Organogenesis Inc. Archives - Medical Design Sourcing

The medtech companies potentially affected by Silicon Valley Bank’s closure

The California Department of Financial Protection and Innovation today closed Silicon Valley Bank, which could expose medtech companies with relations to the bank.

According to SVB’s website, half of all U.S. VC-backed tech and life science companies used the Santa Clara, California–based bank.

The FDIC — appointed as receiver in the closing — created the Deposit Insurance National Bank of Santa Clara (DINB). This protects insured depositors, the FDIC said in a news release. At the time of closing, the FDIC immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

Silicon Valley Bank’s reach extends to medtech

BTIG analysts issued a list of companies that could be exposed to Silicon Valley Bank. This includes exposure through loan agreements, revolving credit facilities, and more.

The analysts stressed that the list is only based on these companies’ most recent filings. It lacks full additional detail that …

Organogenesis beats The Street in Q2

Organogenesis (NSDQ:ORGO) posted second-quarter results this week that beat the overall consensus on Wall Street.

The Canton, Mass.-based company reported profits of $20.7 million, or 15¢ per share, on sales of $123.2 million for the three months ended June 30 for a sales growth of 78.65% compared with Q2 2020.

Earnings per share were 15¢, 8¢ ahead of The Street, where analysts were looking for sales of $107.3 million.

“The Organogenesis team executed extremely well in the second quarter, further accelerating our growth momentum,” president and CEO Gary Gillheeney said in a news release. “We delivered 79% year-over-year revenue growth with strong contributions across both our advanced wound care and surgical and sports medicine portfolios as well as significantly improved profitability.”

“As we enter the second half of 2021, we remain focused on executing our commercial strategy and believe we are well-positioned to continue to deliver strong oper…

Organogenesis names new chief financial officer

Organogenesis this week said it appointed David Francisco as the company’s chief financial officer, effective Feb. 15.

Francisco replaces Henry Hagopian, who will move on to become the company’s senior VP of finance and treasurer.

“I am pleased to welcome Dave to the Organogenesis executive leadership team,” president and CEO Gary Gillheeney said in a news release. “Dave brings strong strategic, financial, and operational leadership across multiple business areas and over 25 years of finance and accounting experience. I look forward to working with Dave as we continue to execute on our strategy to drive growth and improve profitability while delivering on our mission to substantially improve medical outcomes and lower the overall cost of care.”

Prior to joining the company, Francisco held leadership roles at PerkinElmer.

“Organogenesis is an impressive organization with compelling growth opportunities,” Francisco said. “I am exci…

Organogenesis up 10% on Street-beating Q2 results

Organogenesis (NSDQ:ORGO) posted second-quarter results this week that beat the consensus on Wall Street.

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 ex…