|
Delaware
|
| |
3841
|
| |
26-1761833
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
|
Charles Ruck, Esq.
Christopher D. Lueking, Esq. Latham & Watkins LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 (312) 876-7700 |
| |
Mark Weeks
Divakar Gupta Brent B. Siler Cooley LLP 1114 Avenue of the Americas New York, NY 10036 (212) 479-6000 |
|
|
Large accelerated filer ☐
|
| | Accelerated filer | | | ☐ | |
|
Non-accelerated filer ☒
|
| | Smaller reporting company | | | ☐ | |
|
(Do not check if a smaller reporting company)
|
| | Emerging growth company | | | ☒ | |
Title of Each Class of Securities to be Registered
|
| |
Proposed Maximum
Aggregate Offering Price(1)(2) |
| |
Amount of
Registration Fee(3) |
| ||||||
Common Stock, $0.00025 par value per share
|
| | | $ | 64,400,000 | | | | | $ | 7,463.96 | | |
| ORTHOPEDIATRICS CORP. | | |
![]() |
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| | | | | | | | | | | | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price | | | | $ | | | | | | $ | | | |
Underwriting discount(1) | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to OrthoPediatrics Corp. | | | | $ | | | | | $ | | | ||
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| | | | F-1 | | |
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||
(in thousands, except share and per share
information) |
| |
2014
|
| |
2015
|
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2016
|
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2016
|
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2017
|
| |||||||||||||||
Statement of operations data: | | | | | | | | | | | | ||||||||||||||||||||
Net revenue
|
| | | $ | 23,684 | | | | | $ | 31,004 | | | | | $ | 37,298 | | | | | $ | 17,745 | | | | | $ | 21,564 | | |
Cost of revenue
|
| | | | 7,085 | | | | | | 9,367 | | | | | | 10,931 | | | | | | 4,935 | | | | | | 5,437 | | |
Gross profit
|
| | | | 16,599 | | | | | | 21,637 | | | | | | 26,367 | | | | | | 12,810 | | | | | | 16,127 | | |
Operating expenses: | | | | | | | | | | | | ||||||||||||||||||||
Sales and marketing
|
| | | | 12,185 | | | | | | 15,033 | | | | | | 16,661 | | | | | | 8,106 | | | | | | 9,491 | | |
General and administrative
|
| | | | 9,875 | | | | | | 11,407 | | | | | | 11,631 | | | | | | 5,959 | | | | | | 6,795 | | |
Initial public offering costs
|
| | | | — | | | | | | — | | | | | | 1,979 | | | | | | — | | | | | | — | | |
Research and development
|
| | | | 1,683 | | | | | | 1,789 | | | | | | 2,223 | | | | | | 1,096 | | | | | | 1,355 | | |
Total operating expenses
|
| | | | 23,743 | | | | | | 28,229 | | | | | | 32,494 | | | | | | 15,161 | | | | | | 17,641 | | |
Operating loss
|
| | | | (7,144) | | | | | | (6,592) | | | | | | (6,127) | | | | | | (2,351) | | | | | | (1,514) | | |
Other expenses: | | | | | | | | | | | | ||||||||||||||||||||
Interest expense
|
| | | | 2,549 | | | | | | 1,230 | | | | | | 1,476 | | | | | | 657 | | | | | | 1,095 | | |
Other expense (income)
|
| | | | 67 | | | | | | 31 | | | | | | (1,031) | | | | | | (915) | | | | | | (58) | | |
Total other expenses
|
| | | | 2,616 | | | | | | 1,261 | | | | | | 445 | | | | | | (258) | | | | | | 1,037 | | |
Net loss from continuing operations
|
| | | | (9,760) | | | | | | (7,853) | | | | | | (6,572) | | | | | | (2,093) | | | | | | (2,551) | | |
(Gain) loss from discontinued operations
|
| | | | (211) | | | | | | 38 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (9,549) | | | | | $ | (7,891) | | | | | $ | (6,572) | | | | | $ | (2,093) | | | | | $ | (2,551) | | |
Net loss attributable to common stockholders
|
| | | $ | (12,804) | | | | | $ | (12,688) | | | | | $ | (12,448) | | | | | $ | (4,754) | | | | | $ | (5,431) | | |
Weighted average shares – basic and diluted
|
| | | | 1,744,295 | | | | | | 1,744,356 | | | | | | 1,744,356 | | | | | | 1,744,356 | | | | | | 1,745,390 | | |
Net loss per share attributable to common stockholders(1):
|
| | | | | | | | | | | ||||||||||||||||||||
Basic and diluted
|
| | | $ | (7.34) | | | | | $ | (7.27) | | | | | $ | (7.14) | | | | | $ | (2.73) | | | | | $ | (3.11) | | |
Pro forma net loss per share (unaudited)(1):
|
| | | | | | | | | | | ||||||||||||||||||||
Basic and diluted
|
| | | | | | | | | | | | | | | $ | (0.88) | | | | | | | | | | | $ | (0.33) | | |
|
| | |
June 30, 2017
|
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(in thousands)
|
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Actual
|
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Pro Forma
|
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Pro Forma
As Adjusted |
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Balance sheet data: | | | | | |||||||||||||||
Cash
|
| | | $ | 2,306 | | | | | $ | 2,306 | | | | | $ | 43,107 | | |
Working capital
|
| | | | 18,405 | | | | | | 13,006 | | | | | | 59,206 | | |
Total assets
|
| | | | 40,027 | | | | | | 40,027 | | | | | | 80,828 | | |
Total long-term liabilities
|
| | | | 25,431 | | | | | | 25,431 | | | | | | 25,431 | | |
Total liabilities
|
| | | | 35,785 | | | | | | 41,184 | | | | | | 35,785 | | |
Redeemable convertible preferred stock
|
| | | | 74,183 | | | | | | — | | | | | | — | | |
Total stockholders’ deficit
|
| | | | (69,941) | | | | | | (1,157) | | | | | | 45,043 | | |
| | |
As of June 30, 2017
|
|||||||||||||||
(in thousands, except share and per share information)
|
| |
Actual
|
| |
Pro
Forma |
| |
Pro Forma
As Adjusted |
|||||||||
Cash
|
| | | $ | 2,306 | | | | | $ | 2,306 | | | | | $ | 43,107 | |
Total debt
|
| | | $ | 25,541 | | | | | $ | 25,541 | | | | | $ | 25,541 | |
Preferred stock, $0.00025 par value; no shares authorized, issued or outstanding, actual; 5,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted
|
| | | | — | | | | | | — | | | | | | — | |
Series A preferred stock, $0.00025 par value; 1,000,000 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 24,386 | | | | | | — | | | | | | — | |
Series B preferred stock, $0.00025 par value; 6,000,000 shares authorized, 4,446,978 shares issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 49,797 | | | | | | — | | | | | | — | |
Stockholders’ equity (deficit): | | | | | ||||||||||||||
Common stock; $0.00025 par value; 8,040,000 shares authorized, 2,481,607 shares issued and outstanding, actual; 50,000,000 shares authorized, 8,044,435 shares issued and outstanding, pro forma; 50,000,000 shares authorized, 12,044,435 shares issued and outstanding, pro forma as adjusted
|
| | | | 1 | | | | | | 1 | | | | | | 1 | |
Additional paid-in capital
|
| | | | 10,671 | | | | | | 79,455 | | | | | | 125,655 | |
Accumulated deficit
|
| | | | (80,685) | | | | | | (80,685) | | | | | | (80,685) | |
Accumulated other comprehensive income
|
| | | | 72 | | | | | | 72 | | | | | | 72 | |
Total stockholders’ (deficit) equity
|
| | | | (69,941) | | | | | | (1,157) | | | | | | 45,043 | |
Total capitalization
|
| | | $ | 29,783 | | | | | $ | 24,384 | | | | | $ | 70,584 | |
|
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | 13.00 | | |
|
Net tangible book value per share as of June 30, 2017
|
| | | $ | 1.11 | | | | | | | | |
|
Decrease in net tangible book value per share attributable to conversion of preferred stock
|
| | | | (1.44) | | | | | | | | |
|
Pro forma net tangible book value per share as of June 30, 2017
|
| | | | (0.33) | | | | |||||
|
Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering
|
| | | | 3.95 | | | | | | | | |
|
Pro forma as adjusted net tangible book value per share as of June 30, 2017
|
| | | | | | | | | | 3.62 | | |
|
Dilution per share to new investors in this offering
|
| | | | | | | | | $ | 9.38 | | |
|
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average
Price Per Share |
| |||||||||||||||||||||
(in thousands, except share and per share
information) |
| |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing stockholders
|
| | | | 8,044,435 | | | | | | 66.8% | | | | | $ | 84,854,000 | | | | | | 62.0% | | | | | $ | 10.55 | | |
Investors participating in this offering
|
| | | | 4,000,000 | | | | | | 33.2 | | | | | | 52,000,000 | | | | | | 38.0 | | | | | | 13.00 | | |
Total
|
| | | | 12,044,435 | | | | | | 100.0% | | | | | $ | 136,854,000 | | | | | | 100.0% | | | | | | | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||
(in thousands, except share and per share
information) |
| |
2014
|
| |
2015
|
| |
2016
|
| |
2016
|
| |
2017
|
| |||||||||||||||
Statement of operations data: | | | | | | | |||||||||||||||||||||||||
Net revenue
|
| | | $ | 23,684 | | | | | $ | 31,004 | | | | | $ | 37,298 | | | | | $ | 17,745 | | | | | $ | 21,564 | | |
Cost of revenue
|
| | | | 7,085 | | | | | | 9,367 | | | | | | 10,931 | | | | | | 4,935 | | | | | | 5,437 | | |
Gross profit
|
| | | | 16,599 | | | | | | 21,637 | | | | | | 26,367 | | | | | | 12,810 | | | | | | 16,127 | | |
Operating expenses: | | | | | | | |||||||||||||||||||||||||
Sales and marketing
|
| | | | 12,185 | | | | | | 15,033 | | | | | | 16,661 | | | | | | 8,106 | | | | | | 9,491 | | |
General and administrative
|
| | | | 9,875 | | | | | | 11,407 | | | | | | 11,631 | | | | | | 5,959 | | | | | | 6,795 | | |
Initial public offering costs
|
| | | | — | | | | | | — | | | | | | 1,979 | | | | | | — | | | | | | — | | |
Research and development
|
| | | | 1,683 | | | | | | 1,789 | | | | | | 2,223 | | | | | | 1,096 | | | | | | 1,355 | | |
Total operating expenses
|
| | | | 23,743 | | | | | | 28,229 | | | | | | 32,494 | | | | | | 15,161 | | | | | | 17,641 | | |
Operating loss
|
| | | | (7,144) | | | | | | (6,592) | | | | | | (6,127) | | | | | | (2,351) | | | | | | (1,514) | | |
Other expenses: | | | | | | | |||||||||||||||||||||||||
Interest expense
|
| | | | 2,549 | | | | | | 1,230 | | | | | | 1,476 | | | | | | 657 | | | | | | 1,095 | | |
Other expense (income)
|
| | | | 67 | | | | | | 31 | | | | | | (1,031) | | | | | | (915) | | | | | | (58) | | |
Total other expenses
|
| | | | 2,616 | | | | | | 1,261 | | | | | | 445 | | | | | | (258) | | | | | | 1,037 | | |
Net loss from continuing
operations |
| | | | (9,760) | | | | | | (7,853) | | | | | | (6,572) | | | | | | (2,093) | | | | | | (2,551) | | |
(Gain) loss from discontinued operations
|
| | | | (211) | | | | | | 38 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (9,549) | | | | | $ | (7,891) | | | | | $ | (6,572) | | | | | $ | (2,093) | | | | | $ | (2,551) | | |
Net loss attributable to common stockholders
|
| | | $ | (12,804) | | | | | $ | (12,688) | | | | | $ | (12,448) | | | | | $ | (4,754) | | | | | $ | (5,431) | | |
Weighted average shares – basic and diluted
|
| | | | 1,744,295 | | | | | | 1,744,356 | | | | | | 1,744,356 | | | | | | 1,744,356 | | | | | | 1,745,390 | | |
Net loss per share attributable to common stockholders(1):
|
| | | | | | |||||||||||||||||||||||||
Basic and diluted
|
| | | $ | (7.34) | | | | | $ | (7.27) | | | | | $ | (7.14) | | | | | $ | (2.73) | | | | | $ | (3.11) | | |
Pro forma net loss per share (unaudited)(1):
|
| | | | | | |||||||||||||||||||||||||
Basic and diluted
|
| | | | | | | | | | | | | | | $ | (0.88) | | | | | | | | | | | $ | (0.33) | | |
|
| | |
December 31,
|
| |
June 30,
2017 |
| ||||||||||||
(in thousands)
|
| |
2015
|
| |
2016
|
| ||||||||||||
Balance sheet data: | | | | | |||||||||||||||
Cash
|
| | | $ | 3,878 | | | | | $ | 1,609 | | | | | $ | 2,306 | | |
Total assets
|
| | | | 30,691 | | | | | | 30,676 | | | | | | 40,027 | | |
Total long-term liabilities
|
| | | | 13,039 | | | | | | 17,431 | | | | | | 25,431 | | |
Total liabilities
|
| | | | 19,376 | | | | | | 24,682 | | | | | | 35,785 | | |
Redeemable convertible preferred stock
|
| | | | 65,427 | | | | | | 71,303 | | | | | | 74,183 | | |
Total stockholders’ deficit
|
| | | | (54,112) | | | | | | (65,309) | | | | | | (69,941) | | |
| | |
Year Ended December 31,
|
| |||||||||
(in thousands)
|
| |
2014
|
| |
2015
|
| ||||||
Revenue
|
| | | $ | 845 | | | | | $ | — | | |
Expenses
|
| | | | 634 | | | | | | — | | |
Results from operating activities
|
| | | | 211 | | | | | | — | | |
Loss on sale of assets held for sale
|
| | | | — | | | | | | 38 | | |
(Gain) loss from discontinued operations
|
| | | $ | (211) | | | | | $ | 38 | | |
|
| | |
Six Months Ended
June 30, |
| |
Increase
|
| |
% Increase
|
| |||||||||||||||
(in thousands, except percentages)
|
| |
2016
|
| |
2017
|
| ||||||||||||||||||
Revenue
|
| | | $ | 17,745 | | | | | $ | 21,564 | | | | | $ | 3,819 | | | | | | 22% | | |
Cost of revenue
|
| | | | 4,935 | | | | | | 5,437 | | | | | | 502 | | | | | | 10 | | |
Sales and marketing expenses
|
| | | | 8,106 | | | | | | 9,491 | | | | | | 1,385 | | | | | | 17 | | |
General and administrative expenses
|
| | | | 5,959 | | | | | | 6,795 | | | | | | 836 | | | | | | 14 | | |
Research and development expenses
|
| | | | 1,096 | | | | | | 1,355 | | | | | | 259 | | | | | | 24 | | |
Other (income) expenses
|
| | | | (258) | | | | | | 1,037 | | | | | | 1,295 | | | | | | 502 | | |
Net loss from continuing operations
|
| | | $ | (2,093) | | | | | $ | (2,551) | | | | | $ | 458 | | | | | | 22 | | |
|
| | |
Revenue by Geography
Six Months Ended June 30, |
| |||||||||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||||||||
(in thousands, except percentages)
|
| |
Amount
|
| |
% of revenue
|
| |
Amount
|
| |
% of revenue
|
| ||||||||||||
U.S.
|
| | | $ | 13,691 | | | | | | 77% | | | | | $ | 16,529 | | | | | | 77% | | |
International
|
| | | | 4,054 | | | | | | 23 | | | | | | 5,035 | | | | | | 23 | | |
Total
|
| | | $ | 17,745 | | | | | | 100% | | | | | $ | 21,564 | | | | | | 100% | | |
|
| | |
Revenue by Product Category
Six Months Ended June 30, |
| |||||||||||||||||||||
| | |
2016
|
| |
2017
|
| ||||||||||||||||||
(in thousands, except percentages)
|
| |
Amount
|
| |
% of revenue
|
| |
Amount
|
| |
% of revenue
|
| ||||||||||||
Trauma and deformity
|
| | | $ | 13,016 | | | | | | 73% | | | | | $ | 15,609 | | | | | | 72% | | |
Complex spine
|
| | | | 4,211 | | | | | | 24 | | | | | | 5,353 | | | | | | 25 | | |
ACL reconstruction/other
|
| | | | 518 | | | | | | 3 | | | | | | 602 | | | | | | 3 | | |
Total
|
| | | $ | 17,745 | | | | | | 100% | | | | | $ | 21,564 | | | | | | 100% | | |
|
| | |
Year Ended December 31,
|
| |
Increase
(Decrease) |
| |
% Increase
(Decrease) |
| |||||||||||||||
(in thousands, except percentages)
|
| |
2015
|
| |
2016
|
| ||||||||||||||||||
Revenue
|
| | | $ | 31,004 | | | | | $ | 37,298 | | | | | $ | 6,294 | | | | | | 20% | | |
Cost of revenue
|
| | | | 9,367 | | | | | | 10,931 | | | | | | 1,564 | | | | | | 17 | | |
Sales and marketing expenses
|
| | | | 15,033 | | | | | | 16,661 | | | | | | 1,628 | | | | | | 11 | | |
General and administrative expenses
|
| | | | 11,407 | | | | | | 11,631 | | | | | | 224 | | | | | | 2 | | |
Initial public offering costs
|
| | | | — | | | | | | 1,979 | | | | | | 1,979 | | | | | | 100 | | |
Research and development expenses
|
| | | | 1,789 | | | | | | 2,223 | | | | | | 434 | | | | | | 24 | | |
Other expenses
|
| | | | 1,261 | | | | | | 445 | | | | | | (816) | | | | | | (65) | | |
Net loss from continuing operations
|
| | | $ | (7,853) | | | | | $ | (6,572) | | | | | $ | (1,281) | | | | | | (16) | | |
|
| | |
Revenue by Geography
Year Ended December 31, |
| |||||||||||||||||||||
| | |
2015
|
| |
2016
|
| ||||||||||||||||||
(in thousands, except percentages)
|
| |
Amount
|
| |
% of revenue
|
| |
Amount
|
| |
% of revenue
|
| ||||||||||||
U.S.
|
| | | $ | 24,910 | | | | | | 80% | | | | | $ | 28,839 | | | | | | 77% | | |
International
|
| | | | 6,094 | | | | | | 20 | | | | | | 8,459 | | | | | | 23 | | |
Total
|
| | | $ | 31,004 | | | | | | 100% | | | | | $ | 37,298 | | | | | | 100% | | |
|
| | |
Revenue by Product Category
Year Ended December 31, |
| |||||||||||||||||||||
| | |
2015
|
| |
2016
|
| ||||||||||||||||||
(in thousands, except percentages)
|
| |
Amount
|
| |
% of revenue
|
| |
Amount
|
| |
% of revenue
|
| ||||||||||||
Trauma and deformity
|
| | | $ | 22,475 | | | | | | 73% | | | | | $ | 26,844 | | | | | | 72% | | |
Complex spine
|
| | | | 7,446 | | | | | | 24 | | | | | | 9,349 | | | | | | 25 | | |
ACL reconstruction/other
|
| | | | 1,083 | | | | | | 3 | | | | | | 1,105 | | | | | | 3 | | |
Total
|
| | | $ | 31,004 | | | | | | 100% | | | | | $ | 37,298 | | | | | | 100% | | |
|
| | |
Year Ended December 31,
|
| |
Increase
(Decrease) |
| |
% Increase
(Decrease) |
| |||||||||||||||
(in thousands, except percentages)
|
| |
2014
|
| |
2015
|
| ||||||||||||||||||
Revenue
|
| | | $ | 23,684 | | | | | $ | 31,004 | | | | | $ | 7,320 | | | | | | 31% | | |
Cost of revenue
|
| | | | 7,085 | | | | | | 9,367 | | | | | | 2,282 | | | | | | 32 | | |
Sales and marketing expenses
|
| | | | 12,185 | | | | | | 15,033 | | | | | | 2,848 | | | | | | 23 | | |
General and administrative expenses
|
| | | | 9,875 | | | | | | 11,407 | | | | | | 1,532 | | | | | | 16 | | |
Research and development expenses
|
| | | | 1,683 | | | | | | 1,789 | | | | | | 106 | | | | | | 6 | | |
Other expenses
|
| | | | 2,616 | | | | | | 1,261 | | | | | | (1,355) | | | | | | (52) | | |
Net loss from continuing operations
|
| | | $ | (9,760) | | | | | $ | (7,853) | | | | | $ | (1,907) | | | | | | (20) | | |
|
| | |
Revenue by Geography
Year Ended December 31, |
| |||||||||||||||||||||
| | |
2014
|
| |
2015
|
| ||||||||||||||||||
(in thousands, except percentages)
|
| |
Amount
|
| |
% of revenue
|
| |
Amount
|
| |
% of revenue
|
| ||||||||||||
U.S.
|
| | | $ | 18,421 | | | | | | 78% | | | | | $ | 24,910 | | | | | | 80% | | |
International
|
| | | | 5,263 | | | | | | 22 | | | | | | 6,094 | | | | | | 20 | | |
Total
|
| | | $ | 23,684 | | | | | | 100% | | | | | $ | 31,004 | | | | | | 100% | | |
|
| | |
Revenue by Product Category
Year Ended December 31, |
| |||||||||||||||||||||
| | |
2014
|
| |
2015
|
| ||||||||||||||||||
(in thousands, except percentages)
|
| |
Amount
|
| |
% of revenue
|
| |
Amount
|
| |
% of revenue
|
| ||||||||||||
Trauma and deformity
|
| | | $ | 19,325 | | | | | | 82% | | | | | $ | 22,475 | | | | | | 73% | | |
Complex spine
|
| | | | 3,556 | | | | | | 15 | | | | | | 7,446 | | | | | | 24 | | |
ACL reconstruction/other
|
| | | | 803 | | | | | | 3 | | | | | | 1,083 | | | | | | 3 | | |
Total
|
| | | $ | 23,684 | | | | | | 100% | | | | | $ | 31,004 | | | | | | 100% | | |
|
| | |
Year Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
2014
|
| |
2015
|
| |
2016
|
| |
2016
|
| |
2017
|
| |||||||||||||||
Net cash used in operating activities
|
| | | $ | (9,922) | | | | | $ | (892) | | | | | $ | (1,119) | | | | | $ | (2,308) | | | | | $ | (4,234) | | |
Net cash used in investing activities
|
| | | | (3,276) | | | | | | (1,713) | | | | | | (4,754) | | | | | | (1,795) | | | | | | (3,144) | | |
Net cash provided by (used in) financing activities
|
| | | | 19,721 | | | | | | (98) | | | | | | 3,604 | | | | | | 1,422 | | | | | | 8,003 | | |
Effect of exchange rate change on cash
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 72 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 6,523 | | | | | $ | (2,703) | | | | | $ | (2,269) | | | | | $ | (2,681) | | | | | $ | 697 | | |
|
| | |
Payments Due by Period(1)
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Less than
1 Year |
| |
1 – 3
Years |
| |
3 – 5
Years |
| |
More than
5 Years |
| |||||||||||||||
Long-term debt
|
| | | $ | 25,541 | | | | | $ | 110 | | | | | $ | 24,320 | | | | | $ | 423 | | | | | $ | 688 | | |
Minimum royalty payments
|
| | | | 4,300 | | | | | | 300 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,000 | | |
| | |
Trauma and
Deformity |
| |
Complex Spine
|
| |
Sports
Medicine |
| |
Smart
Implants |
|
U.S. Pediatric Orthopedic Implant Market
|
| |
$401 Million
|
| |
$285 Million
|
| |
$116 Million
|
| |
$299 Million
|
|