2024 Q1 Form 10-K Financial Statement

#000142545024000013 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $44.69M $37.61M $148.7M
YoY Change 41.46% 21.36% 21.62%
Cost Of Revenue $12.51M $10.90M $37.48M
YoY Change 55.86% 11.56% 18.5%
Gross Profit $32.17M $26.71M $111.3M
YoY Change 36.56% 25.87% 22.71%
Gross Profit Margin 72.0% 71.02% 74.8%
Selling, General & Admin $38.90M $32.03M $126.8M
YoY Change 30.18% 16.49% 21.44%
% of Gross Profit 120.9% 119.91% 114.0%
Research & Development $2.998M $2.747M $10.20M
YoY Change 32.07% 35.05% 27.23%
% of Gross Profit 9.32% 10.28% 9.16%
Depreciation & Amortization $5.028M $5.187M $17.39M
YoY Change 30.67% 47.36% 32.72%
% of Gross Profit 15.63% 19.42% 15.63%
Operating Expenses $41.90M $34.78M $138.0M
YoY Change 30.31% 17.77% 18.91%
Operating Profit -$9.723M -$8.066M -$26.75M
YoY Change 13.18% -2.91% 5.32%
Interest Expense -$637.0K $309.0K $3.178M
YoY Change -172.39% -42.88% -86.48%
% of Operating Profit
Other Income/Expense, Net -$613.0K $854.0K $5.439M
YoY Change -150.62% -767.19% -74.95%
Pretax Income -$10.34M -$6.903M -$21.31M
YoY Change 40.05% -12.58% 477.72%
Income Tax -$2.531M -$212.0K -$338.0K
% Of Pretax Income
Net Earnings -$7.805M -$6.691M -$20.97M
YoY Change 14.68% -14.74% -1767.25%
Net Earnings / Revenue -17.47% -17.79% -14.1%
Basic Earnings Per Share -$0.34 -$0.92
Diluted Earnings Per Share -$0.34 -$0.29 -$0.92
COMMON SHARES
Basic Shares Outstanding 23.55M shares 23.35M shares 22.68M shares
Diluted Shares Outstanding 22.82M shares 22.68M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.74M $80.31M $80.31M
YoY Change -55.68% -32.11% -32.11%
Cash & Equivalents $21.60M $31.06M $49.25M
Short-Term Investments
Other Short-Term Assets $7.018M $5.722M $5.722M
YoY Change 27.93% 5.24% 5.24%
Inventory $112.7M $105.9M $105.9M
Prepaid Expenses
Receivables $36.28M $34.62M $34.62M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $203.7M $226.5M $226.5M
YoY Change -9.45% -0.1% -0.1%
LONG-TERM ASSETS
Property, Plant & Equipment $48.72M $41.05M $41.05M
YoY Change 31.98% 19.72% 19.72%
Goodwill $91.48M $83.70M
YoY Change 8.74% -3.6%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.084M $2.940M $2.940M
YoY Change
Total Long-Term Assets $233.5M $212.2M $212.2M
YoY Change 15.97% 5.59% 5.59%
TOTAL ASSETS
Total Short-Term Assets $203.7M $226.5M $226.5M
Total Long-Term Assets $233.5M $212.2M $212.2M
Total Assets $437.2M $438.7M $438.7M
YoY Change 2.56% 2.58% 2.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.74M $12.65M $12.65M
YoY Change 18.24% 13.44% 13.44%
Accrued Expenses $9.772M $11.33M $11.33M
YoY Change 56.55% 67.93% 67.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $154.0K $152.0K $152.0K
YoY Change 5.48% 5.56% 5.56%
Total Short-Term Liabilities $45.82M $41.67M $41.67M
YoY Change 30.1% 34.97% 34.97%
LONG-TERM LIABILITIES
Long-Term Debt $10.15M $9.908M $9.908M
YoY Change 1300.14% 1198.56% 1198.56%
Other Long-Term Liabilities $1.815M $1.112M $4.663M
YoY Change 181.4% 126.02% -59.42%
Total Long-Term Liabilities $20.78M $20.05M $14.57M
YoY Change 15.98% 10.14% 18.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.82M $41.67M $41.67M
Total Long-Term Liabilities $20.78M $20.05M $14.57M
Total Liabilities $66.60M $61.72M $61.72M
YoY Change 25.34% 25.76% 25.76%
SHAREHOLDERS EQUITY
Retained Earnings -$205.5M -$197.7M
YoY Change 11.97% 11.87%
Common Stock $6.000K $6.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $370.6M $377.0M $377.0M
YoY Change
Total Liabilities & Shareholders Equity $437.2M $438.7M $438.7M
YoY Change 2.56% 2.58% 2.58%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$7.805M -$6.691M -$20.97M
YoY Change 14.68% -14.74% -1767.25%
Depreciation, Depletion And Amortization $5.028M $5.187M $17.39M
YoY Change 30.67% 47.36% 32.72%
Cash From Operating Activities -$6.690M -$7.543M -$27.05M
YoY Change 3.54% 125.77% 24.26%
INVESTING ACTIVITIES
Capital Expenditures $6.460M $5.942M $16.88M
YoY Change 30.77% -1236.14% 68.26%
Acquisitions $20.69M $0.00
YoY Change -100.0%
Other Investing Activities $2.781M $23.86M $60.66M
YoY Change -92.53% -200.48% -158.7%
Cash From Investing Activities -$3.679M $17.92M $41.68M
YoY Change -111.39% -177.16% -136.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$573.0K 9.387M $7.301M
YoY Change 1491.67% -26920.0% -94.63%
NET CHANGE
Cash From Operating Activities -$6.690M -7.543M -$27.05M
Cash From Investing Activities -$3.679M 17.92M $41.68M
Cash From Financing Activities -$573.0K 9.387M $7.301M
Net Change In Cash -$9.463M 19.77M $22.57M
YoY Change -136.86% -174.3% 1449.79%
FREE CASH FLOW
Cash From Operating Activities -$6.690M -$7.543M -$27.05M
Capital Expenditures $6.460M $5.942M $16.88M
Free Cash Flow -$13.15M -$13.49M -$43.92M
YoY Change 15.34% 378.53% 38.14%

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BUSINESS <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">OrthoPediatrics Corp., a Delaware corporation, is a medical device company committed to designing, developing and marketing anatomically appropriate implants, instruments and specialized braces for children with orthopedic conditions, giving pediatric orthopedic surgeons and caregivers the ability to treat children with technologies specifically designed to meet their needs, including PediLoc</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;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:120%">, PediPlates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;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:120%">, Cannulated Screws, PediFlex</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%"> nail, PediNail</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%">, PediLoc</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;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:120%"> 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:120%;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:120%"> Spine, BandLoc</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%">, 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:120%;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:120%">, 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:120%;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:120%">, SLIM</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%"> Nail, The GAP Nail</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%">, The Free Gliding SCFE Screw System</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%">, GIRO</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.22pt;font-weight:400;line-height:120%;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:120%"> Growth Modulation System, PNP Tibia System, ApiFix</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;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:120%"> 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:120%;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:120%"> 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 while our clubfoot orthopedic products are manufactured in-house. </span></div>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, instruments and braces 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.
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div>Preparation of our 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 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.
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CY2022 us-gaap Inventory Write Down
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CY2021 us-gaap Inventory Write Down
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 kids Deferred Tax Assets Liability Foreign Currency Translation
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CY2023Q4 us-gaap Deferred Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2010 shares
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
670 shares
CY2023 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-20974000 usd
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1258000 usd
CY2021 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-16260000 usd
CY2023 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 usd
CY2022 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
23000 usd
CY2022 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
23000 usd
CY2021 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
0 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20974000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20974000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1235000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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1235000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16260000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-16260000 usd
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
900000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22675477 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22675477 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20947727 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.92
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.84
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.92
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
606304 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
416960 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
375084 shares
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148732000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148732000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
122289000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
98049000 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
718000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
510000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1000000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1084000 usd
CY2021Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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1900000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
1820000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
1456000 usd
CY2023 kids Research And Development Arrangement Contract To Perform For Others Minimum Annual Royalty Payment
ResearchAndDevelopmentArrangementContractToPerformForOthersMinimumAnnualRoyaltyPayment
10000 usd
CY2023 dei Auditor Firm
AuditorFirmId
34

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