Business
OrthoPediatrics Corp. Reports Third Quarter 2022 Financial Results and Updates 2022 Revenue Guidance
Third Quarter 2022 Record Revenue Increased 39% Year-over-Year WARSAW, Ind., Oct. 31, 2022 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the
About this update from Orthopediatrics Corp.
[{"type":"text","content":"Third Quarter 2022 Record Revenue Increased 39% Year-over-Year\nWARSAW, Ind., Oct. 31, 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 third quarter ended September 30, 2022. Third Quarter 2022 and Recent Business Highlights Helped over 17,000 children in the third quarter 2022, bringing total to more than 610,000 since the inception of OrthoPediatrics when combined with MD Orthopaedics (\"MD Ortho\") and Pega MedicalGenerated total revenue of $35.0 million for third quarter 2022, up 39% from $25.1 million in third quarter 2021Grew worldwide Trauma & Deformity revenue 42%, organic worldwide Scoliosis revenue 37%, worldwide Sports Medicine/Other revenue 8% in the third quarter 2022 compared to the third quarter 2021Enhanced competitive position with the acquisition of Pega Medical in JulyCompleted follow-on public offering raising gross proceeds of $144 million dollars in AugustAppointed supply chain operations veteran, Jimmy D. McDonald, to Board of Directors in October “We’re pleased with our commercial and operational execution during the quarter, though in September, the pediatric orthopedic market faced additional headwinds beyond continued staffing shortages. Specifically, RSV infections acutely impacted case volumes in certain regions,” said David Bailey, President & CEO of OrthoPediatrics. “Despite these factors, our competitive position is as strong as ever. We remain confident in our ability to continue to drive sustainable revenue growth through increased adoption of our ever-expanding product portfolio.” Third Quarter 2022 Financial ResultsTotal revenue for the third quarter of 2022 was $35.0 million, a 39% increase compared to $25.1 million for the same period last year. The increase in revenue in the third quarter of 2022 includes $4.4 million of revenue contribution from MD Ortho and Pega Medical. Excluding MD Ortho and Pega Medical, third quarter organic revenue growth was approximately 22% compared to the prior year period. U.S. revenue for the third quarter of 2022 was $26.5 million, a 37% increase compared to $19.4 million for the same period last year, representing 75.9% of total revenue. The increase in revenues in the third quarter of...