OrthoPediatrics (NSDQ:KIDS) yesterday posted first-quarter results that beat the overall consensus on Wall Street and increased its full-year guidance.
The Warsaw, Ind.-based company reported losses of -$10.4 million, or -54¢ per share, on sales of $21.5 million, for the three months ended March 31, for a sales growth of 31.2% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were -25¢, 2¢ ahead of The Street, where analysts were looking for sales of $19.86 million.
“The company’s first-quarter results reflect the resilience of our business, steady execution of our strategy and the unwavering dedication of our team. With revenue growth exceeding 30% year-over-year, adjusted EBITDA and gross margins continuing to improve, and meaningful progress across all product categories, OrthoPediatrics is well-positioned for sustained growth as we advance toward recovery from the COVID-19 pandemic. We are particularly encouraged by the 19% growth in trauma and deformity and 60% growth in scoliosis, both of which are seeing increased momentum after having been impacted by the deferral of elective surgeries in 2020. In addition to achieving 26% domestic sales growth, international sales grew 56%, with sales agencies growing 122% and, most critically, stocking distributors growing 15% in the quarter,” CEO Mark Throdahl said in a news release.
“I’m proud to report that the proactive steps the company took at the beginning of the pandemic have helped ensure a smooth path to recovery and position OrthoPediatrics as stronger today than it was before the outset of COVID-19. In addition, our success has been aided by the strategic acquisitions of Orthex, ApiFix, and Telos Partners as well as our continued investment in sets. Looking ahead, we remain intently focused on capturing the significant opportunity in the pediatric orthopedic market and driving long-term value for our stockholders.”
OrthoPediatrics increase the low end of its revenue guidance to represent an estimate of $94 million to $98 million for the fiscal year.
Shares in KIDS were up 0.82% to $56.80 apiece in pre-market trading.