Paragon 28, Inc. (NYSE: FNA) saw its stock price drop by 11.3% today, closing at $11.6 per share, following the release of its preliminary unaudited revenue for the fourth quarter and full year 2023. The company announced that preliminary unaudited net revenue for the fourth quarter of 2023 is expected to be in the range of $60.3 to $60.6 million, representing reported growth of approximately 17% to 18% compared to the fourth quarter of 2022. For the full year of 2023, the company anticipates preliminary unaudited net revenue in the range of $216.1 to $216.4 million, indicating reported and constant currency growth of approximately 19% and 20%, respectively, compared to the full year of 2022.
Albert DaCosta, Chairman and CEO of Paragon 28, expressed satisfaction with the company's performance, stating, "We closed out 2023 with another solid quarter and I am very pleased with our 20 percent net revenue growth for 2023. Looking at 2024 and beyond, I could not be more excited to continue our mission seeking to improve foot and ankle patient outcomes."
Paragon 28, based in Englewood, Colo., is a leading medical device company exclusively focused on the foot and ankle orthopedic market. The company is dedicated to improving patient lives and has been known for providing innovative orthopedic solutions, procedural approaches, and instrumentation covering a wide range of foot and ankle ailments.
The company's full 8-K submission is available here.
