OrthoPediatrics Reports Q1 Loss
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Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is reporting a first quarter net loss of $9.1 million, compared to a loss of $10.4 million for the same period last year.
The company’s general and administrative expenses increased by 9% to $13.2 million during the quarter. OrthoPediatrics says the increase was mainly driven by the addition of staff and resources to support the continued expansion of the business, as well as an increase of its legal and professional service expense.
The pediatric orthopedics company has also announced that it is increasing full-year 2022 revenue guidance to $122 million to $125 million from $118 million to $121 million, representing growth of 24% to 27% compared to last year.
“I am extremely proud of our team and what they were able to accomplish to start the year strong despite the impact of Omicron in January and February,” said David Bailey, chief executive officer of OrthoPediatrics. “We announced a limited launch of our new PediFlex Advanced Interlocking Clamp, received an additional FDA clearance for Drive Rail, our external fixation system and also made significant progress on multiple R&D projects. Additionally, our recent acquisition of MD Orthopaedics opens up very large and attractive new market opportunities for us in non-surgical treatments and specialty bracing.”
Last month, the company announced plans to acquire MD Orthopaedics in Iowa in a deal valued at $19.6 million.
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