ORGOHIGH SIGNALFINANCIAL10-K

Organogenesis shows substantially elevated accounts receivable alongside concerning cash position deterioration, suggesting potential collection issues despite revenue growth.

The dramatic expansion in accounts receivable far outpacing revenue growth indicates the company may be experiencing difficulties collecting payments from customers, potentially related to the Medicare coverage determination changes mentioned in recent developments. The simultaneous decline in cash reserves while liabilities increase creates a liquidity concern that investors should monitor closely.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

While revenue grew a solid 17% to $564.2M, accounts receivable expanded substantially to $217.5M, creating a troubling disconnect that suggests collection challenges. The company's cash position declined meaningfully to $93.7M while total liabilities increased 46% to $164.8M, indicating potential working capital pressures. Despite these concerns, the balance sheet remains reasonably healthy with growing stockholders' equity and total assets, though the cash flow dynamics warrant careful monitoring.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
+97.9%
$109.9M→$217.5M

Receivables surged 97.9% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Total Liabilities
Balance Sheet
+46.4%
$112.6M→$164.8M

Liabilities grew 46.4% — significant increase in debt or obligations, assess impact on financial flexibility.

Capital Expenditure
Cash Flow
+41.1%
$10.0M→$14.2M

Capital expenditure jumped 41.1% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
-30.9%
$135.6M→$93.7M

Cash declined 30.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
+29.2%
$77.5M→$100.1M

Current liabilities rose 29.2% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
+26.7%
$285.9M→$362.2M

Current assets grew 26.7% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+20.3%
$497.9M→$598.7M

Asset base grew 20.3% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+17%
$482.0M→$564.2M

Revenue growing 17% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+14.2%
$262.9M→$300.1M

Equity base grew 14.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Inventory
Balance Sheet
+13%
$26.2M→$29.6M

Inventory built 13% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
Many existing and potential customers for our products are members of group purchasing organizations ( GPOs ) and/or integrated delivery networks ( IDNs ), including accountable care organizations or public-based purchasing organizations, and our business is partly dependent on major contracts with these organizations.
The outstanding shares of our Series A Convertible Preferred Stock, par value $0.0001 per share ( Convertible Preferred Stock ) reduce the relative voting power of holders of our Class A common stock, dilute the ownership of those holders, and may adversely affect the market price of our Class A common stock.
BUSINESS Overview Organogenesis is a leading regenerative medicine company focused on empowering healing through the development, manufacturing, and sale of products for the advanced wound care and surgical and sports medicine markets .
Our mission is advancing healing and recovery beyond expectations.
Several of our existing and pipeline products in our portfolio have Premarket Application ( PMA ) approval, or 510(k) clearance from the United States Food and Drug Administration ( FDA ).
Recent Developments Local Coverage Determinations and Centers for Medicare Medicaid Services ( CMS ) Proposed and Final Rules On April 25, 2024, seven Medicare Part A/B Administrative Contractors ( MACs ) published new proposed local coverage determinations ( LCDs ) for skin substitute grafts/cellular and tissue-based products ( CTPs ) for the treatment of DFUs and VLUs in the Medicare population.
These LCDs were finalized by the MACs on November 14, 2024, and were originally set to become effective on February 12, 2025.
However, on January 24, 2025, the MACs announced a delay in the implementation of the LCDs until April 13, 2025, and on April 11, 2025, the MACs announced another delay in the implementation of the LCDs until January 1, 2026.
On December 15, 2025, CMS released a fact sheet stating that the MACs will issue updated LCDs that were to become effective January 1, 2026.
The fact sheet included a new categorization of products as covered, non-covered, or those subject to a 12-month status quo period.
REMOVED
Many existing and potential customers for our products are members of group purchasing organizations (GPOs) and/or integrated delivery networks (IDNs), including accountable care organizations or public-based purchasing organizations, and our business is partly dependent on major contracts with these organizations.
The FDA may determine that our suspension of NuCel and ReNu commercialization on May 31, 2021 was not conducted in a timely or otherwise proper manner.
To the extent that our suspension of any of these products is determined not to comply with the 361 HCT/P Guidance, we may be subject to regulatory sanctions, which could adversely affect our business, results of operations, and financial condition.
The outstanding shares of our Series A Convertible Preferred Stock, par value $0.0001 (Convertible Preferred Stock) reduce the relative voting power of holders of our Class A common stock, dilute the ownership of those holders, and may adversely affect the market price of our Class A common stock.
BUSINESS Overview Organogenesis is a leading regenerative medicine and tissue innovations company focused on empowering healing through the development, manufacturing, and sale of products for the advanced wound care, and surgical and sports medicine markets.
Our mission is to provide an integrated portfolio of healing and tissue solutions that improve lives while lowering the overall cost of health care.
Several of our existing and pipeline products in our portfolio have Premarket Application (PMA) approval, or 510(k) clearance from the United States Food and Drug Administration (FDA).
Additionally, our Phase 3 clinical study evaluating the safety and efficacy of ReNu in symptomatic knee osteoarthritis (OA) is ongoing, and we expect to submit the biologics license application (BLA) in the second half of 2025.
We also plan to evaluate the safety and efficacy of ReNu in symptomatic hip OA.
Recent Developments License and Manufacturing Agreement with Vivex Biologics, Inc.
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