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Paragon 28 reported 1Q24 orthopedic sales of $61.1 million, up 17.4% compared to the first quarter of 2023. The company’s sales grew sequentially from the fourth quarter to the first quarter, a rarity made all the more impressive by this quarter’s fewer selling days.
The number of producing sales reps in the U.S. rose 6% compared to the first quarter of last year to 261 reps. Over the same time frame, Paragon 28’s surgeon base grew 12% to a record 2,275 surgeons.
The company started 2024 with six full new product launches and a limited launch for the Bun-Yo-Matic clamp system. The launches are focused on fast-growing foot and ankle subsegments like bunions, soft tissue and minimally invasive surgery.
Paragon 28 also saw strong international sales from the United Kingdom and Australia. The company plans to invest further in new products and markets outside the United States to lay the foundation for sustainable growth.
“Our mission is to improve outcomes for foot and ankle patients and to really put a mark on this market,” said Paragon 28 CEO Albert DaCosta. “You can’t do that as a domestic-only company. You have to be global, and our international reception has been phenomenal.”
The company expects 2024 sales between $249 million and $259 million, representing growth between 15.1% and 19.7%.
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 | 1Q24 | 1Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $3.2 | $2.6 | $0.6 | 24.4% |
| Trauma | $52.0 | $44.8 | $7.2 | 16.2% |
| Sports Medicine | $2.7 | $2.1 | $0.6 | 29.1% |
| Orthobiologics | $3.2 | $2.6 | $0.6 | 22.1% |
| Total | $61.1 | $52.0 | $9.0 | 17.4% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $51.1 | $45.0 | $6.1 | 13.5% |
| OUS | $10.0 | $7.1 | $3.0 | 42.2% |
| Total | $61.1 | $52.0 | $9.0 | 17.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $61.1 | |
| Cost of Sales | $12.2 | 19.9% |
| R & D | $54.2 | 88.8% |
| Selling and Admin | $7.6 | 12.4% |
| Other | $2.3 | 3.8% |
| Net Earnings | ($15.2) | (24.9%) |
Paragon 28 reported 1Q24 orthopedic sales of $61.1 million, up 17.4% compared to the first quarter of 2023. The company's sales grew sequentially from the fourth quarter to the first quarter, a rarity made all the more impressive by this quarter’s fewer selling days.
The number of producing sales reps in the U.S. rose 6% compared to the...
Paragon 28 reported 1Q24 orthopedic sales of $61.1 million, up 17.4% compared to the first quarter of 2023. The company’s sales grew sequentially from the fourth quarter to the first quarter, a rarity made all the more impressive by this quarter’s fewer selling days.
The number of producing sales reps in the U.S. rose 6% compared to the first quarter of last year to 261 reps. Over the same time frame, Paragon 28’s surgeon base grew 12% to a record 2,275 surgeons.
The company started 2024 with six full new product launches and a limited launch for the Bun-Yo-Matic clamp system. The launches are focused on fast-growing foot and ankle subsegments like bunions, soft tissue and minimally invasive surgery.
Paragon 28 also saw strong international sales from the United Kingdom and Australia. The company plans to invest further in new products and markets outside the United States to lay the foundation for sustainable growth.
“Our mission is to improve outcomes for foot and ankle patients and to really put a mark on this market,” said Paragon 28 CEO Albert DaCosta. “You can’t do that as a domestic-only company. You have to be global, and our international reception has been phenomenal.”
The company expects 2024 sales between $249 million and $259 million, representing growth between 15.1% and 19.7%.
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 | 1Q24 | 1Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $3.2 | $2.6 | $0.6 | 24.4% |
| Trauma | $52.0 | $44.8 | $7.2 | 16.2% |
| Sports Medicine | $2.7 | $2.1 | $0.6 | 29.1% |
| Orthobiologics | $3.2 | $2.6 | $0.6 | 22.1% |
| Total | $61.1 | $52.0 | $9.0 | 17.4% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $51.1 | $45.0 | $6.1 | 13.5% |
| OUS | $10.0 | $7.1 | $3.0 | 42.2% |
| Total | $61.1 | $52.0 | $9.0 | 17.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $61.1 | |
| Cost of Sales | $12.2 | 19.9% |
| R & D | $54.2 | 88.8% |
| Selling and Admin | $7.6 | 12.4% |
| Other | $2.3 | 3.8% |
| Net Earnings | ($15.2) | (24.9%) |
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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.
