OrthoPediatrics Loss Widens, Despite Record Revenues
WARSAW - Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is reporting a full-year net loss of $12 million in 2018, compared to a loss of $8.9 million the previous year. Despite the drop, the pediatric medical device manufacturer says it hit record revenue for the year.
Chief Executive Officer Mark Throdahl says 2018 was the company's 10th consecutive year of annual revenue growth of more than 20 percent. He says the record growth was supported by increased investments in consigned sets, product innovation, ongoing conversions of international sales agencies, and clinical education.
"In addition to our revenue and profitability achievements in 2018, our strengthened balance sheet following a successful secondary raise in December positions us well for sustainable future growth," said Throdahl. "This capital supports our increased investment in consignment set deployment to a range of $15 million to $17 million for 2019 and provides us with the opportunity to welcome new technologies that could expand our product offering and growth outlook."
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