Business
OrthoPediatrics Corp. Reports Fourth Quarter and Full Year 2023 Financial Results
Record full year 2023 revenue of $148.7 million increased 22% compared to prior year WARSAW, Ind., March 06, 2024 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp.
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Record full year 2023 revenue of $148.7 million increased 22% compared to prior year\nWARSAW, Ind., March 06, 2024 (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, 2023. Fourth Quarter and Full Year 2023 & Recent Business Highlights Helped nearly 20,000 children in the fourth quarter 2023 and approximately 82,000 for full year 2023, bringing the total to over 710,000 since the inception of OrthoPediatrics, including Boston Orthotics & Prosthetics, the combined organizations have helped more than 1.0 million kidsGenerated total revenue of $37.6 million for fourth quarter 2023, up 21% from $31.0 million in fourth quarter 2022; domestic revenue increased 24% and international revenue increased 13% in the quarterGenerated record total annual revenue of $148.7 million for full year 2023, up 22% from $122.3 million in 2022; domestic revenue increased 20% and international revenue increased 26% in 2023Achieved record full year adjusted EBITDA of $5.0 million in 2023, compared to $0.2 million in 2022Launched 8 new products in 2023 including the RESPONSE™ Power Scoliosis System, GIRO® Growth Modulation System, Pediatric Nailing Platform Tibia System, DF2® Brace, Mitchell Ponseti® Plus Bar (“MP+\"), and the Levity DeviceAnnounced acquisition of Boston Orthotics & Prosthetics, expanding OrthoPediatrics Specialty Bracing Division \"OPSB\" with pediatric orthotics management business offering leading technology and pediatric care through dedicated clinicsStrengthened balance sheet by closing $80 million debt financing to support the Boston Orthotics & Prosthetics acquisition and future business requirementsReiterated full year 2024 revenue guidance to be in a range of $197.0 million to $200.0 million, representing growth of 32% to 34% compared to 2023 “2023 was another strong year for OrthoPediatrics as we delivered record top-line results and outperformed our adjusted EBITDA expectations. We continue to benefit from an extremely diverse business from which we saw strength across all segments this year. Both our trauma and deformity and scoliosis businesses continue to capture market share and drive growth,” commented David Ba...