Fiscal Year 2021 Results:
The following table represents net revenue by product grouping for the year ended December 31, 2021 and December 31, 2020, respectively:
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
(in thousands, except for percentages) | ||||||||||||||||
Advanced Wound Care | $ | 430,839 | $ | 294,624 | $ | 136,215 | 46 | % | ||||||||
Surgical & Sports Medicine | 37,220 | 43,674 | (6,454 | ) | (15 | %) | ||||||||||
Net revenue | $ | 468,059 | $ | 338,298 | $ | 129,761 | 38 | % | ||||||||
Net revenue for the year ended December 31, 2021 was $468.1 million, compared to $338.3 million for the year ended December 31, 2020, an increase of $129.8 million, or 38%. The increase in net revenue was driven by a $136.2 million increase, or 46%, in net revenue of Advanced Wound Care products, partially offset by a $6.5 million decrease, or 15%, in net revenue of Surgical & Sports Medicine products compared to the prior year.
Net income for the year ended December 30, 2021 was $94.9 million, or $0.71 per share, compared to a net income of $17.2 million, or $0.15 per share, for the year ended December 31, 2020.
Adjusted net income of $101.3 million for the year ended December 31, 2021, compared to adjusted net income of $20.0 million for the year ended December 31, 2020.
Adjusted EBITDA of $89.1 million for the year ended December 31, 2021, compared to Adjusted EBITDA of $38.8 million for the year ended December 31, 2020.
Fiscal Year 2022 Guidance:
For the year ending December 31, 2022, the Company expects:
Net revenue of between $485 million and $515 million, representing an increase of approximately 4% to 10% year-over-year, and 6% to 13% on an adjusted basis3, as compared to net revenue of $468.1 million for the year ended December 31, 2021.
The 2022 net revenue guidance range assumes:
Net revenue from Advanced Wound Care products of between $455 million and $481 million, representing an increase of approximately 6% to 12% year-over-year as compared to net revenue of $430.8 million for the year ended December 31, 2021.
Net revenue from Surgical & Sports Medicine products of between $30 million and $34 million, representing a decrease of approximately 9% to 19% year-over-year as compared to net revenue of $37.2 million for the year ended December 31, 2021.
Net revenue from the sale of PuraPly products of between $207 million and $217 million, representing an increase of approximately 4% to 9% year-over-year, as compared to net revenue of $198.5 million for the year ended December 31, 2021.
Net income of between $56.5 million and $71.5 million and adjusted net income of between $60.2 million and $75.2 million.
EBITDA of between $73.5 million and $88.9 million and Adjusted EBITDA of between $79.9 million and $95.3 million.
Fourth Quarter 2021 Earnings Conference Call:
Financial results for the fourth fiscal quarter of 2021 will be reported after the market closes on Tuesday, March 1.
Management will host a conference call at 5:00 p.m. Eastern Time on March 1 to discuss the results of the quarter and the fiscal year, and provide a corporate update with a question and answer session. Those who would like to participate may dial 866-795-3142 (409-937-8908 for international callers) and provide access code 5998131. A live webcast of the call will also be provided on the investor relations section of the Company's website at investors.organogenesis.com
For those unable to participate, a replay of the call will be available for two weeks at 855-859-2056 (404-537-3406 for international callers); access code 5998131. The webcast will be archived at investors.organogenesis.com.
https://finance.yahoo.com/news/organogenesis-holdings-inc-reports-fourth-210500157.html
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