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Paragon 28
Paragon 28 (FNA) investor relations material
Paragon 28 has been delisted
Paragon 28 43rd Annual J.P. Morgan Healthcare Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.43rd Annual J.P. Morgan Healthcare Conference 2025 summary13 Jan, 2025
Market Overview and Positioning
The global foot and ankle market is valued at $5.2 billion in 2024, with the U.S. comprising 50-55% and projected to reach $6.9 billion by 2029 at a 7.2% CAGR.
The lower extremity market is complex, under-researched, and has high complication rates, offering significant opportunities for innovation.
Five subsegments within the market allow for a balanced and diversified portfolio across trauma and elective procedures.
Paragon 28 holds about 7% U.S. and 1% international market share, with sales growth outpacing the segment by 2–3x since IPO.
The company aims to become the first pure-play billion-dollar foot and ankle company, focusing on technology and expanding its surgeon user base.
Product Innovation and Technology
Over 80 product solutions have been developed since 2010, with 20+ active projects and 13 new products launched in 2024, including Smart Bun-Yo-Matic, Phantom Fibula Nail, and APEX 3D systems.
2024 marked a strong year for product launches, including advancements in 3D modeling for patient-specific solutions.
Innovations address diagnostics and intraoperative precision, such as the Bun-Yo-Matic clamp and dynamic syndesmotic fixation tools.
Emphasis on unbiased research, medical education, and mobile labs, with over 3,500 surgeons trained in person in the last 12 months.
Focus on patient-specific instruments and reducing surgical complications through technology and data-driven insights.
Financial Performance and Operational Strategy
Reported 18.3% year-over-year growth, with 2024 revenue guidance at $255.9M–$256.9M and Q4 results above expectations.
Achieved adjusted EBITDA profitability in 3Q24 for the first time since IPO, driven by restructuring and a 7% reduction in force, saving $8M annually.
Gross margin target set at 75%+, with improvements as higher-cost inventory is sold off and operating expenses as a percentage of revenue improving by 969 and 500 basis points YoY and sequentially in 3Q24.
Free cash flow improved by 69.5% YoY and 54.7% sequentially in 3Q24, supported by better inventory and accounts receivable cycles.
Commitment to being EBITDA positive in 2025 and cash flow positive in 2026, supported by inventory and working capital management.
Disior: How will patient outcome data optimize algorithms
Inventory reduction: Path to 400 days IOH target
MIS bunion: How will it reduce learning curve
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Paragon 28
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Frequently asked questions
Paragon 28 Inc designs, develops, and distributes medical devices and implants specializing in foot and ankle orthopedic procedures. Its products are used by healthcare providers in surgical and non-surgical treatments. The company is headquartered in Englewood, Colorado, and its shares are listed on the NYSE.
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