The Canton, Mass.-based company reported losses of $5.2 million, or -5¢ per share, on sales of $68.9 million for the three months ended June 30, for a bottom-line loss of -46.5% sales growth of 6.2% compared with Q2 2019.
Earnings per share were -5¢, 18¢ ahead of The Street, where analysts were looking for sales of $62.4 million.
“We delivered second-quarter revenue growth of 6%, which was well ahead of expectations and exceeded the high-end of our preliminary revenue range announced on July 15,” president and CEO Gary Gillheeney said in a news release. “Our second-quarter results reflect the dedication of our employees to the patients we serve and strong execution against our commercial strategy while adapting to the challenges of the pandemic. During the second quarter, we grew our customer base, drove customer and clinician adoption deeper into existing accounts and leveraged the strong demand for our PuraPly and amnion products, particularly in the office channel.”
The company is reinstating its fiscal year 2020 revenue guidance that was originally issued on March 9. Organogenesis now expects net revenue between $273 million and $277 million to represent 5% to 6% year-over-year growth compared with 2019.
Shares in ORGO were up 9.61% to $4.21 apiece in pre-market trading.