Business
OrthoPediatrics Corp. Reports Fourth Quarter and Full Year 2020 Financial Results
Full year 2020 revenue of $71.1m compared to full year 2019 revenue of $72.6m, reflecting the impact of COVID-19 on elective surgeries Guidance for full year
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Full year 2020 revenue of $71.1m compared to full year 2019 revenue of $72.6m, reflecting the impact of COVID-19 on elective surgeries Guidance for full year 2021 sales growth in the range of 31-38%, reaching $93-98 million WARSAW, Ind., March 10, 2021 (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, 2020. Fourth Quarter / Full Year 2020 and Business Highlights Generated total revenue of $18.9 million for the fourth quarter, down 0.1% from $19.0 million in fourth quarter 2019.Full year 2020 revenue decreased 2.0% to $71.1 million from full year 2019 revenue due to the impact of COVID-19 on elective surgery volumes.Recorded a $2.7 million revenue reduction due to the repurchase of inventory from a stocking distributor in Germany, Austria, and Switzerland that we converted to a sales agency in December 2020.The $2.7 million reduction impacted fourth quarter revenue growth by (14%) and total year revenue growth by (4%).Domestic revenue growth in the fourth quarter of 26.1% compared to prior year with particular strength in Scoliosis and Sports Medicine/Other.Continued acceleration of international sales agency revenue growth of 51% in the fourth quarter, up from 26% in the third quarter of 2020.Delivered strong synergies from acquisitions with 38 Orthex surgeon conversions, ApiFix receiving full approvals at 11 of the 20 IRB hospitals, and successful completion of 20 ApiFix surgeries through end of December 2020.Strengthened liquidity position with $70.2 million in net proceeds from follow-on public offering in June 2020. Mark Throdahl, Chief Executive Officer of OrthoPediatrics, commented, “Despite COVID-19, in 2020 we continued the systematic execution of our growth initiatives both domestically and internationally. Elective surgery volumes declined globally but staged a gradual recovery throughout the year. Second quarter sales declined 25% but then began to recover with third quarter sales growth of 7% and a 0.1% fourth quarter sales decline due to the $2.7 million reduction which impacted fourth quarter revenue growth by (14%). During the fourth quarter, our domestic business grew 26% and international agencies ...