Q3 2024 OrthoPediatrics Corp Earnings Call Transcript
Key Points
- OrthoPediatrics Corp (KIDS) reported a record revenue of $54.6 million for Q3 2024, representing a 37% increase from the same period in 2023.
- The company helped over 33,000 children in Q3 2024, marking a 50% increase year-over-year.
- The Trauma and Deformity segment generated $37.6 million in revenue, showing a 31% growth compared to the prior year period.
- Scoliosis revenue grew by 52% globally, driven by strong case scheduling and new user onboarding.
- OrthoPediatrics Corp (KIDS) raised its full-year 2024 revenue guidance to $202 to $204 million, reflecting a year-over-year growth of 36% to 37%.
- Gross profit margin decreased to 73% in Q3 2024 from 77% in the same quarter of 2023, primarily due to product mix shift and increased set sales internationally.
- Operating expenses increased by 29% to $45.6 million, driven by the addition of Boston O&P and increased spending related to EU-MDR certification.
- The company experienced marginal impacts from hurricanes in September and October, resulting in case cancellations.
- There was a slight delay anticipated in the US launch of the EOS product due to FDA approval pathway discussions.
- International Trauma and Deformity growth was muted by a difficult prior year comparison due to large distributor orders in the previous year.
Good morning and welcome to OrthoPediatrics Corporation's Third Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of today's call.
As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Trip Taylor from the 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 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
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