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 second quarter ended June 30, 2024.
Second Quarter
2024 and Recent Business
Highlights
- Helped a record 32,000 children in
the second quarter of 2024, an increase of 52% from the second
quarter 2023
- Generated record total revenue of
$52.8 million for the second quarter of 2024, up 33% from $39.6
million in second quarter 2023; domestic revenue increased 39% and
international revenue increased 16% in the quarter
- Grew worldwide Trauma &
Deformity revenue 37%, worldwide Scoliosis revenue 26%; Sports
Medicine/Other revenue increased 17% in the second quarter of 2024
compared to the second quarter of 2023
- Received Breakthrough Device
Designation from FDA for eLLiTM Growing Rod System, an implant
designed to address severe pathology associated with Early Onset
Scoliosis (EOS)
- Continued top tier sponsorship
support of the combined 2024 Pediatric Orthopaedic Society of North
America ("POSNA") and European Paediatric Orthopaedic Society
("EPOS") with Emerald sponsorship at annual meeting
- Announced financing providing up to
$100 million of capital, strengthening balance sheet through a term
loan and private placement of convertible notes from Braidwell,
LP
- Reaffirmed full year 2024 revenue
guidance of $200.0 million to $203.0 million, representing growth
of 34% to 36% compared to prior year
David Bailey, President & CEO of
OrthoPediatrics, commented, “I am excited about our productive
start to the year. We are executing across the business in a
normalized Children's hospital environment to deliver healthy
revenue growth and increased operating leverage. Our clinically
differentiated product portfolio is driving continued market share
gains. We are capitalized to achieve cash flow breakeven and
uniquely positioned to continue investing in transformative product
development and in our OPSB expansion strategy, while we generate
operating cash flow that we expect will support next year's planned
set builds."
Second Quarter
2024 Financial ResultsTotal
revenue for the second quarter of 2024 was $52.8 million, a 33%
increase compared to $39.6 million for the same period last year.
U.S. revenue for the second quarter of 2024 was $41.2 million, a
39% increase compared to $29.6 million for the same period last
year, representing 78% of total revenue. The increase in revenue in
the second quarter of 2024 was driven primarily by organic growth
in Trauma and Deformity and Scoliosis products as well as the
addition of Boston O&P. International revenue for the second
quarter of 2024 was $11.6 million, a 16% increase compared to $10.0
million for the same period last year, representing 22% of total
revenue. Growth in the quarter was primarily driven by Trauma and
Deformity, domestic Scoliosis, partially offset by negative
international Scoliosis.
Trauma and Deformity revenue for the second
quarter of 2024 was $37.8 million, a 37% increase compared to $27.5
million for the same period last year. This growth was driven
primarily by growth across numerous product lines, specifically
Pega systems, PNP Tibia, ExFix, and OPSB, coupled with the addition
of Boston O&P. Scoliosis revenue was $13.7 million, a 26%
increase compared to $10.9 million for the second quarter of 2023.
The growth was driven by increased number of users of our spine
systems, and RESPONSE, as well as the addition of Boston O&P,
partially offset by negative growth in international Scoliosis.
Sports Medicine/Other revenue for the second quarter of 2024 was
$1.3 million, a 17% increase compared to $1.2 million for the same
period last year.
Gross profit for the second quarter of 2024 was
$40.8 million, a 36% increase compared to $30.0 million for the
same period last year. Gross profit margin for the second quarter
of 2024 was 77%, compared to 76% for the same period last year. The
change in gross margin was primarily driven by higher domestic
growth combined with lower international set sales as well as
favorable purchase price variance release.
Total operating expenses for the second quarter
of 2024 were $46.5 million, a 30% increase compared to $35.6
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 $3.1
million, or 23%, to $16.6 million in the second 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 decreased
$0.4 million, or 14%, to $2.5 million in the second quarter of
2024. The decrease was driven by timing of external development
expenses.
General and administrative expenses increased
$8.2 million, or 43%, to $27.3 million in the second 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 $0.4 million for the
second quarter of 2024, compared to $2.3 million of other income
for the same period last year. The change was due primarily to the
favorable fair value adjustment of contingent consideration in the
second quarter of 2023, which did not repeat in 2024 as well as
additional interest expense related to the term loan with
MidCap.
Net loss for the second quarter of 2024 was $6.0
million, compared to $2.9 million for the same period last year.
Net loss per share for the period was $0.26 per basic and diluted
share, compared to $0.13 per basic and diluted share for the same
period last year.
Adjusted EBITDA for the second quarter of 2024
was $2.6 million as compared to $2.3 million for the second quarter
of 2023.
Weighted average basic and diluted shares
outstanding for the three months ended June 30, 2024, was
23,145,064 shares.
As of June 30, 2024, cash, cash
equivalents, short-term investments and restricted cash were $30.9
million compared to $82.3 million as of December 31, 2023.
Cash usage in the second quarter 2024 includes $5.5 million paid
for one time events. Additionally, the Company has signed a private
financing arrangement with Braidwell, LP, consisting of a term loan
and private placement of convertible notes that will provide up to
$100 million of capital. Terms of the financing include a $50
million term loan and $50 million of convertible notes. The term
loan consists of an initial term loan of $25 million and access to
a delayed draw term loan facility for an additional $25 million.
The financing is expected to fund on or around August 12, 2024. In
connection with the financing, the Company has approved a stock
repurchase program of up to $5 million in value of outstanding
common stock. The proceeds from the financing will be used to repay
outstanding debt of approximately $10 million, transaction fees
incurred in connection with the financing, potential stock
repurchases, and general corporate purposes and working capital
needs.
Full Year 2024
Financial GuidanceFor the full year of 2024, the
Company reiterated its revenue guidance of $200.0 million to $203.0
million, representing growth of 34% to 36% over 2023 revenue. The
Company reiterated annual set deployment to be less than $20.0
million and reiterated $8.0 million to $9.0 million of Adjusted
EBITDA for the full year of 2024.
Conference CallOrthoPediatrics
will host a conference call on Tuesday, August 6, 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, 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, stock-based compensation expense, fair value
adjustment of contingent consideration, acquisition related costs,
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 71 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) |
|
|
June 30, 2024 |
|
December 31, 2023 |
|
|
|
|
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
28,927 |
|
|
$ |
31,055 |
|
Restricted cash |
|
1,963 |
|
|
|
1,972 |
|
Short-term investments |
|
— |
|
|
|
49,251 |
|
Accounts receivable - trade, net of allowances of $1,026 and
$1,373, respectively |
|
42,028 |
|
|
|
34,617 |
|
Inventories, net |
|
116,366 |
|
|
|
105,851 |
|
Prepaid expenses and other current assets |
|
4,499 |
|
|
|
3,750 |
|
Total current assets |
|
193,783 |
|
|
|
226,496 |
|
|
|
|
|
Property and equipment,
net |
|
53,482 |
|
|
|
41,048 |
|
|
|
|
|
Other assets: |
|
|
|
Amortizable intangible assets, net |
|
67,848 |
|
|
|
69,275 |
|
Goodwill |
|
90,512 |
|
|
|
83,699 |
|
Other intangible assets |
|
18,669 |
|
|
|
15,287 |
|
Other non-current assets |
|
6,467 |
|
|
|
2,940 |
|
Total other assets |
|
183,496 |
|
|
|
171,201 |
|
|
|
|
|
Total assets |
$ |
430,761 |
|
|
$ |
438,745 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities: |
|
|
|
Accounts payable - trade |
|
17,002 |
|
|
|
12,649 |
|
Accrued compensation and benefits |
|
12,616 |
|
|
|
11,325 |
|
Current portion of long-term debt with affiliate |
|
156 |
|
|
|
152 |
|
Current portion of acquisition installment payable |
|
1,304 |
|
|
|
10,149 |
|
Other current liabilities |
|
8,491 |
|
|
|
7,391 |
|
Total current liabilities |
|
39,569 |
|
|
|
41,666 |
|
|
|
|
|
Long-term liabilities: |
|
|
|
Long-term debt, net of current portion |
|
9,250 |
|
|
|
9,297 |
|
Long-term debt with affiliate, net of current portion |
|
532 |
|
|
|
611 |
|
Acquisition installment payment, net of current portion |
|
2,371 |
|
|
|
3,551 |
|
Deferred income taxes |
|
4,739 |
|
|
|
5,483 |
|
Other long-term liabilities |
|
3,007 |
|
|
|
1,112 |
|
Total long-term liabilities |
|
19,899 |
|
|
|
20,054 |
|
|
|
|
|
Total liabilities |
|
59,468 |
|
|
|
61,720 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common stock, $0.00025 par value; 50,000,000 shares authorized;
24,216,738 shares and 23,378,408 shares issued as of June 30,
2024 and December 31, 2023, respectively |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
593,087 |
|
|
|
580,287 |
|
Accumulated deficit |
|
(211,576 |
) |
|
|
(197,742 |
) |
Accumulated other comprehensive loss |
|
(10,224 |
) |
|
|
(5,526 |
) |
Total stockholders' equity |
|
371,293 |
|
|
|
377,025 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
430,761 |
|
|
$ |
438,745 |
|
ORTHOPEDIATRICS CORP.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
Thousands, Except Share and Per Share Data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenue |
$ |
52,802 |
|
|
$ |
39,559 |
|
|
$ |
97,487 |
|
|
$ |
71,147 |
|
Cost of revenue |
|
12,003 |
|
|
|
9,534 |
|
|
|
24,514 |
|
|
|
17,561 |
|
Gross profit |
|
40,799 |
|
|
|
30,025 |
|
|
|
72,973 |
|
|
|
53,586 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
16,593 |
|
|
|
13,533 |
|
|
|
30,762 |
|
|
|
26,082 |
|
General and administrative |
|
27,329 |
|
|
|
19,112 |
|
|
|
52,059 |
|
|
|
36,269 |
|
Research and development |
|
2,543 |
|
|
|
2,966 |
|
|
|
5,541 |
|
|
|
5,412 |
|
Total operating expenses |
|
46,465 |
|
|
|
35,611 |
|
|
|
88,362 |
|
|
|
67,763 |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(5,666 |
) |
|
|
(5,586 |
) |
|
|
(15,389 |
) |
|
|
(14,177 |
) |
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
Interest expense, net |
|
261 |
|
|
|
294 |
|
|
|
898 |
|
|
|
84 |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
(2,304 |
) |
|
|
— |
|
|
|
(2,974 |
) |
Other expense (income), net |
|
120 |
|
|
|
(289 |
) |
|
|
96 |
|
|
|
(620 |
) |
Total other expense (income), net |
|
381 |
|
|
|
(2,299 |
) |
|
|
994 |
|
|
|
(3,510 |
) |
|
|
|
|
|
|
|
|
Loss before income taxes |
$ |
(6,047 |
) |
|
$ |
(3,287 |
) |
|
|
(16,383 |
) |
|
|
(10,667 |
) |
Provision for income taxes
(benefit) |
|
(18 |
) |
|
|
(401 |
) |
|
|
(2,549 |
) |
|
|
(975 |
) |
Net loss |
$ |
(6,029 |
) |
|
$ |
(2,886 |
) |
|
$ |
(13,834 |
) |
|
$ |
(9,692 |
) |
Weighted average common stock
- basic and diluted |
|
23,145,064 |
|
|
|
22,704,723 |
|
|
|
22,982,921 |
|
|
|
22,587,022 |
|
Net loss per share – basic and
diluted |
$ |
(0.26 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.43 |
) |
ORTHOPEDIATRICS CORP.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)(In Thousands) |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
OPERATING ACTIVITIES |
|
Net loss |
$ |
(13,834 |
) |
|
$ |
(9,692 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
9,807 |
|
|
|
7,928 |
|
Stock-based compensation |
|
5,738 |
|
|
|
5,415 |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
(2,974 |
) |
Accretion of acquisition installment payable |
|
537 |
|
|
|
812 |
|
Deferred income taxes |
|
(2,955 |
) |
|
|
(975 |
) |
Changes in certain current assets and liabilities: |
|
|
|
Accounts receivable - trade |
|
(4,583 |
) |
|
|
(8,964 |
) |
Inventories, net |
|
(10,420 |
) |
|
|
(11,860 |
) |
Prepaid expenses and other current assets |
|
(403 |
) |
|
|
72 |
|
Accounts payable - trade |
|
4,150 |
|
|
|
9,724 |
|
Accrued expenses and other liabilities |
|
959 |
|
|
|
1,325 |
|
Other |
|
(1,778 |
) |
|
|
(1,645 |
) |
Net cash used in operating
activities |
|
(12,782 |
) |
|
|
(10,834 |
) |
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Acquisition of Boston O&P,
net of cash acquired |
|
(20,693 |
) |
|
|
— |
|
Acquisition of MedTech |
|
— |
|
|
|
(3,097 |
) |
Sale of short-term marketable
securities |
|
49,855 |
|
|
|
72,347 |
|
Purchase of short-term
marketable securities |
|
— |
|
|
|
(44,600 |
) |
Purchases of property and
equipment |
|
(13,144 |
) |
|
|
(10,563 |
) |
Net cash provided by investing
activities |
|
16,018 |
|
|
|
14,087 |
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Installment payment for
ApiFix |
|
(2,250 |
) |
|
|
(2,000 |
) |
Installment payment for
MedTech |
|
(1,250 |
) |
|
|
— |
|
Payments on acquisition
note |
|
(928 |
) |
|
|
— |
|
Payment of debt issuance
costs |
|
(343 |
) |
|
|
— |
|
Payments on mortgage
notes |
|
(71 |
) |
|
|
(71 |
) |
Net cash used in financing
activities |
|
(4,842 |
) |
|
|
(2,071 |
) |
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(531 |
) |
|
|
(335 |
) |
|
|
|
|
NET (DECREASE) INCREASE IN
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(2,137 |
) |
|
|
847 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash, beginning of period |
$ |
33,027 |
|
|
$ |
10,462 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
30,890 |
|
|
$ |
11,309 |
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES |
|
|
|
Cash paid for interest |
$ |
760 |
|
|
$ |
11 |
|
Transfer of instruments from
property and equipment to inventory |
$ |
281 |
|
|
$ |
367 |
|
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 |
$ |
— |
|
|
$ |
293 |
|
Debt issuance costs not yet
paid |
$ |
67 |
|
|
$ |
— |
|
ORTHOPEDIATRICS CORP.NET REVENUE BY
GEOGRAPHY AND PRODUCT
CATEGORY(Unaudited)(In
Thousands) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Product sales by geographic location: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
U.S. |
$ |
41,249 |
|
|
$ |
29,587 |
|
|
$ |
75,554 |
|
|
|
53,388 |
|
International |
|
11,553 |
|
|
|
9,972 |
|
|
|
21,933 |
|
|
|
17,759 |
|
Total |
$ |
52,802 |
|
|
$ |
39,559 |
|
|
$ |
97,487 |
|
|
$ |
71,147 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Product sales by category: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Trauma and deformity |
$ |
37,771 |
|
|
$ |
27,514 |
|
|
|
71,073 |
|
|
|
50,909 |
|
Scoliosis |
|
13,682 |
|
|
|
10,893 |
|
|
|
23,886 |
|
|
|
17,966 |
|
Sports medicine/other |
|
1,349 |
|
|
|
1,152 |
|
|
|
2,528 |
|
|
|
2,272 |
|
Total |
$ |
52,802 |
|
|
$ |
39,559 |
|
|
$ |
97,487 |
|
|
$ |
71,147 |
|
ORTHOPEDIATRICS CORP.RECONCILIATION OF NET
LOSS TO NON-GAAP ADJUSTED
EBITDA(Unaudited)(In
Thousands) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(6,029 |
) |
|
$ |
(2,886 |
) |
|
$ |
(13,834 |
) |
|
$ |
(9,692 |
) |
Interest expense (income), net |
|
261 |
|
|
|
294 |
|
|
|
898 |
|
|
|
84 |
|
Other income |
|
120 |
|
|
|
(289 |
) |
|
|
96 |
|
|
|
(620 |
) |
Provision for income taxes (benefit) |
|
(18 |
) |
|
|
(401 |
) |
|
|
(2,549 |
) |
|
|
(975 |
) |
Depreciation and amortization |
|
4,779 |
|
|
|
4,080 |
|
|
|
9,807 |
|
|
|
7,928 |
|
Stock-based compensation |
|
2,939 |
|
|
|
3,303 |
|
|
|
5,738 |
|
|
|
5,415 |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
(2,304 |
) |
|
|
— |
|
|
|
(2,974 |
) |
Acquisition related costs |
|
142 |
|
|
|
199 |
|
|
|
387 |
|
|
|
199 |
|
Nonrecurring Pega conversion fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
277 |
|
Minimum purchase commitment cost |
|
433 |
|
|
|
276 |
|
|
|
976 |
|
|
|
576 |
|
Adjusted EBITDA |
$ |
2,627 |
|
|
$ |
2,272 |
|
|
$ |
1,519 |
|
|
$ |
218 |
|
ORTHOPEDIATRICS CORP.RECONCILIATION OF
DILUTED LOSS PER SHARE TO NON-GAAP ADJUSTED DILUTED LOSS PER
SHARE(Unaudited) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Loss per share, diluted
(GAAP) |
$ |
(0.26 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.43 |
) |
Accretion of interest attributable to acquisition installment
payable |
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.04 |
|
Fair value adjustment of contingent consideration |
|
— |
|
|
|
(0.10 |
) |
|
|
— |
|
|
|
(0.13 |
) |
Acquisition related costs |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Nonrecurring Pega conversion fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Minimum purchase commitment cost |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.03 |
|
Loss per share, diluted
(non-GAAP) |
$ |
(0.23 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.47 |
) |
OrthoPediatrics (NASDAQ:KIDS)
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