Indiana-based bioscience company OrthoPediatrics Corp. (KIDS) expects revenue to increase 13% year-over-year to nearly $25.1 million in the third quarter of 2021, lower than the Street’s estimate of $26.48 million. The projected amount includes the impact of higher respiratory syncytial virus (RSV) cases and COVID-19 Delta cases.
Following the announcement, the company’s shares slipped 2.4% in the extended trading session on Thursday after closing nearly 2% down at $57.39.
OrthoPediatrics is focused on the design, development, and sale of orthopedic instruments and implants for children.
The company continues to expect 2021 revenue in the range of $97 million to $101 million, higher than analysts’ expectations of $96.09 million.
It is scheduled to release its Q3 financial results on November 4. (See Insiders’ Hot Stocks on TipRanks)
After OrthoPediatrics released the preliminary revenue figure for the third quarter, Needham analyst Michael Matson maintained a Buy rating on the stock with a price target of $83 (44.6% upside potential).
The analyst expects the company to report a loss of $0.19 per share in the fourth quarter.
Overall, the stock has a Strong Buy consensus rating based on 5 unanimous Buys. The average OrthoPediatrics price target of $77.40 implies around 35% upside potential. Shares have gained 43.2% year-to-date.