OrthoPediatrics Reports Q3 Financial Results And Updates ‘22 Revenue Guidance
November 4, 2022 at 5:40 p.m.
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Third Quarter 2022 and Recent Business Highlights
• Helped over 17,000 children in the third quarter of 2022, bringing the total to more than 610,000 since the inception of OrthoPediatrics when combined with MD Orthopaedics ("MD Ortho") and Pega Medical.
• Generated total revenue of $35 million for the third quarter, up 39% from $25.1 million in third quarter of 2021.
• Grew worldwide trauma and deformity revenue 42%, organic worldwide Scoliosis revenue 37%, worldwide sports medicine/other revenue 8% in the third quarter of 2022 compared to the third quarter of 2021.
• Enhanced competitive position with the acquisition of Pega Medical in July.
• Completed follow-on public offering raising gross proceeds of $144 million in August.
• Appointed supply chain operations veteran, Jimmy D. McDonald, to the 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 and 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 and Recent Business Highlights
• Helped over 17,000 children in the third quarter of 2022, bringing the total to more than 610,000 since the inception of OrthoPediatrics when combined with MD Orthopaedics ("MD Ortho") and Pega Medical.
• Generated total revenue of $35 million for the third quarter, up 39% from $25.1 million in third quarter of 2021.
• Grew worldwide trauma and deformity revenue 42%, organic worldwide Scoliosis revenue 37%, worldwide sports medicine/other revenue 8% in the third quarter of 2022 compared to the third quarter of 2021.
• Enhanced competitive position with the acquisition of Pega Medical in July.
• Completed follow-on public offering raising gross proceeds of $144 million in August.
• Appointed supply chain operations veteran, Jimmy D. McDonald, to the 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 and 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.”
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