Organogenesis soars on upbeat 2023 forecast, Q1 results

Organogenesis Holdings

11/05/2023 19:42

** Shares of regenerative medicine co Organogenesis Holdings
Inc  ORGO.O  jump 33.6% to $2.81
    ** Stock will see its best day in more than four years, if
gains hold     
    ** Co raises FY23 forecast; sees 2023 revenue between $454
mln and $466 mln vs earlier outlook of $450 mln to $460 mln
    ** Reports Q1 revenue of $107.64 mln, beating Refinitiv est.
of 95.5 mln, led by growth in its wound-care unit
    ** Sales from co's regenerative medicine products, which
support patients in the wound healing process, rise 12% in the
quarter    
    ** The wounds of 2022 are beginning to heal, says brokerage
BTIG, as co posts a beat after missing estimates for two
straight quarters 
    ** Stock down 52% so far this year

 (Reporting by Aditya Samal and Sruthi Narasimha Chari in
Bengaluru)
 ((Aditya.Samal@thomsonreuters.com;))