Business
OrthoPediatrics Corp. Reports First Quarter 2020 Financial Results
Initiates Senior Executive Succession Plan with Appointment of David Bailey as President and Fred Hite as Chief Operating Officer and Chief Financial Officer
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Initiates Senior Executive Succession Plan with Appointment of David Bailey as President and Fred Hite as Chief Operating Officer and Chief Financial Officer\nWARSAW, Ind., May 05, 2020 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq:KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, announced today its financial results for the first quarter ended March 31, 2020.\n First Quarter 2020 and Recent Business Highlights Generated total revenue of $16.4 million for first quarter 2020, up 11.6% from $14.7 million in first quarter 2019; domestic revenue growth was 30.4% for the first quarter 2020Acquired ApiFix and MID-C system on April 1st that expands portfolio of novel technologies to treat scoliosisReceived FDA 510(k) clearance and expanded neuromuscular indications for RESPONSE™ Scoliosis System and launched Large Fragment Cannulated Screw System in the U.S.Expanded the domestic sales organization to 167 consultants, up 21.0% from first quarter 2019 of 138 consultantsConverted Italy to direct sales agency model, expanding international agencies to a total of 8Deployed $3.3 million of consignment sets in first quarter 2020, up 22.2% compared to $2.7 million in the same period prior yearRecognized as one of the Best Places to Work in Indiana for a fourth yearMaintained strong balance sheet with approximately $54.9 million in cash and restricted cash as of March 31, 2020Suspended full year 2020 revenue growth and set consignment guidance, reflecting uncertainties regarding the impact of COVID-19Initiated senior executive succession plan and appointed David Bailey as President and Fred Hite as Chief Operating Officer and Chief Financial Officer, effective June 3, 2020 Mark Throdahl, President and Chief Executive Officer of OrthoPediatrics, commented, “First, we would like to thank our colleagues and the entire healthcare community for their dedication addressing the global COVID-19 pandemic. The extraordinary effort displayed by our team at this time as we continue to execute against our strategic initiatives is a testament to our Company’s culture, which is the foundation of all our success. We saw a strong start to the year with 30% domestic revenue growth for the quarter, and we are pleased to sustain our momentum on corporate initiatives that will allow us to...