Organogenesis Holdings Inc. (ORGO): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for Organogenesis Holdings Inc. right now, and honestly, with those recent CMS policy shifts, it's a fascinating time to map out how they actually make money as of late 2025. This isn't just about their established, PMA-regulated advanced wound care mainstays like Apligraf and Dermagraft; it's about how they plan to hit guided total net product revenue between $500M-$525M for the year, all while pushing their potential knee osteoarthritis treatment, ReNu. We're looking at a structure built on high-touch direct sales, high gross margins guided to 74%-76%, and significant R&D spend-so let's break down the nine blocks that define their strategy below.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Key Partnerships

The plan is to expand the sales organization to leverage relationships with large hospital systems and GPOs to support the projected Fiscal Year 2025 net product revenue guidance between $500 million and $525 million.

Organogenesis Holdings Inc. recorded $0.4 million in grant income during the third quarter of 2025 related to a government grant received in 2025.

This governmental support follows an agreement where the R.I. Life Science Hub agreed to grant the company $5 million.

The company also secured up to $10 million over five years under the Rebuild Rhode Island Tax Credit program and $3.2 million over 10 years under the Qualified Jobs Incentive Tax Credit program.

Organogenesis is planning a multi-year investment of approximately $100 million in the new Smithfield biomanufacturing facility.

The second Phase 3 randomized controlled trial (RCT) of ReNu demonstrated a baseline pain reduction at six months of -6.9 for ReNu compared to -6.0 in the first Phase 3 study.

The first Phase 3 trial achieved an improvement of -0.72 favoring ReNu, which was statistically significant with a one-sided p-value of p=0.0177 compared to the target threshold of p=0.023.

ReNu has now been studied in three large RCTs involving more than 1,300 patients combined.

The company's Q3 2025 net product revenue reached $150.5 million, up 31% year-over-year.

The Surgical & Sports Medicine segment, which utilizes some of these specialized partnerships, saw revenue increase by 25% to $9.0 million in Q3 2025.

The company's Adjusted EBITDA for Q3 2025 was $30.1 million, a 125% increase from $13.41 million in Q3 2024.

As of September 30, 2025, Organogenesis Holdings Inc. held $64.4 million in cash, cash equivalents, and restricted cash, with no outstanding debt obligations.

Partnership/Financial Metric	Value (Late 2025 Data)	Unit/Period
Projected FY 2025 Net Product Revenue (Guidance)	$500 million to $525 million	USD
Q3 2025 Net Product Revenue	$150.5 million	USD
Q3 2025 Grant Income	$0.4 million	USD
R.I. Life Science Hub Grant Received	$5 million	USD
RI Tax Credit Potential (Rebuild RI)	Up to $10 million	USD
RI Jobs Incentive Potential (Over 10 Years)	$3.2 million	USD
Planned Investment in Smithfield Facility	Approximately $100 million	USD
ReNu Phase 3 Trial Patient Count	More than 1,300	Patients
Cash, Cash Equivalents, Restricted Cash (As of 9/30/2025)	$64.4 million	USD

The company's gross profit margin for Q3 2025 was 76% of net product revenue.

Operating expenses for Q3 2025 were $130.1 million.

Net income for Q3 2025 was $21.6 million.

The Q3 2025 Adjusted EBITDA of $30.1 million compares to $13.4 million in Q3 2024.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Key Activities

Manufacturing and quality control of regenerative products

Organogenesis Holdings Inc. maintains state-of-the-art manufacturing facilities that adhere to stringent Current Good Manufacturing Practices (cGMP) regulations. The company offers contract manufacturing services for its regenerative medicine products. Key activity involves specialized processes for tissue processing, cell culture, and cryopreservation, all overseen by robust quality assurance systems. Clinical data supporting coverage for PUREPLY AM and XT for DFU and venous leg ulcers (VLUs) was submitted from a pool of 728 patients.

Commercialization and direct sales force management

The commercial engine drives revenue across Advanced Wound Care (AWC) and Surgical & Sports Medicine (SSM) segments. For the third quarter of 2025, net product revenue reached a record $150.5 million, marking a 31% increase from the third quarter of 2024's $115.2 million. The AWC segment, which accounted for over 90% of total quarterly sales in Q2 2025, generated $141.5 million in Q3 2025, a 31% year-over-year increase. The SSM segment contributed $9.0 million in Q3 2025, up 25% year-over-year. Selling, general and administrative expenses for the full year ended December 31, 2024, were $294.5 million.

Here's the quick math on the segment performance for Q3 2025:

Metric	Q3 2025 Amount (in thousands)	Year-over-Year Change
Total Net Product Revenue	$150,500	Increase of 31%
AWC Net Product Revenue	$141,500	Increase of 31%
SSM Net Product Revenue	$9,000	Increase of 25%

The full-year 2025 net product revenue guidance is set between $500.0 million and $525.0 million.

Research and Development (R&D) for pipeline therapies

Organogenesis Holdings Inc. invests capital into pipeline development, evidenced by recent R&D expenditures. R&D expense for the nine months ended September 30, 2025, totaled $34.3 million. For the third quarter of 2025 alone, R&D expense was $13.2 million, representing an increase of 28% compared to the third quarter of 2024's $10.3 million. The R&D activity includes pursuing a pre-BLA discussion to evaluate pooled efficacy across trials under the RMAT (Regenerative Medicine Advanced Therapy) designation for its ReNu product.

Navigating complex CMS and FDA regulatory pathways

Managing reimbursement and regulatory clearance is a critical activity, especially given the AWC segment's sensitivity to policy changes. The company applauded the Centers for Medicare & Medicaid Services' (CMS) significant step in payment reform for skin substitutes/cellular and tissue-based products (CTPs) under the CY 2026 Physician Fee Schedule, announced in November 2025. This reform finalized key elements:

• CMS finalized FDA classifications and a per centimeter square payment methodology.
• The new methodology applies in both the physician office and hospital outpatient settings.
• CMS recognized the clinical differentiation of PMA products.
• The prior uncertainty, tied to the delayed Medicare Local Coverage Determination (LCD), caused a market contraction of around 25% YoY in AWC revenue for Q2 2025.
• The new LCD is expected to stabilize the wound-care market starting January 1, 2026.

The company believes this new policy will increase access to PMA products while addressing abuse under the current system.

Finance: review Q4 2025 cash flow projections against the Q3 2025 ending cash balance of $64.4 million by next Tuesday.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Key Resources

The Key Resources for Organogenesis Holdings Inc. center on its intellectual property, established manufacturing base, and the clinical validation of its core regenerative medicine products.

FDA-Approved Products and Regulatory Status

Organogenesis Holdings Inc. possesses a portfolio anchored by products with significant regulatory milestones, which are critical for market access and premium pricing. Apligraf is notable as the only product to date that has received Premarket Approval (PMA) for treating both Venous Leg Ulcers (VLUs) and Diabetic Foot Ulcers (DFUs). The original PMA for Apligraf (PMA Number P950032) received a decision date of 07/13/2007, specifically for the treatment of chronic venous ulcers. Dermagraft has been a market presence since receiving its FDA approval in 2001. Furthermore, in November 2025, CMS finalized FDA classifications and a per centimeter square payment methodology for PMA products in both physician office and hospital outpatient settings, which directly impacts the reimbursement environment for these key assets.

The regulatory standing of the core Advanced Wound Care products is summarized below:

Product	FDA Approval Type/Status	Key Indication(s)	Approval/Decision Year (Original/Key)
Apligraf	PMA Approved	VLUs and DFUs	2007 (Key PMA Decision)
Dermagraft	FDA Approved	DFUs	2001

Financial Liquidity

As of the close of the third quarter of 2025, Organogenesis Holdings Inc. maintained a specific level of readily available capital. The balance sheet reflected $64.4 million in cash, cash equivalents, and restricted cash as of September 30, 2025. This figure represents a decrease from the $136.2 million held at the end of 2024. Importantly, the company reported having no outstanding debt obligations as of September 30, 2025, which provides a degree of financial flexibility. On October 31st, 2025, the company amended its credit agreement to provide access to up to $75 million of future borrowings, though this is contingent availability, not drawn capital.

Proprietary Manufacturing Infrastructure

The ability to manufacture living cellular products at a commercial scale is a core competency and a significant barrier to entry for competitors. Organogenesis Holdings Inc. proudly manufactures all its products within the United States. The infrastructure includes corporate headquarters in Canton, MA, alongside manufacturing and quality operations in San Diego, CA. To support anticipated future growth, the company announced plans to expand capacity via a long-term lease for a 122,000-square foot state-of-the-art biomanufacturing facility in Smithfield, Rhode Island. This builds upon its established base, which includes the world's largest automated living cell manufacturing facility in Canton, MA, operational around 2013.

The manufacturing footprint includes multiple sites:

• Primary headquarters and manufacturing in Canton, MA.
• Additional operations in Norwood, MA.
• Manufacturing and quality in San Diego, CA.
• Offices in Birmingham, AL and St. Petersburg, FL.
• International office in Reinach, Switzerland.

Clinical Data and Reimbursement Support

The value proposition is heavily supported by clinical evidence demonstrating superior patient outcomes and economic benefits, which aids in securing and maintaining favorable reimbursement policies. Apligraf is recognized as the gold standard proven to accelerate healing for VLUs and DFUs when closure is slow. The economic data supporting its use is concrete:

• Medicare treatment costs for DFUs treated with Apligraf were $5,253 lower per patient versus the standard of care.
• Medicare treatment costs for DFUs treated with Dermagraft were $6,991 lower per patient versus the standard of care.

The company noted in November 2025 that the CMS finalization of a payment methodology for PMA products is a recognition of the clinical differentiation of these assets, which should incentivize investment and innovation moving into 2026.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Value Propositions

Organogenesis Holdings Inc.'s value propositions center on delivering clinically superior, evidence-based regenerative medicine solutions across two primary markets, supported by strong financial performance metrics.

Clinically differentiated, PMA-regulated advanced wound care forms a core pillar, leveraging products with established regulatory standing and clinical proof. The company's flagship product, Apligraf®, is noted as the world's first FDA-approved living cell therapy. Furthermore, management highlighted that CMS has recognized the clinical differentiation of PMA products, which is a key strategic advantage heading into 2026 payment reforms.

The portfolio directly addresses solutions for chronic wounds like Diabetic Foot Ulcers (DFUs). Key products like Apligraf® and Dermagraft® are specifically approved for the treatment of DFUs. The Advanced Wound Care segment delivered net product revenue of $141.5 million in the third quarter of 2025.

A significant growth driver is the potential non-surgical treatment for knee osteoarthritis (ReNu). While the second Phase III trial did not meet its primary endpoint for statistical significance in pain reduction at six months, it demonstrated a numerical improvement of -6.9 in baseline pain reduction compared to the first study's -6.0. Critically, the ReNu results continued to show a favorable safety profile and achieved statistically significant maintenance of function (p<0.0001). Organogenesis Holdings Inc. plans to request a pre-BLA meeting with the FDA to discuss the submission pathway.

The value proposition is underpinned by high gross margin products, guided to 74%-76% for FY 2025. The third quarter of 2025 saw the company achieve a gross profit margin of 76% of net product revenue. This high margin supports profitability, as evidenced by the Q3 2025 Operating Income of $20.7 million.

Here's a quick look at how these value drivers translate into recent performance and guidance:

Value Proposition Component	Key Metric/Data Point	Latest Real-Life Number (as of late 2025)
Financial Performance	FY 2025 Gross Margin Guidance	74%-76%
Financial Performance	Q3 2025 Gross Margin	76%
Wound Care Differentiation	Advanced Wound Care Q3 2025 Revenue	$141.5 million
ReNu Potential (OA)	Second Phase III Baseline Pain Reduction (6 Months)	-6.9 (Numerical Improvement)
ReNu Potential (OA)	Secondary Endpoint Result	Statistically Significant Maintenance of Function (p<0.0001)

The clinical differentiation is supported by the specific nature of the Advanced Wound Care portfolio:

• Apligraf®: Bioengineered skin substitute with living cells.
• Dermagraft®: FDA-approved for DFUs.
• Affinity® and Novachor®: Human placental allografts preserved in a fresh state.
• PuraPly AM and PuraPly XT: Native ECM scaffold with broad-spectrum PHMB antimicrobial.

The potential for ReNu is tied to addressing a large patient population, as knee OA is estimated to affect more than 30 million Americans. The company is pursuing a regulatory pathway using combined efficacy analysis from three randomized controlled trials encompassing over 1,300 patients.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Customer Relationships

You're looking at how Organogenesis Holdings Inc. (ORGO) keeps its customers-the wound care centers, surgeons, and hospitals-locked in. It's not just about shipping product; it's about deep clinical partnership. The company explicitly states its strategy is built upon maintaining and building upon its deep customer relationships.

The relationship model is inherently high-touch, direct sales force engagement and education. This is necessary because you're dealing with advanced regenerative medicine products, not simple consumables. The commercial team's strong execution helped drive record revenue performance in Q3 2025. This suggests the field force is successfully educating providers on the value proposition, which is critical for adoption.

This focus translates directly into deep relationships with wound care specialists and physicians. The biggest recent event shaping this relationship is the Centers for Medicare & Medicaid Services (CMS) action. On November 3, 2025, Organogenesis Holdings Inc. applauded CMS for taking a significant step in payment reform for skin substitutes under the CY 2026 Physician Fee Schedule. The CEO noted that CMS finalized FDA classifications and a per centimeter square payment methodology in both physician office and hospital outpatient settings. You see, this policy change is what the company believes will increase access to its PMA (Premarket Approval) products while also leading to higher payment. That's a direct win for the physicians who use the products, solidifying the relationship based on improved economics and access.

Here's the quick math on the revenue success these relationships are supporting for the fiscal year ending December 31, 2025:

Metric	Q3 2025 Actual	FY 2025 Guidance Range
Total Net Product Revenue	$150.5 million	$500 million to $525 million
Advanced Wound Care Net Revenue	$141.5 million (up 31% YoY)	$470 million to $490 million
Surgical & Sports Medicine Net Revenue	$9.0 million (up 25% YoY)	$30 million to $35 million

When you look at investor relations and transparent financial communication, Organogenesis Holdings Inc. keeps a steady drumbeat for the financial community. They held their Third Quarter of Fiscal Year 2025 Earnings Conference Call on November 6, 2025, following the November 6 press release. They are defintely proactive in communicating major regulatory shifts, like the CMS announcement, to investors and analysts, framing it as a positive catalyst for 2026 and beyond. The company also provided detailed financial guidance updates, showing how they expect the business to perform for the full year 2025.

The CMS development ties directly into the need for dedicated reimbursement support for complex billing. Higher payment and expanded access for PMA products mean the support team must be experts in navigating the new fee schedule. You can expect the support function to be heavily focused on ensuring providers can correctly bill under the new methodology to capture the full value of the product. This support helps de-risk the adoption process for a physician's practice manager. The company's ability to manage this complexity is key to converting clinical acceptance into consistent revenue streams. The strategy involves making sure the clinical differentiation recognized by CMS translates into smooth, profitable utilization for the end-user.

You should monitor the following aspects of their customer engagement moving into 2026:

• Sales force deployment against high-potential centers.
• Speed of provider onboarding to the new CMS payment structure.
• Feedback from specialists on the effectiveness of reimbursement assistance.
• Conversion rates for new product adoption post-guidance update.

Finance: draft 13-week cash view by Friday.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Channels

You're looking at how Organogenesis Holdings Inc. gets its regenerative medicine products, like Apligraf and PuraPly AM, into the hands of the clinicians who need them as of late 2025. The strategy leans heavily on internal muscle, supported by institutional access points.

Direct sales force to hospitals and wound care centers

Organogenesis Holdings Inc. relies on a 'highly trained and specialized direct wound care sales force' to drive product adoption across its core markets. You should know that sales generated by this direct sales force in the United States have represented, and are anticipated to continue to represent, a majority of their revenues. This internal team is the primary engine for both Advanced Wound Care and Surgical & Sports Medicine product lines. As of September 30, 2025, the company had a total of 939 employees worldwide, a significant portion of whom support this direct commercial effort.

Group Purchasing Organizations (GPOs) for institutional contracts

While specific revenue attributed solely to GPO contracts isn't broken out, these organizations are critical for securing broad access within the hospital and institutional setting, which is where the direct sales force focuses its efforts. The company's ability to navigate the evolving reimbursement landscape, especially with the finalization of the CMS Medicare physician fee schedule for 2026, is tied to these institutional relationships. The company's total net product revenue for the third quarter of 2025 was $150.5 million, with the majority coming from Advanced Wound Care products.

Outpatient settings and physician offices

The direct sales force also targets physician offices, which are key for the outpatient treatment of chronic wounds. The company's strategy emphasizes generating clinical data, such as the planned RCTs for NuShield in Q3 FY25, to enhance sales efforts with physicians and improve reimbursement dynamics with payers in these settings. The company's full-year 2025 net revenue guidance is projected to be between $500.0 million and $525.0 million.

Surgical and sports medicine distribution network

The Surgical & Sports Medicine (SSM) segment utilizes a distribution network alongside the direct sales force. This segment showed strong momentum, with Q3 2025 sales increasing 25% year-over-year to $9.0 million. The full-year 2025 guidance for SSM revenue is set between $30.0 million and $35.0 million, reflecting the expected contribution from this channel.

Here's a quick look at the financial targets that these channels are driving for the full year 2025:

Revenue Segment	Full Year 2025 Guidance (Low End)	Full Year 2025 Guidance (High End)	Q3 2025 Actual Revenue
Total Net Product Revenue	$500.0 million	$525.0 million	$150.5 million
Advanced Wound Care (AWC)	$470.0 million	$490.0 million	$141.5 million
Surgical & Sports Medicine (SSM)	$30.0 million	$35.0 million	$9.0 million

The company's cash position as of September 30, 2025, stood at $64.4 million, with no outstanding debt obligations at that time, though they amended their credit agreement to provide access to up to $75 million of future borrowings.

You'll want to track the execution of the sales force against the updated guidance, especially as the CMS policy shift for 2026 is expected to create a 'watershed moment' for PMA products like Apligraf and Dermagraft, potentially leveling the field against higher-ASP competitors.

Finance: draft 13-week cash view by Friday.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Customer Segments

You're looking at where Organogenesis Holdings Inc. actually gets its money, which tells you exactly who they are selling to as of late 2025. The customer base is clearly split between two main product lines, which map directly to the clinical specialties they target.

The Advanced Wound Care (AWC) segment is the overwhelming focus. For the third quarter ended September 30, 2025, AWC products generated net product revenue of $141.5 million. This revenue stream is what pays for the operations, and it's driven by adoption from Advanced Wound Care specialists and clinics, as well as the larger hospital and outpatient wound care facilities where complex wounds are treated.

The company's full-year 2025 guidance reinforces this focus. Organogenesis Holdings Inc. projects total net product revenue between $500.0 million and $525.0 million for the year. Of that, the AWC segment is expected to contribute between $470.0 million and $490.0 million. That means AWC products account for roughly 90% or more of the total expected revenue.

The second group, served by the Surgical & Sports Medicine (SSM) products, is smaller but still important. For Q3 2025, SSM products brought in $9.0 million in net product revenue. This group directly involves Orthopedic and sports medicine physicians who use these regenerative technologies in their procedures.

Here's the quick math on the Q3 2025 revenue breakdown:

Customer-Mapped Segment	Product Line	Q3 2025 Net Product Revenue	Year-Over-Year Growth (Q3 2025 vs Q3 2024)
Advanced Wound Care specialists and clinics / Hospitals and outpatient wound care facilities	Advanced Wound Care (AWC)	$141.5 million	31%
Orthopedic and sports medicine physicians	Surgical & Sports Medicine (SSM)	$9.0 million	25%
Total	Total Net Product Revenue	$150.5 million	31%

Regarding US government payers, the direct financial impact isn't broken out as a revenue line, but the reliance is clear from management commentary. You see the company is actively navigating the reimbursement landscape, mentioning the recently announced CMS payment rule and expressing confidence in market access advantages for 2026. For Q3 2025, Organogenesis Holdings Inc. recorded $0.4 million in grant income related to a government grant received in 2025, which is a minor, one-time financial event compared to the core product sales.

The customer base is characterized by high-value, specialized medical providers, but their ability to use the products is tied to payer coverage. You should note the following key customer-related factors:

• Advanced Wound Care net product revenue for the full year 2025 is guided to be between $470.0 million and $490.0 million.
• Surgical & Sports Medicine net product revenue for the full year 2025 is guided to be between $30.0 million and $35.0 million.
• The company's total cash, cash equivalents, and restricted cash stood at $64.4 million as of September 30, 2025.
• Management noted concerns over competitor pricing and the potential for loss of coverage for over 200 products, which directly impacts the willingness of these customer segments to purchase.

Finance: draft 13-week cash view by Friday.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Cost Structure

You're looking at the expense side of Organogenesis Holdings Inc.'s (ORGO) business as of late 2025, and it's clear that scaling commercial operations and maintaining a pipeline are the primary cost drivers. The cost structure is heavily weighted toward getting products to market and supporting the science behind them.

High Selling, General, and Administrative (SG&A) expenses

SG&A represents a substantial portion of the operating spend, reflecting the commercial infrastructure needed to support the Advanced Wound Care and Surgical & Sports Medicine segments. For the first quarter of 2025, SG&A expenses were reported at $72.5 million, a slight increase from $72.3 million in the first quarter of 2024. This category covers sales force costs, marketing, and general corporate overhead. To be fair, the company saw strong revenue growth in Q3 2025, which should improve operating leverage, but the absolute dollar spend remains high.

The overall operating expenses, excluding the Cost of Goods Sold, for the third quarter of 2025 were $130.1 million, marking a 19% increase year-over-year. The non-GAAP operating expenses for that same quarter were $93.9 million, which was up 14% compared to the prior year.

Cost of Goods Sold (COGS) for biologic manufacturing

The cost associated with producing the biologic materials, which is the COGS, directly impacts the gross margin. Organogenesis Holdings Inc. maintained a strong gross margin in the third quarter of 2025 at 76% of net product revenue, though this was modestly down from 77% in the third quarter of 2024, primarily due to product mix shifts. For the third quarter of 2025, the gross profit was $114.2 million on net product revenue of $150.5 million. This implies a COGS of approximately $36.3 million for the quarter.

Here's a quick look at the Q3 2025 margin components:

Metric	Amount (Q3 2025)	Percentage of Revenue
Net Product Revenue	$150.5 million	100%
Gross Profit	$114.2 million	76%
Cost of Goods Sold (COGS)	$36.3 million	24%

Significant R&D investment

Investment in Research and Development is necessary to support the pipeline, including the ReNu program. For the first quarter of 2025, R&D expense was $10.6 million, a decrease of 17% from $12.8 million in the first quarter of 2024. While the prompt suggested a specific 9-month figure, the concrete data available shows the following for Q1 2025:

• R&D Expense (Q1 2025): $10.6 million
• R&D Expense (Q1 2024): $12.8 million
• Year-over-year change (Q1): A decrease of $2.2 million

Regulatory compliance and legal costs

Costs related to regulatory filings and potential legal matters are a distinct, often lumpy, part of the expense structure for a company with PMA (Premarket Approval) products. These costs can hit operating expenses hard in specific periods. For the first nine months of 2025, the company recorded specific non-recurring items that fall into this bucket:

• Impairment and Write-down Expenses (9M 2025): $9.2 million
• Nonrecurring FDA payment related to renewed BLA filing (9M 2025 context): $4.6 million
• Asset and Restructuring Write-down (9M 2025 context): $9.8 million

The operating loss for the first nine months of 2025 was $18.6 million, compared to an operating loss of $11.5 million for the same period in 2024. Finance: draft 13-week cash view by Friday.

Organogenesis Holdings Inc. (ORGO) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Organogenesis Holdings Inc.'s value generation, which, as of late 2025, is almost entirely product-based. The company's revenue streams are highly concentrated in their two main segments, reflecting where their regenerative medicine technology finds its primary commercial application. Honestly, the near-term financial picture is all about hitting those reaffirmed full-year targets.

The company updated its full-year 2025 guidance following a strong third quarter, showing confidence in the latter half of the year. This guidance is the clearest snapshot you have for the full-year revenue expectation.

Here's the quick math on the forward-looking guidance for the entire fiscal year 2025:

Revenue Stream Category	FY 2025 Guidance Range (Millions USD)	Implied YoY Growth (from 2024)
Advanced Wound Care (AWC)	$470.0 million - $490.0 million	4% to 8%
Surgical & Sports Medicine (SSM)	$30.0 million - $35.0 million	6% to 23%
Total Net Product Revenue	$500.0 million - $525.0 million	4% to 9%

The Advanced Wound Care segment is definitely the lion's share of the business. For instance, Q3 2025 saw this segment bring in $141.5 million, which was a substantial 31% increase year-over-year, propelling the company to raise its full-year outlook. That's where the real volume is, so any shift in reimbursement or market access there has a huge impact on the top line.

The Surgical & Sports Medicine business, while smaller, shows strong percentage growth potential. It contributed $9.0 million in the third quarter of 2025, marking a 25% jump from the prior year's third quarter. You need to watch this segment for diversification, even if its contribution to the total is currently modest.

When you look at the actual performance through the first nine months of 2025, the picture is mixed, showing the early-year headwinds you've heard about. Net product revenue for the nine months ended September 30, 2025, was $338.0 million, a 5% decrease versus the same period in 2024. Still, the third quarter rebound suggests a strong trajectory heading into the final quarter.

Grant income from government sources is not a primary driver of the business model, though it does appear in the financials sporadically. For example, the company recorded $0.4 million in grant income during the third quarter of 2025 related to a government grant received that year. This is generally considered immaterial to the overall revenue picture, but it's good to note that non-product revenue exists.

To give you a clearer view of the recent quarter's performance versus the full-year targets, consider this breakdown:

• Q3 2025 Net Product Revenue: $150.5 million.
• Q3 2025 Gross Profit Margin: 76% of net product revenue.
• Cash position as of September 30, 2025: $64.4 million in cash, cash equivalents, and restricted cash, with no outstanding debt obligations.
• The company has access to up to $75 million of future borrowings via an amended credit agreement.

Finance: draft 13-week cash view by Friday.