Business
OrthoPediatrics Corp. Reports Third Quarter 2020 Financial Results
Record Sales Drive Significant Improvement in EBITDA WARSAW, Indiana, Nov. 04, 2020 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Record Sales Drive Significant Improvement in EBITDA\nWARSAW, Indiana, Nov. 04, 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 third quarter ended September 30, 2020.\n Third Quarter 2020 and Recent Business Highlights Generated total revenue of $22.2 million for third quarter 2020, up 7.0% from $20.7 million in third quarter 2019, and saw continued progress of underlying demand trends in the U.S.Maintained positive domestic momentum driving U.S. revenue growth of 16.7% during the third quarter 2020 compared to the third quarter 2019.Continued strong Orthex execution, with a 167% increase in first-time users year-to-date over Prior Year.Increased the number of established hospital sites fully approved for ApiFix surgeries to 7, with all initial procedures during the quarter deemed highly successful.Expanded the domestic sales organization to 166 consultants, up 5.1% from third quarter 2019 of 158 consultants.Increased international agency sales and domestic growth drove strong gross margin, and combined with continued cost control, delivered positive adjusted EBIDTA during the quarter. Mark Throdahl, Chief Executive Officer of OrthoPediatrics, commented, “During the quarter, the Company continued to navigate the pandemic environment confidently, delivering overall revenue growth and improved EBITDA, resulting in positive adjusted EBITDA. In the U.S., Trauma & Deformity and Scoliosis grew in line with total domestic sales, and Scoliosis users increased 33% year-to-date over Prior Year. Domestic sales growth accelerated significantly during the quarter, a trend that was offset somewhat by the lagging recovery in some international markets, particularly in Latin America. Operationally, the Company continued to execute on important strategic initiatives, including driving increased Orthex and ApiFix adoption with a growing number of surgeons, controlling expenses, and continued work converting several international stocking distributors to sales agencies.” Mr. Throdahl continued, “While the COVID-19 pandemic is posing an unprecedented challenge to many businesses across the world, OrthoPediatrics remains focused on maintaining its positive momentum into the r...