OrthoPediatrics (Nasdaq:KIDS) this week posted first-quarter results that beat the overall consensus on Wall Street.
The Warsaw, Indiana-based company reported losses of $9.1 million, or -47¢ per share, on sales of $23.4 million for the three months ended March 31, for a bottom-line gain of 12.3% on sales growth of 9.11% compared with Q1 2021.
Adjusted to exclude one-time items, earnings per share were -30¢, 7¢ ahead of The Street, where analysts were looking for sales of $22.75 million.
“I am extremely proud of our team and what they were able to accomplish to start the year strong despite the impact of Omicron in January and February,” President and CEO David Bailey said in a news release. We announced a limited launch of our new PediFlex Advanced Interlocking Clamp, received an additional FDA clearance for Drive Rail, our external fixation system and also made significant progress on multiple R&D projects. Additionally, our recent acquisition of MD Orthopaedics opens up very large and attractive new market opportunities for us in non-surgical treatments and specialty bracing.”
OrthoPediatrics expects full-year revenue to be in the range of $122 million to $125 million to represent a growth of 24% to 27% over 2021 revenue.
Shares in KIDS were down 13.27% to $41.78 apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 3.2%. Today, the Dow Jones Industrial Average was down more than 3%, more than 1,100 points, as investors reevaluated the economic effects of the Federal Reserve’s plans to combat inflation.