Boston-based MVM Partners, LLC, a significant shareholder in Paragon 28, Inc. (NYSE:FNA), has reported selling shares worth a total of $749,061 over two days this December. The medical device company, currently valued at approximately $855 million, has shown strong momentum with a 44% price return over the past six months, according to InvestingPro data. The transactions involved the disposal of 18,109 shares at $10.14 each on December 4, and 55,818 shares at $10.13 each on December 5. Following these transactions, MVM Partners retains ownership of 10,426,033 shares, held indirectly through various entities. While the stock shows price volatility, InvestingPro analysis reveals the company maintains a healthy liquidity position with a current ratio of 3.5 and operates with moderate debt levels. For comprehensive insider trading patterns and 9 additional key insights, subscribers can access the full Pro Research Report.
In other recent news, Paragon 28, a leading entity in the foot and ankle orthopedic market, reported a significant upswing in its Q3 2024 revenues, marking an 18.1% increase year-over-year to reach a record $62.3 million. The U.S. market played a substantial role, contributing $51.2 million, a 14.8% rise, while international markets experienced a substantial 35.7% growth. Notably, the company's operational efficiency improvements were apparent, showing a significant decrease in free cash flow usage and the first positive adjusted EBITDA since its IPO.
In response to these developments, Paragon 28 has raised its full-year net revenue guidance for 2024. Additionally, the company launched 13 new products, including the Phantom Fibula Nail System and a short stem tibia implant, which are expected to drive further growth. However, it's worth mentioning that the company's inventory levels are currently higher than industry standards, and management is focused on further reductions.
Paragon 28 is committed to achieving EBITDA positivity in 2025 and cash flow positivity in 2026. It also anticipates continued growth, potentially surpassing the historical growth of the broader foot and ankle market. The company expects an $8 million annualized OpEx savings resulting from a restructuring program, primarily realizable in Q4 2024 and 2025.
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