Organogenesis is a regenerative medicine company focused on making and selling products that treat chronic and acute wounds. The core business — its Advanced Wound Care segment, roughly 93% of revenue — sells skin substitutes and placental tissue products to treat wounds that fail to heal naturally, primarily diabetic foot ulcers and venous leg ulcers. The flagship product is Apligraf, a bioengineered bi-layered skin substitute containing living human cells and a collagen matrix, and the only product with FDA Premarket Approval for both indications. Other key products include PuraPly AM, an antimicrobial collagen matrix with broad 510(k) clearance; Affinity and Novachor, fresh placental allografts; and NuShield, a dehydrated placental allograft. Dermagraft, a PMA-approved dermal substitute, has been offline since 2022 and is expected to return in 2027 from a new facility in Smithfield, RI. A smaller Surgical & Sports Medicine segment (~7% of revenue) sells similar biomaterial products into orthopedic and surgical settings. Organogenesis sells primarily through a direct U.S. sales force, with nearly all revenue generated domestically. The business model is per-unit sales to hospitals, wound care centers, and physician offices, with profitability driven heavily by Medicare reimbursement policy, which determines which products clinicians use. The most significant pipeline asset is ReNu, a cryopreserved amniotic tissue injection for knee osteoarthritis, for which Organogenesis is pursuing a BLA submission with potential approval in late 2026 or early 2027.