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Paragon 28 reported 3Q22 orthopedic sales of $46 million, +28.3% compared to the third quarter of 2021. The company raised its 2022 full-year sales guidance to $179.5 million, representing 22% growth.
In the U.S., Paragon 28’s traction with new product launches drove increased surgeon adoption and attracted new sales talent. The company launched 10 new products through the third quarter of 2022 and grew its total salesforce headcount by 15% year-over-year.
International sales surged 52% in the quarter, driven by Paragon 28’s three largest OUS markets of Australia, South Africa and the United Kingdom. Increased distribution capabilities in Spain also contributed to the growth.
Since acquiring the software company Disior in early 2022, Paragon 28 completed 32 clinical studies focused on the capability of the system’s algorithms. The platform could reach commercialization in late 2023.
Paragon 28 CEO Albert DaCosta said, “We’re using Disior meaningfully in our development process and integrating it into some of the new products we have under development. We’re also integrating it with the Additive Orthopedics line. We’re overwhelmed with how quickly we could answer questions given the 3-dimensional visibility that Disior gives us. We are increasingly able to instantly make diagnoses and answer questions that previously could take months, if not years.”
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $2.2 | $1.6 | $0.6 | 36.9% |
| Trauma | $40.1 | $31.4 | $8.7 | 27.9% |
| Sports Medicine | $1.7 | $1.3 | $0.4 | 32% |
| Orthobiologics | $2.0 | $1.6 | $0.4 | 25.5% |
| Total | $46.0 | $35.9 | $10.2 | 28.3% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $5.5 | $4.2 | $1.3 | 30.5% |
| Trauma | $114.1 | $92.1 | $22.0 | 23.9% |
| Sports Medicine | $4.7 | $3.7 | $1.0 | 27.5% |
| Orthobiologics | $5.6 | $4.7 | $0.9 | 19.5% |
| Total | $129.9 | $104.7 | $25.2 | 24.1% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $40.0 | $31.9 | $8.1 | 25.3% |
| OUS | $6.0 | $4.0 | $2.1 | 52.3% |
| Total | $46.0 | $35.9 | $10.2 | 28.3% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $112.8 | $92.0 | $20.8 | 22.6% |
| OUS | $17.1 | $12.7 | $4.4 | 34.9% |
| Total | $129.9 | $104.7 | $25.2 | 24.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $46.0 | |
| Cost of Sales | $8.5 | 18.5% |
| R & D | $39.7 | 86.2% |
| Selling and Admin | $6.3 | 13.8% |
| Other | $1.8 | 4% |
| Net Earnings | ($10.3) | (22.4%) |
Paragon 28 reported 3Q22 orthopedic sales of $46 million, +28.3% compared to the third quarter of 2021. The company raised its 2022 full-year sales guidance to $179.5 million, representing 22% growth.
In the U.S., Paragon 28's traction with new product launches drove increased surgeon adoption and attracted new sales talent. The company...
Paragon 28 reported 3Q22 orthopedic sales of $46 million, +28.3% compared to the third quarter of 2021. The company raised its 2022 full-year sales guidance to $179.5 million, representing 22% growth.
In the U.S., Paragon 28’s traction with new product launches drove increased surgeon adoption and attracted new sales talent. The company launched 10 new products through the third quarter of 2022 and grew its total salesforce headcount by 15% year-over-year.
International sales surged 52% in the quarter, driven by Paragon 28’s three largest OUS markets of Australia, South Africa and the United Kingdom. Increased distribution capabilities in Spain also contributed to the growth.
Since acquiring the software company Disior in early 2022, Paragon 28 completed 32 clinical studies focused on the capability of the system’s algorithms. The platform could reach commercialization in late 2023.
Paragon 28 CEO Albert DaCosta said, “We’re using Disior meaningfully in our development process and integrating it into some of the new products we have under development. We’re also integrating it with the Additive Orthopedics line. We’re overwhelmed with how quickly we could answer questions given the 3-dimensional visibility that Disior gives us. We are increasingly able to instantly make diagnoses and answer questions that previously could take months, if not years.”
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $2.2 | $1.6 | $0.6 | 36.9% |
| Trauma | $40.1 | $31.4 | $8.7 | 27.9% |
| Sports Medicine | $1.7 | $1.3 | $0.4 | 32% |
| Orthobiologics | $2.0 | $1.6 | $0.4 | 25.5% |
| Total | $46.0 | $35.9 | $10.2 | 28.3% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $5.5 | $4.2 | $1.3 | 30.5% |
| Trauma | $114.1 | $92.1 | $22.0 | 23.9% |
| Sports Medicine | $4.7 | $3.7 | $1.0 | 27.5% |
| Orthobiologics | $5.6 | $4.7 | $0.9 | 19.5% |
| Total | $129.9 | $104.7 | $25.2 | 24.1% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $40.0 | $31.9 | $8.1 | 25.3% |
| OUS | $6.0 | $4.0 | $2.1 | 52.3% |
| Total | $46.0 | $35.9 | $10.2 | 28.3% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $112.8 | $92.0 | $20.8 | 22.6% |
| OUS | $17.1 | $12.7 | $4.4 | 34.9% |
| Total | $129.9 | $104.7 | $25.2 | 24.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $46.0 | |
| Cost of Sales | $8.5 | 18.5% |
| R & D | $39.7 | 86.2% |
| Selling and Admin | $6.3 | 13.8% |
| Other | $1.8 | 4% |
| Net Earnings | ($10.3) | (22.4%) |
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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.
