Business
OrthoPediatrics Corp. Reports First Quarter 2023 Financial Results and Increases Full Year 2023 Revenue Guidance
First Quarter 2023 Revenue Increased 35% Year-over-Year WARSAW, Ind., May 01, 2023 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the
About this update from Orthopediatrics Corp.
[{"type":"text","content":"First Quarter 2023 Revenue Increased 35% Year-over-Year\nWARSAW, Ind., May 01, 2023 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, today announced its financial results for the first quarter ended March 31, 2023. First Quarter 2023 and Business Highlights Helped over 19,000 children in the first quarter of 2023, bringing the total to almost 650,000 since inception including MD Orthopedics (“MD Ortho”) and Pega MedicalGenerated total revenue of $31.6 million for the first quarter of 2023, up 35% from $23.4 million in first quarter 2022; domestic revenue increased 31% and international revenue increased 49% in the quarterGrew worldwide Trauma & Deformity revenue 42%, worldwide Scoliosis revenue 18%; Sports Medicine/Other revenue increased 22% in the first quarter of 2023 compared to the first quarter of 2022Received two FDA 510(k) clearances and launched five new line extensions during the first quarter of 2023Increased full year 2023 revenue guidance to $148.0 million to $151.0 million from just over $146.0 million to $149.0 million, representing growth of 21% to 23% compared to prior year David Bailey, President & CEO of OrthoPediatrics, commented, “I am extremely proud of our team and our ability to deliver better than expected overall growth to start the year off strong as the demand at children’s hospitals normalizes and they continue to manage staffing constraints. As we continue to develop and launch new products, we are seeing increased adoption of our product offering driving meaningful market share gains. Overall, I am very pleased with our progress and believe we are well-positioned strategically to continue our successful growth story.\" First Quarter 2023 Financial ResultsTotal revenue for the first quarter of 2023 was $31.6 million, a 35% increase compared to $23.4 million for the same period last year. The increase in revenue in the first quarter of 2023 includes $4.8 million of revenue contribution from MD Ortho and Pega Medical. U.S. revenue for the first quarter of 2023 was $23.8 million, a 31% increase compared to $18.2 million for the same period last year, representing 75% of total revenue. The increase in revenue in the first quarter of 2023 was driven primarily by organic growth in T...