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Paragon 28 reported 3Q21 orthopedic sales of $35.9 million, +18.4% vs. 3Q20. This quarter marked the company’s first as a public company after its recent IPO raised $131 million in net proceeds. Going public has helped reduce hesitation from potential new sales reps who feared joining Paragon 28 only for the company to be acquired by one of the large, multi-channel players.
The company faced the same market headwinds as all orthopedic players, but its 2020 investments in new product launches and an expanded salesforce are paying off now. Paragon 28 estimates the foot and ankle market at $4.3 billion, with 55% of that in the U.S. The segment is relatively new and has significant room for improved outcomes, according to the company.
Paragon 28 believes that enabling technology will play a crucial role in improving those outcomes and represents a key strategic focus area for the company. It plans to launch products for pre-, intra- and post-operative use. This product ecosystem, called Smart 28, also provides the company an opportunity to leverage the non-product research that it conducts.
The company expects fourth quarter revenue between $38 million and $39 million, with growth between 8% and 11% compared to 4Q20.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $1.6 | $0.9 | $0.7 | 77.7% |
| Trauma | $31.4 | $26.9 | $4.4 | 16.4% |
| Sports Medicine | $1.3 | $1.1 | $0.2 | 18.4% |
| Orthobiologics | $1.6 | $1.4 | $0.3 | 18.4% |
| Total | $35.9 | $30.3 | $5.6 | 18.4% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $5.2 | $2.3 | $3.0 | 129.8% |
| Trauma | $91.1 | $67.6 | $23.5 | 34.8% |
| Sports Medicine | $3.7 | $2.7 | $1.0 | 37.9% |
| Orthobiologics | $4.7 | $3.4 | $1.3 | 37.9% |
| Total | $104.7 | $75.9 | $28.8 | 37.9% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $31.9 | $27.5 | $4.4 | 16% |
| OUS | $4.0 | $2.8 | $1.2 | 42.5% |
| Total | $35.9 | $30.3 | $5.6 | 18.4% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $92.0 | $68.6 | $23.4 | 34.1% |
| OUS | $12.7 | $7.3 | $5.3 | 72.9% |
| Total | $104.7 | $75.9 | $28.8 | 37.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $35.9 | |
| Cost of Sales | $7.1 | 19.8% |
| R & D | $29.0 | 80.8% |
| Selling and Admin | $4.1 | 11.5% |
| Other | $1.5 | 4.1% |
| Net Earnings | ($5.8) | (16.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Paragon 28 reported 3Q21 orthopedic sales of $35.9 million, +18.4% vs. 3Q20. This quarter marked the company's first as a public company after its recent IPO raised $131 million in net proceeds. Going public has helped reduce hesitation from potential new sales reps who feared joining Paragon 28 only for the company to be acquired by one of...
Paragon 28 reported 3Q21 orthopedic sales of $35.9 million, +18.4% vs. 3Q20. This quarter marked the company’s first as a public company after its recent IPO raised $131 million in net proceeds. Going public has helped reduce hesitation from potential new sales reps who feared joining Paragon 28 only for the company to be acquired by one of the large, multi-channel players.
The company faced the same market headwinds as all orthopedic players, but its 2020 investments in new product launches and an expanded salesforce are paying off now. Paragon 28 estimates the foot and ankle market at $4.3 billion, with 55% of that in the U.S. The segment is relatively new and has significant room for improved outcomes, according to the company.
Paragon 28 believes that enabling technology will play a crucial role in improving those outcomes and represents a key strategic focus area for the company. It plans to launch products for pre-, intra- and post-operative use. This product ecosystem, called Smart 28, also provides the company an opportunity to leverage the non-product research that it conducts.
The company expects fourth quarter revenue between $38 million and $39 million, with growth between 8% and 11% compared to 4Q20.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $1.6 | $0.9 | $0.7 | 77.7% |
| Trauma | $31.4 | $26.9 | $4.4 | 16.4% |
| Sports Medicine | $1.3 | $1.1 | $0.2 | 18.4% |
| Orthobiologics | $1.6 | $1.4 | $0.3 | 18.4% |
| Total | $35.9 | $30.3 | $5.6 | 18.4% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $5.2 | $2.3 | $3.0 | 129.8% |
| Trauma | $91.1 | $67.6 | $23.5 | 34.8% |
| Sports Medicine | $3.7 | $2.7 | $1.0 | 37.9% |
| Orthobiologics | $4.7 | $3.4 | $1.3 | 37.9% |
| Total | $104.7 | $75.9 | $28.8 | 37.9% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $31.9 | $27.5 | $4.4 | 16% |
| OUS | $4.0 | $2.8 | $1.2 | 42.5% |
| Total | $35.9 | $30.3 | $5.6 | 18.4% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $92.0 | $68.6 | $23.4 | 34.1% |
| OUS | $12.7 | $7.3 | $5.3 | 72.9% |
| Total | $104.7 | $75.9 | $28.8 | 37.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $35.9 | |
| Cost of Sales | $7.1 | 19.8% |
| R & D | $29.0 | 80.8% |
| Selling and Admin | $4.1 | 11.5% |
| Other | $1.5 | 4.1% |
| Net Earnings | ($5.8) | (16.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
