OrthoPediatrics said yesterday it is planning a $1 million expansion of its Warsaw, Ind.-based headquarters, looking to double its warehouse space and add administrative spaces.
The expansion will include the addition of open-concept offices and dedicated training and education facilities, the company said. A ground-breaking on the expansion is being held on August 16.
“Indiana is known as one of the leading hubs for orthopedics, and we are excited to see this trend not only continue but strengthen with the commitment of companies like OrthoPediatrics. Our industry leaders are innovating new products and developing 21st century solutions for people in need across the world, while serving Hoosiers and their families here at home by providing good, skilled jobs. We are glad that OrthoPediatrics is choosing to expand here in Indiana, and we can’t wait to see what’s next for this growing team,” Indiana Economic Development Corporation prez Elaine Bedel said in a prepared statement.
“For the last 10 years, OrthoPediatrics has grown revenue 20% or more every year, and we reported 28% revenue growth last quarter. Since our IPO in October 2017, we have been aggressively investing in growth initiatives, including hiring additional associates, tripling the deployment of consigned implant/instrument sets, increasing our investment in R&D, and expanding our clinical education programs. With all the exciting opportunities we are pursuing, we have simply outgrown our current building! The physical expansion of our headquarters reflects OrthoPediatrics’ growth and commitment to our surgeons and their patients so we can continue strengthening our leadership in pediatric orthopedics,” CEO Mark Throdahl said in a press release.
In May, OrthoPediatrics said that it won FDA 510(k) clearance for its Femur pediatric nailing platform and released its first quarter earnings, beating sales consensus but missing on loss-per-share expectations on Wall Street.