Paragon 28, Inc. (NYSE:FNA) Q4 2023 Earnings Call Transcript

Steve Deitsch: Yeah. Look, the international market is about 45% of the global foot and ankle market, so very, very large. We’ve got low-single digits market share outside the U.S. and we have better than that market share in those three big markets, but well below the rate that we expect to be in the next three to five years. So our more established markets, we expect to continue to aggregate market share there. And then some of the other large markets that we’re really not participating in meaningfully today, like Germany, Italy, Canada, Spain, will continue to grow in those markets. We have got — in Spain, excuse me, Italy and Germany, for example, we’ve got teams on the ground and facilities and systems in place to take advantage and get our products going there in a more meaningful way.

And then we’re going to be doing the same in Japan, which is the second largest overall orthopedic market. We’re going to get in there early 2025, perhaps, a little bit late this year, but probably, more so into 2025. So there’s a lot of opportunity. And then you look at South America and there’s some select opportunities we’re looking at there in a very disciplined way. But we want to — like Albert said, if we’re going to go into a market, we want to go into it in a meaningful way and get focused and not be too spread thin across a lot of different locations. We want to win in the markets we’re in.

Justin Lin: Got it. Thank you.

Steve Deitsch: Thank you. You got it.

Operator: And this will conclude today’s question-and-answer session. So I’d like to hand back to the Paragon 28 team for closing remarks.

Albert DaCosta: All right. Thank you again for your time today. If you have any further questions, please reach out. Otherwise, we look forward to seeing many of you at our future investor and industry conferences. This concludes our call. Have a great day.

Operator: This concludes today’s conference call. Thank you all for joining. You may now disconnect your lines.