Paragon 28, Inc. is a leading medical device company focused on innovative orthopedic solutions for the foot and ankle market.

## Paragon 28, Inc. Overview

Paragon 28, Inc. is a leading medical device company that specializes exclusively in the foot and ankle orthopedic market. The company focuses on providing innovative solutions designed to improve patient outcomes through advanced surgical implants, instrumentation, and procedural approaches.

### Business Offerings

- **Product Portfolio**: Paragon 28 offers a comprehensive range of orthopedic solutions to address various foot and ankle ailments, including:
  - Fracture fixation
  - Forefoot and ankle surgeries
  - Progressive collapsing foot deformity (PCFD) or flatfoot
  - Charcot foot treatment
  - Orthobiologics
  
- **Innovative Solutions**: The company’s products are designed with both surgeons and patients in mind, aiming to improve surgical outcomes, reduce complication rates, and enhance the overall experience for both parties.

- **Surgical Systems**: As of December 31, 2024, Paragon 28's broad suite includes over 90 product systems to fit the specific needs of patients and 7 distinct procedural approaches.

### Company Metrics

- **Customers**: Paragon 28 serves a wide network of healthcare providers, including hospitals and orthopedic surgeons. Specific customer counts are typically proprietary and not publicly disclosed.
  
- **Employees**: The company employs approximately 407 individuals, including both full-time and part-time employees.
  
- **Financial Performance**:
  - **Revenue**: For the fiscal year ending December 31, 2024, Paragon 28 reported revenue of approximately $256.18 million.
  - **Income**: The specific income figures or profit margin are not detailed in the provided report, but further insight can typically be gathered from full financial disclosures.
  
- **Growth and Expansion**: The company has a robust development pipeline with more than 30 product and system offerings expected to launch commercially within the next 24 months. 

### Market Position

- **Industry Focus**: Paragon 28 is dedicated exclusively to the foot and ankle market, which allows it to better understand and innovate solutions tailored to the specific needs of this segment.

- **Target Market**: The focus on foot and ankle orthopedic solutions positions Paragon 28 as a niche player in the broader medical device market, with an emphasis on disrupting and transforming existing practices and technologies in orthopedic surgery.

### Future Outlook

- The company has announced plans for a merger with Zimmer, Inc., set to further enhance its market position and capabilities in the orthopedic space. 

By focusing exclusively on the foot and ankle orthopedic market and maintaining a commitment to innovation and high-quality solutions, Paragon 28 aims to drive growth while addressing the specific needs of its customers and patients.

Paragon 28, Inc. is a leading medical device company specializing in innovative surgical solutions for the foot and ankle orthopedic market.

# Summary of Paragon 28, Inc.

## Overview
Paragon 28, Inc. is a leading medical device company that specializes exclusively in the foot and ankle orthopedic market. The company is dedicated to innovating surgical solutions and improving patient outcomes for a wide range of foot and ankle ailments.

## Product Offerings
- **Portfolio:** Nearly 80 product systems including surgical implants and disposables.
- **Conditions Treated:** Fracture fixation, forefoot conditions (like bunions and hammertoe), ankle issues, progressive collapsing foot deformity (flatfoot), Charcot foot, and orthobiologics.
- **Regulatory Status:** Most marketed products are Class II medical devices cleared by the U.S. FDA, with one product marketed under a Humanitarian Device Exemption (HDE).

## Business Model
- **Sales Force:** A dedicated commercial team consisting of approximately 266 producing sales representatives, primarily independent. As of December 31, 2023, nearly all U.S. revenue was generated by these representatives.
- **International Presence:** Established sales in 22 countries contributing about 15% of total revenue in 2023.

## Financials
- **Revenue:** Approximately $123 million reported in 2023.
- **Profitability:** Experienced significant growth; however, the company has faced financial challenges, generally demonstrating a net loss due to high costs associated with R&D and commercialization. 

## Employee Base
- **Total Employees:** 574 employees worldwide as of December 31, 2023.
- **Headcount Breakdown:** About 430 employees located in the U.S. and approximately 144 employees located internationally.
- **Leadership Experience:** Many employees have significant experience in orthopedics or medical product companies.

## Strategic Vision
Paragon 28 aims to disrupt the foot and ankle market by:
- Focusing on innovative product development driven by clinical research and feedback from surgeons.
- Investing in educational programs for medical professionals to improve surgical techniques and product adoption.
- Expanding its geographical footprint and increasing market share in both the U.S. and internationally.

## Growth Strategy
The company’s growth strategy concentrates on:
- **R&D Investment:** More than 30 new product offerings in the development pipeline, with an expected launch of the majority within 24 months.
- **Market Penetration:** Targeting the unmet clinical needs in the large, growing foot and ankle market, which is projected to reach $6.9 billion by 2028.
- **Educational Initiatives:** A commitment to medical education to support both surgeons and patients.

## Success Factors
1. **Focus on Foot and Ankle Market:** Exclusive dedication to the foot and ankle segment enables better understanding of market needs and innovations.
2. **Innovative Product Development:** A comprehensive portfolio designed with both patients and surgeons in mind.
3. **Strong Clinical Relationships:** Collaboration with leading foot and ankle specialists to ensure product relevance and effectiveness.

Overall, Paragon 28 is positioned as a key player in the orthopedic device market, with a strong emphasis on innovation, education, and a targeted focus on improving patient outcomes in the foot and ankle domain.

Paragon 28, Inc.

10-K / April 21, 2025

10-K / August 8, 2024

10-K / April 21, 2025

Paragon 28, Inc. Overview

Business Offerings

Company Metrics

Market Position

Future Outlook