CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 37,032	$ 861	$ 4,945
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	15,273	13,623	10,448
Amortization of intangible assets	3,323	3,403	4,918
Reduction in the carrying value of right-of-use assets	8,342	8,348	8,083
Non-cash interest expense	375	394	427
Deferred interest expense		305	490
Deferred tax expense (benefit)	9,500	(10,719)	2,012
Loss on disposal of property and equipment	188	1,140	235
Loss on lease termination			559
Loss on extinguishment of term loan		215
Provision recorded for credit losses	8,213	3,938	1,297
Adjustment for excess and obsolete inventories	15,353	8,210	6,580
Stock-based compensation	13,298	10,578	8,996
Write-down to fair value for asset held for sale (Note 8)	11,175
Impairment of property and construction		18,842
Write down of capitalized internal-use software costs (Note 8)		3,959
Changes in operating assets and liabilities:
Accounts receivable	(115,803)	(31,800)	5,539
Inventories	(17,915)	(6,204)	(8,179)
Prepaid expenses and other current and other assets	(183)	(2,549)	(10,115)
Operating leases	(8,491)	(14,066)	(8,439)
Accounts payable	(528)	(2,372)	(108)
Accrued expenses and other current liabilities	10,381	9,164	3,138
Other liabilities	158	(1,062)	91
Net cash provided by (used in) operating activities	(10,309)	14,208	30,917
Cash flows from investing activities:
Purchases of property and equipment	(14,151)	(10,032)	(24,364)
Net cash used in investing activities	(14,151)	(10,032)	(24,364)
Cash flows from financing activities:
Construction of landlord assets, net of tenant allowance	(14,461)
Term loan repayments under the 2021 Credit Agreement		(66,563)	(4,688)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		120,688
Payments for the repurchase of common stock		(25,479)
Principal repayments of finance lease obligations	(1,171)	(1,081)	(485)
Proceeds from the exercise of stock options	157	1,247
Payments of withholding taxes in connection with RSUs vesting	(1,885)	(1,175)	(332)
Net cash provided by (used in) financing activities	(17,360)	27,637	(5,505)
Change in cash, cash equivalents and restricted cash	(41,820)	31,813	1,048
Cash, cash equivalents and restricted cash, beginning of year	136,151	104,338	103,290
Cash, cash equivalents and restricted cash, end of year	94,331	136,151	104,338
Supplemental disclosure of cash flow information:
Cash paid for interest		4,970	5,436
Cash paid for income taxes	5,346	6,965	3,052
Supplemental disclosure of non-cash investing and financing activities:
Cumulative effect adjustment for adoption of ASU No. 2016-13			615
Change in purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	715	(432)	841
Right-of-use assets obtained through operating lease obligations	26,981	5,109	5,869
Right-of-use assets obtained through finance lease obligations	21,506		$ 3,454
Redeemable convertible preferred stock issuance costs included in accrued expenses		67
Prepaid rent reclassified to right-of-use assets		230
Landlord asset additions included in accounts payable and other liabilities, net of tenant allowances	2,691
Accretion to redemption value and cumulative dividends on redeemable convertible preferred stock	$ 11,370	$ 1,798

Organogenesis Holdings Inc. 10-K