OrthoPediatrics Corp. ( NASDAQ: KIDS ), a medical device maker focused on pediatric orthopedics, reached a new 52-week low on Tuesday after the company lowered its revenue guidance for the full year on the back of lower- than-expected Q3 2022 revenue.
Revenue for the period grew ~39% on a reported basis to $35M, including a $4.4M contribution from the recent acquisitions of MD Ortho and Pega Medical.
Chief Executive David Bailey noted that headwinds beyond staffing shortages, such as RSV infections, hurt the pediatric orthopedic market in September, impacting case volumes.
However, the company managed to swing to an $18.5M net income in Q3 compared to $2.2M in the prior year, while the gross margin reached 74.1% from 74.0% in Q3 2021.
OrthoPediatrics ( KIDS ) has lowered its full-year revenue guidance from $127M – $130M to $124M – $125M, which includes $11M of combined revenue expected from MD Ortho and Pega Medical. However, Wall Street forecasts the company to report $128.4M this year.
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OrthoPediatrics hits 52-week low after guidance cut