Business
OrthoPediatrics Corp. Reports Second Quarter 2024 Financial Results and Reaffirms Full Year 2024 Revenue Guidance
Record Second Quarter 2024 Revenue Increased 33% Year-over-Year WARSAW, Ind., Aug. 05, 2024 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Record Second Quarter 2024 Revenue Increased 33% Year-over-Year\nWARSAW, Ind., Aug. 05, 2024 (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, 2024. Second Quarter 2024 and Recent Business Highlights Helped a record 32,000 children in the second quarter of 2024, an increase of 52% from the second quarter 2023Generated record total revenue of $52.8 million for the second quarter of 2024, up 33% from $39.6 million in second quarter 2023; domestic revenue increased 39% and international revenue increased 16% in the quarterGrew worldwide Trauma & Deformity revenue 37%, worldwide Scoliosis revenue 26%; Sports Medicine/Other revenue increased 17% in the second quarter of 2024 compared to the second quarter of 2023Received Breakthrough Device Designation from FDA for eLLiTM Growing Rod System, an implant designed to address severe pathology associated with Early Onset Scoliosis (EOS)Continued top tier sponsorship support of the combined 2024 Pediatric Orthopaedic Society of North America (\"POSNA\") and European Paediatric Orthopaedic Society (\"EPOS\") with Emerald sponsorship at annual meetingAnnounced financing providing up to $100 million of capital, strengthening balance sheet through a term loan and private placement of convertible notes from Braidwell, LPReaffirmed full year 2024 revenue guidance of $200.0 million to $203.0 million, representing growth of 34% to 36% compared to prior year David Bailey, President & CEO of OrthoPediatrics, commented, “I am excited about our productive start to the year. We are executing across the business in a normalized Children's hospital environment to deliver healthy revenue growth and increased operating leverage. Our clinically differentiated product portfolio is driving continued market share gains. We are capitalized to achieve cash flow breakeven and uniquely positioned to continue investing in transformative product development and in our OPSB expansion strategy, while we generate operating cash flow that we expect will support next year's planned set builds.\" Second Quarter 2024 Financial ResultsTotal revenue for the second quarter of 2024 was $52.8 million, a 33% increase compared to $39...