FNA - Earnings call transcript Q2 2022

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Operator

Good afternoon and welcome to the Paragon 28’s Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes.

Matt Bacso

Joining me from Paragon 28 are Alberta DaCosta, Chairman and CEO and Steve Deitsch, CFO. Earlier today Paragon 28 released financial results for the quarter ended June 30, 2022.

Before we begin, I'd like to remind you that management will make statements during this call and include forward- looking statements within the meeting of federal securities laws which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. this events, relate forward-looking results, in predictions expectations statements. contained future of or statements call to that or Any performance are are to product supply our in opportunity, revenue upon All to estimates the hiring impact based trends but growth including on guidance, pipeline expense future the our commercial and management, COVID-XX relating for business, and including forward-looking market operating disruption, current macroeconomic expansion, our assumptions. performance, not financial development organization, of and our chain statements, our those various limited expectations material actual looking involve from statements. to statements those risks, or differ These uncertainties that cause materially forward results could implied these by events statements. current All information obligation XX and forward Paragon these no statements looking based upon available assumes update are to place on should reliance you statements. these Accordingly, not undue

as any and forward statements or the required future information, accurate or law as otherwise. because obligation in Securities risks of including only factors Exchange risk conference or any associated For and to please SEC. the X, the of of XX section or our information, sensitive August except call business live earlier broadcast intention update to of new report by a form financial the contains XXXX. This with uncertainties Paragon and refer time projections filings list XX-Q our with filed on it's today the with quarterly revise Commission on disclaims our the public looking events or description

call press Albert. most earlier to adjusted income GAAP And net During release a this financial presentation, we the our turn that, the I'll today. contained measures refer will comparable issued in the with is EBITDA financial over to reconciliation of non-GAAP of measure

Albert DaCosta

quarter XXXX guidance. Paragon quarter and regarding thank provide give our quarterly I updated you, and overview additional then provide you earnings And second detail a revenue overview an for afternoon. call. Thank of update. business an will XX our of Good Steve second joining will provide our XXXX Matt. results

will quarter revenue quarter Q&A. to the for Total dollar compared net basis of second with by Beginning second growth the open We growth $XX.X of second the second of points Strengthening compared then XXXX. was representing prior year performance. our our revenue reduced for XXXX U.S. the quarter XXX million, the as quarter call revenue period. XX% to

will Second quarter benefits compared of of contribution million, U.S. recent growth by prepared strong resulting quarter the my the XXXX. was offset and product from launches revenue medical drivers. U.S. Later detail and result on gains $XX.X the representing revenue XX% growth quarter's of productivity to in from remarks, in provide salesforce increased was second I training, revenue education COVID more disruptions. new partially modest growth

growth the revenue net reduced Second quarter international $X.X XX% dollar of United XX compared of by percentage was points primarily revenue XXXX. to and in quarter U.S. Africa million the driven the as of second was South quarter markets period. the international Strengthening Australia, to a record of second by quarter the our once three compared largest prior our Kingdom. Growth year again international representing

recent our expansion, choice success. medical driver We contributions salesforce product the lines, XXXX producing XX hammer factors in quantity The last to to comprehensive PXX including who the segments and ankle led salesforce. including, growth of ankle digit number foot the ankle, of ankle the be our addresses things, ended of new quarter. the product including to portfolio, and XXX I a quarter producing key segments benefited our provide Ankle second productivity, among Starting both compared and we specialist, reps. product each as the sub of reps product other fluctuate industry. quarter of new and growth hallux timing first expect fracture, growth and year, that foot revenue time segment various the the am increase to XXXX. of Paragons XXXX. both during in reps sub second flatfoot an producing update each which in the and and drivers quarter quality quarter new of and half seasonality with sub I joined be the the Paragon experienced sales well destination now quarter reps Moving to for of the second U.S. valgus, sales of ankle excited the and will foot and ankle to onboarding continues sales launches of in with are second the market, on due education. fracture the to PXX of new about foot as revenue reps continues trends which XXX reps foot and and Charco. number hiring to salesforce including revenue can in over from double of toe reps the have

to new productivity, Moving dollars as nine products so new and XX% sales year we including an XX product per rep launches which launches, as to salesforce prior impressive product period. producing the year compared by this Fueling average increased define revenue far since new growth XXXX. this was

have education with our customers. in initiatives revenue by and complemented salesforce launches, surge our existing product medical increased and new New expansion

of growth in approximately that only XX,XXX surgeons in a XXXX an respectively. did the Specifically have both during the XX% XX% surgeons, scratched XXX States U.S. quarter, to and business period ankle of treat with United compared producing year the front increase prior including runway surface customers, the and U.S. have we PXX and us. foot surgeon With long we for records second and of

leading revenue the class in product education and sustainable innovative salesforce, portfolio with of high in and combined medical growing training our driving broad growth. best is and hands Our quality

education the months. almost second to number education Speaking medical medical XX bringing the of FNA events in attended surgeons XXXX in XXX trained person of at medical in of training, XXXX person the in education surgeon events and quarter almost FNA total surgeons last

mobile XX six medical the training Denver, very housed all with these over pleased by for currently portfolio, you art the headquarters new systems at Colorado. Thank a hosting our lab products in meet and strong We road, class is to facility our of to Building many facility. announced demand our in training the year. events, passion surge to their training including weekends far are of mobile XX in of on and surgeon training lab launched this in the sessions we'll patient includes last this U.S. our July, a improve best and categoric which the for tractor state the worked half education foot The launch station training many, second leveraging XXXX. year. highlight innovative lab surgeon our momentum mobile outcomes, including we new commitment on over be XX in trailer, ability so very and the in nine surgical product approximately during will cities The our XX broad team

product the X.X tensioning streamlines anchor allow surface. soft new hammer the system The of tissue all solutions of offering this offered X.X and titanium, of launches, to screw a With with grappler system. May, an grappler launch launched and TinoTac The portfolio, and tissue our to TinoTac and and suture soft the peak Speaking we mid comprehensive paratrooper other grappler greater suture for provides and system, in anchor washer suture release soft bony for expanded of for XX includes the soft fit bolsters option our and portfolio tissue angulated improves redesigned stabilization plantar is recently repair and capture PXX system. tissue in a In May, TinoTac of the address interference stabilization product addition grappler sizes plate sub-segments. innovative and minimally system, configurations repair. system also X.X and soft all complicated its for of tissue we an launched deformities, customers with react toe array repair ankle stabilization in soft variety to Paragon broad which invasive foot tissue

biologics. June, Lastly, maintain for our providing deformity rings for device to position monkey monkey care and an circular year, of internal external internal this system a allows to we external system are for correction launched and surgeons fixation fixation and salvage. bar adjustability rings external options. designed fixation monkey trauma, preservation soft soft ranging fixation biologics anatomic The fixation external a limb allow tissue out fixation, stability, and and our system hospitals is and earlier launch functionality. we Monkey and the external while ring to building with single collaborate pinned strong vendor wide portfolio Combined tissue complementing with bars fixation, wound and in

revenue strong in XXXX our strategic growth. and all summary, of to have half pipeline to remains initiatives. business continue sustainable profitable drive is continue invest back product growth. to In the drive expected into key will success on future the to we to and continue we head And we As

We to I for will the their representatives would to XX. outcomes mission and like of thank to our diligent our fulfilling are Steve. for dedication Paragon grateful world I and and turn for ankle Steve? physicians improve over from employees conditions. experiences patients our suffering and to have trust efforts now sales foot also and it continuously around the patients

Stephen Deitsch

Thank you, Albert.

Moving the financial second XX% revenue to $XX.X quarter million, reduced the period. by second U.S. of to compared net was Paragon's growth growth XXXX as to representing XXXX basis for results. our quarter year XXX dollar XXXX. the second of compared quarter points our revenue of Strengthening second quarter the prior

during of offering sequential the by of durable XXXX. the million, XXXX. in $XX.X quarter quarter investments the compared profit second the new our of driven second by X.X%, compared Opportunistic education due $X.X growth first resonates million of in sales of second incremental with increased productivity in exclusive Second to drive growth of record year term were was international foot and This quarter after medical SAP was quarter been the on expansion expand the began salesforce product were largely resulting marketing global system. ankle, of Gross result passion compared improvement and quarter the successful surgeon for inventory XX% and million, quarter XX obsolete R&D bolster reps. on quarter improving programs U.S. quarter the pre-IPO revenue. and Revenue million our half compared launch the onetime and significant. XX% the margin XXXX. operating to period. XXXX The for increase return compared second or U.S. base lower customer expense to was a was period. and investments primarily costs in related for quarter XX% XXXX by to IPO, expenses to in to XXXX second second a of prior XXXX these expenses operating fueled The growth our increase and in Total of to by has first as operating XX% excess prior quarter to of enabled in $X.X salesforce. in strongly Paragon in was sales first was and our ankle $XX long to October in year outcomes increase expenses and foot XX% focus our and second an the investments to incremental XX.X% the revenue investments The patient and surgeons

included that IPO foot limited the to medical resurgence the ankle education factors exceeded drove expansion and During the and opportunistic these made in is consolidation. Paragon months, our investments second visibility were the our XX year, person quarter, that of continued expectations, has validating strategy last not opportunistic last we and education our salesforce Several XX medical working of initiatives and further market and activities investments after in in momentum. increased

of investments XXXX operating XXXX, As the be also half we opportunistic first second with consistent half expect to the to head year. the into of we expenses expect continue we and half back making

of and the one increased year related of investments U.S. team compared XXXX. administrative compared The person was orthopedics quarter compared busier quality, including the expense P&L. were revenue the SG&A cost in quarter development details primarily XXXX. XXXX, traded quarter expenses for increase to in XXXX quarter of the was second million second marketing in XXXX further to January $X.X additive XXXX. medical and in first and commercial due XXXX quarter of in expense to to by the and to quarter quarter prior to the U.S. of development Research in related or and of $X $XX.X $X.X clinical first quarter was million, of expense development, to second in million $XX.X expense to May $XXX,XXX XXXX XX% our and markets, as launch. or and and XXXX the becoming $X.X the fourth second of Selling of to as of increased second was increase expense, million, commission in in the primarily in for costs. of costs marketing $XX representative publicly XX% and compared revenue product Moving in studies, acquisitions expansion successful million, year in onetime million of the SG&A as SAP the G&A The and the international prior or SAP million sales variable sales to both increase XXXX the general research in revenue of further XX% The investments compared and the on due quarter implementation due education first second the time a driven to company in quarter our events, in primarily growth, revenue

time of one XXXX. compared growth $X.X SAP strong million despite of first compared excluding investments quarter, to EBITDA improved million during $X.X nicely the in quarter. the second adjusted quarter million the expenses the loss $X.X key continued loss quarter quarter, first EBITDA When in the as to Second a drivers adjusted was

Total $XXX XXXX liquidity. at our credit available June to via liquidity XX, facility. senior including was million cash million million cash $XX Turning and of of $XX

XXXX, to temporarily of increased $X accounts during expect cash in the recoup second balances we million the flow quarter second half which in launch from Additionally, of the SAP. receivable of

Our is second to and the expected increased strong of with beyond into half leverage operations. financings PXX operate to XXXX combined operating future enable fund liquidity without to position, moving our

our the ankle we our remain potential to factors environment, for guidance, momentum impact in comments of few on Notwithstanding the revenue PXX. updated and their turning macroeconomic and other macroeconomic reduced the business, strong cognizant current external XXXX on Before foot elective including and a procedures.

Our and delivered resilient business are strong past environments. team company have and results in difficult

respect of procedures are and Charco both and impact fracture to hand that to and ankle our calls purchases inventory sub are we remains foot confident suite X/Xrd global manage And team our and staffing, have meet remain together will COVID product and earnings risks. past foot in comprehensive may currently that market. in the are demand. Also, for elective business. to effectively continue we Consistent the vendors continue over and on account but which significant. challenging, global inflation, these addresses supply finally ensure chain we opportunistically elective our instrument experiencing have to Our With segments market the non-elective from on shortage material the not on to remarks but ankle a increased not hospital with we currently product headwinds of

Now turning to our increased XXXX revenue guidance.

with assumes Our consistent rates business for currency XXXX revenue translation guidance our international translation rates. current remain

increased XXX annual We to U.S. growth to as approximately to XX%. the is of XXXX compared the year revenue guidance to our growth expected strength have XXXX revenue compared prior Dollar year by in representing our net $XXX basis net The points. reduce million prior

The and third is growth our dollar representing periods reduce to approximately million as prior expected expect periods quarter XX%, compared net to million We quarter year and to the respectively. prior revenue approximately the of to respectively third XX% year and in both basis and strength $XX.X fourth points. net by revenue growth XXX fourth be $XX.X U.S. compared

questions remarks. will providing year. EBITDA we the Operator, third or moving of cash to guidance improvement see this end up not and we adjusted of for flow our open increased prepared to quarters and be for While lines the That expect XXXX operating sequential fourth and the continue into is leverage specific please answers.

Operator

Craig Thank of from first comes Please today America. the The Bank you. line go Instructions] ahead. [Operator from question of Bijou

now Your line open. is

Craig Bijou

questions. in plus had half. Thanks. And guys. growth percent touch for guidance. just the XX to wanted first Maybe Thanks start think I the Good to afternoon, you on taking

currency constant from pullback bit entire a You're looking XX% on little growth half. the for a of suggesting year, the in second in a perspective for growth

it. So you we'd you're the hear in seems are making we just that love It love about conservative guys guidance? assumed how to assumptions us, to What's thinking of some hear of but the that kind quarters. just to

Stephen Deitsch

it's pretty fourth quarter in question. supply strongest guidance, the procedural by driven year. procedure, on we COVID, to noted, coming look in XX% to year. at vacations our to we've the for XX for boldness quarter, to conditions the you late that, year, look where somewhat the driven Craig just by good And in starts quarter, is the Paragon markets. procedural seeing respect the when for typically, this the levels another with when fourth to as third assumptions consistent strong today, start of out expect in about elected then traditionally And growth consistent with an and Last numbers Hey, uncertain the are to us of have quarter in through the we us finish third quarter, And at is the we basis the terms second anyway. related And chain, we're and really Thank put for operating Steve. that a as particularly quarter-to-quarter, at with in second grew macroeconomic etc. we quarter our know, quarter the And year we're growth, would and fourth elective European maybe levels, quarter that, where our the you assumed particularly operating really start but to feel XX% you similar And at we in full environment. year. we operational

Craig Bijou

than different what in how growth, about first second product color key ankle may see provide Great, product if category the in for growth the drivers think the then or Steve, more we've by And the might you we thanks, I half? and were. bit half? if on growth wanted Steve. should category foot be Albert the category color to appreciate and And little maybe the anything what on for a what, seen

Albert DaCosta

one. a this Craig? at Albert. I'll doing is take you how hey, stab This Yes,

I think report where we But seen areas. today, of that we and were that discussions like of grew some like our to to portfolio in have slightly really sub-segments has us. in benefited disproportionate that feel portfolio other product tried all balance we to happy from We've times, QX. balance launches recent our really impacted our growth the nicely more

ankle tissue this the recently Charco monkey fixator, I'd a the our be fixator. like recent in the that. of product half from launches maybe But see impact Also see pop product like which can really segments soft We rings used of foot circular external some a and launched primarily, Second nice year, from could segment multiple portfolio.

fracture So of to suspects franchise to I'd expect ankle to from spacer second the which continue see half, line. to some our newcomer, see influence with these on replacement I ankle usual fixation But products. of really the total see nice orthopedics. see a some also Charco new nice the includes pop expect like I'd the tailor then movement seeing fusion, additive I'd of

Craig Bijou

for thanks questions Great, guys. the taking

Albert DaCosta

Of course. Thank you Craig.

Operator

the Canaccord. from comes Rose today question Please Kyle of next line go The you. ahead. Thank from

now Your line is open.

Kyle Rose

gentlemen. you afternoon, taking questions. good for the Thank Great,

all in quarter talked I tissue you the -- have of So the a products or guess launched lot about soft year-to-date. that

of the expect maybe of then really medical Thank products is those when tissue? gaps, we existing question product that overall the that education there interest product your launching soft up gaps you. cited are these pick where sold now new and the have I was just secondary diligence and you should to maybe the Our the commonly force some big most one both sales at around in

Albert DaCosta

that. Kyle? for How question. the And I'll you take doing, thanks

we've we areas tissue if we soft that in gaps, say where though all still soft tissue had And soft the mostly before. remember, area. space, two that missing segments, few the tissue you sub I'd were You're mentioned a we the had touches portfolio. in exactly Even products really as right,

the have us. stabilization was for grappler, fracture. things only soft it the free technology into those We've tissue, complimentary has in launched an like interference So are recently We the that's, all important that also really system not but piece ankle the existing for going devices, us effect the grappler, anchor tissue that on devices, to React launched helpful have. be soft the we getting we

influence there. flat So see really foot like an areas

from nice saw fixation. mentioned, And I bar, going we And as pin segment, the a again, bars, area to really to in primarily, ankle The fixation. pin like a that. monkey January, we stabilization were complement to launched might for then remember, really for pop fracture And is rings you other the system be as we Charco. was that missing nice the bar external well trauma monkey or

want excited really and about starting always I'll to we're And customers. to below be have So and want mission ankle to to offer ankle, a has participant improve our been participate foot in the our foot anything related options a more there's ailments. if more and knee, tell technology you, to ability there, to and the we the surgeon we of condition meaningful the

the tissue really soft So gave feel we and us like the experts that.

Kyle Rose

then just. I know Great, go sorry Yes, Yes if ahead. I it. and missed don't

Stephen Deitsch

would might I you've introducing the you some some tell products, probably the missing, some continue Maybe And any also we've then And products. that be see those areas missing. that moving to is second expect remember soft still tissue got to external into some forward. part you see mentioned, if for the areas we I'd to expect something market. I we're that still real that still be ambition SmartXX fixation

be those say So some the I'd gaps. of might

Kyle Rose

for Obviously, new respect to street stands. basis as it what on on to top just for off. me, you that a as line. But the launching roll a one in prospective on as that to question sales have products or feet net just productive last understand trying far rolling the And and just I here. should new we then overall know month roll there sales from increase errors some are expectations should with I you're line is rounding I mean, overall, hiring, from And expect understand people there's be expectations force Great. reps so with XX a the add when

Albert DaCosta

You got it.

product which other increase looks rep for expect that to the continue really seasonal count. It and a you liked But as be to the reps good target force measure factors We grow. target us producing Just adding, producing forward. reps, month we that steady. forward will selling can feel some can for a to in quarter. if see actually it producing sales every influence And we due we like sales that's is is you, focus changes to report you did remind remember was our that of a salesperson us. a do and moving and like a moving

Kyle Rose

Thanks the question. for taking

Albert DaCosta

Of course. you. Thank

Operator

Today's you. from line today Thank question from comes Mattson Please go the Mike of ahead. Needham.

open. Your is line now

Mike Mattson

Can okay. Yes, you thanks my for taking guys hear questions. me

Albert DaCosta

Yes.

Stephen Deitsch

Hi, Mike.

Mike Mattson

Hi.

using some I'm Sorry, headphones for the first time here.

first So, business,. the on I guess international

kind I currency look markets XX% Do based kind international this think those you particularly just the really there grew of was almost just that of a more company was on it think kind the that do there? some basis, markets? on Combination of on constant going your up a you both. [orthopedics] and products like quarter. you own procedures think of were Or in of execution does catch were strong it

Stephen Deitsch

Steve. it's Mike Hey, Yes,

relationships our largest those our continue excellent as with growing progress actually it's remarks, in navigating in surgeons, fire again, to existing think we both to territory we're driving pleased growth we're three earnings, noted the that be our we release management, surgeons, just really, really and and, and in resilient. I environments markets the prepared in really really in with and and continuing and make markets just expanding tough with

believe exceed can resilient, have they make in And pretty from to challenges. time, as teams our we've some see are of the number but South pockets you this to rolling so brownouts number. a if some continued time the and talked some to way find And Africa and about we COVID even

see And markets. so with really we're those happy we to in what continue

Mike Mattson

I is And about cash looks M&A. it. your some down got million like year-to-date. Okay, it balance then XX needed

much remember So use comment rest your for year on the just toward do how of that went versus if And going how much you're maybe you'll then to you But of that? cash think talk operations. I the can't M&A about that.

Albert DaCosta

yes, good And question, Yes, a right. that's Mike. that's

opportunistic XX million. to second slot we was we of find inventory to a And take of So a operations machine about product year, we had move market, was we launches inventory enable able part related by And the seasonally on of some builds for extra and somewhere, the these built we some If cash also first $XX of into related the our that could million it. the brought it legacy stronger use of growth of would to as we be investments, part products. to but driven to that most year. that new

other the the the about million million also increased $XX it's intentionally instruments $X net. by $X about related And then building. balance million SAP really million, our that will year-to-date was for not we year, We of cash about principally use driven was impact our of But the accounts $X for about basis receivable launch. to on a balance and of CapEx a we be that of recoup And then that so quarter. and to recouped. SAP that about will unintentionally million when $X look the

Mike Mattson

already thanks. the training your the vehicle training then in either training with done is locally replacing that you're headquarters, can had training kind mobile this will introducing, lab of kind doing you're at some of or to courses And be kind or offered? be guess of incremental Okay, existing that regional I local that courses of you

Stephen Deitsch

That's tell our expand capabilities. question. excited medical to a I'll you, training we're great

some is we've to education fixation more new products, of especially in of effective of new ankle these So but avenue tried always them. surgeons some products. the primarily launches, do education, for the product possible, these has fracture some when medical it's appropriate high, bring situations, the to to hands to surgeons really, pretty some most with fixation, products, external on get their for bring What find medical headquarters to in demand been to the our person

more about pretty the hands their for product. education expect get the surgeons have be to really so and that and house facility. move here expect territories who hub to might complementary medical not just leaving we we medical some in excited it And app. that on flexibility our gives flexibility still capture We're to mobile this And their education of to to come us around,

Mike Mattson

Great. Yes, you. Thank okay.

Albert DaCosta

Of course. you. Thank

Stephen Deitsch

Mike. Thanks,

Operator

today Instructions] Thank David question of from The you. the JMP go Securities. comes [Operator line Please ahead. from next Turkaly

Your line is open. now

David Turkaly

Albert I impressive talked you. some guess thank salesforce. pretty maybe about you've Great, on productivity your numbers

those seeing call us guess the new percentage stand quarters. like like where us I just imagine Let's can you XX trends remind in teens about couple that terms ads. can't help of maybe you today last with that. it can. high guys just of But guess, keep potential think these products, new versus I I increases actual

Albert DaCosta

which Great question Yes to we've always new there. it clinically minded and the us of facets, there's medical a Dave. the for as is product and an I'll a definitely XX appeal surgeon talk the organization, means tell sales history to more salesperson. it Paragon education. we're two had such has education to also And for but you clinically thanks trainings, cadence oriented rep, things introductions, One we that exciting of few has you.

designed get And the these our reps for options products, we it's to have. nice instruments to so increase a on sales the way as surgeons, and continue opportunities the we while way educated really medical also we education and our for implants

products to a do of operating to is there to to forward. surgeons. great those to addition of and that. really slowing we sales a And not for room of continue really these improve a And moving that, we forces think there. represent And doing products. have opportunities just launch a tons We today. the continue have lot history So service medical our in And in we twofold ability education I benefit be that it's down

there. productivity that So things we of attribute increase a those lot to

David Turkaly

update planning, specific willing options, love I'd and of Thank XD an Got on patient you mentioned you. the it. to guess know platform sort be SmartXX you'd where give I us stand I of hear And guess, an update Talus. then the well. if on as Disior, of I to sort you

Albert DaCosta

the these. of ankle Absolutely. be to for impacting we of deformities what We knowledge can Thanks surgeons, and Yes, basically it. SmartXX about question. best really you and excited future continue to our surgery, impacting these got to ways impacting love treat mean the patients, foot

Disior patient The of particular, more Talus towards acquisitions, SmartXX really of So Additive will specific Orthopedics are driven both that recent solutions. the moving identification Spacer. itself, in and Orthopedics in I tell and line Additive and the is well. you

a us these options cases, the young showed patients of patients, suffer weren't some how some with these These cases, amputation. Just to be necrosis. that surgeons. just vascular some very facing can great options in for And in powerful were patients,

there's can also our option option an patients. and provide such options feeling we benefits an like So surgeons that gives just meaningful when that those amazing a

before primarily the we think is development used Disior excited the it, work. are we're the Disior and be It's that. the we've for internally SmartXX for then some phases now us. well So technologies. really or And being research foundation commented the still side about software of of And which of of can our doing enabling right

more the there. things, two do Orthopedics also one, we to create and next platform really prepare As of launch we for a but solution year, Disior in powerful Additive public a combining

acquisitions, where those for and really on you we patients. that with answer gives So update are the sort of a that an know improve us let That's here options but you chance game the change also to for SmartXX. was an

David Turkaly

appreciate it. Thank I you.

Albert DaCosta

Of course.

Stephen Deitsch

Dave. Thanks

Operator

Thank you. at time. There are no registered questions this further

I'd Please ahead. for So like go remarks. pass back closing call over DaCosta Albert to to the

Albert DaCosta

You Thanks. of wonderful I individual at conferences forward meetings. you industry time as your as a well for to got investor seeing it. and Steve today. and again look you Have many day. Thank future

Operator

This for all concludes call. today's Thank conference your you participation.

lines. may You now your disconnect

Paragon 28 (FNA) 6 Aug 222022 Q2 Earnings call transcript