Organogenesis Holdings Inc. (ORGO) · Nov 5, 2026 · Earnings

Organogenesis earnings miss as wound-care recovery slows again

Miss — Revenue $45.5M vs ~$52.1M consensus; EPS $(0.25) vs ~(0.18)

Organogenesis earnings show a sequential recovery, but revenue and EPS missed expectations while slower wound-care improvement pushed 2026 guidance lower.

Organogenesis is trying to rebuild its Advanced Wound Care business after 2026 CMS reimbursement changes and the resulting market disruption, while cutting costs and investing in its Smithfield facility and future products. The prior quarter already showed that recovery was slower than management expected; published Q3 estimates clustered around roughly $52 million of revenue and a $0.18 per-share loss.

The recovery improved sequentially, but missed the market’s bar by a wide margin. Total revenue rose from $43.8 million in Q2 to $45.5 million in Q3, but came in about 13% below the roughly $52.1 million consensus estimate; GAAP EPS of $(0.25) also missed the roughly $(0.18) expectation. The core problem remains Advanced Wound Care, where revenue fell 73% year over year, versus a 19% decline in Surgical & Sports Medicine.

MetricQ3 2026Q3 2025Consensus / prior guidance
Total revenue (Financial Results)$45.5M$150.9M~$52.1M
EPS (Statements of Operations)$(0.25)$0.11~$(0.18)
Gross margin (Financial Results)52%76%
Adjusted EBITDA (Non-GAAP reconciliation)$(22.4)M$30.1M
FY26 revenue guide (Fiscal Year 2026 Outlook)$179.4M-$200.0M$179.0M-$215.0M

Cost cutting is cushioning the collapse, not reversing it. Operating expenses fell 42% year over year, and gross margin improved from 45% in Q2 to 52% in Q3, but that was nowhere near the 76% margin of the prior-year quarter. Even after excluding selected restructuring and other items, Adjusted EBITDA was still a $22.4 million loss versus $30.1 million of income a year earlier.

Management lowered the quality of the recovery it is asking investors to underwrite. The full-year revenue range now tops out at $200 million instead of $215 million, while management says fourth-quarter improvement will come at a more measured pace than previously assumed. That is a direct acknowledgment that the market reset is lasting longer and that the sequential rebound is not yet strong enough to restore the old earnings model. 〔0〕

Liquidity is becoming an important constraint on the turnaround. Cash, cash equivalents and restricted cash fell to $26.9 million from $94.3 million at year-end, while the company used $29.1 million in operating cash and $36.2 million in financing cash during the first nine months. There is no outstanding debt, but the cash balance is now small relative to the continuing operating losses and facility spending.

Bottom line: This is not a clean recovery quarter: sequential improvement and better cost control are real, but the revenue miss, lower ceiling on guidance, and shrinking cash balance show the reset is still materially ahead of the turnaround. The filing weakens the near-term business story rather than overturning it, because the market disruption was already known but its persistence is worse than expected.

What to watch next

Q4 results and 2026 year-end revenue reset

Original filing on SEC EDGAR

Organogenesis earnings miss as wound-care recovery slows again | ORGO Stock News
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