Business
OrthoPediatrics Corp. Reports First Quarter 2024 Financial Results and Increases Full Year 2024 Revenue Guidance
First Quarter 2024 Revenue Increased 41% Year-over-Year WARSAW, Ind., May 06, 2024 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the
About this update from Orthopediatrics Corp.
[{"type":"text","content":"First Quarter 2024 Revenue Increased 41% Year-over-Year\nWARSAW, Ind., May 06, 2024 (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, 2024. First Quarter 2024 and Business Highlights Helped nearly 28,000 children in the first quarter of 2024, an increase of 47% from the first quarter 2023Generated total revenue of $44.7 million for the first quarter of 2024, up 41% from $31.6 million in first quarter 2023; domestic revenue increased 44% and international revenue increased 33% in the quarterGrew worldwide Trauma & Deformity revenue 42%, worldwide Scoliosis revenue 44%; Sports Medicine/Other revenue increased 5% in the first quarter of 2024 compared to the first quarter of 2023Launched RESPONSE™ Rib and Pelvic Fixation System to treat children with early onset scoliosis (\"EOS\")Announced acquisition of Boston Orthotics & Prosthetics (\"Boston O&P\"), expanding OrthoPediatrics Specialty Bracing Division (\"OPSB\") with pediatric orthotics management business offering leading technology and pediatric care through dedicated clinicsIncreased full year 2024 revenue guidance to $200.0 million to $203.0 million from $197.0 million to $200.0 million, representing growth of 34% to 36% compared to prior year David Bailey, President & CEO of OrthoPediatrics, commented, “I am excited about our very positive start to the year, outperforming our expectations and delivering healthy revenue growth as we continue to take share across the entire business. We have multiple levers, including continued legacy product growth, new product launches, and a rapidly expanding specialty bracing business that are working together to drive continued growth and profitability. We will continue to advance our strategic initiatives and feel we are positioned well to capitalize on our opportunities for the remainder of 2024 and beyond.” First Quarter 2024 Financial ResultsTotal revenue for the first quarter of 2024 was $44.7 million, a 41% increase compared to $31.6 million for the same period last year. U.S. revenue for the first quarter of 2024 was $34.3 million, a 44% increase compared to $23.8 million for the same period last year, representing 77% of total revenu...