ENGLEWOOD, Colo. – Paragon 28, Inc. (NYSE: FNA), a medical device company specializing in the foot and ankle orthopedic market, has announced a change in its executive team with the departure of Chief Financial Officer Stephen Deitsch, who is set to leave the company on April 5, 2024, to join OrganOx Limited.
The company has appointed Kristina Wright as the interim CFO starting April 3, 2024. Wright, a board member since 2021, will temporarily step down from her committee roles to assume her new responsibilities.
The company has also reported preliminary, unaudited net revenue for the first quarter of 2024, with an expected range of $60.8 to $61.1 million. This represents a reported growth of approximately 16.8% to 17.4% compared to the same period in the previous year. Paragon 28 has reaffirmed its net revenue guidance for the fiscal year 2024, projecting revenues between $249 million and $259 million, which would mark a 15.1% to 19.7% growth from 2023.
Albert DaCosta, CEO of Paragon 28, expressed gratitude to Deitsch for his contributions, particularly during the company's initial public offering and its growth phase. DaCosta also welcomed Wright, noting her extensive experience in the medical device sector and her knowledge of the company, which he believes will be beneficial during the transition.
Paragon 28 is set to report its first quarter 2024 financial results on May 8, 2024, after market close, followed by a webcast conference call for investors.
This news is based on a press release statement.
InvestingPro Insights
As Paragon 28, Inc. (NYSE: FNA) navigates a transition in its executive team and reports preliminary growth in net revenue for the first quarter of 2024, investors may look for deeper financial insights to assess the company's market position and future prospects. An analysis of real-time data and InvestingPro Tips provides a clearer picture of the company's financial health and market valuation.
InvestingPro Data reveals a market capitalization of approximately $999.02 million, reflecting investor valuation of the company in the current market. Despite the company's reported revenue growth, the P/E Ratio stands at -17.36, with an adjusted P/E Ratio for the last twelve months as of Q4 2023 at -22.72, indicating that the market currently values the company at a loss relative to its earnings. The Price / Book multiple is reported at 5.63, suggesting a premium valuation compared to the company's net asset value.
Among the InvestingPro Tips for Paragon 28, it's notable that analysts have recently revised their earnings expectations downwards for the upcoming period and do not anticipate the company will be profitable this year. This aligns with the company's reported negative basic and diluted EPS (Continuing Operations) of -0.58 USD for the last twelve months as of Q4 2023. However, the company does have a solid liquidity position, with liquid assets surpassing short term obligations, which could provide some financial stability amidst the executive transition and ongoing growth initiatives.
For those interested in a deeper dive into Paragon 28's financials, InvestingPro offers a range of additional insights. Currently, there are 6 more InvestingPro Tips available, which can be explored by visiting https://www.investing.com/pro/FNA. To gain access to these valuable insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.