Paragon 28, Inc. ( (FNA) ) has released its Q3 earnings. Here is a breakdown of the information Paragon 28, Inc. presented to its investors.
Paragon 28, Inc., based in Englewood, Colorado, is a prominent medical device company specializing in the foot and ankle orthopedic market. The company’s focus is on developing innovative orthopedic solutions to improve patient outcomes and simplify surgical procedures.
In its latest financial report, Paragon 28 reported strong third-quarter results with a significant increase in global net revenue. The company also raised its net revenue guidance for the full year 2024, indicating a positive outlook for future growth.
Key highlights from the report include a reported global net revenue of $62.3 million for the third quarter, marking an 18.1% growth compared to the previous year. The company achieved its first positive Adjusted EBITDA since its IPO in October 2021, and improved free cash flow by 69.5% year-over-year. Additionally, Paragon 28 launched 13 new products in strategic markets.
Despite the net loss of $12.3 million for the quarter, the company’s operational improvements and increased revenue guidance reflect a strategic focus on growth and profitability. Paragon 28’s international revenue showed a remarkable 35.7% growth, indicating strong performance outside the U.S.
Looking forward, Paragon 28 is optimistic about its future financial performance, with management expecting sustained revenue growth and efficiency improvements. The company aims to achieve EBITDA positivity by 2025 and free cash flow positivity by 2026, setting a course for sustainable long-term growth.
