OrthoPediatrics Corp · Q1 2023 earnings

Briefing

Reported a revenue increase of 35% year-over-year, driven by growth in Trauma & Deformity and Scoliosis products, as well as contributions from MD Ortho and Pega Medical.

OrthoPediatrics Corp. reported a strong first quarter in 2023 with a 35% increase in revenue compared to the same period last year. The company's U.S. and international revenues grew by 31% and 49%, respectively. The growth was primarily driven by organic growth in Trauma and Deformity and Scoliosis products as well as the addition of MD Ortho and Pega Medical. The company also increased its full-year revenue guidance for 2023.

• Total revenue increased by 35% year-over-year, reaching $31.6 million.
• U.S. revenue increased by 31% and international revenue increased by 49%.
• Worldwide Trauma & Deformity revenue grew by 42%, Scoliosis revenue increased by 18%, and Sports Medicine/Other revenue increased by 22%.
• Full-year 2023 revenue guidance increased to $148.0 million to $151.0 million.

Headline financials

Revenue & EPS history

The Company increased its revenue guidance to be in the range of $148.0 million to $151.0 million, representing growth of 21% to 23% over 2022 revenue. The guidance assumes roughly $7.0 million of combined revenue contribution from MD Ortho and Pega Medical before the acquisitions become organic on their anniversaries. The Company reiterated annual set deployment of approximately $25.0 million and reiterated $3.0 million to $4.0 million of adjusted EBITDA for the full year of 2023.