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Paragon 28 reported 3Q23 orthopedic sales of $52.8 million, +14.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $155.8 million in orthopedic sales, +20% compared to the prior year.
The company’s growth came against a substantial comparison of +28.3% growth in the third quarter of last year. A growing salesforce and surgeon customer base drove the gains during the year. The number of producing sales reps in the U.S. grew by 20% to 257, while the surgeon base grew 9% to a record 2,061 customers.
Paragon 28 is still somewhat constrained by supply shortages. “The sterile packaged products continue to be the area of our supply chain that is still slower than we would like it to be,” said company CFO Stephen Deitsch. “Those headwinds are not inconsistent with what we had expected three months or four months ago, and we do expect those to yield as we get into the first part of 2024.”
Given those supply constraints, the company reiterated its 2023 guidance range of $214 million to $218 million, representing 19% growth at the midpoint.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $2.6 | $2.1 | $0.6 | 27.5% |
| Trauma | $45.4 | $40.3 | $5.1 | 12.8% |
| Sports Medicine | $2.1 | $1.7 | $0.5 | 27.5% |
| Orthobiologics | $2.6 | $2.0 | $0.6 | 30.4% |
| Total | $52.8 | $46.0 | $6.8 | 14.7% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $7.8 | $5.3 | $2.4 | 45.8% |
| Trauma | $134.0 | $114.2 | $19.8 | 17.3% |
| Sports Medicine | $6.2 | $4.7 | $1.6 | 33.4% |
| Orthobiologics | $7.8 | $5.6 | $2.2 | 38.4% |
| Total | $155.8 | $129.9 | $26.0 | 20% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $44.5 | $40.0 | $4.6 | 11.5% |
| OUS | $8.2 | $6.0 | $2.2 | 36.2% |
| Total | $52.8 | $46.0 | $6.8 | 14.7% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $131.8 | $112.8 | $19.0 | 16.9% |
| OUS | $24.0 | $17.1 | $6.9 | 40.6% |
| Total | $155.8 | $129.9 | $26.0 | 20% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $52.8 | |
| Cost of Sales | $10.4 | 19.7% |
| R & D | $44.1 | 83.6% |
| Selling and Admin | $7.2 | 13.7% |
| Other | ($0.6) | (1.2%) |
| Net Earnings | ($8.3) | (15.8%) |
Paragon 28 reported 3Q23 orthopedic sales of $52.8 million, +14.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $155.8 million in orthopedic sales, +20% compared to the prior year.
The company’s growth came against a substantial comparison of +28.3% growth in the third quarter of last...
Paragon 28 reported 3Q23 orthopedic sales of $52.8 million, +14.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $155.8 million in orthopedic sales, +20% compared to the prior year.
The company’s growth came against a substantial comparison of +28.3% growth in the third quarter of last year. A growing salesforce and surgeon customer base drove the gains during the year. The number of producing sales reps in the U.S. grew by 20% to 257, while the surgeon base grew 9% to a record 2,061 customers.
Paragon 28 is still somewhat constrained by supply shortages. “The sterile packaged products continue to be the area of our supply chain that is still slower than we would like it to be,” said company CFO Stephen Deitsch. “Those headwinds are not inconsistent with what we had expected three months or four months ago, and we do expect those to yield as we get into the first part of 2024.”
Given those supply constraints, the company reiterated its 2023 guidance range of $214 million to $218 million, representing 19% growth at the midpoint.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $2.6 | $2.1 | $0.6 | 27.5% |
| Trauma | $45.4 | $40.3 | $5.1 | 12.8% |
| Sports Medicine | $2.1 | $1.7 | $0.5 | 27.5% |
| Orthobiologics | $2.6 | $2.0 | $0.6 | 30.4% |
| Total | $52.8 | $46.0 | $6.8 | 14.7% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $7.8 | $5.3 | $2.4 | 45.8% |
| Trauma | $134.0 | $114.2 | $19.8 | 17.3% |
| Sports Medicine | $6.2 | $4.7 | $1.6 | 33.4% |
| Orthobiologics | $7.8 | $5.6 | $2.2 | 38.4% |
| Total | $155.8 | $129.9 | $26.0 | 20% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $44.5 | $40.0 | $4.6 | 11.5% |
| OUS | $8.2 | $6.0 | $2.2 | 36.2% |
| Total | $52.8 | $46.0 | $6.8 | 14.7% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $131.8 | $112.8 | $19.0 | 16.9% |
| OUS | $24.0 | $17.1 | $6.9 | 40.6% |
| Total | $155.8 | $129.9 | $26.0 | 20% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $52.8 | |
| Cost of Sales | $10.4 | 19.7% |
| R & D | $44.1 | 83.6% |
| Selling and Admin | $7.2 | 13.7% |
| Other | ($0.6) | (1.2%) |
| Net Earnings | ($8.3) | (15.8%) |
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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.
