OrthoPediatrics Corp. develops and sells pediatric orthopedic implants, surgical instruments and braces, and operates orthotic and prosthetic clinics. Its products address trauma and deformity, scoliosis, and sports medicine. It reports one operating segment and sells in the United States and more than 75 other countries.
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A snapshot of what ORTHOPEDIATRICS CORP owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001425450-24-000013 | Mar 8, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001425450-25-000015 | Mar 5, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001425450-26-000013 | Mar 4, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
OrthoPediatrics is expanding a specialized pediatric orthopedic business, but revenue growth has not yet produced GAAP profitability or sustained positive free cash flow. Revenue reached $236.348 million in 2025, while operating losses widened; substantially better operating cash flow partly reflected increased payables and noncash expense adjustments. After the March 4, 2026 annual filing, first-half results showed smaller operating losses and less cash consumption, although interest and currency movements prevented an improvement in net loss. At June 30, cash was $17.001 million, alongside investments and restricted cash; a new $20 million conditional borrowing commitment remained undrawn. Management subsequently raised 2026 revenue guidance while retaining its free-cash-flow breakeven target. Achieving that target depends on second-half cash conversion, product adoption and spending discipline—not merely continued sales growth.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04 · 8-K · 2026-03-31
OrthoPediatrics combines pediatric-specific surgical systems with manufactured braces and clinical services. The June 2026 quarterly report describes more than 90 systems and over 50 U.S. orthotic and prosthetic clinics. Trauma and deformity is its largest revenue category; scoliosis includes implants, braces and enabling technology. These are revenue classifications, not separately measured profit segments. Implants and instruments are principally contract-manufactured, while braces are generally made internally.
The commercial model requires cash before revenue. Hospitals receive complete consigned sets, but implant revenue arises when products are used in surgery, not when delivered. Consignment represented approximately 60% of first-half 2026 sales. Clinic revenue arises when products are fitted and accepted, subject to payer adjustments. Instrument depreciation largely sits below gross profit in general and administrative expense, so the reported gross margin does not capture the entire cost of supporting surgical procedures.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31
Revenue increased from $148.732 million in 2023 to $204.727 million in 2024 and $236.348 million in 2025. Boston O&P contributed $30 million of 2024 sales, making acquisition scope an important part of that year's expansion. Management attributes nearly all product-category changes to unit volumes rather than prices, but does not provide a complete organic-growth bridge. In 2025, trauma and deformity and scoliosis grew while sports medicine/other declined.
The 2025 operating loss widened to $39.238 million from $35.010 million despite a rounded gross margin of 73% in both years. Acquisition-related overhead, compensation, restructuring and impairments weighed on results. Currency-related income and the absence of a prior debt-extinguishment charge improved the pretax comparison, but higher interest expense and the disappearance of the 2024 tax benefit left a $39.648 million net loss. Revenue growth therefore did not establish improved underlying profitability.
Sources: 10-K · 2024-12-31 · 10-K · 2025-12-31
Operating cash use fell to $4.851 million in 2025 from $27.048 million in 2024. Lower inventory cash absorption helped, but receivables consumed more cash and an $8.167 million increase in trade payables supplied a material offset. Property and equipment purchases used another $11.110 million, and acquisitions used $15.502 million net of acquired cash. Better operating cash flow was neither accounting profit nor evidence that growth had become self-funding.
At June 30, 2026, the company held $17.001 million cash, $28.878 million short-term investments and $2.054 million restricted cash. The combined $47.933 million should not be described as unrestricted cash. First-half securities sales supplied $13 million, converting investments into cash rather than generating operating revenue. Debt-note obligations totaled $105.751 million before discounts and issuance costs, including a term-loan final payment but excluding separately classified acquisition installments.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The August 5, 2026 quarterly filing reported first-half revenue of $129.869 million and an operating loss of $12.402 million, versus $113.493 million and $21.638 million a year earlier. Lower restructuring charges contributed to the improvement. Interest and currency effects offset it, leaving net loss slightly higher at $17.850 million. Against aggregate growth, second-quarter scoliosis revenue decreased $1.6 million, or 9%, from $18.5 million to $16.9 million, while first-half scoliosis revenue remained approximately flat year over year. Management attributed the second-quarter decline primarily to decreased 7D Technology revenue and lower set sales to international stocking distributors, partially offset by increased Response fusion revenue and the addition of Verteglide. These partial offsets do not establish an assured recovery. Revenue also includes unquantified adjustments for reimbursement rates on prior-period services, limiting any precise interpretation of underlying growth.
A March 31 amendment, disclosed April 1, added $20 million of conditional delayed-draw capacity; none was drawn by June 30. The company reported covenant compliance at that date, not independently measurable headroom. Separately, the arbitration tribunal dismissed both IMED claims against Orthex with prejudice on April 15. That updates the annual report's pending-dispute description but does not establish that every related proceeding or cash restriction ended.
On August 4, management raised 2026 revenue guidance to $265–269 million and retained approximately $25 million adjusted EBITDA and breakeven free cash flow targets. First-half free cash flow was negative $8.164 million, requiring a substantial second-half reversal. These forecasts depend on working-capital conversion, commercialization and procedure demand; adjusted EBITDA is neither GAAP earnings nor cash generation.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-03-31 · EX-99.1 · 2026-08-04
USD 236.348 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 236.348 m | 15.4% |
| 2024 | USD 204.727 m | 37.6% |
| 2023 | USD 148.732 m | — |
Consolidated GAAP revenue, including acquired operations from their acquisition dates.
Sources: 10-K · 2025-12-31
USD -39.648 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -39.648 m | Loss widened |
| 2024 | USD -37.822 m | Loss widened |
| 2023 | USD -20.974 m | — |
Consolidated GAAP net income after income taxes; negative values represent losses.
Sources: 10-K · 2025-12-31
USD -4.851 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -4.851 m | Negative amount narrowed |
| 2024 | USD -27.048 m | Negative amount widened |
| 2023 | USD -27.046 m | — |
GAAP operating cash flow; negative values represent cash used.
Sources: 10-K · 2025-12-31
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