Quarterly loss grows for OrthoPediatrics
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Warsaw-based OrthoPediatrics Corp. is reporting a second quarter net loss of $2.9 million, compared to a loss of $333,000 during the same period last year. Despite the drop, CEO David Bailey said he is pleased with the company’s execution across its portfolio during the quarter.
OrthoPediatrics specializes in the design, manufacture and distribution of orthopedic devices specifically for children. The company said its devices helped over 21,000 children during the quarter.
The company is also reporting total revenue of $39.6 million, a 20% increase over the second quarter of 2022.
“Strong commercial and operational performances drove robust revenue growth and improved operating leverage as we observed gradual month-by-month improvements within the children’s hospitals inpatient surgical environment,” Bailey said in Monday’s earnings report.
Bailey said new product development and launches, set consignments and “prolific surgeon training and education” is favorably positioning OrthoPediatrics for the second half of the year.
The company reiterated its full year 2023 guidance of $148 million to $151 million, representing 21%-23% growth compared to the prior year.
You can connect to the full earnings report by clicking here.