Paragon 28, Inc (FNA) PT Raised to $13 at Needham

Needham analyst Mike Matson raised the price target on Paragon 28, Inc (NYSE: FNA) to $13.00 (from $11.00) while maintaining a Buy rating.

The analyst commented: "FNA’s 3Q24 revenue and EBITDA beat consensus. Revenue growth slowed to 18% CC in 3Q24 from 20% CC in 2Q24. But management noted that procedure volumes have stabilized after a "choppy" start to 3Q24. FNA made significant progress on improving its margins with its operating margin up 970 bps Y/Y and its EBITDA margin up 600 bps Y/Y in 3Q24. Importantly, this was the first quarter since FNA's IPO that it had positive EBITDA. FNA also made progress on its cash flow with its free cash flow of ($6.3M) in 3Q24 or a 70% improvement from ($20.7M) in 3Q23. Management reiterated its targets of becoming EBITDA positive in 2025 and free cash flow positive in 2026. We have raised our price target to $13 from $11 due to our higher 2025E sales estimate and FNA's improving profitability and cash flow."

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