Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Regenerative medicine company Organogenesis Holdings (NASDAQ: ORGO) shares have jumped premarket after the company reported its preliminary third-quarter 2020 financial results shortly after the closing bell on Wednesday.
The company reported that it expects third-quarter revenue of between $99 and $100 million, up between 54% to 56% for the three months ending the 30th of September.
ORGO also said that the company expects to report a positive GAAP net income and a positive adjusted EBITDA for the period.
The company also upgraded its full-year 2020 guidance. ORGO said that it now expects net revenue of between $311 to $314 million compared to the previously forecasted $261 million with its primary revenue driver being its advanced wound care products.
ORGO went on to state that it expects to report a positive GAAP net income and adjusted EBITDA for both the fourth quarter and the fiscal full-year period.
After-hours trading has seen the company’s stock price jump almost 39% higher to $5.25 per share after the previous days close at $3.78.
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