ORGO - Earnings call transcript Q1 2020 | Organogenesis Holdings Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and welcome to the first quarter 2020 earnings conference call for Organogenesis Holdings Inc. [Operator Instructions]. Please note that this conference call is being recorded and that the recording will be available on the company's website for replay shortly.

Before we begin, I would like to remind everyone that our remarks today may contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including the risks and uncertainties described in the company's filings with the Securities and Exchange Commission, including Item 1A Risk Factors of the company's most recent annual and quarterly reports.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

of do commitment time the required to whether a voluntarily company time, forward-looking by may events as no future undertakes update result applicable it securities so except to from the statements, or laws. Although otherwise information, as new or revise

measures measures financial to in financial refer portion most generally call principles comparable accepted This are financial or also Reconciliations measures. to in calculated presented non-GAAP of not GAAP. website. press Relations references the include measures calculated the are will accordance available generally these accounting non-GAAP those as of in certain We our Investor to that accordance GAAP with release the earnings with on

over Holdings ahead, Sr., Gary I would to now Mr. President Please go Chief like Organogenesis Executive sir. Officer. call Gillheeney, to and the turn

Gary Gillheeney

Holdings Thank Quarter Chief the today you, by First Tim joined XXXX Earnings Officer. to welcome, our on everyone, Call. I'm call and Cunningham, Organogenesis Conference Financial

as in-depth financial managing a of of up are for the well the business first with opening been more results our some with you we'll condition, open our business my positioned to our date have in quarterly an keep performance and when summary begins. start start review well rebound balance provide as a COVID-XX us to me a on and the our how revenue pandemic with color After for questions. sheet growth then brief by remarks, overview I'll will impacted will let financial of Tim and what cover quarter, we our remarks. agenda trends Now of prepared during how our we including

range of total in Care our guidance provided products of quarter We part reported the Surgical in full QX high X% driven call quarter growth of on first of in deliver revenue as a products XXXX growth revenue We our were of quarter, Wound with Sports revenue review end of and X% discussion. & revenue the XX% the growth Advanced sales above by expected first fourth sales Medicine year-over-year. year-over-year our our pleased Beginning to year the performance. growth

Our discussing our that of the calls year. the reflects each sales the our our over been over we've performance of expanding we've months. quarter investments continuation The key drivers force on growth the which earnings of important first growth made are the most XX last in last of

the QX, and had We our of direct up reps growth of end quarter-over-quarter since representing the XXX direct reps sales in at end XXXX. XX% of XX team

a the which XXXX, at since compared XX% expanded are agencies We 'XX of Medicine the with represents our end at than QX partners in to growth of of number also working Sports more of agency in the end XXXX. end market XXX we approximately independent Surgical the to & XXX of

Sales of year, were or with products to quarter driver sales total last increase of million a QX growth our this $XX.X million XX% of million PuraPly in key again $X.X company year-over-year. $XX.X of compared an revenue

driving by strong we're customers related leverage and into number making to accounts, PuraPly existing and adoption our as to pleased customer PuraPly demand for were growing by our see of the the strategy continue PuraPly We progress early to clinician office the PuraPly deeper well. we

our does X of had resulted QX reflect in execution first strong months the trends which growth of in strong reported our growth our strategy, Importantly, XXXX. in commercial not fully over the momentum

through before sales our February dramatically of year-over-year the slowing XX% Specifically, half were second over March. up

business different disruptions regions in their varied in presence across and U.S. trends. and March different pandemic care our spread federal sites began business in restrictions commercial our initiated, throughout the were given state see in significant COVID-XX we our to the As disruptions activities, of The resources as our a of of access closings treatments of disruption to in temporary care, end to announcing pandemic. their result the emerging customers COVID-XX and patient experienced by including or clinicians the many reducing shifting March, of But significant country. restricting had

After the of half increasing our increased XX% first sales March. XX% February, over through

the second month for trend second Then resulting year-over-year. products, March, products. X% year-over-year sales growth increase in for driven X% sales half & The of year-over-year. experienced in Medicine offset XX% XX% March the negative in sales of over decrease March our Advanced trends the further sales our declined deteriorated in month in Sports flat the April declined of Wound the performance Surgical This Care continued. a half of of So a we was March as growth of full by by

Sales our declining Wound but were which still deterioration in a of the Sports our surgical late higher year-over-year Surgical Advanced year-over-year with are setting exposure sales hospital XX% procedures, especially compared the the products, given more trend in that April March in & those sales elective XX% of Medicine experienced conducted month of declined the April. Care and products to to resilient, for

overall recent cautious of trends forward. have of respect practices in to an improvement are with the as weeks, though, country, in gradual positive trends of states upon the going pleased the lifting region remain with the And the care site around level some we the the upon given in started the and we and States, while have pace in very United depending restrictions facilities, care we uncertainty reopening reopen. recovery depending Importantly, health of seen the to high

and a to and acted this the in of designed travel. measures implemented our pandemic? performance all to slowdown Where So sales. financial safety result a quickly the mitigate Well, the in near-term and to health protect identified as support ensure effective help possible, challenge responded to measures our of how our by We've of COVID-XX company that policies we've the implementing response has number cost-saving curtailed customers business impact work-from-home of also continuity. we've nonessential employees to of

are help continued close stayed customers the portfolio. with manufacturing have our have many this Our We've and educate no navigate during pandemic. this conducted to supply they disruptions to global our experienced in many services of facilities facing care contact them chains virtual educational benefits and and challenges Throughout pandemic, ways identify have providers seminars date. health our we the to to on

sales to using person to engaged and doing are we to remains the patients to and customers COVID-related who are our in technology that provide need can care the to due is them. leveraging lifesaving not and virtual accessible our our health support Our providers we restrictions. team and with priority, customers products Safety #X is all continue

say outcomes, over and for The of mission the our lowering - delivering team couple I of has has organization continued proud our period performed this healing our of team last and demonstrated impressive, dedication want to Finally, resilience uncertainty. them of thank want improve to how is commitment of I to substantially integrated I'm months during care. to cost the medical provide their that overall on while solutions our that

review it let over first for a of our Tim and quarter to our that, for me results With turn the financial balance sheet.

Timothy Cunningham

results. or year-over-year million million with XXXX, first our are referenced quarter the growth the my you, million quarter a specified, I X%. of basis. financial was compared of quarter of review otherwise Unless Gary. rates all Revenue on first for $XX.X an increase to Thank $X.X begin XXXX remarks $XX.X first a for of will during prepared

fourth our came as the end discussion part range XXXX above full on April the our as revenue on earnings we results well preliminary quarter quarter guidance provided First revenue high year of provided X. the in call of revenue range as

increase products year the XXXX, Revenue the the an products to to of quarter first for in period. total XXXX or for prior first Revenue compared of compared of for of XX% care total $XX.X million represented Advanced quarter revenue Care million revenue from X%. Wound of the quarter Wound $XX.X of first in million was Advanced XX% XXXX revenue of $X.X

increase Surgical XX%. compared from to of of quarter Surgical Sports from of $X.X revenue first quarter million of products first of products for in XXXX XX% total first XX% Medicine the $XX.X XXXX, year & Sports Revenue period. $X.X million or million quarter represented prior total & of was the the XXXX in Revenue compared Medicine the to revenue for an

$X.X quarter XX% revenue XXXX $XX.X for compared first first in total to of the first PuraPly of of XXXX products XX% $XX.X compared to total the of from of represented for was in XXXX. of or Revenue revenue products quarter PuraPly increase quarter million million approximately from the the quarter an of XXXX, Revenue million XX%. first

we XX, approximately independent agencies direct March compared at of year-end at had XXXX, reps XXX approximately XXX and As year-end XXX XXXX. to compared sales XXX XXXX to

$XX.X X%. Gross profit in The $XX.X compared million profit for first year million the change revenue to XX.X% XXXX of the $X.X revenue of compared XXXX to Gross first quarter primarily million of from increase mix or margin XXXX, resulted changes was quarter profit to of for the first of an the of first period. the for quarter gross margin XXXX. in quarter for XX.X% revenue prior the of was

$XX.X result sales first were XXXX administrative driven headcount, processing agreements general in million to direct development for the in as to additional consulting a for to the The Operating quarter due to $X.X selling, The which first the our in for hiring XXXX and million expenses quarter of higher compared primarily a higher general to sales higher of and or is increase as was additional increase the in product of of quarter $XX.X revenue, credit quarter primarily of of fees first and of operating in compared XXXX, and due million commissions by fee $X.X compared portion a increase quarter XXXX, increase collections. increased royalties, X%. expenses certain the was of expenses million an first first $XX.X million XXXX $XX or expenses, selling, additional force, an increased which of administrative XX%. cancellation card to mainly million

The partially a the in and associated our operations business. legal, assets by costs method decrease expenses with with and offset the was associated SG&A in economic amortization of a amortized intangible increase other ongoing decrease benefits consulting in using

of additional in million and due an quarter programs in pipeline. expenses or XX%. million The investment the in were first to increase to was XXXX, $X of product of R&D quarter $X.X clinical primarily our first $X.X million XXXX the increase for headcount compared

quarter process in of line, First expenses Affinity the costs associated first late development which R&D quarter reintroduced additional for new impacted our XXXX was product by also a XXXX. were contract manufacturer with

nonrecurring control quarter expense, Total strong clouds the reported $X of which we the million approximately expense XXXX the performance achieved for period. first operating in expenses included of

canceling Specifically, by agreements acquisition. fee company Medical the inherited million is that expense the NuTech of part to the of as related multiyear $X a were nonrecurring for

identify the the result evolving SG&A from proactive Excluding year-over-year efforts cost-saving COVID-XX. the expense environment our our quarter. related first growth reflects a cancellation implement rapidly growth in to the X% of This fee, uncertainty SG&A of and expenses measures in impact was and on the our as continuing

discontinuing to instituting controls marketing travel, services nonessential and related primarily events, all clinical These and delays were spending, cost-saving including measures temporary on in discretionary programs, spend.

COVID-XX. expect help majority profile, continue these expense will near-term financial to of benefit of mitigate the savings to impact We the our operating which

Specifically, quarter of second to realize $X to of $X we quarter the our expect in operating first million the approximately expenses compared of XXXX in savings million to XXXX.

first the or of XX%. operating for million loss XXXX, compared quarter an first million of the of to XXXX Operating $XX.X was million quarter an loss increase for of $XX.X $X

nonrecurring fee earlier, period. reflecting in expenses leverage X% increase the to year-over-year, operating modest Excluding cancellation relative expenses in of increased discussed revenue the our X% the

of the quarter in related for compared interest a deferred XXXX, a million was change expense $X.X of penalties debt the million of $X.X higher by $X.X net partially quarter decrease of by first extinguishment of higher as period sellers the compared only expenses impacted The early prior with write-off total noncash the offset on XXXX. to million driven master of Medical, year $X.X borrowings in $X.X the debt, first of XXXX agreement of other for upon the well of prepayment driven March in which XX%. was related consideration the to quarter the net as expenses settlement for lease was related net million dispute of XXXX million the acquisition the the first total discount or and expenses NuTech XXXX were unamortized first repayment The gain of loss Total by the period. change for other to also to other quarter earlier a to

loss X%. compared Net the share of or XXXX, quarter $X.X the for increase quarter $XX.X of share was million first per of a XXXX per first or loss million net or $XX.X of million an $X.XX $X.XX to for

Adjusted EBITDA an of loss of XXXX loss $XX.X for compared for the the first $X.X was EBITDA of to adjusted first quarter million XXXX. million quarter

which Form Commission release, our We EBITDA this all reconciliation have were our and Form provided Exchange of a XX-Q, earnings full filed with adjusted X-K Securities results afternoon. of and in the

balance the to Turning sheet.

XXXX. $XX.X and had $XXX.X the capital in December million by million $XXX cash $XX capital $XX.X XX, months in The to of of provided obligations financing As of were obligations, debt cash lease $XX activities, $X capital $XX.X approximately for cash, cash net which cash driven change the of of million obligations, million in March by XX million million which in as investing $XX.X offset cash $XX.X were - XX, of working XXXX, activities compared debt the million million lease million period. of March ended in activities operating of December and was XX, million obligations $X company of by XXXX, sorry, during million used of in and used X

Silicon third driven its in cash in with company's the tranche by from Bank, XXXX. activities which the million and financing of first on XX, Cash of was of XXXX facility funding access Valley brought March borrowing $XX the for quarter

of facility. capacity As in with million under the credit the are additional end, the At full SVB our XX, to revolving future, term the covenants loan revolving subject facility up of in $X.X to we the and in agreement. million under XXXX, borrowings financial quarter with credit The facility compliance in of million agreement March $XX.X borrowing we SVB. with outstanding continued covenants had borrowings under compliance $XX financial has the

operating that cash filing. expenditure to XX March expenses, plus as operations, under cash XXXX, our requirements months service our be our XX, We capital from for hand the XX-Q expect and on sufficient credit least of agreement fund will payments debt SVB and our following flows at availability

uncertainty previously Turning revenue XXXX XXXX, April the to pandemic. originally revenue fiscal COVID-XX its and to evolving of rapidly a guidance. X, company XXXX impact review the of on year our from March On guidance environment announced withdrew XXXX, issued due the resulting the X,

the COVID-XX continued and are will position to uncertainty, predict results. operating have we unable company's unprecedented the pandemic the impact on Given currently fully that the financial

I'll call that, Gary. the turn With over back Gary? to

Gary Gillheeney

a team; COVID-XX of fueled the including improves. Tim. for success solutions Advanced investments in new adoption strong in disruption our as strong trends we've this growing pandemic, result clinical economic commercial Despite market Thanks, of remains portfolio of strategy evidence. gain and our and Care Wound share business our Surgical extension, Affinity; And growth our result recent have products; public we compelling, strategy Medicine our product and outlook and the for by & commercial made in the and the we will a the relaunch believe long-term of executing in continued the health markets, both and broader environment utilization Sports as line the

your investment appreciate So we the speaking with in forward interest to community Organogenesis. in look future and the

And with that, turn operator, you. back I'll to it

Operator

Instructions]. [Operator

from question Matt Miksic first Suisse. come Our will from Crédit

Matthew Miksic

some product I'm your across different lines mentioned, follow-up. curious remarks country of signs show seeing and types we to Congrats to companies tough Gary, to we're X you that I quarter the if maybe on sign you be Wanted examples after lines geographies are and And stages end is maybe different types to the here where solid product pockets a folks the things And recovery, of starting early you're it. that environment, one improvement of could that your of how some understand and pretty it maybe given all especially. call to a cover, let's of some of about across and of Love experiencing have do, of are encouraging what including just markets the and a centers give April. trying maybe corporates things? in - seems trying different a companies

Gary Gillheeney

capacity. look at we Well, Sure.

all a have is we the issue, know, for we not capacity And And fortunately, demand has rural that lot a & Surgical issue. Sports of it's in. do we Medicine on XX%. As XX%, opened capacity around this a hospitals us, business up

the have now, Sports states So Medicine Surgical historically XX% business. been our if sales & open that for covers of Medicine where at you our Surgical Sports & about that are look

metro the and we're country where more almost pockets constraint. as So of seeing a and we're areas more some usual of business areas, other it's where seeing

important The nonelective. our XX% other thing of sales us about is that's for are

and not XX% as of a companies, nonmetropolitan sales, sports surgical we're medicine our in So fairly other of exposed we concentration sales are some almost as areas. high have

we've done think I probably that's what have a collectively why others So better little than experienced.

XX% accepting Well, we few, open patients. very on of had the care them less now of accepting centers side, open were centers. about less of business, we're centers for than and at those centers care the now pandemic, - XX% the XX% were about seeing seeing into more but beginning half wound to about We're the the XX%. wound are new new And allowing about reps patients. XX% of those was than of And also than our go it

our So enter to well faster those opening we're the the nonmetropolitan centers Hopefully, up helpful. much seeing seeing us. for able that's are reps facilities up. ramping as areas We're as slowly being

Matthew Miksic

are patients very, types very kind other some helpful. I super a Yes, procedures, it's point wound - or home the That's you get products or are that in putting know and type of they of to types But Any types fine being on were it. seen procedures? sense more of off And patients helpful. it, care companies way pendulum just we pushing secondly back? of given the there had that care - first of in maybe suboptimal into it you of given talked being more recommended space that to sort with traditional otherwise one advanced the these of swinging some how been persistence of, the that setting of is, call care treated? stay or Any wound. sort the a all, in of of a who patients that patients to about of swing have sort might product fit actually options home for come asked do out have tend their have those wound pushed is and

Gary Gillheeney

push patients we're allowed to home, I those Well, off we've of that now centers seeing the really into And think requiring those seeing need modality backlog wound others. get opening patients clinicians Sure. reimbursement require in a to the the care offset need off. areas, quickly at the have We're and in been wound little substitute the patients skin we've ours pushed are folks seen care priority getting to so in that to seen of that that are that an help through more are pushed modality meaning definitely like the apply substitutes change skin CMS these center. of being order, advanced for some a patients a those a now those centers Clearly, schedule in trying procedures. advanced substitutes and skin in than bit

we the of So seeing to that start expect time. over results

Operator

Instructions]. [Operator

line the from comes of Ryan from Zimmerman question Next BTIG.

Ryan Zimmerman

Tim, of you're wounds competitors might Gary being a from Matt's and some of treated. acute that about also follow-up in out, in what result the line In pushing heard question with this there. more talking to patients terms we've

wondering persist more I'm clinic a from of held do the And going impact mix one. and do off that just and what being their does they patients kind How they become wounds so you standpoint right that guys Number when now are if acute. return? does from product in

what little a bit more if there. the and be? wondering net about could could office And that entailing second what I that bit strategy, a you're - then of PuraPly a little question, was you you talked And that about the result what elaborate

Gary Gillheeney

Sure.

strategy. with PuraPly start me Let office the

our that office. in had calls did have unique on We the PuraPly in previous offering have we We've ASP. a improvement an mentioned

sizes. We have additional

to of in specifically an designed So actual office seen office-type in for number utilized unique are it's patients. we've And offices PuraPly. a the that that's date, doubling offering

as that within So we're has us. well well that those see offices. not only very the in very, to number continue actual for selling worked strategy And of in growth, office the units we as

the wounds that now and of the that more is you're we're bigger, delay What are wounds, Regarding wounds absolutely the size are right. seeing infected.

larger they're PuraPly at sales infected. expect even - we they particularly that the selling, wounds coming see which the if and worse. larger average seeing because we're that look sizes, are to So are have of with wounds you we're the more NuShield, size these in and with us gotten are And tells and products PuraPly and

expected and being office home that PuraPly even talked So about unfortunate. off being have expect visits applied our we to earlier, backlog kinds see we been then larger at It's and pieces of to I that. of by that using followed pushed brought be telemedicine And prioritized aggressively and are product. that now in

Ryan Zimmerman

to I'm for in in from just I card want X result there processing just maybe Tim. that's speak, patterns was Tim, at credit up, change the the in processing if that in. to a of ahead up as from historic clinics. And increase you stocking any then called the of a squeeze physicians And wondering you so saw? out quarter. card pandemic being this credit behavior

Timothy Cunningham

mean, discernible think business. there's I any of don't I real growth the trends, It's No. Ryan. the just

amongst distress We lot our pay. in a customer base and the ability haven't to seen

think don't out just We discernible there's it trend I in expense that. the So call itself. a

Operator

question comes next Steven of from Oppenheimer. from the Lichtman Your line

Steven Lichtman

I of to guess figure procedures. deferred the catch-up effect out a trying are us of lot

think wounds that is that happening, able as what can something sort is the related of not obviously, wounds that all? such a your aren't shouldn't business to for at you're for those that so you ballpark us we - And you ballpark catch-up line. happening, to Is wondering therefore, us, in the down be building traumatic activity percentage if because of

Gary Gillheeney

procedures and as of related. business procedure those can specific is exactly I A are specifically traumatic, XX%, are of I of kind tell what of earlier, mentioned percentage But the our surgeries. acute percent disclose you we types nonelective reasonable don't procedures. that

Steven Lichtman

Okay.

most and but are assume acutely as to when, down course, you again in here, so be injury that portion come we we time about that comes back? over may period Or think is you're don't should qualitatively, there's not a near activity just traumatic - because down? we back overall the expecting you should decline a thinking that do be And business of the of term, that know simply of

Gary Gillheeney

Yes.

will view months our will the for that its X take eventually think care it will think backlog to the up work taken - backlog end getting I is to get of. X about We system. way of through XX% probably

about lost of wouldn't that come back. XX% revenue a implies perhaps that So

Steven Lichtman

And then on it. are just does you just Got Or being to quickly down of any PuraPly it mentioned sort do because extensions offsets? cost in you it - the those that due of of you sort centers Was can't we've impact And down. proactive any savings have is terms activity expenses clinical obviously down on of and talked clinicals? that about?

Gary Gillheeney

of that really access save related to patients by that's necessarily do it example, them is trial. clinical funding. hold proactive we've on trial, have a having as lot have down RENEW proactive, the put had the getting in primarily, to as hospital. NuShield upfront aren't a What cost as into slowing but because for sure the Yes. an to of savings and relates as But That's we not availability we hospital, challenges well getting treated the part that it of being it's the to to trial is, in do hospital costs

but been both, cost of combination the a proactive. majority savings it's the of So has

Operator

Instructions]. [Operator

line Your comes Newitter SVB question next Leerink. from of from the Richard

Richard Newitter

XX% the important the at the once you patients, product rest of least in. that - the opening launches? just new care fast what is off think, for that some centers of wound criteria familiar business centers now are available, it's to wanted Or or of ordering are that and And for curious you accepting that just had is wondering know with of need that open start in with them Gary, was product the of you there? ramping? do start kind there? the the they that How for mentioned new XX% that I just that business I I'm it? reps allowing are Affinity with Is who how are are product, to I folks type

Gary Gillheeney

is is, how the I things. care country, COVID of One the on depends think the the obviously, couple opening are of experience wound much cases A Yes. it centers up. with and region pretty

It's really simple. it. reason geography. no or to rhyme So that based on there's different It's

Affinity the to are now their offices and side, On need be Affinity and They open. launched It's the open. in is many bread butter. being office, right

So in of and to about to go reps clinicians talk are Affinity. allowed office many the

used focused in Affinity launch the past. also Our have that is on clinicians

so with the we're Affinity previous the require now us. wound right fact users, really easier in And our with haven't of So education. doesn't much we centers a that makes lot attacked relaunching that and office it all care for are the

other credit to month we've team, in say is, to or their thing in over customers commercial that times speakers webinars, I programs, person of The educational our and is would training, our virtually helping been with contact XX% multiple doing and a manage them differently. practice

though and it's time So connections with been a even customers, virtual. a of our of lot we've had lot

and been we affect when patients that's that those our eventually moving start back ramp helpful, very, very expect to So in.

Richard Newitter

in helpful deleveraging we that and Great. on margin, anything the gross give for you of P&L second try the what's quarter? rather? decline can clearly you as in to a And Tim, us degree advice any us take provide Can gross of in margin going maybe, revenue might terms model to place be or the margin particular, impact,

Timothy Cunningham

No. slowdown and Sure. really the various Affinity in the we've some some different on out margin spend in areas. on on - had our bit it get of work we prepared as OpEx of the done remarks, In some of cutting to gross pressure a And affected we market. discussed an QX, basis, pre with into

to across of we much the delayed restricted. company. programs the person So We've have some most going from hiring, in other part, not sales our parts affected for Travel, force much, in marketing online.

royalties. referenced and now And the delayed some and Gary deferred of that commissions drop revenue, naturally in we've like things the that clinical change with or programs for

be at So to see current million in this we savings. $X OpEx million that to $X we said QX, quarter,

Operator

Our line next the Suisse. Crédit question comes from Miksic of from Matt

Matthew Miksic

of and I I to QX. in about a check sure just in key to sort wanted are, know on focused steps the I happening get you're all a addition COVID-XX is right terms pass-through? the back which update sort current expiration to QX by topic. expect so in now or affected and products and as steps we're what's that or PuraPly. milestones did progression But activities QX of key circle to steps, I'm sense of into transition all might focused preparation on to just environment? the thinking that what maybe just taking want for new the sort an play in of in QX out to that how Any on of you you're the be Or of of

Gary Gillheeney

Sure. of to those larger post sizes Well, more we much pass-through have came pass-through. for presence, strategy of didn't part wounds, first have PuraPly if you can so we wounds. having recall, the out treat we Many with time our sizes, of office more a was

have higher We reimbursement the in office. a

We expected that. that. We've achieved

pushed pandemic the office. into the actually, - So has setting from procedures the outpatient

office a seen be That's in we've faster. from we're center happening. significant happening increase now that the consistent to move seems the So to It outpatient just where to going.

our to to And that portfolio, patients the of care. Fortunately, That move ultimately, into think, we the health patients care. home seems have also office. be was part the strategy, follow is and more of direction we the will

that's kind it's a And of perspective. of So part strategy that helped we the have. big from

we where The relaunched products, other launching of Affinity.

we're with We've that. comfortable So XT. launched

we XXXX. in the forward. So I half, that's second out be to believe, And of moving expect MZ

is concerns the a that at of have And clinical presentations we are SAWC launches that The more to PuraPly. lot virtually, data a bit thing now have us data we have the impact, the we we're making conferences a forward. only conferences. expecting And product there brand. and other lot for that So sure going were of aggressive wonder not it have in clinical the we fact those happening that get going do to really about we out to are we be support and and to

ability the the there the would be closures of is to to other result brand this we But pandemic of it office that bit a concerning present of is So as significant only than and move to or the of out concern. data thing helpful, our out hospitals, support the been get there the in that economic has as as us, clinical reductions like capacity but hospital a that right the that. overall to actually, aren't now a to of some something impact pull PuraPly relates

Operator

participation. That today. does you for for conclude Thank our conference your

Organogenesis (ORGO) 12 May 202020 Q1 Earnings call transcript