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OrthoPediatrics Corp. develops and commercializes medical devices for pediatric orthopedics, with products used in trauma and deformity, scoliosis, sports medicine and related procedures. Company news commonly covers quarterly financial results, revenue by product category, domestic and international sales trends, cash-flow metrics and updates to financial guidance.
Recurring product and market updates include specialty bracing, spine and deformity correction systems, implants, instruments and enabling technologies for pediatric care. Announcements also include investor conference participation and portfolio additions such as hospital-based traction systems and other products aimed at children with orthopedic conditions.
OrthoPediatrics Corp. (NASDAQ: KIDS) has secured a private financing arrangement with Braidwell LP, providing up to $100 million in capital. The deal includes a $50 million term loan and $50 million in convertible notes. The term loan has an interest rate of SOFR + 6.50%, while the convertible notes accrue interest at 4.75% annually. The notes are convertible into common stock at $40.98 per share, a 30% premium to recent trading prices.
The company plans to use the funds to repay existing debt, cover transaction fees, and support general corporate purposes. Additionally, OrthoPediatrics' Board has approved a $5 million stock repurchase program. This financing is expected to strengthen the company's balance sheet and provide flexibility for strategic growth initiatives, particularly in expanding OPSB clinics at children's hospitals nationwide.
OrthoPediatrics Corp. (Nasdaq: KIDS), a company dedicated to advancing pediatric orthopedics, has announced its schedule for releasing second quarter 2024 financial results. The company will unveil its financial performance on Monday, August 5, 2024, after the market closes. Following this, OrthoPediatrics will host a conference call on Tuesday, August 6, 2024, at 8:00 a.m. ET to discuss the results in detail.
Investors interested in the call can access a live and archived webcast of the event through the company's website at www.orthopediatrics.com, specifically on the Investors page in the Events & Presentations section. The webcast will remain available for replay for at least 90 days after the event, providing ample opportunity for stakeholders to review the information.
OrthoPediatrics Corp. (Nasdaq: KIDS), a company dedicated to pediatric orthopedics, announced participation in the Truist Securities MedTech Conference. President & CEO Dave Bailey will join a fireside chat on June 18, 2024, at 4:45 pm ET in Boston, MA. An audio webcast of the discussion will be accessible on OrthoPediatrics' investor relations website, with a replay available post-event.
OrthoPediatrics Corp. (NASDAQ: KIDS) announced its continued sponsorship at the 2024 Pediatric Orthopaedic Society of North America (POSNA) and European Paediatric Orthopaedic Society (EPOS) annual meeting.
The company featured its expanding range of pediatric-specific orthopedic solutions at its exhibit booth. It sponsored a session on decision-making in the orthopedic management of neuromuscular patients, led by physicians from top children's hospitals.
OrthoPediatrics is deeply committed to supporting POSNA and EPOS, offering educational grants and scholarships. It remains the only Emerald Sponsor of the meeting. President & CEO David Bailey emphasized the importance of collaboration with these organizations to advance pediatric orthopedics and praised the productive engagement with thought leaders.
OrthoPediatrics Corp. reported a 41% increase in revenue for the first quarter of 2024 compared to the same period last year, reaching $44.7 million. The Company helped nearly 28,000 children, with domestic revenue up by 44% and international revenue up by 33%. OrthoPediatrics experienced growth in Trauma & Deformity, Scoliosis, and Sports Medicine/Other revenue streams. The acquisition of Boston Orthotics & Prosthetics enhanced the Specialty Bracing Division. The full year 2024 revenue guidance was increased to $200.0-$203.0 million from $197.0-$200.0 million, showcasing a growth of 34%-36% over the previous year.
OrthoPediatrics Corp. has received the 'Breakthrough Device' Designation from the FDA for its new eLLi Growing Rod System, designed to treat pediatric patients with scoliosis. The device aims to address severe pathology associated with Early Onset Scoliosis, providing increased force, enhanced reliability, and precision, while improving safety. The Breakthrough Program expedites the development and review of medical devices for life-threatening conditions, allowing for timely access to innovative technologies. OrthoPediatrics' CEO, David Bailey, expressed pride in the team's achievement and commitment to advancing pediatric healthcare.
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