NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Officer Reports Disposition of Shares and Derivative Securities Following Merger
Robert S. McCormack, General Counsel and Corporate Secretary of Paragon 28, Inc., reports the disposition of common stock and performance stock units due to the merger with Zimmer Biomet Holdings, Inc.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Director Meghan Scanlon Reports Disposal of Shares in Merger with Zimmer Biomet
Meghan Scanlon, a director of Paragon 28, Inc., reported the disposal of 42,113 shares of common stock due to the merger with Zimmer Biomet Holdings, Inc.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Schnettler Reports Share Disposal Following Merger with Zimmer Biomet
Thomas Schnettler, a director at Paragon 28, reports the disposal of common stock due to the merger with Zimmer Biomet, receiving cash and contingent value rights.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Stephen Oesterle Reports Disposition of Shares and Options Following Merger with Zimmer Biomet
Stephen Oesterle, a director of Paragon 28, reports the disposition of common stock and stock options due to the merger with Zimmer Biomet Holdings, Inc.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director B. Kristine Johnson Disposes of Shares in Merger with Zimmer Biomet
Director B. Kristine Johnson reports the disposal of Paragon 28 shares following the company's merger with Zimmer Biomet, receiving cash and contingent value rights in exchange.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Officer Matthew Jarboe Reports Disposition of Shares and Derivatives Following Zimmer Biomet Merger
Matthew Jarboe, Chief Commercial Officer of Paragon 28, reports the disposition of common stock, performance stock units, and stock options due to the merger with Zimmer Biomet Holdings, Inc.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 EVP Andrew James Hill Disposes of Shares Following Merger with Zimmer Biomet
EVP of Research & Development at Paragon 28, Andrew James Hill, reports the disposal of shares and performance stock units following the merger with Zimmer Biomet Holdings, Inc.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Blackford Reports Disposal of Shares Following Merger with Zimmer Biomet
Director Quentin S. Blackford reports the disposal of Paragon 28 shares due to the merger with Zimmer Biomet Holdings, Inc., where each share was converted into cash and a contingent value right.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Kristina Wright Reports Disposal of Shares Following Merger with Zimmer Biomet
Kristina Wright, a director at Paragon 28, reported the disposal of common stock due to the merger with Zimmer Biomet, where each share was converted into cash and a contingent value right.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 CFO Chadi Chahine Reports Disposition of Shares and Derivative Securities Following Merger with Zimmer Biomet
Chadi Chahine, CFO of Paragon 28, reports the disposition of common stock and performance stock units due to the merger with Zimmer Biomet, where each share was converted into cash and a contingent value right.
NYSE
43 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Alf Grunwald Disposes of Shares in Merger with Zimmer Biomet
Director Alf Grunwald reports the disposal of Paragon 28 shares following the merger with Zimmer Biomet, receiving cash and contingent value rights.
NYSE
43 days, 9 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Acquired by Zimmer Biomet: Merger Completed, Stock Delisted
Paragon 28, Inc. has completed its merger with a subsidiary of Zimmer Biomet, resulting in the company becoming a wholly-owned subsidiary and the delisting of its common stock from the New York Stock Exchange.
NYSE
47 days, 8 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Stockholders Approve Merger with Zimmer Biomet Subsidiary
Paragon 28, Inc. announces that its stockholders have approved the merger agreement with Zimmer, Inc., a wholly-owned subsidiary of Zimmer Biomet Holdings, Inc., at a special meeting held on April 17, 2025.
NYSE
54 days, 8 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Addresses Stockholder Lawsuits and Provides Supplemental Disclosures Regarding Merger with Zimmer Biomet
Paragon 28 updates its proxy statement with supplemental disclosures to address stockholder lawsuits and demand letters related to its pending merger with Zimmer Biomet.
NYSE
71 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 CFO Chadi Chahine Reports Acquisition and Disposal of Common Stock
Chadi Chahine, CFO of Paragon 28, reports acquiring and disposing of common stock and holding 520,657 shares following the reported transaction.
NYSE
71 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Executive Andrew Hill Reports Acquisition of Restricted Stock Units
EVP of Research & Development at Paragon 28, Andrew James Hill, reports the acquisition of restricted stock units and a decrease in holdings.
NYSE
71 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Matthew Jarboe Reports Changes in Beneficial Ownership
Chief Commercial Officer Matthew Jarboe reports acquisition and disposal of Paragon 28, Inc. common stock and restricted stock units.
NYSE
71 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Reports Acquisition and Disposal of Common Stock
Robert S. McCormack, General Counsel and Corporate Secretary of Paragon 28, Inc., reports the acquisition of restricted stock units and disposal of common stock.
NYSE
71 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Albert DaCosta Reports Acquisition of 337,682 Common Stock Shares in Paragon 28, Inc.
Albert DaCosta, a director, 10% owner, and officer of Paragon 28, Inc., reported acquiring 337,682 shares of common stock on March 20, 2025, according to a Form 4 filing.
NYSE
77 days, 9 hours ago 
FNA
Paragon 28, INC
Form 4: Albert DaCosta Reports Changes in Beneficial Ownership of Paragon 28, Inc. Shares
Albert DaCosta, a director, 10% owner, and officer of Paragon 28, Inc., reports changes in his beneficial ownership of the company's common stock due to gift transactions.
NYSE
82 days, 6 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners Sells 1,044,295 Shares of Paragon 28, Inc. (FNA)
MVM Partners, LLC, a 10% owner of Paragon 28, Inc., sold 1,044,295 shares of common stock at a weighted average price of $13.0405 on March 13, 2025.
NYSE
83 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Robert S. McCormack Reports Stock Transaction
Robert S. McCormack, General Counsel and Corporate Secretary of Paragon 28, Inc., reports the withholding of 8,165 common stock shares to cover tax liabilities related to vesting restricted stock units on March 10, 2025.
NYSE
83 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Executive Matthew Jarboe Reports Stock Transaction
Chief Commercial Officer Matthew Jarboe of Paragon 28, Inc. reports disposition of shares to cover tax obligations related to vesting restricted stock units.
NYSE
83 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Albert DaCosta Reports Changes in Beneficial Ownership
Albert DaCosta, a director, 10% owner, and officer of Paragon 28, Inc., reported a transaction involving common stock due to tax liability from vesting restricted stock units.
NYSE
84 days, 9 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Merger with Zimmer Biomet Clears Key Antitrust Hurdle
Paragon 28 announces the expiration of the HSR Act waiting period, a significant step towards its acquisition by Zimmer Biomet.
NYSE
89 days, 5 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners Sells Shares in Paragon 28, Inc.
MVM Partners, a significant shareholder of Paragon 28, Inc. (FNA), has sold a portion of its holdings over three days in March 2025.
NYSE
89 days, 8 hours ago 
FNA
Paragon 28, INC
10-K: Paragon 28 Announces Merger Agreement with Zimmer, Inc. in Annual 10-K Filing
Paragon 28's 2024 10-K filing highlights a pending merger with Zimmer, Inc., alongside financial results and operational strategies.
Worse than expected
 
NYSE
91 days, 4 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 CEO Albert DaCosta Disposes of Shares to Cover Tax Obligations
Albert DaCosta, CEO of Paragon 28, Inc., disposed of 11,341 shares of common stock to cover tax liabilities related to vesting restricted stock units.
NYSE
91 days, 4 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Matthew Jarboe Reports Stock Transaction
Matthew Jarboe, Chief Commercial Officer of Paragon 28, Inc., reports the disposition of 4,136 shares of common stock to cover tax liabilities related to vesting restricted stock units.
NYSE
105 days, 7 hours ago 
FNA
Paragon 28, INC
DEFA14A: Zimmer Biomet to Acquire Paragon 28 in Definitive Agreement
Zimmer Biomet (ZB) and Paragon 28 have entered into a definitive agreement for ZB to acquire Paragon 28, aiming to expand ZB's presence in the foot and ankle segment.
NYSE
124 days, 7 hours ago 
FNA
Paragon 28, INC
DEFA14A: Zimmer Biomet to Acquire Paragon 28 in Push for Foot and Ankle Market Dominance
Paragon 28 announces its acquisition by Zimmer Biomet, aiming to enhance its mission to improve surgical outcomes in the foot and ankle market.
NYSE
125 days, 6 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners Reduces Stake in Paragon 28, Inc. Through Recent Stock Sales
MVM Partners, LLC, a significant shareholder in Paragon 28, Inc. (FNA), has decreased its holdings through a series of stock sales in late January 2025.
Worse than expected
 
NYSE
125 days, 7 hours ago 
FNA
Paragon 28, INC
DEFA14A: Paragon 28 Faces Shareholder Vote on Proposed Transaction Amidst Regulatory Scrutiny
Paragon 28 urges shareholders to review proxy statements related to a proposed transaction, highlighting potential risks and benefits while navigating regulatory approvals.
NYSE
125 days, 7 hours ago 
FNA
Paragon 28, INC
DEFA14A: Paragon 28 to be Acquired by Zimmer Biomet in Definitive Agreement
Paragon 28, a foot and ankle care company, has entered into a definitive agreement to be acquired by Zimmer Biomet, a global medical technology leader.
NYSE
125 days, 7 hours ago 
FNA
Paragon 28, INC
DEFA14A: Zimmer Biomet to Acquire Paragon 28 in $1.3 Billion Deal
Zimmer Biomet will acquire Paragon 28 for $13.00 per share in cash plus a contingent value right (CVR) payment, potentially reaching a total enterprise value of approximately $1.3 billion.
NYSE
125 days, 7 hours ago 
FNA
Paragon 28, INC
8-K: Zimmer Biomet to Acquire Paragon 28 in $1.3 Billion Deal
Zimmer Biomet will acquire Paragon 28 for $13.00 per share in cash plus a contingent value right (CVR) that could add up to $1.00 per share, valuing the company at approximately $1.3 billion.
NYSE
125 days, 16 hours ago 
FNA
Paragon 28, INC
DEFA14A: Zimmer Biomet to Acquire Paragon 28 for $1.1 Billion, Expanding Foot and Ankle Segment
Zimmer Biomet will acquire Paragon 28 for $13.00 per share in cash, plus a contingent value right, to expand its presence in the foot and ankle orthopedic segment.
NYSE
125 days, 16 hours ago 
FNA
Paragon 28, INC
8-K: Zimmer Biomet to Acquire Paragon 28 in $1.2 Billion Deal, Expanding Foot and Ankle Portfolio
Zimmer Biomet has agreed to acquire Paragon 28 for $1.2 billion, including a contingent value right, to expand its presence in the high-growth foot and ankle orthopedic segment.
Capital raise
 
NYSE
127 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners Reduces Stake in Paragon 28, Inc.
MVM Partners, LLC, a significant shareholder of Paragon 28, Inc. (FNA), has sold a portion of its common stock holdings in two transactions.
NYSE
131 days, 6 hours ago 
FNA
Paragon 28, INC
144: MVM Partners, LLC to Sell 225,000 Shares of Paragon 28, Inc. Common Stock
MVM Partners, LLC, a 10% stockholder, plans to sell 225,000 shares of Paragon 28, Inc. common stock via Merrill Lynch.
NYSE
141 days, 15 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Announces Strong Preliminary Revenue Growth for 2024, Eyes Continued Expansion
Paragon 28 reports preliminary unaudited revenue growth of approximately 18% for both the fourth quarter and full year 2024, signaling a strong performance in the foot and ankle orthopedic market.
Better than expected
 
NYSE
154 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Albert DaCosta Reports Stock Option Exercise and Tax Liability Coverage
Albert DaCosta, a director, 10% owner, and officer of Paragon 28, Inc., exercised stock options and covered the resulting tax liability, altering his beneficial ownership in the company's stock.
NYSE
173 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Acquires Restricted Stock Units
Director David M Demski of Paragon 28, Inc. acquired 34,207 restricted stock units, which will vest over three years.
NYSE
174 days, 15 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Appoints Dave Demski to Board of Directors, Expanding Board to Nine Members
Paragon 28 has appointed Dave Demski, a seasoned medical device executive, as an independent director, increasing the board size to nine members.
NYSE
175 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners Reduces Stake in Paragon 28, Inc. Through Stock Sales
MVM Partners, a significant shareholder in Paragon 28, Inc., has sold a portion of its holdings in two separate transactions.
Worse than expected
 
NYSE
175 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Sells Shares Under 10b5-1 Trading Plan
Kristina Wright, a director at Paragon 28, sold 2,360 shares of common stock at an average price of $10.001 per share under a pre-arranged 10b5-1 trading plan.
NYSE
179 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners, LLC Reduces Stake in Paragon 28, Inc.
MVM Partners, LLC sold a portion of its holdings in Paragon 28, Inc. over two days, reducing its total ownership.
NYSE
186 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners, LLC Reduces Stake in Paragon 28, Inc.
MVM Partners, LLC has sold a portion of its holdings in Paragon 28, Inc., reducing its total ownership.
NYSE
189 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners, LLC Reduces Stake in Paragon 28, Inc.
MVM Partners, LLC has sold a portion of its holdings in Paragon 28, Inc., reducing its total ownership.
Worse than expected
 
NYSE
193 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: MVM Partners Reduces Stake in Paragon 28, Inc. Through Stock Sales
MVM Partners, a significant shareholder in Paragon 28, Inc., has sold a portion of its holdings in two transactions.
Worse than expected
 
NYSE
200 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Sells Shares Under 10b5-1 Trading Plan
Kristina Wright, a director at Paragon 28, sold 4,181 shares of common stock at $10 per share under a pre-arranged 10b5-1 trading plan.
NYSE
203 days, 8 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Exceeds Expectations, Raises Full-Year Revenue Guidance After Strong Q3
Paragon 28 reported strong third-quarter results, including a significant increase in revenue and improved profitability, leading to an upward revision of their full-year revenue guidance.
Better than expected
 
NYSE
203 days, 8 hours ago 
FNA
Paragon 28, INC
10-Q: Paragon 28 Reports 18% Revenue Growth in Q3 2024, Despite Increased Losses
Paragon 28, a medical device company focused on foot and ankle orthopedics, announced an 18% increase in revenue for the third quarter of 2024, but also reported increased net losses and identified material weaknesses in internal controls.
Worse than expected
 
Capital raise
 
NYSE
221 days, 6 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Executive Andrew James Hill Reports Stock Transaction
Andrew James Hill, EVP of Research & Development at Paragon 28, Inc., reports the withholding of 9,397 shares of common stock to cover tax liabilities related to vesting restricted stock units.
NYSE
223 days, 6 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Director Albert DaCosta Reports Changes in Beneficial Ownership
Albert DaCosta, a director, 10% owner, and officer of Paragon 28, Inc., reports a transaction involving common stock related to tax liability from vesting restricted stock units.
NYSE
223 days, 6 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Matthew Jarboe Reports Stock Transaction
Matthew Jarboe, Chief Commercial Officer of Paragon 28, Inc., reports the withholding of shares to cover tax liabilities related to vesting restricted stock units.
NYSE
256 days, 9 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Announces Departure of Chief Accounting Officer
Paragon 28, Inc. has announced the departure of its Chief Accounting Officer, Erik Mickelson, effective September 20, 2024.
NYSE
291 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28, Inc. Executive Reports Tax Liability Payment via Stock Withholding
Robert S. McCormack, General Counsel and Corporate Secretary of Paragon 28, Inc., reports the payment of tax liability by withholding 6,012 shares of common stock incident to the vesting of restricted stock units on August 14, 2024.
NYSE
299 days, 7 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 CFO Chadi Chahine Reports Acquisition of Restricted Stock Units
Chadi Chahine, CFO of Paragon 28, reports the acquisition of restricted stock units (RSUs) that will vest over four years.
NYSE
299 days, 9 hours ago 
FNA
Paragon 28, INC
10-Q: Paragon 28 Reports 18% Revenue Growth in Second Quarter Despite Increased Operating Expenses
Paragon 28, a medical device company focused on foot and ankle orthopedics, announced an 18% increase in revenue for the second quarter of 2024, although operating expenses also rose.
Worse than expected
 
NYSE
299 days, 9 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 Appoints New CFO, Reports Q2 Results, and Narrows Revenue Guidance Amidst Efficiency Drive
Paragon 28 announced the appointment of a new CFO, reported a 19.6% revenue increase for Q2 2024, and narrowed its full-year revenue guidance while initiating an operational efficiency strategy.
Worse than expected
 
NYSE
299 days, 9 hours ago 
FNA
Paragon 28, INC
10-Q/A: Paragon 28 Restates Q1 2024 Financials Due to Inventory Errors
Paragon 28 has restated its first quarter 2024 financial statements due to material accounting errors related to inventory valuation.
Worse than expected
 
NYSE
299 days, 9 hours ago 
FNA
Paragon 28, INC
10-K/A: Paragon 28 Restates Financials, Cites Inventory Errors and Internal Control Weaknesses
Paragon 28 has restated its financial statements for fiscal year 2023 and interim periods due to material accounting errors related to inventory valuation and has identified material weaknesses in its internal controls.
Worse than expected
 
NYSE
308 days, 8 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28 to Restate Prior Financials Due to Inventory Errors
Paragon 28 has announced it will restate its financial statements for fiscal year 2023 and the first quarter of 2024 due to errors in inventory accounting.
Worse than expected
 
NYSE
377 days, 19 hours ago 
FNA
Paragon 28, INC
8-K: Paragon 28, Inc. Holds 2024 Annual Meeting, Elects Directors and Ratifies Auditor
Paragon 28, Inc. successfully held its 2024 Annual Meeting of Stockholders, electing three Class III Directors, approving executive compensation, and ratifying Deloitte & Touche LLP as its independent auditor.
NYSE
378 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Alf Grunwald Reports Acquisition and Disposal of Common Stock
Director Alf Grunwald reports acquiring and disposing of Paragon 28, Inc. common stock and restricted stock units.
NYSE
378 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Acquires Shares and Reports Changes in Beneficial Ownership
Director Quentin S. Blackford reports acquisition of shares and changes in beneficial ownership of Paragon 28, Inc.
NYSE
378 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director B. Kristine Johnson Reports Acquisition and Disposal of Common Stock
Director B. Kristine Johnson reports acquiring 15,906 shares of Paragon 28 common stock and disposing of 47,347 shares on May 17, 2024.
NYSE
378 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Stephen Oesterle Reports Acquisition and Disposal of Common Stock
Director Stephen Oesterle reports acquiring and disposing of Paragon 28, Inc. common stock on May 17, 2024.
NYSE
378 days, 8 hours ago 
FNA
Paragon 28, INC
Form 4: Paragon 28 Director Meghan Scanlon Reports Stock Transactions
Director Meghan Scanlon reports acquisition and disposal of Paragon 28, Inc. stock.
FNA 
Paragon 28, INC 
NYSE

8-K: Paragon 28 Appoints New CFO, Reports Q2 Results, and Narrows Revenue Guidance Amidst Efficiency Drive

Sentiment:
 Quarterly Report
 8 August 2024 4:10 PM

Paragon 28 announced the appointment of a new CFO, reported a 19.6% revenue increase for Q2 2024, and narrowed its full-year revenue guidance while initiating an operational efficiency strategy.

Worse than expected
  The company's gross margin decreased from 77.3% to 75.0% year-over-year.  The company reported a net loss of $13.8 million, slightly higher than the $13.2 million loss in the same quarter last year.  The company has restated its financial statements due to material accounting errors, indicating a weakness in internal controls. 

Summary
  • Paragon 28 has appointed Chadi Chahine as Chief Financial Officer and EVP of Supply Chain Operations, effective August 5, 2024.
  • The company reported a 19.6% increase in global revenue for the second quarter of 2024, reaching $61.0 million.
  • Year-to-date revenue reached $122.1 million, representing an 18.5% increase compared to the same period last year.
  • U.S. revenue grew by 17.6% in Q2 to $49.7 million, while international revenue increased by 29.4% to $11.3 million.
  • The company's gross margin was 75.0% for the second quarter of 2024, down from 77.3% in the same period last year.
  • Operating expenses increased by 9.7% to $56.5 million in Q2 2024.
  • The net loss for the second quarter was $13.8 million, a slight increase from $13.2 million in the prior year.
  • Adjusted EBITDA improved to a loss of $3.0 million in Q2 2024, compared to a $5.4 million loss in Q2 2023.
  • Paragon 28 has narrowed its 2024 net revenue guidance to $249 million to $255 million, representing a 15.1% to 17.8% growth compared to 2023.
  • An operational efficiency strategy has been initiated, including a 7% workforce reduction expected to save up to $8 million annually, offset by $1 million in severance costs.
  • The company has restated its financial statements for 2023 and Q1 2024 due to errors in inventory calculations.
Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative due to the restatement of financials and workforce reduction, despite strong revenue growth and operational efficiency efforts. The appointment of a new CFO is a positive, but the financial restatement and cost-cutting measures raise concerns.

Positives
  • The company experienced strong revenue growth in Q2 2024, with a 19.6% increase in global revenue.
  • International revenue saw a significant increase of 29.4% in Q2 2024.
  • Operating expenses as a percentage of revenue improved by 840 basis points year-over-year in Q2 2024.
  • Adjusted EBITDA showed a $2.4 million improvement in Q2 2024 compared to the same period last year.
  • The company is implementing an operational efficiency strategy to reduce costs and preserve cash.
  • The company has a strong product launch cadence with nine full product launches and three limited market releases in 2024 YTD.
Negatives
  • Gross margin decreased to 75.0% in Q2 2024 from 77.3% in Q2 2023.
  • The net loss for Q2 2024 was $13.8 million, slightly higher than the $13.2 million loss in Q2 2023.
  • Operating expenses increased by 9.7% in Q2 2024 compared to the same period last year.
  • The company has restated its financial statements for 2023 and Q1 2024 due to material accounting errors.
  • The company is reducing its workforce by 7% as part of its operational efficiency strategy.
Risks
  • The company faces risks related to the successful implementation of its operational efficiency strategy.
  • There are risks associated with the restatement of financial statements, including potential regulatory penalties and loss of investor confidence.
  • The company's ability to retain and hire key personnel may be affected by the operational efficiency strategy.
  • The company's financial results could be impacted by the diversion of management's attention due to the operational efficiency strategy.
  • There is uncertainty regarding the amount of time necessary to realize the expected benefits of the operational efficiency strategy.
Future Outlook

The company has narrowed its 2024 net revenue guidance to $249 million to $255 million, representing a 15.1% to 17.8% growth compared to 2023. The operational efficiency strategy is expected to result in durable savings for the rest of 2024 and in 2025.

Management Comments
  • Albert DaCosta, CEO, stated that Chadi Chahine's experience will be invaluable as the company expands in the foot and ankle market.
  • Albert DaCosta, CEO, mentioned that the company is pleased with the Q2 results and continues to see strong momentum in the U.S.
  • Albert DaCosta, CEO, noted that the company has made significant progress on cost optimization plans.
  • Albert DaCosta, CEO, stated that the operational efficiency initiative is critical to enhance efficiency, minimize costs, and preserve cash without compromising growth initiatives.
  • Chadi Chahine, CFO, expressed excitement about joining Paragon 28 and contributing to its continued growth and success.
Industry Context

This announcement comes as Paragon 28 continues to expand its presence in the foot and ankle orthopedic market, a sector with significant growth potential. The company's focus on innovation and operational efficiency aligns with broader industry trends of cost optimization and product development.

Comparison to Industry Standards
  • Paragon 28's revenue growth of 19.6% in Q2 2024 is strong compared to the broader medical device industry, which typically sees single-digit growth.
  • Zimmer Biomet, where Chadi Chahine previously worked, is a major player in the orthopedic industry, and his experience there is expected to benefit Paragon 28.
  • The company's focus on the foot and ankle market is a niche strategy compared to larger diversified players like Johnson & Johnson or Stryker, which operate across multiple orthopedic segments.
  • The operational efficiency strategy, including workforce reduction, is a common tactic in the medical device industry to improve profitability, similar to actions taken by other companies facing cost pressures.
  • The restatement of financials is a significant issue, and other companies in the industry have faced similar challenges, often leading to increased scrutiny and potential penalties.
Stakeholder Impact
  • Shareholders may be concerned about the financial restatement and workforce reduction.
  • Employees will be impacted by the 7% workforce reduction.
  • Customers may experience changes in service or support due to the operational efficiency strategy.
  • Suppliers may be affected by the company's inventory burn-down plan.
  • Creditors may be concerned about the company's financial performance and cost-cutting measures.
Next Steps
  • The company will continue to implement its operational efficiency strategy.
  • Paragon 28 will focus on new product launches and sales force expansion.
  • The company will work to resolve the issues that led to the financial restatement.
  • The company will host a conference call to discuss the second quarter 2024 financial results on August 8, 2024.
Key Dates
  • April 3, 2024: Kristina Wright began serving as Interim CFO.
  • June 30, 2024: End of the second quarter for which financial results are reported.
  • July 30, 2024: Date of the Form 8-K filing announcing the financial restatement.
  • August 5, 2024: Chadi Chahine appointed as Chief Financial Officer and EVP of Supply Chain Operations.
  • August 6, 2024: Executive compensation changes implemented.
  • August 8, 2024: Date of the press release announcing Q2 2024 financial results and operational efficiency strategy.
Keywords
Paragon 28, CFO, financial results, revenue, operational efficiency, restatement, medical devices, orthopedics, foot and ankle, EBITDA
FNA 
Paragon 28, INC 
NYSE
Sector: TBD
 
Filings with Classifications
Worse than expected
6 March 2025 4:01 PM
Annual Report
  • The company's gross profit margin decreased from 76.0% in 2023 to 74.7% in 2024.
  • The company has identified material weaknesses in its internal control over financial reporting.
Worse than expected
29 January 2025 6:03 PM
SEC Form 4
  • The document indicates that a major shareholder is reducing their position in the company, which is generally viewed negatively by the market.
Capital raise
29 January 2025 8:06 AM
Merger Announcement
  • Zimmer Biomet plans to fund the proposed transaction through a combination of cash on the balance sheet and other available debt financing sources.
Better than expected
13 January 2025 8:30 AM
Preliminary Earnings Announcement
  • The company's revenue growth of approximately 18% for both the fourth quarter and full year exceeded the industry's growth rate of 7% CAGR.
  • Paragon 28 achieved adjusted EBITDA profitability in the third quarter for the first time since its IPO, indicating better than expected financial performance.
  • The company's free cash flow improved by 69.5% in 3Q24 compared to 3Q23, demonstrating better than expected operational efficiency.
Worse than expected
10 December 2024 4:43 PM
SEC Form 4 Filing
  • The document indicates a reduction in shareholding by a major investor, which is generally viewed negatively by the market.
Worse than expected
26 November 2024 4:29 PM
SEC Form 4 Filing
  • The document indicates a reduction in ownership by a major shareholder, which is generally viewed negatively by the market.
Worse than expected
22 November 2024 4:27 PM
SEC Form 4 Filing
  • A significant shareholder reducing their stake is generally viewed negatively by the market.
Better than expected
12 November 2024 4:04 PM
Quarterly Report
  • The company exceeded expectations by achieving positive Adjusted EBITDA for the first time since its IPO.
  • The company raised its full-year revenue guidance, indicating stronger than anticipated performance.
  • The company significantly improved its Free Cash Flow compared to the prior year period.
Capital raise
12 November 2024 4:01 PM
Quarterly Report
  • The company may require additional financing to fund its operations and planned growth.
  • The company may seek to raise additional capital through public or private equity offerings, debt financings, credit or loan facilities, or a combination of these funding sources.
Worse than expected
12 November 2024 4:01 PM
Quarterly Report
  • The company's net losses increased despite revenue growth, indicating that expenses are growing faster than revenue.
  • The gross profit margin decreased due to higher non-cash charges for excess and obsolete inventory.
  • The company identified material weaknesses in its internal controls over financial reporting.
Worse than expected
8 August 2024 4:15 PM
Quarterly Report
  • The company's net loss widened and adjusted EBITDA decreased compared to the same period last year, indicating worse than expected profitability.
Worse than expected
8 August 2024 4:10 PM
Quarterly Report
  • The company's gross margin decreased from 77.3% to 75.0% year-over-year.
  • The company reported a net loss of $13.8 million, slightly higher than the $13.2 million loss in the same quarter last year.
  • The company has restated its financial statements due to material accounting errors, indicating a weakness in internal controls.
Worse than expected
8 August 2024 4:08 PM
Quarterly Report
  • The company's financial results were worse than expected due to the need to restate financials because of material accounting errors.
  • The company's gross profit margin decreased, and the company reported a net loss and negative adjusted EBITDA.
  • The company identified material weaknesses in its internal control over financial reporting.
Worse than expected
8 August 2024 4:06 PM
Annual Report Amendment
  • The company's financial results were worse than expected due to the restatement of financial statements and the identification of material weaknesses in internal controls.
Worse than expected
30 July 2024 5:00 PM
8-K Filing
  • The company's financial results for the affected periods were worse than previously reported due to errors in inventory accounting.
  • The restatement will decrease net income for the affected periods.
  • The company has identified material weaknesses in its internal control over financial reporting.
Worse than expected
8 May 2024 4:03 PM
Quarterly Report
  • The company's net loss increased from $9.1 million to $15.2 million year-over-year.
  • The company's adjusted EBITDA decreased from negative $1.4 million to negative $5.5 million year-over-year.
  • The company's gross profit margin decreased from 82.9% to 80% year-over-year.
Worse than expected
8 May 2024 4:01 PM
Quarterly Report
  • The company's net loss increased from $9.1 million to $15.2 million year-over-year.
  • Adjusted EBITDA decreased from a loss of $1.4 million to a loss of $5.5 million year-over-year.
  • The gross profit margin decreased from 82.9% to 80.0% year-over-year.
Capital raise
29 February 2024 4:02 PM
Annual Results
  • The company may require additional capital to maintain and expand its operations.
  • The company may raise additional funds through the issuance of equity, equity-linked or debt securities.
  • The company may also raise additional funds through strategic partnerships and alliances and licensing arrangements with third parties.
Worse than expected
29 February 2024 4:02 PM
Annual Results
  • The company's net loss and negative adjusted EBITDA indicate that it is not yet profitable, which is worse than expected for a company of its size and maturity.
Better than expected
29 February 2024 4:02 PM
Annual Results
  • The company's net loss decreased significantly compared to the previous year, indicating improved financial performance.
  • The company's revenue growth exceeded the market growth rate.
  • The company provided positive revenue guidance for 2024.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.