Exceeded Revenue Guidance
Sales results exceeded the high end of the guidance range outlined in the second quarter call, driven primarily by better-than-expected growth in sales of Advanced Wound Care products, which increased 31% year-over-year, and Surgical & Sports Medicine products, which increased 25% year-over-year.
Record Revenue Performance
Net product revenue for the third quarter was $150.5 million, up 31% year-over-year and up 49% sequentially.
Positive Adjusted EBITDA
Adjusted EBITDA for the third quarter was $30.1 million compared to adjusted EBITDA of $13.4 million last year.
CMS Policy Favorable for Future Growth
CMS finalized skin substitute classifications based on FDA regulatory status and a per square centimeter payment methodology, which is expected to expand access for PMA products.