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Sep 30, 2022
Paragon 28 Q3 2022 Earnings Report
Paragon 28 reported third quarter 2022 financial results and increased 2022 net revenue guidance.
Key Takeaways
Paragon 28 reported a record quarterly net revenue of $46.0 million, representing a 28% increase compared to the third quarter of 2021. The company also increased its 2022 net revenue guidance by $3.5 million to $179.5 million.
Net revenue reached $46.0 million, a quarterly record, with 28% growth over Q3 2021.
U.S. quarterly revenue was a record $40.0 million, up 25% year-over-year.
International quarterly net revenue was a record $6.0 million, reflecting 52% growth compared to the prior year quarter.
Gross margin improved to 81.5% compared to 80.2% in Q3 2021, driven by lower excess and obsolete inventory expense.
Revenue by Segment
Forward Guidance
The Company increased its 2022 net revenue guidance by $3.5 million to $179.5 million. Net revenue growth for 2022 is now expected to be 22%, compared to the Company’s previous guidance of 19%.
Positive Outlook
- Net revenue growth for 2022 is now expected to be 22%.
- The increased net revenue guidance includes the impact of stronger foreign currency headwinds in both the third and fourth quarters of 2022
- The Company’s increased 2022 annual net revenue guidance includes fourth quarter 2022 net revenue guidance of $49.6 million
- Growth was driven primarily by sales force productivity gains resulting from new product launches
- Growth was driven primarily by Australia, South Africa, Spain, and the United Kingdom.
Challenges Ahead
- Foreign currency headwinds reduced quarterly net revenue and net revenue growth by approximately $0.8 million and 2.1 percentage points, respectively, as compared to the prior year quarter.
- Net loss $9.7 million for the third quarter of 2022 compared to net loss $5.1 million for the third quarter of 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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