Business
OrthoPediatrics Corp. Reports Second Quarter 2023 Financial Results
Record Setting Quarterly Revenue of $39.6 million WARSAW, Ind., July 31, 2023 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”)
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Record Setting Quarterly Revenue of $39.6 million\nWARSAW, Ind., July 31, 2023 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, today announced its financial results for the second quarter ended June 30, 2023. Second Quarter 2023 and Business Highlights Helped over 21,000 children in the second quarter of 2023, bringing the total to over 670,000 since inception including MD Orthopaedics (\"MD Ortho\") and Pega MedicalGenerated total revenue of $39.6 million for the second quarter of 2023, up 20% from $32.9 million in second quarter 2022; domestic revenue increased 19% and international revenue increased 25% in the quarterGrew Trauma & Deformity revenue 22%, Scoliosis revenue 16%; Sports Medicine/Other revenue 23%, worldwide in the second quarter of 2023 compared to the second quarter of 2022Consigned $9.2 million of sets in the second quarter of 2023 compared to $3.4 million in the second quarter of 2022, and $3.0 million in the first quarter of 2023, driven by new product development deployments, significant Pega Medical deployments and the consignment of multiple 7D Surgical FLASH Navigation PlatformsLaunched the GIRO Growth Modulation System, for the correction of angular deformities of long bones and limb length discrepancy, the first new Pega Medical system to receive FDA clearance and be launched under OrthoPediatricsReiterated full year 2023 revenue guidance of $148.0 million to $151.0 million, representing growth of 21% to 23% compared to the prior year David Bailey, President & CEO of OrthoPediatrics, commented, “I am pleased with our execution across the business in the second quarter. Strong commercial and operational performances drove robust revenue growth and improved operating leverage as we observed gradual month-by-month improvements within the children’s hospitals inpatient surgical environment. Looking ahead, we are favorably positioned for the second half of the year as new product development and launches, set consignments, 7D system placements and prolific surgeon training and education, support adoption and further share gains for OrthoPediatrics.” Second Quarter 2023 Financial ResultsTotal revenue for the second quarter of 2023 was $39.6 million, a 20% increase compared to $32.9 mil...