05:25 AM EDT, 08/06/2024 (MT Newswires) -- OrthoPediatrics ( KIDS ) reported a Q2 adjusted loss Monday of $0.23 per diluted share, widening from an adjusted loss of $0.19 a year earlier.

Three analysts polled by Capital IQ expected a loss of $0.26.

Revenue for the quarter ended June 30 was $52.8 million, compared with $39.6 million a year earlier.

Analysts surveyed by Capital IQ expected $52.5 million.

The company said it still expects 2024 revenue of $200 million to $203 million. Analysts surveyed by Capital IQ expect $201.5 million.

Separately, the company said it has signed a private financing arrangement with Braidwell LP, consisting of a $50 million term loan maturing in August 2029 and $50 million of 4.75% convertible notes maturing in February 2030.

The term loan consists of an initial $25 million and access to a delayed draw term loan facility for an additional $25 million.

The notes are convertible into common stock at an initial conversion price of $40.98. The financing is expected to close around Aug. 12.

In connection with the financing, the company's board also approved a stock repurchase program of up to $5 million.

The proceeds from the financing will primarily be used to repay about $10 million of the company's outstanding debt, for potential stock repurchases, general corporate purposes and working capital needs.

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