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Paragon 28 reported 4Q21 orthopedic sales of $42.8 million, +22% vs. 4Q20. For the full year, the company generated $147.5 million in orthopedic sales, +32.9% vs. the year prior.
The company ended 2021 with 206 sales representatives, up from 192 the year before. Additionally, Paragon 28 launched eight new products in 2021 and acquired the assets of Additive Orthopedics.
Providing those reps and products with opportunities for growth through an expanded surgeon base is a key priority for Paragon 28. The company estimates that there are almost 14,000 practitioners doing foot and ankle surgery in the U.S. In an average quarter, Paragon 28 has 575 producing surgeons (those who perform cases monthly) out of 1,800 total surgeon customers.
Many of those surgeons operate at a far lower volume than their counterparts in joint replacement and spine. Paragon 28 believes its education program and enabling technology can help offset that discrepancy. Its recent acquisition of Disior will drive R&D efforts to bolster the Smart 28 enabling technology portfolio.
Company CFO Stephen Deitsch said, “A lot of the surgeons in that base are lower-volume surgeons, and some of them may only do one or two cases a quarter. They have a lot of other aspects of their practice. Better education and better products give them more confidence in performing more procedures. That’s a big part of the vision for Smart 28, enabling surgeons to potentially do more procedures and get comfortable doing more procedures, and also patients getting more comfortable with going into a procedure for their foot or ankle.”
Paragon 28 expects 2022 orthopedic sales in the range of $167 million to $171 million, representing growth of +13% to +16%. The company also expects growth between +13% and +16% for the first quarter of 20222.
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
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $2.0 | $1.1 | $1.0 | 93.2% |
| Trauma | $37.0 | $31.2 | $5.8 | 18.6% |
| Sports Medicine | $1.6 | $1.2 | $0.4 | 30.7% |
| Orthobiologics | $2.1 | $1.6 | $0.6 | 35.6% |
| Total | $42.8 | $35.1 | $7.7 | 22% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $6.2 | $3.3 | $2.8 | 85.5% |
| Trauma | $129.2 | $98.8 | $30.4 | 30.8% |
| Sports Medicine | $5.3 | $3.9 | $1.4 | 35.2% |
| Orthobiologics | $6.8 | $5.0 | $1.8 | 36.6% |
| Total | $147.5 | $111.0 | $36.5 | 32.9% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $38.1 | $31.6 | $6.5 | 20.7% |
| OUS | $4.7 | $3.5 | $1.2 | 34.2% |
| Total | $42.8 | $35.1 | $7.7 | 22% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $130.1 | $100.5 | $29.6 | 29.4% |
| OUS | $17.4 | $10.4 | $6.9 | 66.3% |
| Total | $147.5 | $111.0 | $36.5 | 32.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $42.8 | |
| Cost of Sales | $7.8 | 18.3% |
| R & D | $35.1 | 82% |
| Selling and Admin | $4.9 | 11.4% |
| Other | $1.2 | 2.8% |
| Net Earnings | ($6.2) | (14.4%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Paragon 28 reported 4Q21 orthopedic sales of $42.8 million, +22% vs. 4Q20. For the full year, the company generated $147.5 million in orthopedic sales, +32.9% vs. the year prior.
The company ended 2021 with 206 sales representatives, up from 192 the year before. Additionally, Paragon 28 launched eight new products in 2021 and acquired...
Paragon 28 reported 4Q21 orthopedic sales of $42.8 million, +22% vs. 4Q20. For the full year, the company generated $147.5 million in orthopedic sales, +32.9% vs. the year prior.
The company ended 2021 with 206 sales representatives, up from 192 the year before. Additionally, Paragon 28 launched eight new products in 2021 and acquired the assets of Additive Orthopedics.
Providing those reps and products with opportunities for growth through an expanded surgeon base is a key priority for Paragon 28. The company estimates that there are almost 14,000 practitioners doing foot and ankle surgery in the U.S. In an average quarter, Paragon 28 has 575 producing surgeons (those who perform cases monthly) out of 1,800 total surgeon customers.
Many of those surgeons operate at a far lower volume than their counterparts in joint replacement and spine. Paragon 28 believes its education program and enabling technology can help offset that discrepancy. Its recent acquisition of Disior will drive R&D efforts to bolster the Smart 28 enabling technology portfolio.
Company CFO Stephen Deitsch said, “A lot of the surgeons in that base are lower-volume surgeons, and some of them may only do one or two cases a quarter. They have a lot of other aspects of their practice. Better education and better products give them more confidence in performing more procedures. That’s a big part of the vision for Smart 28, enabling surgeons to potentially do more procedures and get comfortable doing more procedures, and also patients getting more comfortable with going into a procedure for their foot or ankle.”
Paragon 28 expects 2022 orthopedic sales in the range of $167 million to $171 million, representing growth of +13% to +16%. The company also expects growth between +13% and +16% for the first quarter of 20222.
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
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $2.0 | $1.1 | $1.0 | 93.2% |
| Trauma | $37.0 | $31.2 | $5.8 | 18.6% |
| Sports Medicine | $1.6 | $1.2 | $0.4 | 30.7% |
| Orthobiologics | $2.1 | $1.6 | $0.6 | 35.6% |
| Total | $42.8 | $35.1 | $7.7 | 22% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Extremity Joint Replacement | $6.2 | $3.3 | $2.8 | 85.5% |
| Trauma | $129.2 | $98.8 | $30.4 | 30.8% |
| Sports Medicine | $5.3 | $3.9 | $1.4 | 35.2% |
| Orthobiologics | $6.8 | $5.0 | $1.8 | 36.6% |
| Total | $147.5 | $111.0 | $36.5 | 32.9% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $38.1 | $31.6 | $6.5 | 20.7% |
| OUS | $4.7 | $3.5 | $1.2 | 34.2% |
| Total | $42.8 | $35.1 | $7.7 | 22% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $130.1 | $100.5 | $29.6 | 29.4% |
| OUS | $17.4 | $10.4 | $6.9 | 66.3% |
| Total | $147.5 | $111.0 | $36.5 | 32.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $42.8 | |
| Cost of Sales | $7.8 | 18.3% |
| R & D | $35.1 | 82% |
| Selling and Admin | $4.9 | 11.4% |
| Other | $1.2 | 2.8% |
| Net Earnings | ($6.2) | (14.4%) |
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.
