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Paragon 28, Inc. (FNA) is a pioneering medical devices company focused exclusively on the orthopedic foot and ankle market. Founded in 2010, the name ‘Paragon 28’ signifies its dedication to this niche, with ‘28’ representing the number of bones in the human foot. The company was started as a small, family-based business and, while it has seen significant growth, it holds steadfast to its original core values.
Paragon 28 is dedicated to advancing the science behind foot and ankle surgery through innovative and high-quality solutions. The company collaborates with global thought leaders to blend various surgical philosophies, resulting in biomechanically and clinically relevant surgical solutions. Their comprehensive product lineup includes plates and plating systems, screws, staples, and nails designed for all major foot and ankle procedures such as ankle, Charcot, fracture fixation, hallux valgus, hammertoe, and flat foot corrections.
With nearly 80 product systems, Paragon 28 aims to meet the specific needs of each patient and procedure, ensuring precise and effective outcomes. The company is also committed to providing excellent customer service through a dedicated and highly trained distribution network, primarily targeting the foot and ankle market.
Operating efficiently to meet the demands of pricing pressures and reimbursement challenges, Paragon 28 generates the majority of its revenue from the United States. The company's relentless focus on innovation and service has led to significant milestones, making it a trusted name in the foot and ankle surgical space.
Paragon 28 (NYSE: FNA) has launched the SMART28℠ Case Management Portal, a platform leveraging AI for coordinating patient-specific surgical plans. This marks the first major release in Paragon 28's SMART28℠ ecosystem, aimed at improving foot and ankle treatments through advanced technologies.
The portal's first module, SMART Bun-Yo-Matic℠, focuses on bunion correction. It offers unique features like 3D anatomy visualization from X-rays and AI-driven algorithms for tailored surgical plans. Dr. Cesar De Cesar Netto, an early user, praised the system's precision in Hallux Valgus surgery.
CEO Albert DaCosta emphasized the portal's significance for the future of foot and ankle surgery, highlighting its efficiency in 3D procedure planning and precise implementation. The SMART28℠ Case Management Portal is set to expand with additional modules for various foot and ankle conditions.
Paragon 28 (NYSE: FNA) has appointed Chadi Chahine as CFO and EVP of Supply Chain Operations, effective August 5, 2024. The company reported Q2 2024 financial results, with global revenue of $61.0 million, representing 19.6% growth. Key highlights include:
- Narrowed 2024 net revenue guidance to $249-$255 million
- Initiated operational efficiency strategy, including 7% workforce reduction
- Q2 gross margin at 75.0%, down from 77.3% in Q2 2023
- Net loss of $13.8 million in Q2 2024
- Adjusted EBITDA loss of $3.0 million, an improvement from $5.4 million loss in Q2 2023
The company also announced a restatement of financial statements for FY 2023 and Q1 2024 due to material accounting errors in inventory calculations.
Paragon 28 (NYSE: FNA), a leading medical device company focused on the foot and ankle orthopedic market, has announced it will report its second quarter 2024 financial results on August 8, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time / 2:30 p.m. Mountain Time to discuss the results. Investors can join the call by dialing (833-470-1428) for domestic callers or (404-975-4839) for international callers, using conference ID: 389675.
Additionally, Paragon 28's management team will participate in a fireside chat at the Canaccord Genuity 44th Annual Growth Conference on August 14, at 8:00 a.m. Eastern Time. Both events will be webcast live and archived on the company's investor relations website at ir.paragon28.com.
Paragon 28, a leading medical device company, reported a record net revenue of $61.1 million for the first quarter of 2024, up 17.4% from the same period in 2023. The company also reaffirmed its 2024 net revenue guidance of $249 million to $259 million, expecting 15.1% to 19.7% growth compared to 2023. Despite a decrease in gross profit margin and an increase in operating expenses, the company remains optimistic about sustainable growth driven by new product launches and expanded commercial channels.
Paragon 28, Inc. (NYSE: FNA) will be presenting at the Bank of America Securities 2024 Healthcare Conference. The Chairman and CEO, Albert DaCosta, and Interim CFO, Krissy Wright, will participate in a fireside chat on May 14, 2024. The event will be live webcasted and archived on the investor relations section of the Company's website.
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