Despite Net Loss, OrthoPediatrics Hits Record Revenue
Mark Throdahl is CEO of OrthoPediatrics. (photo courtesy Nasdaq)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWarsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is reporting a second quarter net loss of $2.7 million, compared to a loss of $1.3 million during the same period last year. However, the pediatric medical device company is also reporting record quarterly revenue of $15.1 million.
Chief Executive Officer Mark Throdahl says the more than 27 percent year-over-year increase in revenue demonstrates strong and consistent execution throughout the company.
"As we continue to invest in consignment sets, R&D, and the expansion of our sales reps, we are strengthening our competitive position for sustainable future growth," said Throdahl. "We have supplemented our domestic sales force with 13 reps year-to-date to help support the $8.3 million of consigned sets deployed in the first half of the year, enabling us to broaden utilization of our pediatric systems. Furthermore, our investments in R&D drove recent FDA clearance of our 25th surgical system and keep us on track to launch four additional systems by year end."
Throdahl says the company expects its full-year revenue growth for 2018 to increase to a range of 23 to 24 percent. You can connect to the full earnings report by clicking here.