WROI News

OrthoPediatrics Corp. reports first quarter 2021 financial results

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 first quarter ended March 31, 2021.

 

First Quarter 2021 and Business Highlights

 

  • Generated total revenue of $21.5 million for first quarter 2021, up 31.2% from $16.4 million in first quarter 2020; domestic revenue growth was 25.8% and international growth was 55.6% in the quarter
  • Grew Worldwide Trauma & Deformity revenue 19.2%, worldwide Scoliosis revenue 60.4%, and Sports Medicine/Other revenue 120.5% in the first quarter 2021 compared to the first quarter 2020
  • Converted Germany, Austria, and Switzerland to direct sales agency model, expanding international agencies to a total of 14
  • Achieved milestone of treating an estimated 200,000 children since starting the business
  • Deployed $5.3 million of consignment sets in first quarter 2021, up 61% compared to $3.3 million in the same period in the prior year
  • Maintained strong balance sheet with approximately $78.0 million in cash, cash equivalents, short-term investments, and restricted cash as of March 31, 2021
  • Launched dedicated ApiFix website aimed at informing patients, families, and healthcare providers of a viable new alternative for the treatment of progressive adolescent idiopathic scoliosis (AIS)
  • Recognized as one of the “Best Places to Work in Indiana” for a fifth year

Mark Throdahl, Chief Executive Officer of OrthoPediatrics, commented, “The Company’s first quarter results reflect the resilience of our business, steady execution of our strategy and the unwavering dedication of our team. With revenue growth exceeding 30% year-over-year, adjusted EBITDA and gross margins continuing to improve, and meaningful progress across all product categories, OrthoPediatrics is well positioned for sustained growth as we advance toward recovery from the COVID-19 pandemic. We are particularly encouraged by the 19% growth in Trauma and Deformity and 60% growth in Scoliosis, both of which are seeing increased momentum after having been impacted by the deferral of elective surgeries in 2020. In addition to achieving 26% domestic sales growth, International sales grew 56%, with sales agencies growing 122% and, most critically, stocking distributors growing 15% in the quarter.”

 

Mr. Throdahl continued, “I’m proud to report that the proactive steps the Company took at the beginning of the pandemic have helped ensure a smooth path to recovery and position OrthoPediatrics as stronger today than it was before the outset of COVID-19. In addition, our success has been aided by the strategic acquisitions of Orthex, ApiFix, and Telos Partners as well as our continued investment in sets. Looking ahead, we remain intently focused on capturing the significant opportunity in the pediatric orthopedic market and driving long-term value for our stockholders.”

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