Paragon 28 Announces Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2022

Rhea-AI Summary

Paragon 28, Inc. (NYSE: FNA) has announced its preliminary unaudited revenue for Q4 and the full year of 2022. Q4 revenue is projected between $51.2 million and $51.5 million, marking a growth of approximately 20% year-over-year, despite foreign currency challenges impacting growth by 1.6 percentage points. For the full year, net revenue is expected to be between $181.0 million and $181.3 million, reflecting a growth of about 23.0% compared to 2021. The company plans to release its 2023 financial guidance later in the quarter.

Positive

• Q4 2022 revenue projected at $51.2 to $51.5 million, a 20% increase YoY.
• Full-year 2022 revenue expected between $181.0 and $181.3 million, showing 23.0% growth YoY.

Negative

• Foreign currency headwinds expected to reduce Q4 revenue growth by 1.6 percentage points and impact revenue by $0.7 million.
• Full-year revenue growth negatively impacted by foreign currency by 1.4 percentage points and $2.1 million.

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Paragon 28, Inc. (NYSE: FNA) (“Paragon 28” or “P28”), a leading medical device company exclusively focused on the foot and ankle orthopedic market, today announced a range of its preliminary unaudited revenue for the fourth quarter and full-year ended December 31, 2022.

Preliminary unaudited net revenue for the fourth quarter of 2022 is expected to be in a range of $51.2 to $51.5 million, representing reported growth of approximately 20% compared to the fourth quarter of 2021. These results reflect foreign currency headwinds which are expected to reduce preliminary unaudited fourth quarter 2022 net revenue growth and net revenue by 1.6 percentage points and $0.7 million, respectively, as compared to the fourth quarter of 2021.

Preliminary unaudited net revenue for the full-year of 2022 is expected to be in a range of $181.0 to $181.3 million, reflecting growth of approximately 23.0% compared to the full-year of 2021. These results reflect foreign currency headwinds which are expected to reduce preliminary unaudited full-year 2022 net revenue growth and net revenue by 1.4 percentage points and $2.1 million, respectively, as compared to the full-year of 2021.

The Company will provide 2023 financial guidance when it releases its fourth quarter 2022 financial results later this quarter.

“Paragon 28 has had stand-out performance since our IPO in October 2021, and we are more excited than ever about the strength of our business as we begin 2023,” said Albert DaCosta, Chairman and CEO of Paragon 28.

About Paragon 28, Inc.

Based in Englewood, Colo., Paragon 28 is a leading medical device company exclusively focused on the foot and ankle orthopedic market and is dedicated to improving patient lives. From the onset, Paragon 28® has provided innovative orthopedic solutions, procedural approaches and instrumentation that cover a wide range of foot and ankle ailments including fracture fixation, forefoot, ankle, progressive collapsing foot deformity (PCFD) or flatfoot, charcot foot and orthobiologics. The company designs products with both the patient and surgeon in mind, with the goal of improving outcomes, reducing ailment recurrence and complication rates, and making the procedures simpler, consistent, and reproducible.

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: Paragon 28’s potential to shape a better future for foot and ankle patients and its estimated ranges of net revenue for the fourth quarter and full-year of 2022. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware. Forward‐looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward‐looking statements are based on Paragon 28’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward‐looking statements as a result of these risks and uncertainties. These risks and uncertainties are described more fully in the section titled “Risk Factors” in Paragon 28’s filings with the Securities and Exchange Commission (the “SEC”), including Paragon 28’s annual report on Form 10-K filed with the SEC on March 8, 2022. Paragon 28 does not undertake any obligation to update forward‐looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein. These forward-looking statements should not be relied upon as representing Paragon 28’s views as of any date subsequent to the date of this press release. Paragon 28’s preliminary unaudited estimated revenue for the quarter ended December 31, 2022 and the year ended December 31, 2022 are not necessarily indicative of our operating results for any future periods.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005065/en/

Investor Contact:

Matthew Brinckman

Senior Vice President, Strategy and Investor Relations

Phone: (741) 336-0435

mbrinckman@paragon28.com

Source: Paragon 28, Inc.

FAQ

What is Paragon 28's expected revenue for Q4 2022?

Paragon 28 expects its revenue for Q4 2022 to be between $51.2 million and $51.5 million.

How much is Paragon 28's projected revenue growth for full-year 2022?

Paragon 28 anticipates a revenue growth of approximately 23.0% for the full year 2022.

What challenges is Paragon 28 facing regarding its revenue?

Paragon 28 is facing foreign currency headwinds that are expected to negatively impact revenue growth.

When will Paragon 28 provide financial guidance for 2023?

Paragon 28 plans to release its 2023 financial guidance later this quarter.