OrthoPediatrics Corp. Enters Distribution Agreement with Ora Medical
November 06, 2023 at 08:06 am EST
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WARSAW, Ind., Nov.  06, 2023  (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics”) (NASDAQ: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, announced today the Company has entered into an exclusive Distribution Agreement with Ora Medical, based in Montreal, to sell Ora Medical’s gait trainer, The Levity, a device designed for children with walking difficulties. The Levity supports a child with an innovative partial weight bearing mechanism. This allows the child to interact with the world using their arms, unlocking tons of possibilities. Its unique design allows each child to receive a personalized treatment. The Levity comes with versatile features to meet a wide range of needs: body weight support, harness, speed and direction of the device are adjustable, and its foldable design offers ease of transportation. The Levity fits most children between the ages of 3 and 12. The Levity supports a child at the waist, allowing a one-of-a-kind hands-free experience that reinforces muscles that matter the most for optimal walking rehabilitation. This opens an entirely new experience for children and therapists, as the latter can now fully focus on patient engagement. Joe Hauser, President of Trauma and Deformity Correction at OrthoPediatrics, added, “Our new partnership with the team at Ora Medical is an exciting step in our non-surgical business. By partnering with great organizations with world-class technology, we can help more children with orthopedic conditions around the world. The Levity gait trainer will be a great addition to our mobility solutions portfolio in the Specialty Bracing brand.”
Sarah Lambert, CEO and Cofounder of Ora Medical, expressed, “As we begin to expand beyond Canadian borders, our partnership with OrthoPediatrics is perfectly timed. Their established market presence and expertise will facilitate the distribution of our device, furthering our mission to improve the mobility of children globally.”
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 53 products 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 Contact

OrthoPediatrics Corp. Enters Distribution Agreement with Ora Medical

Warsaw, Indiana, UNITED STATES
WARSAW, Ind., Nov.  06, 2023  (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics”) (NASDAQ: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, announced today the Company has entered into an exclusive Distribution Agreement with Ora Medical, based in Montreal, to sell Ora Medical’s gait trainer, The Levity, a device designed for children with walking difficulties. The Levity supports a child with an innovative partial weight bearing mechanism. This allows the child to interact with the world using their arms, unlocking tons of possibilities. Its unique design allows each child to receive a personalized treatment. The Levity comes with versatile features to meet a wide range of needs: body weight support, harness, speed and direction of the device are adjustable, and its foldable design offers ease of transportation. The Levity fits most children between the ages of 3 and 12. The Levity supports a child at the waist, allowing a one-of-a-kind hands-free experience that reinforces muscles that matter the most for optimal walking rehabilitation. This opens an entirely new experience for children and therapists, as the latter can now fully focus on patient engagement. Joe Hauser, President of Trauma and Deformity Correction at OrthoPediatrics, added, “Our new partnership with the team at Ora Medical is an exciting step in our non-surgical business. By partnering with great organizations with world-class technology, we can help more children with orthopedic conditions around the world. The Levity gait trainer will be a great addition to our mobility solutions portfolio in the Specialty Bracing brand.”
Sarah Lambert, CEO and Cofounder of Ora Medical, expressed, “As we begin to expand beyond Canadian borders, our partnership with OrthoPediatrics is perfectly timed. Their established market presence and expertise will facilitate the distribution of our device, furthering our mission to improve the mobility of children globally.”
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 53 products 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 Contact

OrthoPediatrics Corp. Reports Third Quarter 2023 Financial Results
November 06, 2023 at 04:08 pm EST
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Record Setting Quarterly Revenue of $40.0 million
WARSAW, Ind., Nov.  06, 2023  (GLOBE NEWSWIRE) -- 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, 2023. Third Quarter 2023 and Business Highlights
Helped over 22,000 children in the third quarter of 2023, bringing the total to over 692,000 since inception including MD Orthopaedics ("MD Ortho") and Pega Medical
Generated total revenue of $40.0 million for the third quarter of 2023, up 14% from $35.0 million in third quarter 2022; domestic revenue increased 11% and international revenue increased 26% in the quarter
Grew Trauma & Deformity revenue 21%, Scoliosis revenue 3%; Sports Medicine/Other revenue decreased 20%, worldwide in the third quarter of 2023 compared to the third quarter of 2022
Achieved record adjusted EBITDA of $3.6 million in the third quarter of 2023 compared to $1.9 million in the third quarter of 2022
Consigned $3.9 million of sets in the third quarter of 2023 compared to $6.4 million in the third quarter of 2022, and $16.1 million in the nine months ended September 30, 2023 compared to $13.8 million in the same period of 2022, driven by new product development deployments, significant Pega Medical deployments and the consignment of multiple 7D Surgical FLASH Navigation Platforms
Received FDA 510(k) clearance and launched the Pediatric Nailing Platform TIBIA system, a pediatric-focused solution for treating patients with fractures and deformities in the lower extremities
Launched the DF2® Brace, for treating kids with musculoskeletal injuries, as part of the non-surgical business expansion and the Mitchell Ponseti Plus Bar (“MP+”) for clubfoot
Reiterated full year 2023 revenue guidance of $148.0 million to $151.0 million, representing growth of 21% to 23% compared to the prior year, and raised adjusted EBITDA guidance to $4.0 million to $5.0 million for the full year of 2023. David Bailey, President & CEO of OrthoPediatrics, commented, “In the third quarter our commercial and operational execution drove continued revenue and profitability growth trends for the business. We expect these positive trends to continue into next year supported by the combination of our strong balance sheet and recent product portfolio expansion, ApiFix, Orthex and the specialty bracing business, that are producing higher returns on invested capital while requiring reduced set deployments to drive profitable revenue growth." Third Quarter 2023 Financial Results
Total revenue for the third quarter of 2023 was $40.0 million, a 14% increase compared to $35.0 million for the same period last year. U.S. revenue for the third quarter of 2023 was $29.4 million, a 11% increase compared to $26.5 million for the same period last year, representing 73% of total revenue. The increase in U.S. revenue in the third quarter of 2023 was driven primarily by continued share gains across the legacy portfolio, Pega Medical contributions, and growth of the non-surgical specialty bracing business. International revenue for the third quarter of 2023 was $10.6 million, a 26% increase compared to $8.4 million for the same period last year, representing 27% of total revenue. International growth in the quarter was primarily driven by strong performance with the legacy Trauma and Deformity product lines, offset by the strong Scoliosis growth comparison in the same period last year and slower Scoliosis product sales from stocking distributors in South America. Trauma and Deformity revenue for the third quarter of 2023 was $28.8 million, a 21% increase compared to $23.9 million for the same period last year. This growth was driven primarily by share gains across the entire portfolio, with strong contributions from Pega Medical, Trauma and non-specialty bracing. Scoliosis revenue was $10.3 million, a 3% increase compared to $10.0 million for the third quarter of 2022. This growth was driven primarily by the combined strength of ApiFix, Response, and 7D placements in the U.S, offset by international weakness driven by timing of set sales. Sports Medicine/Other revenue for the third quarter of 2023 was $0.9 million, a 20% decrease compared to $1.1 million for the same period last year. Gross profit for the third quarter of 2023 was $31.0 million, a 20% increase compared to $25.9 million for the same period last year. Gross profit margin for the third quarter of 2023 was 77%, an increase compared to 74% for the same period last year. Total operating expenses for the third quarter of 2023 were $35.5 million, an 8% increase compared to $32.9 million for the same period last year. The increase was mainly driven by incremental personnel related expenses required to support the ongoing growth of the company as well as increased sales and marketing expenses driven by the increase in revenue. Sales and marketing expenses increased $1.7 million, or 14%, to $13.6 million in the third quarter of 2023. The increase was driven primarily by increased sales commission expenses. General and administrative expenses increased $3.4 million, or 22%, to $18.5 million in the third quarter of 2023. The increase was driven primarily by an increase in non-cash G&A expenses including depreciation, amortization and stock-based compensation as well as additional personnel related expenses required to support the ongoing growth of the company. Total other income was $0.8 million for the third quarter of 2023, compared to $21.4 million for the same period last year. The change was due primarily to the fair value adjustment of contingent consideration, which was driven by the valuation inputs that were lower in comparison to the same period last year. Net loss for the third quarter of 2023 was $4.6 million, compared to net income of $18.5 million for the same period last year. Net loss per share for the period was $0.20 per basic and diluted share, compared to net income per share $0.88 per basic and $0.87 per diluted share for the same period last year. Adjusted EBITDA for the third quarter of 2023 was $3.6 million as compared to $1.9 million for the third quarter of 2022. Weighted average basic and diluted shares outstanding for the three months ended September 30, 2023, was 22,762,823 shares. As of September 30, 2023, cash, cash equivalents, short-term investments and restricted cash were $84.0 million compared to $119.8 million as of December 31, 2022. Additionally, the Company had no balance outstanding under the $50.0 million line of credit. Full Year 2023 Financial Guidance
For the full year of 2023, the Company reiterated its revenue guidance to be in the range of $148.0 million to $151.0 million, representing growth of 21% to 23% over 2022 revenue. The Company now expects annual set deployments of approximately $23.0 million and $4.0 million to $5.0 million of adjusted EBITDA for the full year of 2023. Conference Call
OrthoPediatrics will host a conference call on Tuesday, November 7, 2023, 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 Statements
All statements, other than statements of historical facts, contained in this quarterly report, including statements regarding our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition, are forward-looking statements. You can often identify forward-looking statements by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "target," "ongoing," "plan," "potential," "predict," "project," "should," "will" or "would," or the negative of these terms or other terms. 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, 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 may include, among other things, statements relating to: our ability to achieve or sustain profitability in the future; our ability to raise additional capital to fund our existing commercial operations, develop and commercialize new products and expand our operations; our ability to commercialize our products in development and to develop and commercialize additional products through our research and development efforts, and if we fail to do so we may be unable to compete effectively; our ability to generate sufficient revenue from the commercialization of our products to achieve and sustain profitability; our ability to comply with extensive government regulation and oversight both in the United States and abroad; our ability to maintain and expand our network of third-party independent sales agencies and distributors to market and distribute our products; and our ability to protect our intellectual property rights or if we are accused of infringing on the intellectual property rights of others; We cannot assure you that forward-looking statements will prove to be accurate, and you are encouraged not to place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations expressed or implied by the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this quarterly report, in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 1, 2023, and in other reports filed with the SEC that discuss the risks and factors that may affect our business. Other than as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, events or circumstances occurring after the date of this quarterly report. Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures such as adjusted diluted earnings (loss) per share and Adjusted EBITDA, which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted earnings (loss) per share in this press release represents diluted earnings (loss) per share on a GAAP basis, plus the accreted interest attributable to acquisition installment payables, the fair value adjustment of contingent consideration, trademark impairment, acquisition related costs, non-recurring professional 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 and the non-recurring professional fees are related to our response to a previously disclosed SEC review. We believe that providing the non-GAAP diluted earnings (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, nonrecurring conversion fees, trademark impairment 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 earnings (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 diluted earnings (loss) per share to non-GAAP diluted earnings (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 53 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 over 70 countries outside the United States. For more information, please visit www.orthopediatrics.com. Investor Contact

OrthoPediatrics Corp. Reports Third Quarter 2023 Financial Results

Warsaw, Indiana, UNITED STATES
WARSAW, Ind., Nov.  06, 2023  (GLOBE NEWSWIRE) -- 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, 2023. Third Quarter 2023 and Business Highlights
Helped over 22,000 children in the third quarter of 2023, bringing the total to over 692,000 since inception including MD Orthopaedics ("MD Ortho") and Pega Medical
Generated total revenue of $40.0 million for the third quarter of 2023, up 14% from $35.0 million in third quarter 2022; domestic revenue increased 11% and international revenue increased 26% in the quarter
Grew Trauma & Deformity revenue 21%, Scoliosis revenue 3%; Sports Medicine/Other revenue decreased 20%, worldwide in the third quarter of 2023 compared to the third quarter of 2022
Achieved record adjusted EBITDA of $3.6 million in the third quarter of 2023 compared to $1.9 million in the third quarter of 2022
Consigned $3.9 million of sets in the third quarter of 2023 compared to $6.4 million in the third quarter of 2022, and $16.1 million in the nine months ended September 30, 2023 compared to $13.8 million in the same period of 2022, driven by new product development deployments, significant Pega Medical deployments and the consignment of multiple 7D Surgical FLASH Navigation Platforms
Received FDA 510(k) clearance and launched the Pediatric Nailing Platform TIBIA system, a pediatric-focused solution for treating patients with fractures and deformities in the lower extremities
Launched the DF2® Brace, for treating kids with musculoskeletal injuries, as part of the non-surgical business expansion and the Mitchell Ponseti Plus Bar (“MP+”) for clubfoot
Reiterated full year 2023 revenue guidance of $148.0 million to $151.0 million, representing growth of 21% to 23% compared to the prior year, and raised adjusted EBITDA guidance to $4.0 million to $5.0 million for the full year of 2023. David Bailey, President & CEO of OrthoPediatrics, commented, “In the third quarter our commercial and operational execution drove continued revenue and profitability growth trends for the business. We expect these positive trends to continue into next year supported by the combination of our strong balance sheet and recent product portfolio expansion, ApiFix, Orthex and the specialty bracing business, that are producing higher returns on invested capital while requiring reduced set deployments to drive profitable revenue growth." Third Quarter 2023 Financial Results
Total revenue for the third quarter of 2023 was $40.0 million, a 14% increase compared to $35.0 million for the same period last year. U.S. revenue for the third quarter of 2023 was $29.4 million, a 11% increase compared to $26.5 million for the same period last year, representing 73% of total revenue. The increase in U.S. revenue in the third quarter of 2023 was driven primarily by continued share gains across the legacy portfolio, Pega Medical contributions, and growth of the non-surgical specialty bracing business. International revenue for the third quarter of 2023 was $10.6 million, a 26% increase compared to $8.4 million for the same period last year, representing 27% of total revenue. International growth in the quarter was primarily driven by strong performance with the legacy Trauma and Deformity product lines, offset by the strong Scoliosis growth comparison in the same period last year and slower Scoliosis product sales from stocking distributors in South America. Trauma and Deformity revenue for the third quarter of 2023 was $28.8 million, a 21% increase compared to $23.9 million for the same period last year. This growth was driven primarily by share gains across the entire portfolio, with strong contributions from Pega Medical, Trauma and non-specialty bracing. Scoliosis revenue was $10.3 million, a 3% increase compared to $10.0 million for the third quarter of 2022. This growth was driven primarily by the combined strength of ApiFix, Response, and 7D placements in the U.S, offset by international weakness driven by timing of set sales. Sports Medicine/Other revenue for the third quarter of 2023 was $0.9 million, a 20% decrease compared to $1.1 million for the same period last year. Gross profit for the third quarter of 2023 was $31.0 million, a 20% increase compared to $25.9 million for the same period last year. Gross profit margin for the third quarter of 2023 was 77%, an increase compared to 74% for the same period last year. Total operating expenses for the third quarter of 2023 were $35.5 million, an 8% increase compared to $32.9 million for the same period last year. The increase was mainly driven by incremental personnel related expenses required to support the ongoing growth of the company as well as increased sales and marketing expenses driven by the increase in revenue. Sales and marketing expenses increased $1.7 million, or 14%, to $13.6 million in the third quarter of 2023. The increase was driven primarily by increased sales commission expenses. General and administrative expenses increased $3.4 million, or 22%, to $18.5 million in the third quarter of 2023. The increase was driven primarily by an increase in non-cash G&A expenses including depreciation, amortization and stock-based compensation as well as additional personnel related expenses required to support the ongoing growth of the company. Total other income was $0.8 million for the third quarter of 2023, compared to $21.4 million for the same period last year. The change was due primarily to the fair value adjustment of contingent consideration, which was driven by the valuation inputs that were lower in comparison to the same period last year. Net loss for the third quarter of 2023 was $4.6 million, compared to net income of $18.5 million for the same period last year. Net loss per share for the period was $0.20 per basic and diluted share, compared to net income per share $0.88 per basic and $0.87 per diluted share for the same period last year. Adjusted EBITDA for the third quarter of 2023 was $3.6 million as compared to $1.9 million for the third quarter of 2022. Weighted average basic and diluted shares outstanding for the three months ended September 30, 2023, was 22,762,823 shares. As of September 30, 2023, cash, cash equivalents, short-term investments and restricted cash were $84.0 million compared to $119.8 million as of December 31, 2022. Additionally, the Company had no balance outstanding under the $50.0 million line of credit. Full Year 2023 Financial Guidance
For the full year of 2023, the Company reiterated its revenue guidance to be in the range of $148.0 million to $151.0 million, representing growth of 21% to 23% over 2022 revenue. The Company now expects annual set deployments of approximately $23.0 million and $4.0 million to $5.0 million of adjusted EBITDA for the full year of 2023. Conference Call
OrthoPediatrics will host a conference call on Tuesday, November 7, 2023, 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 Statements
All statements, other than statements of historical facts, contained in this quarterly report, including statements regarding our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition, are forward-looking statements. You can often identify forward-looking statements by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "target," "ongoing," "plan," "potential," "predict," "project," "should," "will" or "would," or the negative of these terms or other terms. 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, 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 may include, among other things, statements relating to: our ability to achieve or sustain profitability in the future; our ability to raise additional capital to fund our existing commercial operations, develop and commercialize new products and expand our operations; our ability to commercialize our products in development and to develop and commercialize additional products through our research and development efforts, and if we fail to do so we may be unable to compete effectively; our ability to generate sufficient revenue from the commercialization of our products to achieve and sustain profitability; our ability to comply with extensive government regulation and oversight both in the United States and abroad; our ability to maintain and expand our network of third-party independent sales agencies and distributors to market and distribute our products; and our ability to protect our intellectual property rights or if we are accused of infringing on the intellectual property rights of others; We cannot assure you that forward-looking statements will prove to be accurate, and you are encouraged not to place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations expressed or implied by the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this quarterly report, in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 1, 2023, and in other reports filed with the SEC that discuss the risks and factors that may affect our business. Other than as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, events or circumstances occurring after the date of this quarterly report. Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures such as adjusted diluted earnings (loss) per share and Adjusted EBITDA, which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted earnings (loss) per share in this press release represents diluted earnings (loss) per share on a GAAP basis, plus the accreted interest attributable to acquisition installment payables, the fair value adjustment of contingent consideration, trademark impairment, acquisition related costs, non-recurring professional 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 and the non-recurring professional fees are related to our response to a previously disclosed SEC review. We believe that providing the non-GAAP diluted earnings (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, nonrecurring conversion fees, trademark impairment 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 earnings (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 diluted earnings (loss) per share to non-GAAP diluted earnings (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 53 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 over 70 countries outside the United States. For more information, please visit www.orthopediatrics.com. Investor Contact

November 01, 2023 09:17 ET
Warsaw, Indiana, UNITED STATES
WARSAW, Ind., Nov.  01, 2023  (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics”) (NASDAQ: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, announced today the limited release of the Mitchell Ponseti Plus Bar (“MP+”) as part of their Specialty Bracing portfolio for kids with clubfoot. The new MP+ Bar features several innovations from their traditional Bar, which was originally launched in 2004. These enhancements include:
Patented Modular Quick-Clip technology
An easy adjust bar-lock
Increased width range for custom fit
The company is currently developing the MP Lite boots & bar system, which will be available in markets outside the United States. Joe Hauser, President of Trauma and Deformity Correction at OrthoPediatrics, added, “I am excited by this launch out of the OrthoPediatrics Specialty Bracing (“OPSB”) team in Iowa. This product represents an enhancement over the already gold-standard Mitchell Ponseti boots & bar system that was developed by John Mitchell & Dr. Ponseti. I’m confident our surgeon customers, patients and their parents will be pleased with the new advantages of the MP+ bar and will look forward to ongoing innovation from the OPSB team for many years to come.”
In 2022, OrthoPediatrics acquired Iowa-based MD Orthopaedics, and their custom fit bracing system, which is based on the Ponseti Technique - the gold standard treatment for clubfoot. While the treatment of clubfoot will remain a major focus, OrthoPediatrics plans to continue leveraging internal resources to launch new innovative products that address the large unmet needs for specialty bracing within the pediatric orthopedic market – an expansion of the Company’s Total Addressable Market which it estimates to be approximately $600 million. 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 53 products 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 Contact

OrthoPediatrics Corp. Launches MP+ Bar for Clubfoot

Ora Medical is a health-tech company that develops medical equipment for the physical rehabilitation of people with walking disabilities. The company's holistic solution, Homy, is a gait trainer that adapts to improvement potential and includes a suite of auto-guided clinically validated programs which stimulate patient engagement and enable remote monitoring capabilities for personal care teams. The company was founded in 2020 and is based in Montreal, Canada.

Ora Medical

Joe Hauser , President of Trauma and Deformity Correction at OrthoPediatrics Corp. , added , `` Our new partnership with the team at Ora Medical is an exciting step in our non-surgical business .

SeaSpine is a global medical technology company focused on the design, development, and commercialization of surgical solutions for use in spine surgery. Its products include anterior and posterior fixation, access systems, bone graft substitutes, and collagen ceramic matrix. The company was founded in 2002 and is based in Carlsbad, California. In January 2023, SeaSpine was acquired by Orthofix. The terms of the transaction were not disclosed.

SeaSpine

Bioretec is a medical device company that specializes in the development of bioabsorbable and bioresorbable implants, operating within the healthcare and orthopedics industry. The company's main offerings include absorbable implants that are used in various orthopedic procedures such as fracture fixation and ligament reconstruction, designed to optimize healing and minimize inconvenience for patients. These products eliminate the need for implant removal operations, accelerating patient rehabilitation and providing a more resource-efficient treatment method for medical professionals. It was founded in 2003 and is based in Tampere, Finland.

Bioretec

Mighty Oak Medical is a Denver-based product development and commercialization company. It features medical device technologies with particular focus on the area of the spine.

Mighty Oak Medical

SpineGuard (EPA: ALSGD) is a platform that helps to establish Dynamic Surgical Guidance (DSG) technology. It designs, develops, and markets medical devices such as PediGuard which is a handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. The company was founded in 2009 and is based in Vincennes, France.

SpineGuard

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OrthoPediatrics is a company focused on advancing the field of pediatric orthopedics. The company offers a range of products and services including trauma care, deformity correction, external fixation, and sports medicine, all designed to treat young patients with various injuries and conditions. OrthoPediatrics primarily serves the healthcare industry, specifically pediatric orthopedic surgeons. It was founded in 2006 and is based in Warsaw, Indiana.

Name	Title	Status
Mark C Throdahl	Chief Executive Officer, President	Current
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OrthoPediatrics

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OrthoPediatrics Management Team

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