OrthoPediatrics announced its financial results for the fourth quarter (4Q) and full year ended December 31, 2023. The highlights include the following:
- Total revenue was $37.6 million for 4Q, up 21 percent from $31 million in 4Q 2022; domestic revenue increased 24 percent and international revenue increased 13 percent.
- Total annual revenue was $148.7 million for 2023, up 22 percent from $122.3 million in 2022; domestic revenue increased 20 percent and international revenue increased 26 percent.
- Full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $5 million in 2023, compared to $0.2 million in 2022.
- Eight new products were launched in 2023, including the RESPONSE Power Scoliosis System, GIRO Growth Modulation System, Pediatric Nailing Platform Tibia System, DF2 Brace, Mitchell Ponseti Plus Bar, and the Levity Device.
- The acquisition of Boston Orthotics & Prosthetics was announced, expanding the OrthoPediatrics Specialty Bracing Division.
- An $80 million debt financing was closed to support the Boston Orthotics & Prosthetics acquisition and future business requirements.
- Full-year 2024 in a range of $197 million to $200 million is expected, representing growth of 32 percent to 34 percent compared to 2023.
“2023 was another strong year for OrthoPediatrics as we delivered record top-line results and outperformed our adjusted EBITDA expectations. We continue to benefit from an extremely diverse business, from which we saw strength across all segments this year. Both our trauma and deformity and scoliosis businesses continue to capture market share and drive growth,” said David Bailey, president and CEO. “Looking ahead, we believe we are in an extremely strong position for 2024 and we have the right drivers in place to sustain our strong revenue and profitability growth.”
