Business
OrthoPediatrics Corp. Reports Second Quarter 2022 Financial Results and Increases 2022 Revenue Guidance
Second Quarter 2022 Record Revenue Increased 23% Year-over-YearSecond Quarter 2022 Record Adjusted EBITDA of $2.1 million WARSAW, Ind., Aug. 03, 2022 (GLOBE
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Second Quarter 2022 Record Revenue Increased 23% Year-over-YearSecond Quarter 2022 Record Adjusted EBITDA of $2.1 million WARSAW, Ind., Aug. 03, 2022 (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, 2022. Second Quarter 2022 and Business Highlights Helped over 23,000 children in the second quarter 2022, bringing total to more than 560,000 since the inception of OrthoPediatricsGenerated total revenue of $32.9 million for second quarter 2022, up 23% from $26.7 million in second quarter 2021Generated record Adjusted EBITDA of $2.1 million in the second quarter of 2022, compared to $1.2 million in the second quarter of 2021Grew worldwide Trauma & Deformity revenue 26%, worldwide Scoliosis revenue 23%; Sports Medicine/Other revenue decreased 15% in the second quarter 2022 compared to the second quarter 2021Announced acquisition of Pega Medical, a bio-engineering services company focused on pediatric orthopedic conditions which led to the development of the Fassier-Duval Telescopic Intramedullary SystemIncreased full year 2022 revenue guidance to a range of $127 million to $130 million, from its previous guidance range of $125 million to $128 million, representing growth of 30% to 33% compared to the prior year “I am extremely proud of the entire OP team for what we’ve been able to accomplish in the first half of 2022. As the operating environment continues to normalize and backlog cases are rescheduled, we have a high degree of confidence in our ability to generate greater than 20% revenue growth, excluding our recent acquisitions, and greater than 30% total revenue growth in 2022.\" said David Bailey, President & CEO of OrthoPediatrics. \"We also believe the competitive strength of our business was enhanced in the first half of 2022 with the addition of MD Ortho and Pega Medical. As a company, we will continue to make investments that create greater distance from competitors and ensure our long-term success as the market leader in pediatric orthopedics.\" Second Quarter 2022 Financial ResultsTotal revenue for the second quarter of 2022 was $32.9 million, a 23% increase compared to $26.7 million for the same period last year. The increa...