 CANTON, Mass., Aug. 10, 2020 GLOBE NEWSWIRE -- Organogenesis Holdings Inc. Nasdaq: ORGO, a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical Sports Medicine markets, today reported financial results for the three and six months ended June 30, 2020. Second Quarter 2020 Financial Summary: Net revenue of 69.0 million for the second quarter of 2020, up 6 compared to net revenue of 64.9 million for the second quarter of 2019. Net revenue is based upon: Net revenue from Advanced Wound Care products for the second quarter of 2020 of 59.7 million, an increase of 8 from the second quarter of 2019. Net revenue from Surgical Sports Medicine products for the second quarter of 2020 of 9.2 million, a decrease of 5 from the second quarter of 2019. Net revenue from the sale of PuraPly products of 28.5 million for the second quarter of 2020, a decrease of 4 from the second quarter of 2019. Net revenue from the sale of non-PuraPly products of 40.4 million, an increase of 15 as compared to net revenue from the sale of non-PuraPly products in the second quarter of 2019. Net loss of 5.2 million for the second quarter of 2020, compared to a net loss of 9.6 million for the second quarter of 2019, a decrease of 4.5 million, or 46. Adjusted EBITDA of 274 thousand for the second quarter of 2020, compared to Adjusted EBITDA loss of 4.8 million for the second quarter of 2019, an increase of 5.1 million, or 106.Second Quarter 2020 and Recent Highlights: In April 2020, the Company hosted a series of five virtual education events geared toward clinicians and other advanced wound care and surgical sports medicine stakeholders. The virtual events featured leading clinical experts and offered relevant, engaging and accessible educational content to clinicians and administrators. In July 2020, the Companys latest advanced wound care research on its Apligraf, Affinity, Dermagraft, Nushield and PuraPly AM product lines was showcased at the 2020 Symposium on Advanced Wound Care SAWC Spring Wound Healing Society Virtual Experience.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 15th, said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. 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.Mr. Gillheeney, Sr. continued: Despite the challenging operating environment caused by the COVID-19 pandemic, we believe the fundamentals of our business, and strategy, remain strong and that we are well positioned to deliver strong operating and financial performance over the balance of 2020. As such, we are reinstating formal financial guidance reflecting our expectations for total revenue growth of 5 to 6 in 2020. Notably, this total revenue guidance is consistent with the projections we made during our fourth quarter earnings report in early March, before the COVID-19 pandemic. We are proud of Organogenesis resilience in the face of unprecedented challenges, and believe it is a direct result of our teams hard work and commitment to delivering on our mission to provide integrated healing solutions that substantially improve medical outcomes while lowering the overall cost of care.Net Revenue Summary:The following table sets forth net revenue by product grouping for the three months ended June 30, 2020 and June 30, 2019, respectively: Three Months Ended June 30, Change 2020 2019 in thousands, except for percentages Advanced Wound Care 59,731 55,211 4,520 8 Surgical Sports Medicine 9,229 9,737 508 5 Net revenue 68,960 64,948 4,012 6 Second Quarter 2020 Results: Net revenue for the second quarter of 2020 was 69.0 million, compared to 64.9 million for the second quarter of 2019, an increase of 4.0 million, or 6. The increase in net revenue was driven by a 4.5 million increase, or 8, in net revenue of Advanced Wound Care products, offset partially by a 0.5 million decrease, or 5, in net revenue of Surgical Sports Medicine products, compared to the second quarter of 2019. The increase in Advanced Wound Care net revenue was primarily due to the expansion of the sales force and penetration of existing and new customer accounts. The decrease in Surgical Sports Medicine net revenue was primarily due to the postponing or cancellation of medical procedures as a result of COVID-19. Net revenue from the sale of PuraPly products for the second quarter of 2020 was 28.5 million, compared to 29.7 million for the second quarter of 2019, a decrease of 1.2 million, or 4. Net revenue from the sale of PuraPly products represented approximately 41 of net revenue in the second quarter of 2020, as compared to 46 of net revenue in the second quarter of 2019.Gross profit for the second quarter of 2020 was 48.9 million, or 71 of net revenue, compared to 45.5 million, or 70 of net revenue, for the second quarter of 2019, an increase of 3.4 million, or 8. The increase in gross profit resulted from increased sales volumes, primarily strength in our Advanced Wound Care products, and changes in product mix.Operating expenses for the second quarter of 2020 were 51.2 million, compared to 52.8 million for the second quarter of 2019, a decrease of 1.7 million, or 3. RD expense was 4.7 million for the second quarter of 2020, compared to 3.9 million in the second quarter of 2019, an increase of 0.8 million, or 21. The increase in RD expense was driven by additional headcount and continued investment in clinical programs and our product pipeline. Selling, general and administrative expenses were 46.5 million, compared to 49.0 million in the second quarter of 2019, a decrease of 2.5 million, or 5. The decrease in selling, general and administrative expenses is primarily due to reduced travel and marketing programs amid COVID-19 related travel restrictions, a decrease in amortization associated with intangible assets and a decrease in legal, consulting fees and other costs associated with the ongoing operations of our business. The decrease in SGA expenses was offset partially by an increase in expenses due to additional headcount, primarily in our direct sales force.Operating loss for the second quarter of 2020 was 2.3 million, compared to an operating loss of 7.3 million for the second quarter of 2019, a decrease of 5.1 million, or 69, primarily due to higher revenue and gross profit and lower SGA expenses, compared to the prior year period.Total other expenses, net, for the second quarter of 2020 were 2.9 million, compared to 2.3 million for the second quarter of 2019, an increase of 0.6 million, or 25. The increase was driven primarily by higher interest expense related to increased borrowings compared to the prior year period.Net loss for the second quarter of 2020 was 5.2 million, or 0.05 per share, compared to a net loss of 9.6 million, or 0.11 per share, for the second quarter of 2019, a decrease of 4.5 million, or 46.As of June 30, 2020, the Company had 40.5 million in cash and 115.3 million in debt obligations, of which 16.3 million were capital lease obligations, compared to 60.2 million in cash and 100.6 million in debt obligations, of which 17.5 million were capital lease obligations as of December 31, 2019. First Half 2020 Results:The following table sets forth net revenue by product grouping for the six months ended June 30, 2020 and June 30, 2019, respectively: Six Months Ended June 30, Change 2020 2019 in thousands, except for percentages Advanced Wound Care 111,019 103,055 7,964 8 Surgical Sports Medicine 19,673 19,016 657 3 Net revenue 130,692 122,071 8,621 7 Net revenue for the six months ended June 30, 2020 was 130.7 million, compared to 122.1 million for the first six months of 2019, an increase of 8.6 million, or 7. The increase in net revenue was driven by a 8.0 million increase, or 8, in net revenue of Advanced Wound Care products and a 0.7 million increase, or 3, in net revenue of Surgical Sports Medicine products compared to the prior year. Net revenue of PuraPly products for the six months ended June 30, 2020 were 61.0 million, compared to 55.1 million for the first six months of 2019, an increase of 5.9 million, or 11. Net revenue of PuraPly products represented approximately 47 of net revenue for the six months ended June 30, 2020, compared to 45 for the first six months of 2019.Gross profit for the six months ended June 30, 2020 was 91.9 million or 70 of net revenue, compared to 85.6 million, or 70 of net revenue, for the first six months of 2019, an increase of 6.2 million, or 7. The largest contributors to the increase in gross margin from the year earlier period were increased sales volumes of our Advanced Wound Care and Surgical Sports Medicine products.Operating expenses for the six months ended June 30, 2020 were 109.2 million, compared to 105.1 million for the first six months of 2019, an increase of 4.1 million, or 4. The increase in operating expenses in 2020 was driven primarily by higher RD expense which was 10.1 million, compared to 7.2 million for the first six months of 2019, an increase of 2. 