$KIDS
ORTHOPEDIATRICS CORP

2024 Q4 Form 10-Q Financial Statement

#000142545024000094 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $54.57M
YoY Change 36.53%
Cost Of Revenue $14.51M
YoY Change 60.92%
Gross Profit $40.06M
YoY Change 29.42%
Gross Profit Margin 73.41%
Selling, General & Admin $43.05M
YoY Change 34.16%
% of Gross Profit 107.46%
Research & Development $2.577M
YoY Change 7.96%
% of Gross Profit 6.43%
Depreciation & Amortization $5.280M
YoY Change 23.65%
% of Gross Profit 13.18%
Operating Expenses $45.63M
YoY Change 28.67%
Operating Profit -$5.566M
YoY Change 23.47%
Interest Expense -$404.0K
YoY Change 1920.0%
% of Operating Profit
Other Income/Expense, Net -$3.571M
YoY Change -566.19%
Pretax Income -$9.137M
YoY Change 144.17%
Income Tax -$1.218M
% Of Pretax Income
Net Earnings -$7.919M
YoY Change 72.49%
Net Earnings / Revenue -14.51%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$0.34
COMMON SHARES
Basic Shares Outstanding 24.22M shares 24.21M shares
Diluted Shares Outstanding 23.17M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.06M
YoY Change -7.69%
Cash & Equivalents $51.05M
Short-Term Investments
Other Short-Term Assets $8.487M
YoY Change 51.55%
Inventory $120.9M
Prepaid Expenses
Receivables $42.83M
Other Receivables $0.00
Total Short-Term Assets $248.3M
YoY Change 9.79%
LONG-TERM ASSETS
Property, Plant & Equipment $54.77M
YoY Change 36.11%
Goodwill $91.26M
YoY Change 12.82%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.26M
YoY Change 1551.53%
Total Long-Term Assets $241.0M
YoY Change 16.83%
TOTAL ASSETS
Total Short-Term Assets $248.3M
Total Long-Term Assets $241.0M
Total Assets $489.3M
YoY Change 13.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.65M
YoY Change -48.43%
Accrued Expenses $13.22M
YoY Change 51.97%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $624.0K
YoY Change 212.0%
Total Short-Term Liabilities $34.63M
YoY Change -27.75%
LONG-TERM LIABILITIES
Long-Term Debt $72.51M
YoY Change 10259.14%
Other Long-Term Liabilities $4.799M
YoY Change 761.58%
Total Long-Term Liabilities $83.75M
YoY Change 722.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.63M
Total Long-Term Liabilities $83.75M
Total Liabilities $118.4M
YoY Change 103.69%
SHAREHOLDERS EQUITY
Retained Earnings -$219.5M
YoY Change 14.89%
Common Stock $6.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $370.9M
YoY Change
Total Liabilities & Shareholders Equity $489.3M
YoY Change 13.15%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$7.919M
YoY Change 72.49%
Depreciation, Depletion And Amortization $5.280M
YoY Change 23.65%
Cash From Operating Activities -$10.28M
YoY Change 18.56%
INVESTING ACTIVITIES
Capital Expenditures $1.381M
YoY Change -44.31%
Acquisitions
YoY Change
Other Investing Activities -$25.39M
YoY Change -308.95%
Cash From Investing Activities -$26.77M
YoY Change -376.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 58.52M
YoY Change -292690.0%
NET CHANGE
Cash From Operating Activities -10.28M
Cash From Investing Activities -26.77M
Cash From Financing Activities 58.52M
Net Change In Cash 21.47M
YoY Change 2090.92%
FREE CASH FLOW
Cash From Operating Activities -$10.28M
Capital Expenditures $1.381M
Free Cash Flow -$11.66M
YoY Change 4.57%

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us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Nature Of Operations
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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. 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: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 Duo</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%">, 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:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;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:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;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:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;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: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%"> 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 Boston Brace 3D, implants and related surgical instrumentation while our orthopedic bracing products are manufactured in-house. We also operate multiple orthotic and prosthetic ("O&amp;P") clinics delivering leading pediatric non-surgical O&amp;P treatment. </span></div>We are the only global medical device company focused exclusively on providing a comprehensive trauma and deformity correction, scoliosis, sports medicine, specialty bracing and clinical services 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 specialized braces to meet the needs of pediatric surgeons or orthotists 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.
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-197742000 usd
us-gaap Use Of Estimates
UseOfEstimates
<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 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 Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div>In the condensed consolidated financial statements, the Company has reclassified stock-based compensation to conform to the current period presentation. All stock-based compensation was previously recorded within general and administrative expenses, and such costs have now been allocated between general and administrative expenses, research and development expenses and sales and marketing expenses. The current presentation results in stock-based compensation expense being recorded in the same manner in which the award recipient's payroll costs are classified. This reclassification did not affect previously reported total operating expenses, loss before income taxes, or net loss in the condensed consolidated statements of operations.
CY2023Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
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40024000 usd
CY2023Q3 us-gaap General And Administrative Expense
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17973000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
54242000 usd
CY2023Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2561000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7973000 usd
us-gaap Concentration Risk Credit Risk
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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%">Financial Instruments and Concentration of Credit Risk </span></div>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 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.
CY2024Q3 us-gaap Business Acquisitions Pro Forma Revenue
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46585000 usd
us-gaap Business Acquisitions Pro Forma Revenue
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us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
130857000 usd
CY2024Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-7903000 usd
CY2023Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4475000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-13935000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
83699000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1360000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
21992000 usd
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
76859000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
11063000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3721000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1003000 usd
CY2024Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
624000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
152000 usd
CY2024Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
72514000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9908000 usd
CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
945000 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
10000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
1705000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
32000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3767000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-126000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.148
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.009
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-7919000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-4591000 usd
us-gaap Net Income Loss
NetIncomeLoss
-21753000 usd
us-gaap Net Income Loss
NetIncomeLoss
-14283000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23171249 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23171249 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22762823 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22762823 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23046155 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23046155 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22646087 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22646087 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.94
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.94
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54573000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39972000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
152060000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111119000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54573000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39972000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
152060000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111119000 usd
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6572000 usd
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6940000 usd
CY2024Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
1456000 usd
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001425450-24-000094.txt Edgar Link pending
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kids-20240930_cal.xml Edgar Link unprocessable
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kids-20240930_lab.xml Edgar Link unprocessable
kids-20240930_pre.xml Edgar Link unprocessable