Charles Sternberg, Associate Editor02.28.23
OrthoPediatrics Corp., a company focused exclusively on advancing the field of pediatric orthopedics, has shared financial results for the fourth quarter and full year ended December 31, 2022.
U.S. revenue for the fourth quarter of 2022 was $22.7 million, a 15% increase compared to $19.9 million for the same period last year, representing 73% of total revenue. The increase in revenue in the fourth quarter of 2022 was driven primarily by organic growth across Scoliosis and Trauma and Deformity as well as the addition of MD Ortho and Pega Medical.
International revenue for the fourth quarter of 2022 was $8.3 million, a 67% increase compared to $5.0 million for the same period last year, representing 27% of total revenue. Growth in the quarter was primarily driven by increased volumes, increased set sales to international stocking distributors in Scoliosis and Trauma and Deformity, as well as the addition of MD Ortho and Pega Medical.
Full year U.S. revenue was $92.4 million, a 19% increase compared to $77.8 million in 2021, representing 76% of total revenue. International revenue for the full year 2022 was $29.9 million, a 47% increase compared to $20.3 million in 2021, representing 24% of total revenue.
“Once again OrthoPediatrics produced record revenue and growth in excess of 20% continuing a trend that has been ongoing since our inception, excluding the pandemic ridden 2020. 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 & Deformity acquisitions, MD Orthopaedics and Pega Medical,” commented David Bailey, President & CEO of OrthoPediatrics.
The guidance assumes roughly $5.0 million of combined revenue contribution from MD Ortho and Pega Medical before the acquisitions become organic on their anniversaries.
“Looking ahead, we remain dedicated to surrounding surgeons with the most comprehensive portfolio of pediatric orthopedic solutions and helping more kids than ever before. We are excited about our growth prospects and are confident we can improve our profitability in 2023,” Bailey said.
Fourth Quarter Results
Total revenue for the fourth quarter of 2022 was $31.0 million, a 25% increase compared to $24.8 million for the same period last year. The increase in revenue in the fourth quarter of 2022 includes $4.1 million of revenue contribution from MD Ortho and Pega Medical. Excluding MD Ortho and Pega Medical, fourth quarter organic revenue growth was approximately 8% compared to the prior year period.U.S. revenue for the fourth quarter of 2022 was $22.7 million, a 15% increase compared to $19.9 million for the same period last year, representing 73% of total revenue. The increase in revenue in the fourth quarter of 2022 was driven primarily by organic growth across Scoliosis and Trauma and Deformity as well as the addition of MD Ortho and Pega Medical.
International revenue for the fourth quarter of 2022 was $8.3 million, a 67% increase compared to $5.0 million for the same period last year, representing 27% of total revenue. Growth in the quarter was primarily driven by increased volumes, increased set sales to international stocking distributors in Scoliosis and Trauma and Deformity, as well as the addition of MD Ortho and Pega Medical.
Full Year Results
Total revenue for the full year 2022 was $122.3 million, a 25% increase compared to $98.0 million in 2021. The increase in revenue for the full year 2022 includes $11.1 million of revenue contribution from MD Ortho and Pega Medical. Excluding acquisitions, full year organic revenue growth was approximately 13% compared to the prior year period.Full year U.S. revenue was $92.4 million, a 19% increase compared to $77.8 million in 2021, representing 76% of total revenue. International revenue for the full year 2022 was $29.9 million, a 47% increase compared to $20.3 million in 2021, representing 24% of total revenue.
“Once again OrthoPediatrics produced record revenue and growth in excess of 20% continuing a trend that has been ongoing since our inception, excluding the pandemic ridden 2020. 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 & Deformity acquisitions, MD Orthopaedics and Pega Medical,” commented David Bailey, President & CEO of OrthoPediatrics.
2023 Guidance
For full year 2023, the company expects its revenue to be in the range of just over $146.0 million to $149.0 million, representing growth of 20% to 22% over 2022 revenue.The guidance assumes roughly $5.0 million of combined revenue contribution from MD Ortho and Pega Medical before the acquisitions become organic on their anniversaries.
“Looking ahead, we remain dedicated to surrounding surgeons with the most comprehensive portfolio of pediatric orthopedic solutions and helping more kids than ever before. We are excited about our growth prospects and are confident we can improve our profitability in 2023,” Bailey said.