Charles Sternberg, Associate Editor05.06.22
OrthoPediatrics Corp., a company focused exclusively on advancing the field of pediatric orthopedics, has shared its financial results for the first quarter ended March 31, 2022.
Total revenue for the first quarter of 2022 was $23.4 million, a 9% increase compared to $21.5 million for the same period last year.
U.S. revenue for the first quarter of 2022 was $18.2 million, an 8% increase compared to $16.8 million for the same period last year, representing 77.7% of total revenue. The increase in revenues in the first quarter of 2022 was driven primarily by non-elective trauma sales. International revenue for the first quarter of 2022 was $5.2 million, a 13% increase compared to $4.6 million for the same period last year, representing 22.3% of total revenue. Growth in the quarter was primarily driven by strong Agency sales.
Scoliosis revenue was $6.0 million, a 1% increase compared to $6.0 million for the first quarter of 2021. Segment growth was driven primarily by the RESPONSE System and the onboarding of new users, partially offset by Omicron headwinds early in the quarter.
Sports Medicine/other revenue for the first quarter of 2022 was $0.9 million, a 4% decrease compared to $1.0 million for the same period last year.
For full year 2022, the company now expects its revenue to be in the range of $122 million to $125 million, representing growth of 24% to 27% over 2021 revenue. The company also reiterates annual set deployment of $24 million to $26 million, and expects to generate several million dollars of adjusted EBITDA for full year 2022.
Total revenue for the first quarter of 2022 was $23.4 million, a 9% increase compared to $21.5 million for the same period last year.
U.S. revenue for the first quarter of 2022 was $18.2 million, an 8% increase compared to $16.8 million for the same period last year, representing 77.7% of total revenue. The increase in revenues in the first quarter of 2022 was driven primarily by non-elective trauma sales. International revenue for the first quarter of 2022 was $5.2 million, a 13% increase compared to $4.6 million for the same period last year, representing 22.3% of total revenue. Growth in the quarter was primarily driven by strong Agency sales.
Segments
Trauma and Deformity revenue for the first quarter of 2022 was $16.5 million, a 13% increase compared to $14.6 million for the same period last year. Segment growth was driven by the high rate of surgeon adoption of the PNP Femur, Cannulated Screws and SCFE systems.Scoliosis revenue was $6.0 million, a 1% increase compared to $6.0 million for the first quarter of 2021. Segment growth was driven primarily by the RESPONSE System and the onboarding of new users, partially offset by Omicron headwinds early in the quarter.
Sports Medicine/other revenue for the first quarter of 2022 was $0.9 million, a 4% decrease compared to $1.0 million for the same period last year.
Full Year 2022 Financial Guidance
“I am extremely proud of our team and what they were able to accomplish to start the year strong despite the impact of Omicron in January and February,” said David Bailey, president & CEO of OrthoPediatrics.For full year 2022, the company now expects its revenue to be in the range of $122 million to $125 million, representing growth of 24% to 27% over 2021 revenue. The company also reiterates annual set deployment of $24 million to $26 million, and expects to generate several million dollars of adjusted EBITDA for full year 2022.