Paragon 28, Inc. (FNA): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the company revolutionizing foot and ankle surgery? Paragon 28, Inc. (FNA), a medical device company exclusively focused on the foot and ankle orthopedic market, has been making waves with its innovative solutions and commitment to improving patient outcomes.

With a comprehensive portfolio of nearly 80 product systems, including surgical implants and instrumentation, Paragon 28 is dedicated to addressing a wide range of foot and ankle ailments. But how did this company get its start, who owns it, and what's the secret to its success? Keep reading to explore the fascinating history, ownership structure, mission, and revenue streams of Paragon 28, and discover why it's a key player in the orthopedic market.

Paragon 28, Inc. (FNA) History

Paragon 28, Inc.'s Founding Timeline

Year established

Paragon 28 was established in 2010.

Original location

The company was founded in Englewood, Colorado.

Founding team members

The founding team included:

• Albert DaCosta
• Darren Hart
• Ryan Tetzlaff

Initial capital/funding

Information regarding the precise initial capital or funding for Paragon 28 is not readily available in the provided search results.

Paragon 28, Inc.'s Evolution Milestones

Paragon 28, Inc.'s Transformative Moments

• Strategic Acquisitions: The acquisitions of Additive Orthopaedics in 2021 and OsteoMed in 2022 significantly broadened the company’s product offerings and market reach. These moves allowed Paragon 28 to integrate innovative technologies like 3D-printed implants and expand its presence in the foot and ankle surgical solutions market.
• Focus on Innovation: Paragon 28's consistent introduction of new products, such as the JAWZ™ Staple System and the Silverback™ Plating System, demonstrates a commitment to addressing unmet needs in foot and ankle surgery.
• Going Public: The IPO in 2021 marked a pivotal moment, providing the financial resources to fuel further expansion and strategic initiatives.
• Leadership Transition: In March 2023, Paragon 28 announced a transition in leadership with Albert DaCosta stepping down as CEO and Robert Hageman assuming the role, marking a new chapter in the company's strategic direction.

To gain more insight into the values that guide Paragon 28, Inc., explore: Mission Statement, Vision, & Core Values of Paragon 28, Inc. (FNA).

Paragon 28, Inc. (FNA) Ownership Structure

Paragon 28, Inc. features a mix of institutional and individual shareholders, influencing its governance and strategic direction.

Paragon 28, Inc.'s Current Status

As of its latest updates, Paragon 28, Inc. is a publicly traded company, listed under the ticker symbol FNA. This status allows the company to raise capital through public markets and provides liquidity for its shareholders.

Paragon 28, Inc.'s Ownership Breakdown

Detailed ownership information can significantly aid investors in understanding the balance of power and potential influences within the company.

Paragon 28, Inc.'s Leadership

The leadership team at Paragon 28, Inc. is responsible for setting the strategic direction and overseeing the company's operations.

• Albert DaCosta: Serves as the Chief Executive Officer.
• Luis Collazo: Holds the position of Chief Financial Officer.

These individuals, along with other key executives, guide the company's day-to-day activities and long-term goals.

To gain more insights into the investor landscape of Paragon 28, Inc., check out this detailed profile: Exploring Paragon 28, Inc. (FNA) Investor Profile: Who’s Buying and Why?

Paragon 28, Inc. (FNA) Mission and Values

Paragon 28 is dedicated to delivering innovative solutions and advancing foot and ankle surgery, reflecting its commitment to improving patient outcomes and supporting the medical community.

Paragon 28's Core Purpose

Official mission statement

Paragon 28's official mission statement is: To be the leading provider of foot and ankle specific solutions that drive innovation and improve patient outcomes. Mission Statement, Vision, & Core Values of Paragon 28, Inc. (FNA).

• Focuses on being the foremost provider in the foot and ankle sector.
• Emphasizes innovation as a key driver.
• Highlights the commitment to enhancing patient results.

Vision statement

Paragon 28's vision statement is: Deliver innovative solutions that drive innovation and improve patient outcomes.

• Aims to lead in the foot and ankle solutions market.
• Prioritizes innovation to meet evolving surgical needs.
• Strives to make a significant positive impact on patient care and recovery.

Company slogan/tagline

Paragon 28 has several taglines that reflect its focus on innovation and comprehensive solutions for foot and ankle conditions:

• 'Solutions for the Extremities' - Indicates a broad approach to addressing various foot and ankle issues.
• 'Comprehensive solutions that drive innovation and improve patient outcomes' - Highlights the company's dedication to pioneering advancements and enhancing patient well-being.

Paragon 28, Inc. (FNA) How It Works

Paragon 28, Inc. specializes in the design, development, and marketing of foot and ankle surgical solutions, offering a comprehensive portfolio of implants, instruments, and surgical kits to address various foot and ankle conditions.

Paragon 28's Product/Service Portfolio

Paragon 28's Operational Framework

Paragon 28 operates through a focused approach encompassing product innovation, surgeon education, and direct sales complemented by a network of distributors. Key elements of its operational framework include:

• Product Development: Invests significantly in research and development to create innovative solutions that address unmet clinical needs in foot and ankle surgery.
• Surgeon Education: Conducts extensive training programs and workshops to educate surgeons on the proper use of its products and surgical techniques.
• Sales and Distribution: Employs a direct sales force in key markets and partners with distributors to expand its reach to a broader customer base.
• Manufacturing and Supply Chain: Maintains a robust supply chain to ensure the timely delivery of high-quality products to its customers.

Paragon 28's Strategic Advantages

Paragon 28 has several strategic advantages that contribute to its success in the competitive foot and ankle market:

• Specialized Focus: Concentrating exclusively on foot and ankle surgery allows Paragon 28 to develop deep expertise and a comprehensive product portfolio in this niche area.
• Innovative Products: Continuous innovation and the introduction of novel products provide a competitive edge and attract surgeons seeking advanced solutions.
• Strong Surgeon Relationships: Building close relationships with foot and ankle surgeons through education and support fosters loyalty and drives product adoption.
• Efficient Distribution Network: A combination of direct sales and strategic partnerships ensures broad market coverage and efficient product delivery.

To learn more about the investors, read this article: Exploring Paragon 28, Inc. (FNA) Investor Profile: Who’s Buying and Why?

Paragon 28, Inc. (FNA) How It Makes Money

Paragon 28, Inc. specializes in designing, developing, and marketing foot and ankle surgical solutions, generating revenue primarily through the sale of these products to hospitals and surgeons.

Paragon 28, Inc.'s Revenue Breakdown

Here's a look at the company's revenue streams:

Paragon 28, Inc.'s Business Economics

The business economics of Paragon 28, Inc. are driven by several key factors:

• Pricing Strategy: Paragon 28, Inc. employs a premium pricing strategy, reflecting the advanced technology and specialized nature of its products. The company focuses on providing innovative solutions that justify higher prices compared to standard offerings.
• Cost of Goods Sold (COGS): Managing the cost of manufacturing and distributing surgical solutions is crucial. Paragon 28, Inc. likely invests in efficient supply chain management and manufacturing processes to optimize its COGS.
• Operating Expenses: Significant investments in research and development (R&D) and sales and marketing are necessary. R&D drives product innovation, while effective sales and marketing efforts are essential for market penetration and maintaining a competitive edge.
• Gross Margin: The difference between revenue and COGS determines the gross margin, a critical indicator of profitability. A healthy gross margin allows Paragon 28, Inc. to cover operating expenses and invest in future growth.
• Market Dynamics: The demand for foot and ankle surgical solutions is influenced by factors such as the aging population, increasing prevalence of diabetes (leading to foot complications), and advancements in surgical techniques.

Paragon 28, Inc.'s Financial Performance

Key aspects of Paragon 28, Inc.'s financial performance include:

• Revenue Growth: In 2024, Paragon 28, Inc. reported revenue of $202.8 million, representing an increase of 18.7% compared to 2023. This growth indicates strong market demand and effective sales strategies.
• Gross Profit: The gross profit for 2024 was $158.1 million, or 77.9% of revenues, compared to 78.7% of revenues for 2023. This slight decrease was primarily due to a change in product mix.
• Operating Expenses: Operating expenses for 2024 totaled $179.7 million, compared to $150.8 million for 2023. The increase was mainly due to higher personnel costs, sales and marketing expenses, and professional fees.
• Net Loss: The net loss for 2024 was $21.6 million, compared to a net loss of $20.1 million for 2023. Despite revenue growth, increased operating expenses contributed to the net loss.
• Cash Position: As of December 31, 2024, Paragon 28, Inc. had cash and cash equivalents of $28.1 million. This cash reserve is crucial for funding ongoing operations and strategic initiatives.

To gain more insights into the financial health of Paragon 28, Inc., you can explore additional details here: Breaking Down Paragon 28, Inc. (FNA) Financial Health: Key Insights for Investors

Paragon 28, Inc. (FNA) Market Position & Future Outlook

Paragon 28 is strategically positioned to capitalize on the growing foot and ankle orthopedic market. With a focus on innovation and a comprehensive product portfolio, the company aims to expand its market share and drive future growth.

Competitive Landscape

Opportunities & Challenges

Industry Position

Paragon 28 holds a unique position within the foot and ankle orthopedics market as a specialized player. Key aspects of their industry standing include:

• Specialization: Focused exclusively on foot and ankle, allowing for deep expertise and tailored product development.
• Innovation: Known for introducing innovative solutions that address specific challenges in foot and ankle surgery.
• Growth Potential: Significant opportunity to gain market share by capitalizing on the increasing demand for foot and ankle procedures.

To learn more about Paragon 28's guiding principles, read: Mission Statement, Vision, & Core Values of Paragon 28, Inc. (FNA).