OrthoPediatrics Corp. (“OrthoPediatrics” or the
“Company”) (Nasdaq: KIDS), a company focused exclusively on
advancing the field of pediatric orthopedics, today announced its
financial results for the third quarter ended September 30,
2024.
Third Quarter
2024 and Recent Business
Highlights
- Helped a record of more than 33,000
children in the third quarter 2024, an increase of 50% from the
third quarter 2023
- Generated record total revenue of
$54.6 million for the third quarter of 2024, up 37% from $40.0
million in third quarter 2023; domestic revenue increased 45% and
international revenue increased 12% in the quarter
- Grew worldwide Trauma &
Deformity revenue 31%, worldwide Scoliosis revenue 52%; Sports
Medicine/Other revenue increased 50% in the third quarter of 2024
compared to the third quarter of 2023
- Launched Enabling Technologies
Division that will focus on new areas within digital health and
advanced technology intended to differentiate the Company's core
business, generate sustainable revenue, and access new markets and
specialties beyond orthopedics
- Increased full year 2024 revenue
guidance to $202 million to $204 million from $200 million to $203
million, representing growth of 36% to 37% compared to prior
year
David Bailey, President & CEO of
OrthoPediatrics, commented, “The third quarter results represent
yet another strong performance for OrthoPediatrics in which we
continued our positive momentum and executed our strategic
initiatives. With multiple levers driving our growth, we saw
strength across all business segments as Trauma and Deformity,
Scoliosis, and OPSB all contributed to further establishing our
dominant market share position within pediatric orthopedics. As we
look ahead, we are confident in the remainder of 2024 and ending
the year in a position of strength. Even more, we are excited about
our long-term outlook as we expect to continue extending our growth
while we maintain healthy gross margins and generate substantial
EBITDA, all while we surround the children's hospital with
everything needed to optimize pediatric care."
Third Quarter
2024 Financial ResultsTotal
revenue for the third quarter of 2024 was $54.6 million, a 37%
increase compared to $40.0 million for the same period last year.
U.S. revenue for the third quarter of 2024 was $42.7 million, a 45%
increase compared to $29.4 million for the same period last year,
representing 78% of total revenue. The increase in domestic revenue
in the third quarter of 2024 was driven by additional market share
gains across Trauma and Deformity, Scoliosis, and OPSB.
International revenue for the third quarter of 2024 was $11.9
million, a 12% increase compared to $10.6 million for the same
period last year, representing 22% of total revenue. Growth in the
quarter was primarily led by Scoliosis revenue.
Trauma and Deformity revenue for the third
quarter of 2024 was $37.6 million, a 31% increase compared to $28.8
million for the same period last year. This growth was driven
primarily by strong growth across numerous product lines, as well
as the addition of Boston O&P. Scoliosis revenue was $15.6
million, a 52% increase compared to $10.3 million for the third
quarter of 2023. The growth was driven primarily by increased
international scoliosis revenue, new users of spine systems,
RESPONSE 5.5/6.0, as well as 7D. Sports Medicine/Other revenue for
the third quarter of 2024 was $1.3 million, a 50% increase compared
to $0.9 million for the same period last year.
Gross profit for the third quarter of 2024 was
$40.1 million, a 29% increase compared to $31.0 million for the
same period last year. Gross profit margin for the third quarter of
2024 was 73%, compared to 77% for the same period last year. The
change in gross margin was primarily driven by changes in product
mix due to increased 7D unit sales at lower margin, set sales
internationally, as well as less favorable purchase price variance
compared to the third quarter of 2023.
Total operating expenses for the third quarter
of 2024 were $45.6 million, a 29% increase compared to $35.5
million for the same period last year. The increase was mainly
driven by the addition of Boston O&P, as well as increased
commission expense and incremental personnel required to support
the ongoing growth of the Company.
Sales and marketing expenses increased $2.8
million, or 20%, to $16.8 million in the third quarter of 2024. The
increase was driven primarily by increased sales commission
expenses coupled with additional employees to support the OPSB.
Research and development expenses increased
negligibly to $2.6 million in the third quarter of 2024. The slight
increase was driven by timing of external development expenses.
General and administrative expenses increased
$8.3 million, or 46%, to $26.3 million in the third quarter of
2024. The increase was driven primarily by the addition of Boston
O&P, increased depreciation and amortization as well as
personnel and resources to support the continued expansion of the
business.
Total other expense was $3.6 million for the
third quarter of 2024, compared to $0.8 million of other income for
the same period last year. The increase was driven by a one-time
refinancing expense of $3.2 million.
Net loss for the third quarter of 2024 was $7.9
million, compared to $4.6 million for the same period last year.
Net loss per share for the period was $0.34 per basic and diluted
share, compared to $0.20 per basic and diluted share for the same
period last year.
Adjusted EBITDA for the third quarter of 2024
was $4.0 million as compared to $3.6 million for the third quarter
of 2023.
Weighted average basic and diluted shares
outstanding for the three months ended September 30, 2024, was
23,171,249 shares.
As of September 30, 2024, cash, cash
equivalents, short-term investments and restricted cash were $78.1
million compared to $82.3 million as of December 31, 2023.
Full Year 2024
Financial GuidanceFor the full year of 2024, the
Company increased its revenue guidance from $200 million to $203
million to $202 million to $204 million , representing growth of
36% to 37% over 2023 revenue. The Company reiterated annual set
deployment to be less than $20 million and reiterated $8 million to
$9 million of Adjusted EBITDA for the full year of 2024.
Conference CallOrthoPediatrics
will host a conference call on Thursday, November 7, 2024, at 8:00
a.m. ET to discuss the results. Investors interested in listening
to the conference call may do so by accessing a live and archived
webcast of the event at www.orthopediatrics.com, on the Investors
page in the Events & Presentations section. The webcast will be
available for replay for at least 90 days after the event.
Forward-Looking StatementsThis
press release includes "forward-looking statements" within the
meaning of U.S. federal securities laws. You can identify
forward-looking statements 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 known and
unknown risks, uncertainties and other factors, such as the impact
of widespread health emergencies, such as COVID-19 and respiratory
syncytial virus, and the other risks, uncertainties and factors set
forth under "Risk Factors" in OrthoPediatrics’ Annual Report on
Form 10-K filed with the SEC on March 8, 2024, as updated and
supplemented by our other SEC reports filed from time to time, that
may cause our results, activity levels, performance or achievements
to be materially different from the information expressed or
implied by the forward-looking statements;. 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.
Use of Non-GAAP Financial
MeasuresThis press release includes certain non-GAAP
financial measures such as organic revenue, adjusted loss per share
and Adjusted EBITDA, which differ from financial measures
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”). Sales on an organic basis excludes from our
reported net revenue growth the impacts of revenue from any
acquired business that have been owned for less than one year. We
believe that providing the non-GAAP organic revenue is useful as a
way to measure and evaluate our underlying performance consistently
across the periods presented. Adjusted loss per share in this press
release represents diluted loss per share on a GAAP basis, plus the
accreted interest attributable to acquisition installment payables,
the fair value adjustment of contingent consideration, acquisition
related costs, loss on early extinguishment of debt, nonrecurring
Pega conversion fees, and minimum purchase commitment costs. The
fair value adjustment of contingent consideration is associated
with our estimates of the value of earn-outs in connection with
certain acquisitions. We believe that providing the non-GAAP
diluted loss per share excluding these expenses, as well as the
GAAP measures, assists our investors because such expenses are not
reflective of our ongoing operating results. Adjusted EBITDA in
this release represents net loss, plus interest expense, net plus
other expense, provision for income taxes (benefit), depreciation
and amortization, tradename impairment, stock-based compensation
expense, fair value adjustment of contingent consideration,
acquisition related costs, nonrecurring PEGA conversion fees,
Midcap financing termination loss, and the cost of minimum purchase
commitments. The Company believes the non-GAAP measures provided in
this earnings release enable it to further and more consistently
analyze the period-to-period financial performance of its core
business operating performance. Management uses these metrics as a
measure of the Company’s operating performance and for planning
purposes, including financial projections. The Company believes
these measures are useful to investors as supplemental information
because they are frequently used by analysts, investors and other
interested parties to evaluate companies in its industry. Adjusted
EBITDA is a non-GAAP financial measure and should not be considered
as an alternative to, or superior to, net income or loss as a
measure of financial performance or cash flows from operations as a
measure of liquidity, or any other performance measure derived in
accordance with GAAP, and it should not be construed to imply that
the Company’s future results will be unaffected by unusual or
non-recurring items. In addition, the measure is not intended to be
a measure of free cash flow for management’s discretionary use, as
it does not reflect certain cash requirements such as debt service
requirements, capital expenditures and other cash costs that may
recur in the future. Adjusted EBITDA contains certain other
limitations, including the failure to reflect our cash
expenditures, cash requirements for working capital needs and other
potential cash requirements. In evaluating these non-GAAP measures,
you should be aware that in the future the Company may incur
expenses that are the same or similar to some of the adjustments in
this presentation. The Company’s presentation of non-GAAP diluted
loss per share or Adjusted EBITDA should not be construed to imply
that its future results will be unaffected by any such adjustments.
Management compensates for these limitations by primarily relying
on the Company’s GAAP results in addition to using these adjusted
measures on a supplemental basis. The Company’s definition of these
measures is not necessarily comparable to other similarly titled
captions of other companies due to different methods of
calculation. The schedules below contain reconciliations of
reported GAAP net revenue to non-GAAP organic revenue, GAAP diluted
loss per share to non-GAAP diluted loss and net loss to non-GAAP
Adjusted EBITDA.
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 over 70 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 over 70 countries
outside the United States. For more information, please visit
www.orthopediatrics.com.
Investor ContactPhilip Trip TaylorGilmartin
Groupphilip@gilmartinir.com415-937-5406
ORTHOPEDIATRICS CORP.CONDENSED
CONSOLIDATED BALANCE SHEETS(Unaudited) (In
Thousands, Except Share Data) |
|
|
September 30, 2024 |
|
December 31, 2023 |
|
|
|
|
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
51,047 |
|
|
$ |
31,055 |
|
Restricted cash |
|
1,998 |
|
|
|
1,972 |
|
Short-term investments |
|
25,017 |
|
|
|
49,251 |
|
Accounts receivable - trade, net of allowances of $1,025 and
$1,373, respectively |
|
42,827 |
|
|
|
34,617 |
|
Inventories, net |
|
120,934 |
|
|
|
105,851 |
|
Prepaid expenses and other current assets |
|
6,489 |
|
|
|
3,750 |
|
Total current assets |
|
248,312 |
|
|
|
226,496 |
|
|
|
|
|
Property and equipment,
net |
|
54,765 |
|
|
|
41,048 |
|
|
|
|
|
Other assets: |
|
|
|
Amortizable intangible assets, net |
|
65,955 |
|
|
|
69,275 |
|
Goodwill |
|
91,262 |
|
|
|
83,699 |
|
Other intangible assets |
|
18,744 |
|
|
|
15,287 |
|
Other non-current assets |
|
10,256 |
|
|
|
2,940 |
|
Total other assets |
|
186,217 |
|
|
|
171,201 |
|
|
|
|
|
Total assets |
$ |
489,294 |
|
|
$ |
438,745 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities: |
|
|
|
Accounts payable - trade |
$ |
11,647 |
|
|
$ |
12,649 |
|
Accrued compensation and benefits |
|
13,221 |
|
|
|
11,325 |
|
Current portion of long-term debt with affiliate |
|
158 |
|
|
|
152 |
|
Current portion of acquisition installment payable |
|
1,325 |
|
|
|
10,149 |
|
Other current liabilities |
|
8,274 |
|
|
|
7,391 |
|
Total current liabilities |
|
34,625 |
|
|
|
41,666 |
|
|
|
|
|
Long-term liabilities: |
|
|
|
Long-term loan |
|
23,948 |
|
|
|
9,297 |
|
Long-term convertible loan |
|
47,831 |
|
|
|
— |
|
Long-term debt with affiliate, net of current portion |
|
491 |
|
|
|
611 |
|
Other long-term debt, net of current portion |
|
244 |
|
|
|
— |
|
Acquisition installment payable, net of current portion |
|
2,412 |
|
|
|
3,551 |
|
Deferred income taxes |
|
4,025 |
|
|
|
5,483 |
|
Other long-term liabilities |
|
4,799 |
|
|
|
1,112 |
|
Total long-term liabilities |
|
83,750 |
|
|
|
20,054 |
|
|
|
|
|
Total liabilities |
|
118,375 |
|
|
|
61,720 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common stock, $0.00025 par value; 50,000,000 shares authorized;
24,214,046 shares and 23,378,408 shares issued as of
September 30, 2024 and December 31, 2023,
respectively |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
597,009 |
|
|
|
580,287 |
|
Accumulated deficit |
|
(219,495 |
) |
|
|
(197,742 |
) |
Accumulated other comprehensive loss |
|
(6,601 |
) |
|
|
(5,526 |
) |
Total stockholders' equity |
|
370,919 |
|
|
|
377,025 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
489,294 |
|
|
$ |
438,745 |
|
|
|
|
|
ORTHOPEDIATRICS CORP.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
Thousands, Except Share and Per Share Data) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenue |
$ |
54,573 |
|
|
$ |
39,972 |
|
|
$ |
152,060 |
|
|
$ |
111,119 |
|
Cost of revenue |
|
14,513 |
|
|
|
9,019 |
|
|
|
39,027 |
|
|
|
26,580 |
|
Gross profit |
|
40,060 |
|
|
|
30,953 |
|
|
|
113,033 |
|
|
|
84,539 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
16,750 |
|
|
|
13,942 |
|
|
|
47,512 |
|
|
|
40,024 |
|
General and administrative |
|
26,299 |
|
|
|
17,973 |
|
|
|
78,358 |
|
|
|
54,242 |
|
Tradename impairment |
|
— |
|
|
|
985 |
|
|
|
— |
|
|
|
985 |
|
Research and development |
|
2,577 |
|
|
|
2,561 |
|
|
|
8,118 |
|
|
|
7,973 |
|
Total operating expenses |
|
45,626 |
|
|
|
35,461 |
|
|
|
133,988 |
|
|
|
103,224 |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(5,566 |
) |
|
|
(4,508 |
) |
|
|
(20,955 |
) |
|
|
(18,685 |
) |
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
Interest expense, net |
|
404 |
|
|
|
21 |
|
|
|
1,302 |
|
|
|
105 |
|
Loss on early extinguishment of debt |
|
3,230 |
|
|
|
— |
|
|
|
3,230 |
|
|
|
— |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,974 |
) |
Other income (expense), net |
|
(63 |
) |
|
|
(787 |
) |
|
|
33 |
|
|
|
(1,407 |
) |
Total other expense (income), net |
|
3,571 |
|
|
|
(766 |
) |
|
|
4,565 |
|
|
|
(4,276 |
) |
|
|
|
|
|
|
|
|
Loss before income taxes |
$ |
(9,137 |
) |
|
$ |
(3,742 |
) |
|
$ |
(25,520 |
) |
|
$ |
(14,409 |
) |
Provision for income taxes
(benefit) |
|
(1,218 |
) |
|
|
849 |
|
|
|
(3,767 |
) |
|
|
(126 |
) |
Net loss |
$ |
(7,919 |
) |
|
$ |
(4,591 |
) |
|
$ |
(21,753 |
) |
|
$ |
(14,283 |
) |
Weighted average common stock
- basic and diluted |
|
23,171,249 |
|
|
|
22,762,823 |
|
|
|
23,046,155 |
|
|
|
22,646,087 |
|
Net loss per share – basic and
diluted |
$ |
(0.34 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.94 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORTHOPEDIATRICS CORP.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)(In Thousands) |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
OPERATING ACTIVITIES |
|
Net loss |
$ |
(21,753 |
) |
|
$ |
(14,283 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Tradename Impairment |
|
— |
|
|
|
985 |
|
Depreciation and amortization |
|
15,087 |
|
|
|
12,198 |
|
Stock-based compensation |
|
9,660 |
|
|
|
7,779 |
|
Loss on early extinguishment of debt |
|
3,230 |
|
|
|
— |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
(2,974 |
) |
Fair value adjustment of acquisition installment payable |
|
599 |
|
|
|
1,092 |
|
Deferred income taxes |
|
(3,907 |
) |
|
|
(899 |
) |
Changes in certain current assets and liabilities: |
|
|
|
Accounts receivable - trade |
|
(5,178 |
) |
|
|
(12,878 |
) |
Inventories, net |
|
(14,154 |
) |
|
|
(22,198 |
) |
Prepaid expenses and other current assets |
|
(2,134 |
) |
|
|
(196 |
) |
Accounts payable - trade |
|
(1,768 |
) |
|
|
11,492 |
|
Accrued expenses and other liabilities |
|
308 |
|
|
|
3,288 |
|
Other |
|
(3,051 |
) |
|
|
(2,909 |
) |
Net cash used in operating
activities |
|
(23,061 |
) |
|
|
(19,503 |
) |
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Acquisition of Boston O&P,
net of cash acquired |
|
(20,225 |
) |
|
|
— |
|
Clinic acquisition, net of
cash acquired |
|
(475 |
) |
|
|
— |
|
Acquisition of MedTech, net of
cash acquired |
|
— |
|
|
|
(3,097 |
) |
Acquisition of Rhino
assets |
|
— |
|
|
|
(546 |
) |
Investment in private
companies |
|
(380 |
) |
|
|
— |
|
Sale of short-term marketable
securities |
|
49,855 |
|
|
|
89,040 |
|
Purchase of short-term
marketable securities |
|
(25,000 |
) |
|
|
(48,600 |
) |
Purchases of property and
equipment |
|
(14,525 |
) |
|
|
(13,042 |
) |
Net cash (used in) provided by
investing activities |
|
(10,750 |
) |
|
|
23,755 |
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Installment payment for
ApiFix |
|
(2,250 |
) |
|
|
(2,000 |
) |
Installment payment for
MedTech |
|
(1,250 |
) |
|
|
— |
|
Proceeds from issuance of
debt |
|
73,533 |
|
|
|
— |
|
Payment on debt |
|
(12,231 |
) |
|
|
— |
|
Payment of debt issuance
costs |
|
(3,085 |
) |
|
|
— |
|
Proceeds from exercise of
stock options |
|
— |
|
|
|
21 |
|
Payments on acquisition
note |
|
(928 |
) |
|
|
— |
|
Payments on mortgage
notes |
|
(113 |
) |
|
|
(107 |
) |
Net cash provided by (used in)
financing activities |
|
53,676 |
|
|
|
(2,086 |
) |
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
153 |
|
|
|
(396 |
) |
|
|
|
|
NET INCREASE IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH |
|
20,018 |
|
|
|
1,770 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash, beginning of period |
$ |
33,027 |
|
|
$ |
10,462 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
53,045 |
|
|
$ |
12,232 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES |
|
|
|
Cash paid for interest |
$ |
1,381 |
|
|
$ |
32 |
|
Issuance of common shares to
acquire Rhino |
$ |
— |
|
|
$ |
478 |
|
Transfer of instruments
between property and equipment and inventory |
$ |
966 |
|
|
$ |
431 |
|
Issuance of common shares for
ApiFix installment |
$ |
6,929 |
|
|
$ |
6,178 |
|
Issuance of common shares for
MedTech installment |
$ |
133 |
|
|
$ |
2,274 |
|
Right-of-use assets obtained
in exchange for lease liabilities |
$ |
3,220 |
|
|
$ |
367 |
|
Debt issuance costs not yet
paid |
$ |
260 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
ORTHOPEDIATRICS CORP.NET REVENUE BY
GEOGRAPHY AND PRODUCT
CATEGORY(Unaudited)(In
Thousands) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Product sales by geographic location: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
U.S. |
$ |
42,714 |
|
|
$ |
29,360 |
|
|
$ |
118,269 |
|
|
$ |
82,748 |
|
International |
|
11,859 |
|
|
|
10,612 |
|
|
|
33,791 |
|
|
|
28,371 |
|
Total |
$ |
54,573 |
|
|
$ |
39,972 |
|
|
$ |
152,060 |
|
|
$ |
111,119 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Product sales by category: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Trauma and deformity |
$ |
37,642 |
|
|
$ |
28,806 |
|
|
$ |
108,715 |
|
|
$ |
79,715 |
|
Scoliosis |
|
15,635 |
|
|
|
10,304 |
|
|
|
39,521 |
|
|
|
28,270 |
|
Sports medicine/other |
|
1,296 |
|
|
|
862 |
|
|
|
3,824 |
|
|
|
3,134 |
|
Total |
$ |
54,573 |
|
|
$ |
39,972 |
|
|
$ |
152,060 |
|
|
$ |
111,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORTHOPEDIATRICS CORP.RECONCILIATION OF NET
LOSS TO NON-GAAP ADJUSTED
EBITDA(Unaudited)(In
Thousands) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(7,919 |
) |
|
$ |
(4,591 |
) |
|
$ |
(21,753 |
) |
|
$ |
(14,283 |
) |
Interest expense, net |
|
404 |
|
|
|
21 |
|
|
|
1,302 |
|
|
|
105 |
|
Other (income) expense |
|
(63 |
) |
|
|
(787 |
) |
|
|
33 |
|
|
|
(1,407 |
) |
Provision for income taxes (benefit) |
|
(1,218 |
) |
|
|
849 |
|
|
|
(3,767 |
) |
|
|
(126 |
) |
Depreciation and amortization |
|
5,280 |
|
|
|
4,270 |
|
|
|
15,087 |
|
|
|
12,198 |
|
Stock-based compensation |
|
3,922 |
|
|
|
2,364 |
|
|
|
9,660 |
|
|
|
7,779 |
|
Tradename impairment loss |
|
— |
|
|
|
985 |
|
|
|
— |
|
|
|
985 |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,974 |
) |
Acquisition related costs |
|
117 |
|
|
|
10 |
|
|
|
504 |
|
|
|
209 |
|
Nonrecurring Pega conversion fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
277 |
|
Loss on early extinguishment of debt |
|
3,230 |
|
|
|
— |
|
|
|
3,230 |
|
|
|
— |
|
Minimum purchase commitment cost |
|
224 |
|
|
|
477 |
|
|
|
1,200 |
|
|
|
1,053 |
|
Adjusted EBITDA |
$ |
3,977 |
|
|
$ |
3,598 |
|
|
$ |
5,496 |
|
|
$ |
3,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORTHOPEDIATRICS CORP.RECONCILIATION OF
DILUTED LOSS PER SHARE TO NON-GAAP ADJUSTED DILUTED LOSS PER
SHARE(Unaudited) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Loss per share, diluted
(GAAP) |
$ |
(0.34 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.94 |
) |
|
$ |
(0.63 |
) |
Tradename impairment loss |
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
Accretion of interest attributable to acquisition installment
payable |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.05 |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.13 |
) |
Acquisition related costs |
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
Nonrecurring Pega conversion fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Loss on early extinguishment of debt |
|
0.14 |
|
|
|
— |
|
|
|
0.14 |
|
|
|
— |
|
Minimum purchase commitment cost |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.05 |
|
Loss per share, diluted
(non-GAAP) |
$ |
(0.18 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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