$KIDS
OrthoPediatrics Corp

2017 Q4 Form 10-Q Financial Statement

#000142545017000007 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $11.68M $12.38M $10.14M
YoY Change 24.03% 22.1%
Cost Of Revenue $8.832M $9.491M $7.157M
YoY Change 38.0% 32.61%
Gross Profit $8.832M $9.491M $7.157M
YoY Change 192.64% 32.61%
Gross Profit Margin 75.61% 76.69% 70.62%
Selling, General & Admin $12.10M $9.120M $7.179M
YoY Change 71.63% 27.04%
% of Gross Profit 137.0% 96.09% 100.31%
Research & Development $940.0K $1.127M $501.0K
YoY Change 51.61% 124.95%
% of Gross Profit 10.64% 11.87% 7.0%
Depreciation & Amortization $660.0K $660.0K $500.0K
YoY Change 32.0% 32.0%
% of Gross Profit 7.47% 6.95% 6.99%
Operating Expenses $13.04M $10.25M $7.680M
YoY Change 70.01% 33.42%
Operating Profit -$4.204M -$754.0K -$524.0K
YoY Change 29.27% 43.89%
Interest Expense -$630.0K $761.0K $399.0K
YoY Change 50.0% 90.73%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$781.0K -$322.0K
YoY Change -125.0% 142.55%
Pretax Income -$4.850M -$1.540M -$850.0K
YoY Change 33.61% 81.18%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.845M -$1.536M -$846.0K
YoY Change 33.36% 81.56%
Net Earnings / Revenue -41.48% -12.41% -8.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$379.8K -$127.9K -$70.60K
COMMON SHARES
Basic Shares Outstanding 12.70M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.60M $2.200M
YoY Change 2562.5%
Cash & Equivalents $42.58M $2.238M $1.315M
Short-Term Investments
Other Short-Term Assets $800.0K $1.900M
YoY Change 300.0%
Inventory $20.50M $19.00M
Prepaid Expenses
Receivables $5.603M $5.686M
Other Receivables $0.00 $0.00
Total Short-Term Assets $69.56M $28.89M
YoY Change 234.01%
LONG-TERM ASSETS
Property, Plant & Equipment $10.39M $9.749M
YoY Change 20.94%
Goodwill
YoY Change
Intangibles $2.349M $2.443M
YoY Change 86.72%
Long-Term Investments
YoY Change
Other Assets $1.600M
YoY Change 6.67%
Total Long-Term Assets $12.74M $12.19M
YoY Change 29.34%
TOTAL ASSETS
Total Short-Term Assets $69.56M $28.89M
Total Long-Term Assets $12.74M $12.19M
Total Assets $82.30M $41.08M
YoY Change 168.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.495M $5.102M
YoY Change 55.09%
Accrued Expenses $2.900M $2.300M
YoY Change 31.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $113.0K $111.0K
YoY Change 5.61%
Total Short-Term Liabilities $9.467M $10.42M
YoY Change 30.56%
LONG-TERM LIABILITIES
Long-Term Debt $25.34M $27.50M
YoY Change 45.37%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $25.34M $27.50M
YoY Change 45.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.467M $10.42M
Total Long-Term Liabilities $25.34M $27.50M
Total Liabilities $34.81M $37.90M
YoY Change 41.02%
SHAREHOLDERS EQUITY
Retained Earnings -$115.1M -$82.22M
YoY Change 47.3%
Common Stock $2.000K $1.000K
YoY Change 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.50M -$72.49M
YoY Change
Total Liabilities & Shareholders Equity $82.30M $41.08M
YoY Change 168.29%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$4.845M -$1.536M -$846.0K
YoY Change 33.36% 81.56%
Depreciation, Depletion And Amortization $660.0K $660.0K $500.0K
YoY Change 32.0% 32.0%
Cash From Operating Activities -$3.330M $340.0K -$130.0K
YoY Change -352.27% -361.54%
INVESTING ACTIVITIES
Capital Expenditures -$1.250M -$2.150M -$1.220M
YoY Change -27.75% 76.23%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.250M -$2.150M -$1.220M
YoY Change -27.75% 76.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.92M 1.810M 1.480M
YoY Change 6317.14% 22.3%
NET CHANGE
Cash From Operating Activities -3.330M 340.0K -130.0K
Cash From Investing Activities -1.250M -2.150M -1.220M
Cash From Financing Activities 44.92M 1.810M 1.480M
Net Change In Cash 40.34M 0.0000000002910 130.0K
YoY Change 13810.34% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$3.330M $340.0K -$130.0K
Capital Expenditures -$1.250M -$2.150M -$1.220M
Free Cash Flow -$2.080M $2.490M $1.090M
YoY Change -168.2% 128.44%

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SellingAndMarketingExpense
4289000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12401000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5633000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15122000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1081000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.82
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
248201 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
177763 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.81
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.34
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
70438 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1081000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-65309000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
-72486000 USD
CY2016Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
176000 USD
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
4290000 USD
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
4364000 USD
CY2016Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
1560000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
4290000 USD
CY2017Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
1484000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
4364000 USD
CY2016Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
71303000 USD
CY2017Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
75667000 USD
CY2017Q3 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
26533000 USD
CY2016Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
7000000 shares
CY2017Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
7000000 shares
CY2016Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
5446978 shares
CY2017Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
5446978 shares
CY2016Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5446978 shares
CY2017Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5446978 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1744356 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1744356 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1773385 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1754576 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">BUSINESS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">OrthoPediatrics Corp., a Delaware Corporation, is a medical device company committed to designing, developing and marketing anatomically appropriate implants and devices for children with orthopedic conditions, giving pediatric orthopedic surgeons and caregivers the ability to treat children with technologies specifically designed to meet their needs. We sell our specialized products, including PediLoc</font><font style="font-family:Arial;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#174;</sup></font><font style="font-family:Arial;font-size:10pt;">, PediPlates</font><font style="font-family:Arial;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#174;</sup></font><font style="font-family:Arial;font-size:10pt;">, Cannulated Screws, PediFlex</font><font style="font-family:Arial;font-size:6.5pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">TM</sup></font><font style="font-family:Arial;font-size:6.5pt;"> </font><font style="font-family:Arial;font-size:10pt;">nail, PediNail</font><font style="font-family:Arial;font-size:6.5pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">TM</sup></font><font style="font-family:Arial;font-size:10pt;">, PediLoc</font><font style="font-family:Arial;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#174;</sup></font><font style="font-family:Arial;font-size:10pt;"> Tibia, ACL Reconstruction System, Locking Cannulated Blade, Locking Proximal Femur, RESPONSE Spine, Bandloc and Pediguard, to various hospitals and medical facilities throughout the United States and various international markets. We currently use a contract manufacturing model for the manufacturing of implants and related surgical instrumentation. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In early 2017, we expanded operations and established legal entities in the United Kingdom, Australia and New Zealand permitting us to sell under an agency model direct to local hospitals in these countries. Operations began in the United Kingdom on April 3, 2017, in Australia on May 1, 2017 and in New Zealand on July 1, 2017. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our controlling investor is Squadron Capital LLC (&#8220;Squadron&#8221;), a private equity firm headquartered near Hartford, Connecticut.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Preparation of the condensed consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as of the date of the condensed consolidated financial statements. By their nature, these judgments are subject to an inherent degree of uncertainty. We use historical experience and other assumptions as the basis for our judgments and estimates. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in these estimates will be reflected in the condensed consolidated financial statements.</font></div></div>

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