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OrthoPediatrics reported 2Q23 orthopedic sales of $39.6 million, +20.1% compared to 2Q22. The company generated orthopedic sales of $71.1 million for the first half of 2023, +26.3% compared to the prior year.
With nearly $40 million in sales, OrthoPediatrics attained its best quarter ever despite the slower recovery of pediatric inpatient volumes. The company’s new product introductions, acquisitions and 7D placements helped it consistently take market share.
OrthoPediatrics’ PNP/femur and cannulated screws continued their dynamic growth trends, while Pega product sales have nearly doubled in the U.S. The second quarter started very slowly for the company’s scoliosis business, but accelerated over the months. Leadership expects the multiple 7D units placed during the second quarter to bolster sales in the second half of the year.
Still, the contracting side of enabling technology has been a learning experience for the company. “This is a bit new for us,” said OrthoPediatrics CEO David Bailey. “Frankly, we are probably a bit naive in terms of how we thought that the hospital environment would allow for purchase or even consignment on contract. We’ve done a lot of work over the last year or so to put a lot of options in play. We’re even going to have some capital sales here, we believe, in Q4. We like what we see.”
Despite the record-setting performance, OrthoPediatrics is remaining cautious. The company reiterated its 2023 guidance of total sales between $148 million and $151 million, representing growth of 21% to 23%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $10.9 | $9.4 | $1.5 | 15.6% |
| Trauma | $27.5 | $22.6 | $4.9 | 21.9% |
| Sports Medicine | $1.2 | $0.9 | $0.2 | 22.7% |
| Total | $39.6 | $32.9 | $6.6 | 20.1% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $18.0 | $15.4 | $2.6 | 16.6% |
| Trauma | $50.9 | $39.1 | $11.8 | 30.3% |
| Sports Medicine | $2.3 | $1.9 | $0.4 | 22.4% |
| Total | $71.1 | $56.3 | $14.8 | 26.3% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $29.6 | $25.0 | $4.6 | 18.5% |
| OUS | $10.0 | $8.0 | $2.0 | 25.2% |
| Total | $39.6 | $32.9 | $6.6 | 20.1% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $53.4 | $43.1 | $10.2 | 23.7% |
| OUS | $17.8 | $13.2 | $4.6 | 34.6% |
| Total | $71.1 | $56.3 | $14.8 | 26.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $39.6 | |
| Cost of Sales | $9.5 | 24.1% |
| General and Admin | $13.2 | 33.3% |
| Selling and Marketing | $19.7 | 49.7% |
| R & D | $2.8 | 7.1% |
| Other | $10.5 | 26.5% |
| Net Earnings | ($2.9) | (7.3%) |
OrthoPediatrics reported 2Q23 orthopedic sales of $39.6 million, +20.1% compared to 2Q22. The company generated orthopedic sales of $71.1 million for the first half of 2023, +26.3% compared to the prior year.
With nearly $40 million in sales, OrthoPediatrics attained its best quarter ever despite the slower recovery of pediatric inpatient...
OrthoPediatrics reported 2Q23 orthopedic sales of $39.6 million, +20.1% compared to 2Q22. The company generated orthopedic sales of $71.1 million for the first half of 2023, +26.3% compared to the prior year.
With nearly $40 million in sales, OrthoPediatrics attained its best quarter ever despite the slower recovery of pediatric inpatient volumes. The company’s new product introductions, acquisitions and 7D placements helped it consistently take market share.
OrthoPediatrics’ PNP/femur and cannulated screws continued their dynamic growth trends, while Pega product sales have nearly doubled in the U.S. The second quarter started very slowly for the company’s scoliosis business, but accelerated over the months. Leadership expects the multiple 7D units placed during the second quarter to bolster sales in the second half of the year.
Still, the contracting side of enabling technology has been a learning experience for the company. “This is a bit new for us,” said OrthoPediatrics CEO David Bailey. “Frankly, we are probably a bit naive in terms of how we thought that the hospital environment would allow for purchase or even consignment on contract. We’ve done a lot of work over the last year or so to put a lot of options in play. We’re even going to have some capital sales here, we believe, in Q4. We like what we see.”
Despite the record-setting performance, OrthoPediatrics is remaining cautious. The company reiterated its 2023 guidance of total sales between $148 million and $151 million, representing growth of 21% to 23%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $10.9 | $9.4 | $1.5 | 15.6% |
| Trauma | $27.5 | $22.6 | $4.9 | 21.9% |
| Sports Medicine | $1.2 | $0.9 | $0.2 | 22.7% |
| Total | $39.6 | $32.9 | $6.6 | 20.1% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $18.0 | $15.4 | $2.6 | 16.6% |
| Trauma | $50.9 | $39.1 | $11.8 | 30.3% |
| Sports Medicine | $2.3 | $1.9 | $0.4 | 22.4% |
| Total | $71.1 | $56.3 | $14.8 | 26.3% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $29.6 | $25.0 | $4.6 | 18.5% |
| OUS | $10.0 | $8.0 | $2.0 | 25.2% |
| Total | $39.6 | $32.9 | $6.6 | 20.1% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $53.4 | $43.1 | $10.2 | 23.7% |
| OUS | $17.8 | $13.2 | $4.6 | 34.6% |
| Total | $71.1 | $56.3 | $14.8 | 26.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $39.6 | |
| Cost of Sales | $9.5 | 24.1% |
| General and Admin | $13.2 | 33.3% |
| Selling and Marketing | $19.7 | 49.7% |
| R & D | $2.8 | 7.1% |
| Other | $10.5 | 26.5% |
| Net Earnings | ($2.9) | (7.3%) |
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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.
