Paragon 28 Has Record Q1 Sales; Reaffirms Full-Year Guidance

Paragon 28 has released the financial results for its first quarter 2024 (ended March 31).
 
The Englewood, Colo.-based foot and ankle orthopedic firm netted a record $61.1 million revenue in its first quarter, which is 17.4% reported and constant currency growth over the prior year period. U.S. revenue was $51.1 million (up 13.5%) and international sales were a record $10 million (up 42.2% reported, 42.5% constant currency).
 
The company’s gross profit margin was 80% for Q1, compared to 82% in Q1 2023. Adjusted EBITDA was a $5.5 million loss for the first quarter—a $4.1 million decrease compared to Q1 2023’s $1.4 million loss.
 
As a result, Paragon 28 reaffirmed its prior 2024 revenue guidance. The company expects sales to be in the range of $249-259 million for the full year, representing 15.1-19.7% growth compared to 2023.
 
“We are off to a strong start in 2024 and continue to see increased surgeon activity in the U.S. and Internationally. Our commercial channel continues to expand across all geographies, and we see a tremendous amount of excitement for the new products we have introduced this year,” said Albert DaCosta, Paragon 28’s chairman and CEO. “Our focus on innovation and education across all foot and ankle segments has set us up well for continued sustainable growth.”

Paragon 28’s Q1 and recent highlights

• Departure of CFO Stephen Deitsch
• Launched Grappler R3INFORCE extraosseous repair system
• Released Precision MIS bunion system
• Rolled out FJ2000 power console and burr system
• Soft launched Mister Tendon MIS harvesting instruments
• Soft launch and first cases with Bun-Yo-Matic clamp and cut guide
• Rollout of Grappler knotless anchor system