OrthoPediatrics released its first quarter 2018 financial results.
Here are five things to know.
1. Total revenue for the first quarter of 2018 was $12.1 million, a 23.9 percent increase from $9.8 million for the same period in 2017.
2. Gross profit for the first quarter of 2018 was $8.9 million, a 20.3 percent increase compared to $7.4 million for the same period last year. Gross profit margin for the first quarter of 2018 was 73.7 percent, compared to 76 percent for the same period last year; it was mostly driven by a higher mix of international revenue, including instrument set sales.
3. Total operating expenses for the first quarter of 2018 were $13.3 million, a 61.3 percent increase from $8.3 million for the same period in 2017. OrthoPediatrics became a public company in October 2017.
4. The company added nine incremental U.S. sales representatives in the first quarter 2018 for a total of 84, ahead of the 18 planned additions for the full year 2018.
5. Property and equipment purchases during the first quarter of 2018 were $2.8 million, a 108 percent increase from $1.3 million for the same period last year. This was mostly due to the deployment of $5.5 million of consigned sets.
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