OrthoPediatrics swings to full-year profit
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Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is reporting full-year net income of $1.3 million in 2022, compared to a loss of $16 million the previous year. The medical device maker said Tuesday it also saw record annual revenue of $122 million last year.
OrthoPediatrics specializes in the design, manufacture and distribution of orthopedic devices specifically for children.
The company is also reporting a fourth quarter net loss of $7.8 million, compared to net income of $72,000 in the same period in 2021. However, net revenue for the quarter increased 25% to $31 million.
CEO David Bailey said the record revenue continues an ongoing trend for the company since its inception, with the exception of 2020, which saw a drop due to the pandemic.
“More specifically, we made key strides in attracting new users and gaining share within our core businesses, both domestically and abroad, while also capitalizing on the synergies from our two trauma and deformity acquisitions, MD Orthopaedics and Pega Medical,” Bailey said in a news release. “Looking ahead, we remain dedicated to surrounding surgeons with the most comprehensive portfolio of pediatric orthopedic solutions and helping more kids than ever before.”
OrthoPediatrics puts its full-year revenue guidance for 2023 at between $146 million and $149 million. Bailey said the company is confident it can improve profitability this year.
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