Business
OrthoPediatrics Corp. Reports Second Quarter 2020 Financial Results
WARSAW, Ind., Aug. 05, 2020 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq:KIDS), a company focused exclusively on
About this update from Orthopediatrics Corp.
[{"type":"text","content":"WARSAW, Ind., Aug. 05, 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 second quarter ended June 30, 2020.\n Second Quarter 2020 and Recent Business Highlights Generated total revenue of $13.6 million for second quarter 2020, down 25.3% from $18.2 million in second quarter 2019 driven primarily by the impact of the COVID-19 pandemic; U.S. revenue decline was 12.3% for the second quarter 2020 compared to the second quarter 2019Commenced initial U.S. launch of the ApiFix Minimally Invasive Deformity Correction (“ApiFix”) system in June following its acquisition in April and are encouraged by the completion of the first casesExpanded the domestic sales organization to 164 consultants, up 7.9% from second quarter 2019 of 152 consultantsDeployed $5.8 million of consignment sets in second quarter 2020, compared to $9.3 million in the same period prior yearCompleted follow-on public offering in June with net proceeds of $70.4 millionContinued Double-Diamond sponsorship for the 2020 Pediatric Orthopaedic Society of North America (“POSNA”) Virtual Meeting in May Mark Throdahl, Chief Executive Officer of OrthoPediatrics, commented, “The COVID-19 pandemic is a test of a company’s culture and its leadership. During this crisis, OrthoPediatrics’ associates have risen together to support our surgeons and their patients. Despite the overall sales decline for the quarter from prior year, we have seen significant and consistent monthly improvement throughout the period. We also continue executing across all our key initiatives. These include the acquisition of ApiFix and the domestic launch of its game-changing technology for treating scoliosis, record conversion of new Orthex customers, new product development, regulatory compliance advancements, set consignments, and clinical education support. We maintained our Double Diamond sponsorship of pediatric surgical societies in the U.S. and Europe, when others reduced or eliminated their contributions entirely, which has attracted extensive surgeon notice.” Mr. Throdahl continued, “We would like to thank our shareholders for their continued support of our recent $70 million capital raise that strengthens our balance sheet. We...