Paragon 28 Announces Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2022
January 10 2023 - 6:00AM
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.
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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
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