Organogenesis (ORGO)
Market Price (10/9/2026): $1.28 | Market Cap: $164.7 MilSector: Health Care | Industry: Pharmaceuticals
Organogenesis (ORGO)
Market Price (10/9/2026): $1.28Market Cap: $164.7 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Attractive yieldFCF Yield is 13% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Diabetes Management, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -140% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.5% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -58% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -55% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 18.82 Key risksORGO key risks include [1] persistent reimbursement uncertainty impacting revenue and its 2025 guidance and [2] significant financial underperformance marked by negative earnings, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Attractive yieldFCF Yield is 13% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Diabetes Management, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -140% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.5% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -58% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -55% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 18.82 |
| Key risksORGO key risks include [1] persistent reimbursement uncertainty impacting revenue and its 2025 guidance and [2] significant financial underperformance marked by negative earnings, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Organogenesis (ORGO) stock has lost about 45% since 6/30/2026 because of the following key factors:
1. Organogenesis reported a significant miss in its fiscal Q2 2026 earnings and revenue, leading to an immediate stock decline. The company announced an adjusted loss of $0.77 per share, substantially wider than analyst estimates of a $0.35 loss per share. Furthermore, fiscal Q2 2026 revenue came in at $42.8 million, falling short of the $54.25 million consensus and representing a steep 58% year-over-year decline from $101.0 million in fiscal Q2 2025. This included a 61% year-over-year drop in Advanced Wound Care sales. The gross margin also compressed sharply to 45% on a GAAP basis, down from 73% in the prior year period.
2. The company dramatically cut its full-year fiscal 2026 revenue guidance. Management lowered its full-year fiscal 2026 revenue outlook to between $179 million and $215 million, reflecting a deeper decline (62%-68% year-over-year) than previously anticipated. This revision was attributed to the "significant contraction and slow pace of recovery in the skin substitute market" following Centers for Medicare & Medicaid Services (CMS) policy changes.
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Organogenesis (ORGO) stock has lost about 45% since 6/30/2026 because of the following key factors:
1. Organogenesis reported a significant miss in its fiscal Q2 2026 earnings and revenue, leading to an immediate stock decline. The company announced an adjusted loss of $0.77 per share, substantially wider than analyst estimates of a $0.35 loss per share. Furthermore, fiscal Q2 2026 revenue came in at $42.8 million, falling short of the $54.25 million consensus and representing a steep 58% year-over-year decline from $101.0 million in fiscal Q2 2025. This included a 61% year-over-year drop in Advanced Wound Care sales. The gross margin also compressed sharply to 45% on a GAAP basis, down from 73% in the prior year period.
2. The company dramatically cut its full-year fiscal 2026 revenue guidance. Management lowered its full-year fiscal 2026 revenue outlook to between $179 million and $215 million, reflecting a deeper decline (62%-68% year-over-year) than previously anticipated. This revision was attributed to the "significant contraction and slow pace of recovery in the skin substitute market" following Centers for Medicare & Medicaid Services (CMS) policy changes.
3. Adverse Centers for Medicare & Medicaid Services (CMS) reimbursement changes continued to impact the wound care market. The primary underlying reason for the substantial revenue decline and market contraction was the ongoing effect of CMS coverage and payment changes enacted in late December 2025. These changes created structural pressure on the advanced wound care market, impacting product utilization and pricing.
4. A weakening cash position and concerns over potential share dilution contributed to investor apprehension. Organogenesis's cash and cash equivalents decreased from $94.3 million at the end of fiscal year 2025 to $46.8 million as of June 30, 2026. To address liquidity and preserve cash, the company initiated an "at the market" equity program for up to $75 million, which raised concerns among investors about potential dilution of existing shares. Additionally, the launch of its Dermagraft product was delayed by one year, from mid-2027 to mid-2028, also to conserve cash.
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Stock Movement Drivers
Fundamental Drivers
The -47.3% change in ORGO stock from 6/30/2026 to 10/8/2026 was primarily driven by a -40.2% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.43 | 1.28 | -47.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 513 | 455 | -11.3% |
| P/S Multiple | 0.6 | 0.4 | -40.2% |
| Shares Outstanding (Mil) | 128 | 129 | -0.7% |
| Cumulative Contribution | -47.3% |
Market Drivers
6/30/2026 to 10/8/2026| Return | Correlation | |
|---|---|---|
| ORGO | -47.3% | |
| Market (SPY) | 3.6% | 1.3% |
| Sector (XLV) | 6.0% | 12.3% |
Fundamental Drivers
The -46.0% change in ORGO stock from 3/31/2026 to 10/8/2026 was primarily driven by a -32.2% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.37 | 1.28 | -46.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 563 | 455 | -19.3% |
| P/S Multiple | 0.5 | 0.4 | -32.2% |
| Shares Outstanding (Mil) | 127 | 129 | -1.4% |
| Cumulative Contribution | -46.0% |
Market Drivers
3/31/2026 to 10/8/2026| Return | Correlation | |
|---|---|---|
| ORGO | -46.0% | |
| Market (SPY) | 19.3% | 12.5% |
| Sector (XLV) | 15.2% | 20.5% |
Fundamental Drivers
The -69.7% change in ORGO stock from 9/30/2025 to 10/8/2026 was primarily driven by a -70.9% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.22 | 1.28 | -69.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 429 | 455 | 5.9% |
| P/S Multiple | 1.2 | 0.4 | -70.9% |
| Shares Outstanding (Mil) | 127 | 129 | -1.4% |
| Cumulative Contribution | -69.7% |
Market Drivers
9/30/2025 to 10/8/2026| Return | Correlation | |
|---|---|---|
| ORGO | -69.7% | |
| Market (SPY) | 17.1% | 19.9% |
| Sector (XLV) | 22.4% | 15.1% |
Fundamental Drivers
The -59.7% change in ORGO stock from 9/30/2023 to 10/8/2026 was primarily driven by a -60.3% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.18 | 1.28 | -59.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 457 | 455 | -0.6% |
| P/S Multiple | 0.9 | 0.4 | -60.3% |
| Shares Outstanding (Mil) | 131 | 129 | 2.0% |
| Cumulative Contribution | -59.7% |
Market Drivers
9/30/2023 to 10/8/2026| Return | Correlation | |
|---|---|---|
| ORGO | -59.7% | |
| Market (SPY) | 87.3% | 28.4% |
| Sector (XLV) | 36.8% | 21.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ORGO Return | 23% | -71% | 52% | -22% | 62% | -75% | -82% |
| Peers Return | -16% | -19% | 39% | 25% | 9% | -9% | 18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| ORGO Win Rate | 42% | 25% | 42% | 42% | 67% | 10% | |
| Peers Win Rate | 52% | 43% | 52% | 50% | 43% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ORGO Max Drawdown | -61% | -74% | -56% | -49% | -57% | -75% | |
| Peers Max Drawdown | -37% | -39% | -37% | -34% | -36% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IART, MDXG, SYK, MDT, AXGN. See ORGO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/8/2026 (YTD)
How Low Can It Go
| Event | ORGO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.6% | -18.8% |
| % Gain to Breakeven | 32.7% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.4% | -7.8% |
| % Gain to Breakeven | 18.2% | 8.5% |
| Time to Breakeven | 11 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.8% | -9.5% |
| % Gain to Breakeven | 111.7% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.8% | -6.7% |
| % Gain to Breakeven | 46.6% | 7.1% |
| Time to Breakeven | 48 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.8% | -33.7% |
| % Gain to Breakeven | 71.7% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
In The Past
Organogenesis's stock fell -24.6% during the 2025 US Tariff Shock. Such a loss loss requires a 32.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | ORGO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.6% | -18.8% |
| % Gain to Breakeven | 32.7% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.8% | -9.5% |
| % Gain to Breakeven | 111.7% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.8% | -6.7% |
| % Gain to Breakeven | 46.6% | 7.1% |
| Time to Breakeven | 48 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.8% | -33.7% |
| % Gain to Breakeven | 71.7% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
In The Past
Organogenesis's stock fell -24.6% during the 2025 US Tariff Shock. Such a loss loss requires a 32.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Organogenesis (ORGO)
Organogenesis Holdings Inc. (ORGO) is a regenerative medicine company dedicated to developing, manufacturing, and commercializing advanced solutions for tissue repair and regeneration. Operating primarily in the United States, the company's core mission is to improve patient outcomes by providing innovative bioengineered products that facilitate healing in complex medical conditions.
The company's product portfolio is broadly divided into two key segments: advanced wound care and surgical and sports medicine. For advanced wound care, Organogenesis offers a range of bioengineered living cell therapies and wound coverings, such as Apligraf, Affinity, and PuraPly, designed to treat chronic, acute, and open wounds by preserving viable cells, growth factors, and ECM proteins. In the surgical and sports medicine markets, products like NuCel and ReNu are utilized to support the healing of soft tissues and serve as bone void fillers in orthopedic and neurosurgical applications. The company also maintains a robust pipeline of products aimed at expanding its capabilities in wound care and soft tissue reinforcement.
Organogenesis serves a diverse customer base throughout the U.S. healthcare system, including hospitals, specialized wound care centers, government facilities, ambulatory service centers, and physician offices. The company distributes its regenerative medicine solutions through a combination of a direct sales force and independent agencies, ensuring its innovative therapies reach medical professionals addressing critical needs in tissue repair and regeneration.
AI Analysis | Feedback
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.
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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.
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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
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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.
AI Analysis | Feedback
Here are the key risks to Organogenesis (ORGO):
- 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.
- 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.
- 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.
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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.
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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.
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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.
Peer Outperformance in Pharmaceuticals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ORGO | Organogenesis | -0.1% | -2.0x | -69.0% | -53.5% | -89.8% | — |
| VTRS | Viatris | -1.8% | -49.4x | 81.1% | 104.8% | 57.9% | +148pp |
| BMY | Bristol-Myers Squibb | 2.9% | 13.1x | 39.7% | 21.2% | 28.0% | +118pp |
| PBH | Prestige Consumer Healthcare | -0.7% | 13.2x | -24.4% | -17.9% | -17.5% | +72pp |
| OGN | Organon | -0.2% | 17.3x | 35.4% | -8.9% | -48.0% | +42pp |
| PRGO | Perrigo | -3.6% | -1.2x | -26.7% | -42.8% | -60.2% | +30pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.9% | 45.7% | 94.9% | CAH 443% · MCK 376% · COR 184% |
| Health Care Services | 20 | 21.0% | 35.1% | 10.5% | HIMS 280% · RDNT 141% · DGX 79% |
| Health Care Facilities | 24 | -0.8% | 5.1% | 4.8% | THC 321% · NHC 279% · ENSG 139% |
| Managed Health Care | 8 | 22.1% | -7.9% | -0.1% | OSCR 123% · HQY 44% · ELV 12% |
| Health Care Equipment | 50 | -8.0% | -3.8% | -17.3% | POCI 11563% · UFPT 346% · GKOS 257% |
| Pharmaceuticals ← | 62 | -10.6% | 0.2% | -30.4% | INDV 1090% · ETON 997% · LQDA 926% |
| Health Care Supplies | 12 | 20.5% | -8.5% | -37.1% | LNTH 322% · HAE 77% · MMSI 18% |
| Life Sciences Tools & Services | 109 | -10.9% | -14.7% | -64.2% | SNWV 2286% · NTRA 243% · MEDP 219% |
| Biotechnology | 364 | -22.1% | -23.8% | -80.1% | CELZ 1129% · DNTH 1093% · TRVI 969% |
| Health Care Technology | 21 | -38.6% | -60.0% | -82.5% | SPOK 80% · HSTM 16% · VEEV -1% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.57 |
| Mkt Cap | 1.5 |
| Rev LTM | 1,051 |
| Op Inc LTM | 37 |
| FCF LTM | 31 |
| FCF 3Y Avg | 27 |
| CFO LTM | 66 |
| CFO 3Y Avg | 76 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.2% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | 5.1% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | -36.1% |
| Op Inc Chg 3Y Avg | 11.3% |
| Op Mgn LTM | 3.2% |
| Op Mgn 3Y Avg | 6.9% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 10.4% |
| FCF/Rev LTM | 8.1% |
| FCF/Rev 3Y Avg | 6.9% |
Price Behavior
| Market Price | $1.28 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 01/05/2017 | |
| Distance from 52W High | -80.4% | |
| 50 Days | 200 Days | |
| DMA Price | $1.68 | $2.69 |
| DMA Trend | down | down |
| Distance from DMA | -23.7% | -52.4% |
| 3M | 1YR | |
| Volatility | 70.1% | 77.0% |
| Downside Capture | 242.82 | 229.12 |
| Upside Capture | -140.57 | 54.67 |
| Correlation (SPY) | -2.0% | 19.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.55 | -0.18 | 0.10 | 0.67 | 1.19 | 1.86 |
| Up Beta | -2.71 | -0.64 | -1.79 | 0.23 | 0.66 | 1.49 |
| Down Beta | 9.24 | 6.34 | 1.87 | 1.54 | 1.04 | 1.39 |
| Up Capture | -108% | -211% | -89% | -13% | 43% | 1051% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 14 | 23 | 47 | 94 | 339 |
| Down Capture | 259% | 226% | 208% | 142% | 157% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 25 | 38 | 68 | 142 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORGO | |
|---|---|---|---|---|
| ORGO | -69.2% | 76.9% | -1.22 | - |
| Sector ETF (XLV) | 18.2% | 15.7% | 0.86 | 15.0% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 19.9% |
| Gold (GLD) | 3.4% | 29.6% | 0.11 | 3.8% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -17.4% |
| Real Estate (VNQ) | 2.8% | 13.7% | -0.05 | 16.0% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 10.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORGO | |
|---|---|---|---|---|
| ORGO | -38.9% | 90.8% | -0.18 | - |
| Sector ETF (XLV) | 7.4% | 15.2% | 0.29 | 23.4% |
| Equity (SPY) | 14.0% | 17.1% | 0.63 | 29.7% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 0.5% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | -1.7% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 24.6% |
| Bitcoin (BTCUSD) | 13.7% | 52.2% | 0.43 | 14.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORGO | |
|---|---|---|---|---|
| ORGO | -20.2% | 200.5% | 0.26 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 9.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 12.4% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 0.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 4.5% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 10.0% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 3.3% |
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Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -22.8% | -27.0% | -29.0% |
| 5/7/2026 | -6.3% | 2.4% | -5.9% |
| 2/26/2026 | -13.2% | -21.6% | -38.1% |
| 11/6/2025 | 44.7% | 59.6% | 19.5% |
| 8/7/2025 | 0.8% | 4.0% | 5.5% |
| 5/8/2025 | -42.7% | -43.3% | -35.6% |
| 2/27/2025 | 102.3% | 83.6% | 46.6% |
| 11/12/2024 | 28.4% | 18.3% | 2.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 12 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 20.4% | 18.3% | 18.1% |
| Median Negative | -14.9% | -12.6% | -21.6% |
| Max Positive | 102.3% | 83.6% | 91.4% |
| Max Negative | -42.7% | -43.3% | -40.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -22.8% | -27.0% | -29.0% |
| 5/7/2026 | -6.3% | 2.4% | -5.9% |
| 2/26/2026 | -13.2% | -21.6% | -38.1% |
| 11/6/2025 | 44.7% | 59.6% | 19.5% |
| 8/7/2025 | 0.8% | 4.0% | 5.5% |
| 5/8/2025 | -42.7% | -43.3% | -35.6% |
| 2/27/2025 | 102.3% | 83.6% | 46.6% |
| 11/12/2024 | 28.4% | 18.3% | 2.3% |
| 8/8/2024 | -2.7% | -3.8% | -3.1% |
| 5/9/2024 | 32.9% | 25.0% | 16.7% |
| 2/29/2024 | -18.2% | -12.3% | -21.6% |
| 11/9/2023 | 11.2% | 28.4% | 64.0% |
| 8/9/2023 | -18.9% | -23.0% | -25.4% |
| 5/10/2023 | 37.1% | 51.4% | 91.4% |
| 3/1/2023 | 19.3% | 2.6% | -10.5% |
| 11/9/2022 | -14.9% | -12.6% | -14.2% |
| 8/9/2022 | -20.0% | -19.3% | -40.1% |
| 5/10/2022 | 6.3% | 7.1% | -7.8% |
| 3/1/2022 | 21.4% | 17.1% | 5.9% |
| 11/9/2021 | -3.4% | -3.6% | -13.4% |
| 8/9/2021 | 1.2% | -2.6% | 7.4% |
| 5/10/2021 | -7.1% | -11.7% | -21.9% |
| 3/16/2021 | 4.6% | 18.3% | 32.5% |
| 1/13/2021 | 29.3% | 36.1% | 73.6% |
| 11/9/2020 | 4.6% | 3.6% | 16.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 12 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 20.4% | 18.3% | 18.1% |
| Median Negative | -14.9% | -12.6% | -21.6% |
| Max Positive | 102.3% | 83.6% | 91.4% |
| Max Negative | -42.7% | -43.3% | -40.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/16/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Net Revenue | Reported | 179.00 Mil | 197.00 Mil | 215.00 Mil | -32.1% | Lowered | Guidance: 290.00 Mil for 2026 | |
| 2026 Revenue Decline | Reported | -0.68 | -0.65 | -0.62 | ||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Net Revenue | Reported | 270.00 Mil | 290.00 Mil | 310.00 Mil | -24.7% | Lowered | Guidance: 385.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 350.00 Mil | 385.00 Mil | 420.00 Mil | -24.9% | Lower New | Actual: 512.50 Mil for 2025 | |
| 2026 Revenue Growth | Reported | -38.0% | -31.5% | -25.0% | ||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net product revenue | Reported | 500.00 Mil | 512.50 Mil | 525.00 Mil | 3.5% | Raised | Guidance: 495.00 Mil for 2025 | |
| 2025 Net product revenue from Advanced Wound Care products | Reported | 470.00 Mil | 480.00 Mil | 490.00 Mil | 3.8% | Raised | Guidance: 462.50 Mil for 2025 | |
| 2025 Net product revenue from Surgical & Sports Medicine products | Reported | 30.00 Mil | 32.50 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 32.50 Mil for 2025 | |
| 2025 EBITDA | Reported | 19.10 Mil | 30.50 Mil | 41.90 Mil | 41.2% | Raised | Guidance: 21.60 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 45.50 Mil | 56.90 Mil | 68.30 Mil | 22.4% | Raised | Guidance: 46.50 Mil for 2025 | |
| 2025 Net income | Reported | 8.60 Mil | 17.00 Mil | 25.40 Mil | 240.0% | Raised | Guidance: 5.00 Mil for 2025 | |
| 2025 Adjusted net income | Reported | 21.50 Mil | 29.95 Mil | 38.40 Mil | 77.2% | Raised | Guidance: 16.90 Mil for 2025 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Leibowitz, Arthur S | Direct | Buy | 3112026 | 2.68 | 5,000 | 13,405 | 780,209 | Form | |
| 2 | Driscoll, Michael Joseph | Direct | Buy | 3112026 | 2.67 | 10,000 | 26,688 | 602,367 | Form | |
| 3 | Nussdorf, Glenn H | Direct | Sell | 12182025 | 5.14 | 200,000 | 1,027,060 | 13,175,079 | Form | |
| 4 | Nussdorf, Glenn H | Direct | Sell | 11262025 | 5.29 | 187,957 | 994,293 | 14,629,976 | Form | |
| 5 | Nussdorf, Glenn H | Direct | Sell | 11262025 | 5.30 | 12,043 | 63,828 | 15,653,804 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Leibowitz, Arthur S | Direct | Buy | 3112026 | 2.68 | 5,000 | 13,405 | 780,209 | Form | |
| 2 | Driscoll, Michael Joseph | Direct | Buy | 3112026 | 2.67 | 10,000 | 26,688 | 602,367 | Form | |
| 3 | Nussdorf, Glenn H | Direct | Sell | 12182025 | 5.14 | 200,000 | 1,027,060 | 13,175,079 | Form | |
| 4 | Nussdorf, Glenn H | Direct | Sell | 11262025 | 5.29 | 187,957 | 994,293 | 14,629,976 | Form | |
| 5 | Nussdorf, Glenn H | Direct | Sell | 11262025 | 5.30 | 12,043 | 63,828 | 15,653,804 | Form | |
| 6 | Nussdorf, Glenn H | Direct | Sell | 11262025 | 5.34 | 100,000 | 534,000 | 15,836,256 | Form | |
| 7 | Nussdorf, Glenn H | Glenn Nussdorf 10 Year Follow On Trust Dated 11-1-1998 | Sell | 11032025 | 3.56 | 18,620 | 66,256 | 1,194,589 | Form | |
| 8 | Nussdorf, Glenn H | Glenn Nussdorf 10 Year Follow On Trust Dated 11-1-1998 | Sell | 11032025 | 3.50 | 4,156 | 14,547 | 1,240,293 | Form | |
| 9 | Nussdorf, Glenn H | Glenn Nussdorf 10 Year Follow On Trust Dated 11-1-1998 | Buy | 11032025 | 2.99 | 107,494 | 320,999 | 1,070,538 | Form | |
| 10 | Nussdorf, Glenn H | Glenn Nussdorf 10 Year Follow On Trust Dated 11-1-1998 | Buy | 11032025 | 3.09 | 251,001 | 775,041 | 775,041 | Form | |
| 11 | Freedman, Lori | Chief Admin. and Legal Officer | Direct | Buy | 6062025 | 2.99 | 9,022 | 26,949 | 2,528,373 | Form |
| 12 | Freedman, Lori | Chief Admin. and Legal Officer | Direct | Buy | 6062025 | 2.91 | 142,379 | 413,625 | 2,432,838 | Form |
| 13 | Freedman, Lori | Chief Admin. and Legal Officer | Direct | Buy | 6062025 | 2.82 | 100,863 | 284,716 | 1,962,010 | Form |
Investor Activity (13F)
Updated Oct 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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