The 26-year-old crashed on the rail feature of the slopestyle course at Rosa Khutor Extreme Park, Norway's team manager Thomas Harstad confirmed.
"He landed on his face and his right shoulder," said Harstad.
Horgmo's accident follows a stream of criticism from competitors over the safety standards of the course.
"I saw that he fell over the rail and trashed pretty hard. He tried a really hard trick (switch hardway backside 270) -- probably the hardest trick you'll see all day. He was transferring from one jump to another rail," said Norwegian teammate Staale Sandbech.
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"I have no idea. You never know when you crash. A crash can look bad and you're fine or the opposite but he's a tough Viking," he said.
"Hopefully he can bounce back."
After the accident, Horgmo was placed in tarpaulin and carried down the course by several medical staff to the medical tent.
He was seen flexing his hands as he was taken in for an examination.
Harstad said Horgmo was conscious but in pain and the extent of his injuries were not yet clear.
Horgmo is ranked third on the World Snowboard Tour for this season.