OrthoPediatrics’ net loss shrinks
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Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is reporting a second quarter net loss of $300,000, compared to a loss of $3.8 million during the same period last year. Chief Executive Officer David Bailey says the strength of the business was enhanced by its recent acquisitions.
OrthoPediatrics acquired MD Orthopaedics, a pediatric specialty bracing company specializing in the treatment of children with clubfoot, in April. In June, the company entered an agreement to acquire Pega Medical, a Canadian orthopedics device manufacturer.
“As the operating environment continues to normalize and backlog cases are rescheduled, we have a high degree of confidence in our ability to generate greater than 20% revenue growth, excluding our recent acquisitions, and greater than 30% total revenue growth in 2022,” said David Bailey, chief executive officer of OrthoPediatrics. “We also believe the competitive strength of our business was enhanced in the first half of 2022 with the addition of MD Ortho and Pega Medical. As a company, we will continue to make investments that create greater distance from competitors and ensure our long-term success as the market leader in pediatric orthopedics.”
The company is also reporting revenue for the second quarter of $32.9 million, a 23% increase compared to $26.7 million during the same period in 2021. OrthoPediatrics says the increase includes the addition of MD Ortho, which generated $2.6 million of global revenue in the second quarter.
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