Business
OrthoPediatrics Corp. Provides COVID-19 Business Update
WARSAW, Ind., March 30, 2020 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on
About this update from Orthopediatrics Corp.
[{"type":"text","content":"WARSAW, Ind., March 30, 2020 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, today provided a business update on the proactive steps it is taking in response to the global COVID-19 pandemic.\n “As we manage through the challenges presented by the COVID-19 pandemic, our first thoughts go to the healthcare providers, who are selflessly caring for those who are ill. Our priority remains the health and safety of our employees, our customers and patients, and our partners and the communities they serve,” commented Mark Throdahl, OrthoPediatrics’ President and Chief Executive Officer. “While our business may be materially impacted over the short-term as elective procedures are temporarily deferred in countries and regions impacted by the pandemic, we have a strong balance sheet that allows us to maintain our operations so we preserve our capability to support our customers and their patients as well as to realize future growth opportunities. Times like this are a test of a company’s leadership and its culture. We are delighted by the spontaneous demonstrations of leadership at all levels throughout OrthoPediatrics as we work remotely but remain cohesive and focused on our strategic priorities. The fundamental prospects of our business remain strong, and once we emerge from this crisis, we will continue to advance our mission to transform the standard of care in pediatric orthopedics.” Business Performance UpdateAs hospitals globally postpone elective procedures to generate capacity for treating COVID-19 patients, the Company is withdrawing its previously announced 2020 revenue guidance of growth in the range of 22%-24% and investment in consignment sets in a range of $19-$21 million. OrthoPediatrics anticipates its near-term Deformity Correction and Scoliosis businesses will be significantly impacted following a very strong start to the year. It does not expect the pandemic to impact the Trauma business to the same degree. While elective pediatric orthopedic surgeries cannot be postponed indefinitely and our surgeon customers support our confidence that there will be a rebound following the crisis, the Company cannot determine the duration of the postponement or the timing or extent of pent-up demand. OrthoPedi...