Business
OrthoPediatrics Corp. Reports Fourth Quarter and Full Year 2019 Financial Results
Consecutive year of record annual revenue with 26.0% year-over-year growth to $72.6 million Full year 2020 revenue growth guidance in the range of 22% to 24%
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Consecutive year of record annual revenue with 26.0% year-over-year growth to $72.6 million\n Full year 2020 revenue growth guidance in the range of 22% to 24% WARSAW, Ind., March 04, 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 fourth quarter and full year ended December 31, 2019. Fourth Quarter / Full Year 2019 & Recent Highlights Increased total revenue to $19.0 million for fourth quarter 2019, up 30.1% from $14.6 million in fourth quarter 2018, driving consecutive year of annual record setting revenue of $72.6 million for full year 2019, up from $57.6 million or 26.0% year-over-yearGenerated Adjusted EBITDA of ($1.1) million for full year 2019, up from ($3.5) million in full year 2018Increased the domestic sales organization to 167 consultants, up 27.5% from fourth quarter 2018Deployed $18.2 million of consignment sets for full year 2019, up 51.7% compared to $12.0 million in the same period prior yearLaunched PediFoot Deformity Correction System and QuickPack™ bone graft substitute in fourth quarter 2019 and expanded product portfolio offering to 33 surgical systems in 2019, up 27% from 26 in the fourth quarter 2018Strengthened cash position with $60 million in net proceeds from follow-on offering in December 2019Divested assets related to the adult product offering of our subsidiary, Vilex in Tennessee, Inc., in December 2019 and fully repaid debt facility used to finance the original acquisitionProvided full year 2020 revenue guidance of growth in the range of 22%-24% and investment in consignment sets to be in a range of $19-$21 million Mark Throdahl, President and Chief Executive Officer of OrthoPediatrics, commented, “We are excited to report another record year of outperformance with 26% annual revenue growth that reflects systematic execution of all our growth initiatives. During the fourth quarter, we continued to see strength across our entire business with Trauma and Deformity growing 34%, Scoliosis growing 21%, and Sports Medicine/Other growing 18%. We are pleased with our initial integration of Orthex and recent product launches, including PediFoot and QuickPack™ during the fourth quarter, and look forward to deeper penetration of the e...