Q2 2024 OrthoPediatrics Corp Earnings Call Transcript
Key Points
- OrthoPediatrics Corp (KIDS) reported a record revenue of $52.8 million for Q2 2024, a 33% increase from the same period in 2023.
- The company helped over 32,000 kids in Q2 2024, marking a 52% year-over-year increase.
- Strong performance in global trauma and deformity, domestic scoliosis, and the newly formed specialty bracing (OPSB) businesses contributed to growth.
- The Boston O&P acquisition has been positively integrated, showing large expansion opportunities and synergies with the implant business.
- OrthoPediatrics Corp (KIDS) projects to produce $8 million to $9 million in adjusted EBITDA in 2024, with a significant step up expected in 2025.
- Revenue showed variability on a month-to-month basis, particularly in the surgical segments of trauma and deformity and scoliosis.
- International scoliosis revenue was somewhat muted by negative growth in the quarter and a slower-than-expected start in June.
- Total operating expenses increased by 30% to $46.5 million in Q2 2024, driven by the addition of Boston O&P and increased commission expenses.
- Research and development expenses decreased by 14% to $2.5 million in Q2 2024 due to the timing of external development expenses.
- Total cash usage in Q2 2024 was approximately $19 million, higher than expected, including several significant payments.
Good morning and thank you for standing by. Welcome to the second-quarter 2024 OrthoPediatrics earnings conference call. (Operator Instructions)
As a reminder, this call is being recorded for replay purposes. I would now like to turn the conference over to Trip Taylor from Gilmartin Group for a few introductory comments. Please go ahead.
Thank you for joining today's call. With me from the company are David Bailey, President and Chief Executive Officer, and Fred Hite, 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
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