OrthoPediatrics reports increased total revenue for second quarter

OrthoPediatrics Corp. reported a total revenue of $15.1 million for the second quarter of 2018, an increase of 27.7% from the second quarter of 2017.

According to a company press release, U.S. revenue increased by 24.6% from $9.2 million in the second quarter of 2017 to $11.5 million in the second quarter of 2018. International revenue totaled $3.6 million, an increase of 38.7% from last year. Gross profit was $11.3 million for second quarter of 2018, a 29.4% increase from a gross profit of $8.7 million for the second quarter of 2017.

Total operating expenses were $13.4 million, a 42.6% increase, for the second quarter of 2018. Increases in expenses for research and development; sales and marketing, including higher commissions; and higher non-recurring legal expenses than usual contributed to the increase of $9.4 million in operating expenses.

In the second quarter of 2018, OrthoPediatrics deployed $2.8 million of consignment sets, launched its 25th surgical system and added four sales representatives for a total of 88 full-time U.S. sales reps.

Net loss for the second quarter increased from $1.3 million in 2017 to $2.7 million in 2018.

The company has $26.5 million in cash and cash equivalents and $25.4 million in debt as of June 30, 2018.

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