OrthoPediatrics posts quarterly profit increase
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Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is reporting third quarter net income of $18.5 million, compared to a net loss of $2.2 million during the same period last year. CEO David Bailey says despite continued staffing shortages and other headwinds, the company is poised for continued revenue growth.
“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,” said Bailey. “Specifically, RSV infections acutely impacted case volumes in certain regions. 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.”
Earlier this year, OrthoPediatrics acquired MD Orthopaedics, a pediatric specialty bracing company specializing in clubfoot. In June, the company entered an agreement to acquire Pega Medical, a Canadian orthopedics device manufacturer.
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