OrthoPediatrics hits record revenue for 2023
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Warsaw-based OrthoPediatrics is reporting a full-year net loss of $21 million in 2023, compared to net income of $1.3 million the previous year. Despite the drop, the pediatric medical device maker reported a 22% increase in revenue, leading to a record $149 million for the year.
CEO David Bailey said 2023 was another strong year for the company.
“We continue to benefit from an extremely diverse business from which we saw strength across all segments this year,” Bailey said in a news release. “Both our trauma and deformity and scoliosis businesses continue to capture market share and drive growth.”
OrthoPediatrics launched eight new products last year and said its products helped about 82,000 children.
For the fourth quarter, the company reported a net loss of $6.7 million, compared to a loss of $7.8 million during the same period in 2022. Quarterly revenue also saw a 21% increase to $37.6 million.
“Looking ahead, we believe we are in an extremely strong position for 2024 and we have the right drivers in place to sustain our strong revenue and profitability growth,” Bailey said. “We look forward to helping the next million kids with our portfolio of the most advanced pediatric orthopedic solutions.”
You can connect to the full earnings report by clicking here.
In January, OrthoPediatrics announced it acquired Boston Orthotics & Prosthetics in Massachusetts for $22 million to support its newly launched specialty bracing division.