Organogenesis (NSDQ:ORGO) posted a smaller loss year-over-year during its first quarter, and boosted its outlook for the rest of the year amid strong sales growth in its wound-care business.
The Canton, Mass.–based regenerative medicine company reported a loss of $15.7 million, or 17 cents per share, on sales of $57.1 million for the three months ended March 31, 2019.
The results marked an improvement from Q1 2018, when Organogenesis lost $22.5 million off $35.5 million in revenue.
Analysts on average predicted the company would lose 11 cents per share off $52.6 million in revenue during the first quarter.
Organogenesis reported the first-quarter loss was $9.4 million following adjustments to show earnings before interest, tax, depreciation and amortization.
CEO Gary Gillheeney described the first quarter as a solid start for the company as it continues to grow its customer base and expand sales force size across its two portfolios —advanced wound care, and surgical and sports medicine. Organogenesis also recently inked an innovative technology contract with healthcare performance improvement company Vizient, giving Organogenesis access to 3,100 hospitals, Gillheeny explained during an earnings call transcribed by Seeking Alpha.
Organogenesis upped its 2019 revenue guidance to between $249 million and $262 million — representing 29-35% revenue growth over the previous year. The company’s stock was only down 1 cent per share, or 0.14%, to $7.01 during trading today.
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