Q1 2024 OrthoPediatrics Corp Earnings Call Transcript
Key Points
- OrthoPediatrics Corp (KIDS) reported a significant year-over-year revenue growth of 41% in Q1 2024, reaching $44.7 million.
- The company experienced a record number of 27,600 kids helped in Q1 2024, marking a 47% increase compared to the previous year.
- OrthoPediatrics Corp (KIDS) raised its full-year 2024 revenue guidance to $200 million to $203 million, representing a growth of 34% to 36%.
- The company saw strong international growth, particularly in Germany and Canada, with overall international revenue growth of 33%.
- OrthoPediatrics Corp (KIDS) continues to expand its product portfolio, with successful launches and strong sales in both trauma and deformity and scoliosis segments.
- Despite strong revenue growth, the company reported a gross profit margin decrease to 72% in Q1 2024 from 75% in Q1 2023, attributed to increased international set sales and less purchase price variance released.
- OrthoPediatrics Corp (KIDS) reported an adjusted EBITDA loss of $1.1 million in Q1 2024, although this was an improvement from a loss of $2.1 million in Q1 2023.
- The company faces uncertainties regarding the summer surgery seasons, which are typically larger months and can significantly impact financial results.
- Total operating expenses increased by $9.7 million or 30% to $41.9 million in Q1 2024, driven by incremental personnel costs and the addition of the Boston O&P acquisition.
- OrthoPediatrics Corp (KIDS) is still awaiting an audit to finalize its EU MDR status, which is necessary for launching several new products in Europe, potentially delaying market penetration in this region.
Good morning and welcome to OrthoPediatrics Corporation's First Quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.
I would now like to turn the call over to Tripp Taylor from Gilmartin Group for a few introductory comments.
Thank you for joining today's call. With me from the Company are David Daly, President and Chief Executive Officer, and Fred Hyde, Chief Operating and Financial Officer.
Before we begin today, let me remind you that the company's remarks include forward-looking statements within the meaning of federal securities laws, including the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to numerous risks and uncertainties, and the Company's actual results may differ materially. For a discussion of risk factors. I encourage you to review the company's most recent annual report on Form 10-K, which was filed with the SEC on March eighth,
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