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OrthoPediatrics reported 3Q21 orthopedic sales of $25.1 million, +12.9% vs. 3Q20. Compared to 2019, the third quarter brought nearly +21% growth. However, the sequential decrease of -6.1% versus 2Q21 reflected the worsening impact of COVID on elective orthopedic surgery volumes. The company also called out the impact of “dramatically” increased cases of respiratory syncytial virus.
Unlike most orthopedic companies, OrthoPediatrics said they didn’t feel negative effects from the global supply chain disruption, noting it sources 98% of its materials and inventory domestically. However, the company did cite hospital staffing shortages as a headwind during the third quarter. While those factors caused U.S. orthopedic sales to decline vs. the prior year, recovering EMEA and South American markets more than offset the loss.
During the quarter, OrthoPediatrics forged two strategic partnerships. The first is an exclusive distribution agreement with SeaSpine for the 7D Flash™ Navigation System for pediatric applications. The company also partnered with Mighty Oak Medical for the FIREFLY patient-specific navigation guide.
OrthoPediatrics reiterated its previous full-year 2021 guidance of revenue in the range of $97 million to $101 million, representing growth of +36% to +42%.
“In September, we executed an exclusive distribution arrangement with SeaSpine for the 7D Surgical Flash interoperative navigation platform for pediatric applications. Over the last few years, there has been an increased rate of adoption of interoperative navigation in children’s hospitals, primarily for scoliosis surgery, and we expect that trend to continue. During that time, we evaluated different navigation solutions and also successfully launched the Mighty Oak Medical FIREFLY patient-specific navigation guide. In the end, we determined that the combination of the FIREFLY and 7D products would offer our customers radiation-free solutions that we believe are the safest and most accurate options for children.” – OrthoPediatrics CEO David Bailey
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $7.3 | $6.6 | $0.7 | 10.8% |
| Trauma | $16.8 | $15.0 | $1.8 | 12.3% |
| Sports Medicine | $1.0 | $0.7 | $0.3 | 46.3% |
| Total | $25.1 | $22.2 | $2.9 | 12.9% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $20.9 | $14.1 | $6.8 | 48% |
| Trauma | $49.3 | $36.4 | $12.9 | 35.4% |
| Sports Medicine | $3.1 | $1.7 | $1.4 | 85.1% |
| Total | $73.2 | $52.2 | $21.1 | 40.4% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $19.4 | $19.6 | ($0.2) | (1.2%) |
| OUS | $5.7 | $2.6 | $3.1 | 118.3% |
| Total | $25.1 | $22.2 | $2.9 | 12.9% |
| 9m20 | 9m19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $57.9 | $45.1 | $12.8 | 28.4% |
| OUS | $15.3 | $7.0 | $8.3 | 117.4% |
| Total | $73.2 | $52.2 | $21.1 | 40.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $25.1 | |
| Cost of Sales | $6.5 | 26% |
| General and Admin | $9.9 | 39.3% |
| Selling and Marketing | $11.0 | 44% |
| R & D | $1.3 | 5.2% |
| Other | $8.4 | 33.6% |
| Net Earnings | ($2.2) | (8.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
OrthoPediatrics reported 3Q21 orthopedic sales of $25.1 million, +12.9% vs. 3Q20. Compared to 2019, the third quarter brought nearly +21% growth. However, the sequential decrease of -6.1% versus 2Q21 reflected the worsening impact of COVID on elective orthopedic surgery volumes. The company also called out the impact of "dramatically"...
OrthoPediatrics reported 3Q21 orthopedic sales of $25.1 million, +12.9% vs. 3Q20. Compared to 2019, the third quarter brought nearly +21% growth. However, the sequential decrease of -6.1% versus 2Q21 reflected the worsening impact of COVID on elective orthopedic surgery volumes. The company also called out the impact of “dramatically” increased cases of respiratory syncytial virus.
Unlike most orthopedic companies, OrthoPediatrics said they didn’t feel negative effects from the global supply chain disruption, noting it sources 98% of its materials and inventory domestically. However, the company did cite hospital staffing shortages as a headwind during the third quarter. While those factors caused U.S. orthopedic sales to decline vs. the prior year, recovering EMEA and South American markets more than offset the loss.
During the quarter, OrthoPediatrics forged two strategic partnerships. The first is an exclusive distribution agreement with SeaSpine for the 7D Flash™ Navigation System for pediatric applications. The company also partnered with Mighty Oak Medical for the FIREFLY patient-specific navigation guide.
OrthoPediatrics reiterated its previous full-year 2021 guidance of revenue in the range of $97 million to $101 million, representing growth of +36% to +42%.
“In September, we executed an exclusive distribution arrangement with SeaSpine for the 7D Surgical Flash interoperative navigation platform for pediatric applications. Over the last few years, there has been an increased rate of adoption of interoperative navigation in children’s hospitals, primarily for scoliosis surgery, and we expect that trend to continue. During that time, we evaluated different navigation solutions and also successfully launched the Mighty Oak Medical FIREFLY patient-specific navigation guide. In the end, we determined that the combination of the FIREFLY and 7D products would offer our customers radiation-free solutions that we believe are the safest and most accurate options for children.” – OrthoPediatrics CEO David Bailey
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $7.3 | $6.6 | $0.7 | 10.8% |
| Trauma | $16.8 | $15.0 | $1.8 | 12.3% |
| Sports Medicine | $1.0 | $0.7 | $0.3 | 46.3% |
| Total | $25.1 | $22.2 | $2.9 | 12.9% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $20.9 | $14.1 | $6.8 | 48% |
| Trauma | $49.3 | $36.4 | $12.9 | 35.4% |
| Sports Medicine | $3.1 | $1.7 | $1.4 | 85.1% |
| Total | $73.2 | $52.2 | $21.1 | 40.4% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $19.4 | $19.6 | ($0.2) | (1.2%) |
| OUS | $5.7 | $2.6 | $3.1 | 118.3% |
| Total | $25.1 | $22.2 | $2.9 | 12.9% |
| 9m20 | 9m19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $57.9 | $45.1 | $12.8 | 28.4% |
| OUS | $15.3 | $7.0 | $8.3 | 117.4% |
| Total | $73.2 | $52.2 | $21.1 | 40.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $25.1 | |
| Cost of Sales | $6.5 | 26% |
| General and Admin | $9.9 | 39.3% |
| Selling and Marketing | $11.0 | 44% |
| R & D | $1.3 | 5.2% |
| Other | $8.4 | 33.6% |
| Net Earnings | ($2.2) | (8.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
