Business
OrthoPediatrics Corp. Reports Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter 2022 Revenue Increased 25% Year-over-YearFull Year 2022 Revenue Increased 25% Year-over-Year WARSAW, Ind., Feb. 28, 2023 (GLOBE NEWSWIRE) --
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Fourth Quarter 2022 Revenue Increased 25% Year-over-YearFull Year 2022 Revenue Increased 25% Year-over-Year WARSAW, Ind., Feb. 28, 2023 (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, 2022. Fourth Quarter and Full Year 2022 & Recent Business Highlights Helped nearly 17,000 children in the fourth quarter 2022 and approximately 70,000 for full year 2022, bringing the total to more than 630,000 since the inception of OrthoPediatrics when combined with MD Orthopaedics (\"MD Ortho\") and Pega MedicalGenerated total revenue of $31.0 million for fourth quarter 2022, up 25% from $24.8 million in fourth quarter 2021; domestic revenue increased 15% and international revenue increased 67% in 2022Generated record total annual revenue of $122.3 million for full year 2022, up 25% from $98.0 million in 2021; domestic revenue increased 19% and international revenue increased 47% in 2022Improved full year 2022 adjusted EBITDA to positive $0.2 million compared to negative $0.2 million in 2021Published environmental, social, and governance (“ESG”) summary report highlighting several key accomplishments in 2022Reiterated full year 2023 revenue guidance to be in a range of just over $146.0 million to $149.0 million, representing growth of 20% to 22% compared to 2022 “Once again OrthoPediatrics produced record revenue and growth in excess of 20% continuing a trend that has been ongoing since our inception, excluding the pandemic ridden 2020. More specifically, we made key strides in attracting new users and gaining share within our core businesses, both domestically and abroad, while also capitalizing on the synergies from our two Trauma & Deformity acquisitions, MD Orthopaedics and Pega Medical,” commented David Bailey, President & CEO of OrthoPediatrics. “Looking ahead, we remain dedicated to surrounding surgeons with the most comprehensive portfolio of pediatric orthopedic solutions and helping more kids than ever before. We are excited about our growth prospects and are confident we can improve our profitability in 2023.” Fourth Quarter and Full Year 2022 Financial ResultsTotal revenue for the fourth quarter of 2022 was $31.0 mill...