$KIDS
ORTHOPEDIATRICS CORP

2023 Q3 Form 10-Q Financial Statement

#000142545023000102 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $39.97M $39.56M $30.99M
YoY Change 14.37% 20.14% 24.91%
Cost Of Revenue $9.019M $9.534M $9.770M
YoY Change -0.46% 19.97% 45.13%
Gross Profit $30.95M $30.03M $21.22M
YoY Change 19.56% 20.19% 17.38%
Gross Profit Margin 77.44% 75.9% 68.48%
Selling, General & Admin $32.09M $32.82M $27.50M
YoY Change 18.69% 21.66% 27.46%
% of Gross Profit 103.67% 109.31% 129.56%
Research & Development $2.387M $2.792M $2.034M
YoY Change 8.2% 59.82% 26.49%
% of Gross Profit 7.71% 9.3% 9.58%
Depreciation & Amortization $4.270M $4.080M $3.520M
YoY Change 29.91% 22.49% 25.27%
% of Gross Profit 13.8% 13.59% 16.58%
Operating Expenses $35.46M $35.61M $29.53M
YoY Change 7.95% 23.98% 27.4%
Operating Profit -$4.508M -$5.586M -$8.308M
YoY Change -35.24% 49.24% 49.4%
Interest Expense -$20.00K $2.010M $541.0K
YoY Change -100.09% -47.08% -89.42%
% of Operating Profit
Other Income/Expense, Net $766.0K $289.0K -$128.0K
YoY Change -96.41% -90.27% -145.55%
Pretax Income -$3.742M -$3.287M -$7.896M
YoY Change -125.99% 325.78% 4656.63%
Income Tax $849.0K -$401.0K -$48.00K
% Of Pretax Income
Net Earnings -$4.591M -$2.886M -$7.848M
YoY Change -124.76% 766.67% -11000.0%
Net Earnings / Revenue -11.49% -7.3% -25.32%
Basic Earnings Per Share -$0.20 -$0.13
Diluted Earnings Per Share -$0.20 -$0.13 -$0.38
COMMON SHARES
Basic Shares Outstanding 23.35M shares 23.33M shares 22.89M shares
Diluted Shares Outstanding 22.76M shares 22.70M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.40M $93.19M $118.3M
YoY Change -31.41% 82.14% 120.93%
Cash & Equivalents $10.64M $83.47M $10.46M
Short-Term Investments
Other Short-Term Assets $5.600M $5.238M $5.437M
YoY Change 33.33% 28.73% 18.35%
Inventory $100.5M $90.98M $78.19M
Prepaid Expenses
Receivables $37.65M $33.85M $24.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $226.2M $223.3M $226.7M
YoY Change 0.72% 50.7% 69.64%
LONG-TERM ASSETS
Property, Plant & Equipment $40.24M $40.07M $34.29M
YoY Change 10.8% 9.48% 20.24%
Goodwill $80.89M $82.91M $86.82M
YoY Change -8.12% 15.62% 20.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $621.0K $614.0K $0.00
YoY Change
Total Long-Term Assets $206.3M $211.6M $201.0M
YoY Change 0.38% 15.77% 17.81%
TOTAL ASSETS
Total Short-Term Assets $226.2M $223.3M $226.7M
Total Long-Term Assets $206.3M $211.6M $201.0M
Total Assets $432.4M $434.9M $427.7M
YoY Change 0.56% 31.4% 40.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.59M $20.89M $11.15M
YoY Change 107.58% 43.17% 19.57%
Accrued Expenses $8.700M $8.159M $6.744M
YoY Change 37.59% 34.04% 26.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $148.0K $144.0K
YoY Change 39.86% 4.96% 5.11%
Total Short-Term Liabilities $47.93M $44.31M $30.87M
YoY Change 66.73% 41.96% 3.89%
LONG-TERM LIABILITIES
Long-Term Debt $700.0K $688.0K $763.0K
YoY Change -12.39% -97.84% -15.88%
Other Long-Term Liabilities $557.0K $3.995M $492.0K
YoY Change 26.59% 1231.67% 67.92%
Total Long-Term Liabilities $10.19M $4.683M $18.21M
YoY Change -43.33% -93.54% -62.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.93M $44.31M $30.87M
Total Long-Term Liabilities $10.19M $4.683M $18.21M
Total Liabilities $58.12M $54.56M $49.08M
YoY Change 24.38% -47.4% -37.8%
SHAREHOLDERS EQUITY
Retained Earnings -$191.1M -$186.5M -$176.8M
YoY Change 13.1% -0.53% -0.71%
Common Stock $6.000K $6.000K $6.000K
YoY Change 0.0% 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $374.3M $380.3M $378.6M
YoY Change
Total Liabilities & Shareholders Equity $432.4M $434.9M $427.7M
YoY Change 0.56% 31.4% 40.57%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$4.591M -$2.886M -$7.848M
YoY Change -124.76% 766.67% -11000.0%
Depreciation, Depletion And Amortization $4.270M $4.080M $3.520M
YoY Change 29.91% 22.49% 25.27%
Cash From Operating Activities -$8.670M -$4.373M -$3.341M
YoY Change 43.12% -46.47% 170.53%
INVESTING ACTIVITIES
Capital Expenditures $2.480M $5.623M -$523.0K
YoY Change -327.73% -206.74% -68.01%
Acquisitions
YoY Change
Other Investing Activities $12.15M -$12.60M -$23.75M
YoY Change -111.82% -365.82% -616.3%
Cash From Investing Activities $9.670M -$18.22M -$23.23M
YoY Change -109.31% 3351.33% -883.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K -2.035M -35.00K
YoY Change -100.02% -107.33% 2.94%
NET CHANGE
Cash From Operating Activities -8.670M -4.373M -3.341M
Cash From Investing Activities 9.670M -18.22M -23.23M
Cash From Financing Activities -20.00K -2.035M -35.00K
Net Change In Cash 980.0K -24.63M -26.60M
YoY Change -157.34% -229.12% -1668.57%
FREE CASH FLOW
Cash From Operating Activities -$8.670M -$4.373M -$3.341M
Capital Expenditures $2.480M $5.623M -$523.0K
Free Cash Flow -$11.15M -$9.996M -$2.818M
YoY Change 124.39% 244.45% -804.5%

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
BUSINESS<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">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</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">, PediPlates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">, Cannulated Screws, PediFlex</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:121%;position:relative;top:-2.27pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%"> nail, PediNail</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:121%;position:relative;top:-2.27pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">, PediLoc</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%"> Tibia, ACL Reconstruction System, Locking Cannulated Blade, Locking Proximal Femur, Spica Tables, RESPONSE</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:121%;position:relative;top:-2.27pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%"> Spine, BandLoc Duo</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">, Pediatric Nailing Platform | Femur, Devise Rail, Orthex</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">, The Fassier-Duval Telescopic Intramedullary System</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">, ApiFix</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%"> Mid-C System and Mitchell Ponseti</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:121%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%"> specialized bracing products 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. </span>We are the only global medical device company focused exclusively on providing a comprehensive trauma and deformity correction, scoliosis and sports medicine product offering to the pediatric orthopedic market in order to improve the lives of children with orthopedic conditions. We design, develop and commercialize innovative orthopedic implants and instruments to meet the specialized needs of pediatric surgeons and their patients, who we believe have been largely neglected by the orthopedic industry. We currently serve three of the largest categories in this market.
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-186460000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-176768000 usd
us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesPreparation of our 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 our consolidated financial statements.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial Instruments and Concentration of Credit Risk Financial instruments that could subject the Company to credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. We consider all highly liquid investments with original maturity of three months or less at inception to be cash equivalents.The Company performs ongoing credit evaluations of customers and and maintains a reserve for expected credit losses. The Company believes the risk of credit losses associated with accounts receivable is low given the history of collections and customer base. Additionally, the Company considers the risk for credit losses associated with short-term investments to be low given the types of investments which primarily include Certificates of Deposits and Treasury Bonds.
CY2023Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
39559000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
35091000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
71147000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
62954000 usd
CY2023Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2886000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-112000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-9692000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-9099000 usd
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-1828000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-2082000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
82911000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
89942000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18010000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
71932000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
79823000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14843000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
64980000 usd
CY2023Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2304000 usd
CY2022Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-5010000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2974000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2440000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-975000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-756000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.091
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.074
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2886000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-333000 usd
us-gaap Net Income Loss
NetIncomeLoss
-9692000 usd
us-gaap Net Income Loss
NetIncomeLoss
-9433000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22704723 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22704723 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19792286 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19792286 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22587022 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22587022 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19693216 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19693216 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
583718 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
438391 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39559000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32928000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71147000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56345000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39559000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32928000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71147000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56345000 usd
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
427000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
462000 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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