OrthoPediatrics Corp. Announces Preliminary Unaudited Revenue for the Third Quarter 2021 and Reiterates 2021 Revenue Guidance

Rhea-AI Summary

OrthoPediatrics Corp. (KIDS) has announced preliminary third quarter 2021 revenue of approximately $25.1 million, a 13% increase from $22.2 million in the same period last year. However, the revenue was impacted by increased COVID-19 Delta variant cases and RSV cases affecting children's hospitals along with hospital staff shortages. The company maintains its 2021 total revenue guidance of $97 million to $101 million. These figures are preliminary and subject to audit adjustments.

A conference call is scheduled for November 4, 2021.

Positive

• Preliminary revenue for Q3 2021 is expected to be $25.1 million, up 13% year-over-year.

Negative

• Revenue impacted by increased COVID-19 Delta variant and RSV cases, along with hospital staff shortages.

WARSAW, Indiana, Oct. 13, 2021 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, today announced preliminary revenue for the third quarter ended September 30, 2021 and provided a related business update.

Preliminary unaudited third quarter 2021 revenue is expected to be approximately $25.1 million, up 13% when compared to revenue of $22.2 million in the third quarter 2020. The third quarter 2021 revenue was impacted by increased COVID-19 Delta cases as well as respiratory syncytial virus (RSV) cases within the children’s hospitals combined with hospital staff shortages. Despite this impact, the Company reiterates its 2021 total revenue guidance range of $97 to $101 million. The preliminary quarterly revenue estimate for 2021 included in this press release is prior to the completion of review and audit procedures by the Company’s independent registered public accounting firm and therefore subject to adjustments.

OrthoPediatrics will host a conference call on Thursday, November 4, 2021, at 8:00 a.m. ET to discuss the results. The dial-in numbers are (855) 289-4603 for domestic callers and (614) 999-9389 for international callers. The conference ID number is 8161847. A live webcast of the conference call will be available online from the investor relations page of the OrthoPediatrics’ corporate website at www.orthopediatrics.com.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws, including the statements regarding OrthoPediatrics’ preliminary revenue for the third quarter ended September 30, 2021, and other statements identified by the use of words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "believe," "estimate," "project," "target," "predict," "intend," "future," "goals," "potential," "objective," "would" and other similar expressions. Forward-looking statements involve risks and uncertainties, many of which are beyond OrthoPediatrics’ control. Important factors could cause actual results to differ materially from those in the forward-looking statements, including, among others: the risks related to COVID-19, the continued impact such pandemic may have on the demand for our products, and our ability to respond to the related challenges; and the risks, uncertainties and factors set forth under "Risk Factors" in OrthoPediatrics’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 11, 2021 as updated and supplemented by our other SEC reports filed from time to time. Forward-looking statements speak only as of the date they are made. OrthoPediatrics assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable securities laws.

About OrthoPediatrics Corp.
Founded in 2006, OrthoPediatrics is an orthopedic company focused exclusively on advancing the field of pediatric orthopedics. As such it has developed the most comprehensive product offering to the pediatric orthopedic market to improve the lives of children with orthopedic conditions. OrthoPediatrics currently markets 36 surgical systems that serve three of the largest categories within the pediatric orthopedic market. This product offering spans trauma and deformity, scoliosis, and sports medicine/other procedures. OrthoPediatrics’ global sales organization is focused exclusively on pediatric orthopedics and distributes its products in the United States and 45 countries outside the United States. For more information, please visit www.orthopediatrics.com.

Investor Contact
Gilmartin Group
Matt Bacso, CFA
Matt.bacso@gilmartinir.com

FAQ

What is OrthoPediatrics' preliminary revenue for Q3 2021?

OrthoPediatrics expects preliminary revenue of approximately $25.1 million for Q3 2021, representing a 13% increase from $22.2 million in Q3 2020.

How did COVID-19 affect OrthoPediatrics' revenue?

COVID-19 Delta variant cases and RSV cases impacted revenue by affecting children's hospitals and causing staff shortages.

What is OrthoPediatrics' revenue guidance for 2021?

OrthoPediatrics reaffirmed its total revenue guidance for 2021, expecting between $97 million and $101 million.

When is OrthoPediatrics' conference call to discuss Q3 results?

The conference call is scheduled for November 4, 2021, at 8:00 a.m. ET.