kids-202101150001425450FALSE00014254502021-01-152021-01-15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 15, 2021
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OrthoPediatrics Corp. |
(Exact name of registrant as specified in its charter) |
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Delaware |
(State or other jurisdiction of incorporation) |
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001-38242 | 26-1761833 |
(Commission File Number) | (I.R.S. Employer Identification Number) |
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2850 Frontier Drive Warsaw, Indiana | 46582 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (574) 268-6379
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Not Applicable |
(Former name or former address, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.00025 par value per share | | KIDS | | Nasdaq Global Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☒
Item 7.01. Regulation FD Disclosure.
On January 15, 2021, OrthoPediatrics Corp. (“the Company”) issued a press release announcing the expansion of its agent network in three strategic European countries. As part of its previously communicated strategy, OrthoPediatrics has broadened its reach into the largest European market of Germany, Austria and Switzerland by converting long-standing distributor partners there to sales agencies. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.
The Company does not intend for this Item 7.01 or Exhibit 99.1 to be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
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(d) | Exhibits
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| Exhibit No.
| Description
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| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| OrthoPediatrics Corp.
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Date: January 15, 2021 | By: | /s/ Daniel J. Gerritzen |
| | Daniel J. Gerritzen, General Counsel and Secretary |
Document
OrthoPediatrics Corp. Expands its Agent Network in Three Strategic European Countries
WARSAW, Indiana, January 15, 2021 — OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, today announced the expansion of its agent network in Germany, Austria and Switzerland.
As part of its previously communicated strategy, OrthoPediatrics has broadened its reach into the largest European market of Germany, Austria and Switzerland by converting long-standing distributor partners there to sales agencies. Under the agency model, the Company continues to benefit from the commercial relationships established by stocking distributors while it directly consigns instrument and implant sets to hospitals. This relieves the former distributors from significant capital investment requirements and removes a significant bottleneck to the Company’s growth in those markets. As a result of these agreements, OrthoPediatrics will recognize top line revenue by billing hospitals directly in these three important geographies.
This increases from 8 to 11 the number of countries where OrthoPediatrics has implemented the agency model as part of its commitment to international expansion around the world. During 2020, agencies were the most important revenue growth contributor for international sales.
David Bailey, OrthoPediatrics’ President, stated, “We are excited about the opportunity to continue serving the pediatric orthopedic communities and their patients in Germany, Austria, and Switzerland with increased commercial focus through dedicated partners we have worked with for years. We also plan to broaden our product portfolio in these markets to include new technologies such as Orthex and ApiFix to expand our ability to improve the lives of children in the region."
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws, including the statements regarding OrthoPediatrics’ preliminary revenue for the fourth quarter and full year ended December 31, 2020, and other statements identified by the use of words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "believe," "estimate," "project," "target," "predict," "intend," "future," "goals," "potential," "objective," "would" and other similar expressions. Forward-looking statements involve risks and uncertainties, many of which are beyond OrthoPediatrics’ control. Important factors could cause actual results to differ materially from those in the forward-looking statements, including, among others: the risks related to COVID-19, the continued impact such pandemic may have on the demand for our products, and our ability to respond to the related challenges; and the risks, uncertainties and factors set forth under "Risk Factors" in OrthoPediatrics’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 5, 2020, as updated and supplemented by our other SEC reports filed from time to time. Forward-looking statements speak only as of the date they are made. OrthoPediatrics assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable securities laws.
About OrthoPediatrics Corp.
Founded in 2006, OrthoPediatrics is an orthopedic company focused exclusively on providing a comprehensive product offering to the pediatric orthopedic market to improve the lives of children with orthopedic conditions. OrthoPediatrics currently markets 34 surgical systems that serve three of the largest categories within the pediatric orthopedic market. This offering spans trauma & deformity, scoliosis, and sports medicine/other procedures. OrthoPediatrics’ global sales organization is focused exclusively on pediatric orthopedics and distributes its products in the United States and 43 countries outside the United States. For more information, please visit www.orthopediatrics.com.
Investor Contacts
The Ruth Group
Tram Bui / Emma Poalillo
(646) 536-7035 / 7024
tbui@theruthgroup.com / epoalillo@theruthgroup.com
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2850 Frontier Drive Warsaw, Indiana 46582 www.orthopediatrics.com | | | | | | | | | | TOLL-FREE PHONE FAX | | 877.268.6339 574.268.6379 574.269.3692 |
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| TRAUMA & DEFORMITY | | SPINE | | SPORTS MEDICINE | | CLINICAL EDUCATION | | |