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OrthoPediatrics reported 4Q23 orthopedic sales of $37.6 million, +21.4% compared to the fourth quarter of 2022. The company generated $148.7 million in orthopedic sales in 2023, growing 21.6% compared to the prior year.
Pediatrics surgical volumes remained strong through most of the fourth quarter, but an uptick in RSV caused a slowdown in the final two weeks of December. The company said hospitals managed the spike better and mitigated the impact on case scheduling. Overall, volumes and staffing improved month-to-month and are tracking toward modest sequential improvement.
OrthoPediatrics established itself as one of the more acquisitive companies, with five orthopedic deals since 2019. The 2022 purchase of Pega Medical drove significant growth in 2023.
“Sales with Pega continued to be better than we ever expected,” said OrthoPediatrics CEO David Bailey. “As we more deeply penetrate our U.S. accounts with the full Pega product portfolio and ramp international sales, we believe Pega growth will continue to be very strong globally in 2024 and beyond.”
Inclusive of its Specialty Bracing business, OrthoPediatrics expects to win more than 50% of the pediatric trauma and deformity market over the next few years.
The company provided 2024 total revenue guidance between $197 million and $200 million, inclusive of a $25 million contribution from recently acquired Boston Orthotics & Prosthetics.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $9.7 | $8.0 | $1.6 | 20.1% |
| Trauma | $27.1 | $22.1 | $5.0 | 22.6% |
| Sports Medicine | $0.9 | $0.9 | $0.0 | 1.6% |
| Total | $37.6 | $31.0 | $6.6 | 21.4% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $37.9 | $33.4 | $4.5 | 13.5% |
| Trauma | $106.8 | $85.1 | $21.7 | 25.5% |
| Sports Medicine | $4.0 | $3.8 | $0.2 | 5.6% |
| Total | $148.7 | $122.3 | $26.4 | 21.6% |
Orthopedic Sales by Geography
| Region | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $28.3 | $22.7 | $5.5 | 24.3% |
| OUS | $9.4 | $8.3 | $1.1 | 13.2% |
| Total | $37.6 | $31.0 | $6.6 | 21.4% |
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $111.0 | $92.4 | $18.6 | 20.1% |
| OUS | $37.7 | $29.9 | $7.9 | 26.3% |
| Total | $148.7 | $122.3 | $26.4 | 21.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $37.6 | |
| Cost of Sales | $10.9 | 29% |
| General and Admin | $12.4 | 33.1% |
| Selling and Marketing | $19.6 | 52.1% |
| R & D | $2.7 | 7.3% |
| Other | $12.4 | 33.1% |
| Net Income | ($8.1) | (21.4%) |
OrthoPediatrics reported 4Q23 orthopedic sales of $37.6 million, +21.4% compared to the fourth quarter of 2022. The company generated $148.7 million in orthopedic sales in 2023, growing 21.6% compared to the prior year.
Pediatrics surgical volumes remained strong through most of the fourth quarter, but an uptick in RSV caused a slowdown in...
OrthoPediatrics reported 4Q23 orthopedic sales of $37.6 million, +21.4% compared to the fourth quarter of 2022. The company generated $148.7 million in orthopedic sales in 2023, growing 21.6% compared to the prior year.
Pediatrics surgical volumes remained strong through most of the fourth quarter, but an uptick in RSV caused a slowdown in the final two weeks of December. The company said hospitals managed the spike better and mitigated the impact on case scheduling. Overall, volumes and staffing improved month-to-month and are tracking toward modest sequential improvement.
OrthoPediatrics established itself as one of the more acquisitive companies, with five orthopedic deals since 2019. The 2022 purchase of Pega Medical drove significant growth in 2023.
“Sales with Pega continued to be better than we ever expected,” said OrthoPediatrics CEO David Bailey. “As we more deeply penetrate our U.S. accounts with the full Pega product portfolio and ramp international sales, we believe Pega growth will continue to be very strong globally in 2024 and beyond.”
Inclusive of its Specialty Bracing business, OrthoPediatrics expects to win more than 50% of the pediatric trauma and deformity market over the next few years.
The company provided 2024 total revenue guidance between $197 million and $200 million, inclusive of a $25 million contribution from recently acquired Boston Orthotics & Prosthetics.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $9.7 | $8.0 | $1.6 | 20.1% |
| Trauma | $27.1 | $22.1 | $5.0 | 22.6% |
| Sports Medicine | $0.9 | $0.9 | $0.0 | 1.6% |
| Total | $37.6 | $31.0 | $6.6 | 21.4% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $37.9 | $33.4 | $4.5 | 13.5% |
| Trauma | $106.8 | $85.1 | $21.7 | 25.5% |
| Sports Medicine | $4.0 | $3.8 | $0.2 | 5.6% |
| Total | $148.7 | $122.3 | $26.4 | 21.6% |
Orthopedic Sales by Geography
| Region | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $28.3 | $22.7 | $5.5 | 24.3% |
| OUS | $9.4 | $8.3 | $1.1 | 13.2% |
| Total | $37.6 | $31.0 | $6.6 | 21.4% |
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $111.0 | $92.4 | $18.6 | 20.1% |
| OUS | $37.7 | $29.9 | $7.9 | 26.3% |
| Total | $148.7 | $122.3 | $26.4 | 21.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $37.6 | |
| Cost of Sales | $10.9 | 29% |
| General and Admin | $12.4 | 33.1% |
| Selling and Marketing | $19.6 | 52.1% |
| R & D | $2.7 | 7.3% |
| Other | $12.4 | 33.1% |
| Net Income | ($8.1) | (21.4%) |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
