michael Driscoll buying 10,000 shares for approximately $26,688 on the same date. Additionally, Lori Freedman, Chief Administrative and Legal Officer, purchased 252,264 shares on June 6, 2025.

Inbound Investments

• As of Q4 2025, institutional investors demonstrated increased positions in Organogenesis, with firms like D. E. Shaw & Co., Inc. adding 1,476,843 shares, Norges Bank adding 1,032,700 shares, and Jane Street Group, LLC adding 793,839 shares.
• The company's Q4 2025 earnings transcript noted that Organogenesis is "well capitalized" through cash on hand, working capital, and availability under its $75 million revolving credit facility.

Capital Expenditures

• Capital expenditures amounted to $14.15 million in 2025, $10.03 million in 2024, $24.36 million in 2023, $33.9 million in 2022, and $31.22 million in 2021.
• In 2025, strategic investments were made towards the construction and advancement of a new manufacturing and R&D center in Smithfield, Rhode Island.
• These capital expenditures are intended to expand production capabilities for products like Apligraf and PuraPly, and support the relaunch of Dermagraft.