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Paragon 28 reported 3Q24 orthopedic sales of $62.3 million, up 18.1% compared to the third quarter of 2023. Year to date, the company generated $184.4 million in orthopedic sales, up 18.4% compared to the prior year.
The company finished the third quarter with 2,244 active surgeons, a 9% increase, while its U.S. producing sales rep roster grew by 10.5% to 284 reps over the same period.
Paragon 28 is up to 13 new products launched in 2024, including recent debuts of the Phantom Fibula Nail for a less invasive option to treat ankle fractures as well as a short stem tibia implant for the APEX 3D total ankle replacement system.
International sales remain a focus and strength for the company. Geographies outside the United States contributed 30% of Paragon’s third-quarter growth, driven by core markets in the U.K., Australia, South Africa, Canada and Spain.
Several players in the foot and ankle space characterized the market as slow during portions of 2023 and 2024. Paragon said that its wide-ranging portfolio insulated the company from those effects, which instead manifested as week-to-week choppiness across product lines.
“Maybe this is an area for us to do what we would call a humble brag,” said Paragon 28 CEO Albert DaCosta. “Our business model is focused on the entire foot and ankle environment. All five sub-segments really matter to us. We’ve heard some of our competitors talking about softness in the market. We looked carefully. Our business model spread across all of foot and ankle has helped us to weather those types of headwinds.”
Paragon 28 expects 2024 orthopedic sales between $252 million and $256 million, representing growth between 16.5% and 18.3%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $3.4 | $2.6 | $0.8 | 29.9% |
| Trauma | $53.0 | $45.4 | $7.7 | 16.9% |
| Sports Medicine | $2.7 | $2.1 | $0.6 | 29.9% |
| Orthobiologics | $3.1 | $2.6 | $0.5 | 18.1% |
| Total | $62.3 | $52.8 | $9.6 | 18.1% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $9.9 | $7.8 | $2.1 | 26.7% |
| Trauma | $156.9 | $134.0 | $22.9 | 17.1% |
| Sports Medicine | $8.2 | $6.2 | $1.9 | 31.2% |
| Orthobiologics | $9.5 | $7.8 | $1.7 | 21.5% |
| Total | $184.4 | $155.8 | $28.6 | 18.4% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $51.2 | $44.5 | $6.6 | 14.8% |
| OUS | $11.2 | $8.2 | $2.9 | 35.7% |
| Total | $62.3 | $52.8 | $9.6 | 18.1% |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $151.9 | $131.8 | $20.1 | 15.3% |
| OUS | $32.5 | $24.0 | $8.5 | 35.3% |
| Total | $184.4 | $155.8 | $28.6 | 18.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $62.3 | |
| Cost of Sales | $16.2 | 25.9% |
| R & D | $49.0 | 78.6% |
| Selling and Admin | $5.7 | 9.1% |
| Other | $2.8 | 4.4% |
| Net Earnings | ($11.2) | (18%) |
Paragon 28 reported 3Q24 orthopedic sales of $62.3 million, up 18.1% compared to the third quarter of 2023. Year to date, the company generated $184.4 million in orthopedic sales, up 18.4% compared to the prior year.
The company finished the third quarter with 2,244 active surgeons, a 9% increase, while its U.S. producing sales rep roster...
Paragon 28 reported 3Q24 orthopedic sales of $62.3 million, up 18.1% compared to the third quarter of 2023. Year to date, the company generated $184.4 million in orthopedic sales, up 18.4% compared to the prior year.
The company finished the third quarter with 2,244 active surgeons, a 9% increase, while its U.S. producing sales rep roster grew by 10.5% to 284 reps over the same period.
Paragon 28 is up to 13 new products launched in 2024, including recent debuts of the Phantom Fibula Nail for a less invasive option to treat ankle fractures as well as a short stem tibia implant for the APEX 3D total ankle replacement system.
International sales remain a focus and strength for the company. Geographies outside the United States contributed 30% of Paragon’s third-quarter growth, driven by core markets in the U.K., Australia, South Africa, Canada and Spain.
Several players in the foot and ankle space characterized the market as slow during portions of 2023 and 2024. Paragon said that its wide-ranging portfolio insulated the company from those effects, which instead manifested as week-to-week choppiness across product lines.
“Maybe this is an area for us to do what we would call a humble brag,” said Paragon 28 CEO Albert DaCosta. “Our business model is focused on the entire foot and ankle environment. All five sub-segments really matter to us. We’ve heard some of our competitors talking about softness in the market. We looked carefully. Our business model spread across all of foot and ankle has helped us to weather those types of headwinds.”
Paragon 28 expects 2024 orthopedic sales between $252 million and $256 million, representing growth between 16.5% and 18.3%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $3.4 | $2.6 | $0.8 | 29.9% |
| Trauma | $53.0 | $45.4 | $7.7 | 16.9% |
| Sports Medicine | $2.7 | $2.1 | $0.6 | 29.9% |
| Orthobiologics | $3.1 | $2.6 | $0.5 | 18.1% |
| Total | $62.3 | $52.8 | $9.6 | 18.1% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $9.9 | $7.8 | $2.1 | 26.7% |
| Trauma | $156.9 | $134.0 | $22.9 | 17.1% |
| Sports Medicine | $8.2 | $6.2 | $1.9 | 31.2% |
| Orthobiologics | $9.5 | $7.8 | $1.7 | 21.5% |
| Total | $184.4 | $155.8 | $28.6 | 18.4% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $51.2 | $44.5 | $6.6 | 14.8% |
| OUS | $11.2 | $8.2 | $2.9 | 35.7% |
| Total | $62.3 | $52.8 | $9.6 | 18.1% |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $151.9 | $131.8 | $20.1 | 15.3% |
| OUS | $32.5 | $24.0 | $8.5 | 35.3% |
| Total | $184.4 | $155.8 | $28.6 | 18.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $62.3 | |
| Cost of Sales | $16.2 | 25.9% |
| R & D | $49.0 | 78.6% |
| Selling and Admin | $5.7 | 9.1% |
| Other | $2.8 | 4.4% |
| Net Earnings | ($11.2) | (18%) |
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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.
