Business
OrthoPediatrics Corp. Reports Third Quarter 2021 Financial Results
Third Quarter 2021 Revenue Increased 13% Year-over-Year WARSAW, Ind., Nov. 03, 2021 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Third Quarter 2021 Revenue Increased 13% Year-over-Year\nWARSAW, Ind., Nov. 03, 2021 (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, 2021. Third Quarter 2021 and Business Highlights Generated total revenue of $25.1 million for third quarter 2021, up 13% from $22.2 million in third quarter 2020; domestic revenue declined 1% and international revenue increased 118% in the quarterGrew worldwide Trauma & Deformity revenue 12%, worldwide Scoliosis revenue 11%, and Sports Medicine/Other revenue 46% in the third quarter 2021 compared to the third quarter 2020Helped a record 10,400 children in the third quarter 2021, bringing total to more than 226,000 since the inception of OrthoPediatricsAnnounced exclusive distribution agreement with SeaSpine to distribute the 7D Surgical FLASH™ Navigation platform for pediatric applicationsReiterated full year 2021 revenue guidance of $97-$101 million David Bailey, President & CEO of OrthoPediatrics, commented, “We are proud to report double-digit growth despite the temporary impact of COVID, RSV, and hospital staffing shortages. International growth was particularly strong indicating continued recovery of these markets. We continue to make substantive progress in advancing our key strategic initiatives, including securing enabling technologies and sponsoring multiple key clinical education events.” Third Quarter 2021 Financial ResultsTotal revenue for the third quarter of 2021 was $25.1 million, a 13% increase compared to $22.2 million for the same period last year. U.S. revenue for the third quarter of 2021 was $19.4 million, a 1% decrease compared to $19.6 million for the same period last year, representing 77.2% of total revenue. The decline in revenues in the third quarter of 2021 was driven primarily by the recent spike in COVID-19 and RSV cases in children, which negatively impacted elective procedure volumes. International revenue for the third quarter of 2021 was $5.7 million, a 118% increase compared to $2.6 million for the same period last year, representing 22.8% of total revenue. Growth in the quarter was primarily driven by a recovery in procedure volumes in EMEA and South America, i...