NYSE
43 days, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 10 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 9 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, 8 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, 8 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, 8 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, 10 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, 6 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, 9 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, 5 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, 5 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, 8 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, 8 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, 7 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, 8 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, 8 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, 8 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, 8 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, 17 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, 17 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, 9 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, 7 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.
FNA 
Paragon 28, INC 
NYSE

8-K: Zimmer Biomet to Acquire Paragon 28 in $1.2 Billion Deal, Expanding Foot and Ankle Portfolio

Sentiment:
 Merger Announcement
 29 January 2025 8:06 AM

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
  Zimmer Biomet plans to fund the proposed transaction through a combination of cash on the balance sheet and other available debt financing sources. 

Summary
  • Zimmer Biomet will acquire Paragon 28 for an upfront payment of $13.00 per share in cash, valuing the company at approximately $1.1 billion in equity and $1.2 billion in enterprise value.
  • Paragon 28 shareholders will also receive a contingent value right (CVR) of up to $1.00 per share, payable if net sales reach between $346 million and $361 million during Zimmer Biomet's fiscal year 2026.
  • The acquisition is expected to immediately accelerate Zimmer Biomet's revenue growth and be accretive to adjusted earnings per share within 24 months of the deal's closing.
  • Paragon 28's net revenue for 2024 is estimated to be between $255.9 million and $256.2 million, representing an 18.2% to 18.4% growth over the previous year.
  • Zimmer Biomet plans to fund the acquisition through a combination of cash on hand and debt financing.
  • The transaction is expected to close in the first half of 2025, subject to regulatory approvals and Paragon 28 stockholder approval.
Sentiment

Score: 8

Explanation: The document conveys a positive sentiment due to the strategic acquisition, expected revenue growth, and potential for increased market share. While there are risks, the overall tone is optimistic about the future prospects of the combined entity.

Positives
  • The acquisition will strengthen and expand Zimmer Biomet's offerings in the foot and ankle segment.
  • Paragon 28's portfolio is expected to drive adoption and accelerate growth for Zimmer Biomet.
  • The deal is expected to immediately accelerate Zimmer Biomet's revenue growth.
  • The acquisition will provide cross-selling opportunities in the fast-growing Ambulatory Surgery Center (ASC) space.
  • Paragon 28 has a strong product pipeline and a dedicated sales force.
Negatives
  • The acquisition is expected to be approximately 3% dilutive to Zimmer Biomet's adjusted earnings per share in 2025 and about 1% dilutive in 2026.
  • There is a risk that the revenue milestones for the contingent value rights may not be achieved.
  • The integration of the two businesses may present challenges.
Risks
  • The transaction is subject to regulatory approvals and Paragon 28 stockholder approval, which may not be obtained.
  • Competing offers for Paragon 28 could emerge.
  • The merger agreement could be terminated, potentially requiring Paragon 28 to pay a termination fee.
  • The anticipated benefits of the transaction may not be realized or may not be realized within the expected timeframe.
  • The integration of the two businesses may not be successful.
  • The transaction could disrupt business relationships and make it difficult to retain key personnel.
  • The transaction could divert management's attention from ongoing business operations.
  • The announcement or consummation of the transaction could negatively impact the market price of Paragon 28's stock.
  • There is a risk of litigation, including shareholder litigation, related to the transaction.
Future Outlook

The transaction is expected to immediately accelerate Zimmer Biomet's revenue growth and be accretive to adjusted earnings per share within 24 months of the deal's closing. Zimmer Biomet expects to maintain a strong balance sheet and to continue to support its stated capital allocation priorities.

Management Comments
  • Ivan Tornos, President and Chief Executive Officer of Zimmer Biomet, stated that the transaction diversifies Zimmer Biomet's portfolio and positions them well in a high-growth segment.
  • Albert DaCosta, Chairman and CEO of Paragon 28, said that joining Zimmer Biomet is an exciting new chapter and an opportunity to advance their mission.
Industry Context

This acquisition reflects a trend of consolidation in the medical device industry, with larger companies acquiring smaller, specialized players to expand their product portfolios and market reach. The foot and ankle segment is a high-growth area, making Paragon 28 an attractive target for Zimmer Biomet.

Comparison to Industry Standards
  • The acquisition of Paragon 28 by Zimmer Biomet is similar to other acquisitions in the medical device industry where larger companies acquire smaller, specialized firms to expand their product offerings and market share.
  • For example, Stryker's acquisition of Wright Medical in 2020 for approximately $5.4 billion was a similar move to strengthen its position in the extremities market.
  • The valuation of Paragon 28 at approximately $1.2 billion, with a revenue multiple of around 4.7x based on 2024 estimated revenue, is within the range of recent medical device acquisitions.
  • The contingent value right structure is also a common feature in acquisitions, designed to align the interests of both parties and incentivize future performance.
Stakeholder Impact
  • Paragon 28 shareholders will receive cash and a potential contingent value right.
  • Zimmer Biomet shareholders are expected to benefit from increased revenue growth and market share.
  • Employees of both companies may experience changes due to the integration process.
  • Customers of both companies may benefit from a broader range of products and services.
Next Steps
  • Paragon 28 will file preliminary and definitive proxy statements with the SEC.
  • Paragon 28 stockholders will vote on the proposed transaction.
  • The companies will seek required regulatory approvals.
  • Zimmer Biomet will discuss the expected impacts to 2025 financial results on their upcoming fourth quarter 2024 earnings call.
Key Dates
  • January 28, 2025: Date of the merger agreement and press release announcement.
  • January 29, 2025: Date of the 8-K filing.
  • February 6, 2025: Zimmer Biomet's fourth quarter 2024 earnings call where 2025 financial impacts will be discussed.
  • First half of 2025: Anticipated closing date of the transaction.
Keywords
acquisition, merger, Zimmer Biomet, Paragon 28, foot and ankle, orthopedics, medical devices, contingent value right, revenue growth, earnings per share
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.