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

How did Paragon 28, Inc., a company exclusively focused on the foot and ankle orthopedic market, command a valuation that led to a major acquisition in 2025? The answer lies in their specialized product portfolio, which drove preliminary unaudited net revenue to a range of $255.9 million to $256.2 million in fiscal year 2024, reflecting impressive growth of up to 18.4% over the prior year. This momentum culminated in Zimmer Biomet completing the acquisition on April 21, 2025, valuing the company at approximately $1.39 Billion (including the Contingent Value Right potential), a massive valuation for a niche player. If a global medical technology leader is willing to pay that much, defintely you need to understand the history, the mission to improve patient outcomes, and the exact mechanics of how this business makes money.

Paragon 28, Inc. (FNA) History

You're looking for the bedrock of Paragon 28, Inc., the medical device company that carved out a niche in the foot and ankle orthopedic market. The direct takeaway is this: the company started with a laser focus in 2010, went public in 2021, and its entire trajectory culminated in a massive acquisition by Zimmer Biomet in April 2025, valuing the company at over a billion dollars. That's a fast-paced evolution.

Given Company's Founding Timeline

Paragon 28 was built on the premise that the foot and ankle segment of orthopedics was underserved and needed specialized, innovative solutions. The founding team saw a clear gap in the market and went after it, which is the defintely the right way to start a business.

Year established

Paragon 28 was established in 2010.

Original location

The company was founded in Englewood, Colorado, where it also maintained its principal executive offices.

Founding team members

The core founding team included:

• Albert DaCosta (Co-Founder and CEO)
• Lee Rosenthal (Co-Founder)
• Jim Riegler (Co-Founder)
• Frank Bono (Co-Founder & CTO)
• Darren Hart and Ryan Tetzlaff are also cited as founders.

Initial capital/funding

The company's early funding included a Seed round on November 20, 2011, which raised $200K. This initial capital helped get the first products off the ground. Later, a significant Conventional Debt round of $70 million was secured in June 2021, just before the IPO, demonstrating growing institutional confidence.

Given Company's Evolution Milestones

The history of Paragon 28 is a story of rapid product development and strategic M&A (Mergers and Acquisitions). Here's the quick math on their growth: a decade of focused product releases led to a major public listing, which then fueled two key acquisitions before the final, massive exit.

Given Company's Transformative Moments

Every company has a few moments that fundamentally change its trajectory, and for Paragon 28, these moments were all about capital and technology. The commitment to Mission Statement, Vision, & Core Values of Paragon 28, Inc. (FNA). drove their product-first strategy, but the financial moves were the game-changers.

The 2021 IPO was a massive pivot. Going public provided the capital structure needed to move from a fast-growing private company to an aggressive market consolidator. This access to capital immediately allowed them to execute two key strategic acquisitions:

• Additive Orthopaedics (2021): This was a tech-forward move, securing the only FDA-approved patient-specific total talus replacement. This immediately positioned Paragon 28 at the forefront of 3D-printed orthopedic solutions.
• OsteoMed/Disior (2022): This significantly expanded their product offerings and, crucially, brought in AI and advanced technology for surgical planning, which is a major value-add for surgeons.

The most transformative event, however, was the Acquisition by Zimmer Biomet in 2025. This deal, completed on April 21, 2025, was valued at an enterprise value of approximately $1.2 billion. This was a clear validation of Paragon 28's strategy and portfolio, which had delivered strong performance, with 2024 net revenue in the range of $255.9 million to $256.2 million. The acquisition price of $13.00 per share in cash, plus a contingent value right, marked the company's successful transition from a standalone innovator to a strategic asset within a global leader.

Paragon 28, Inc. (FNA) Ownership Structure

As of November 2025, Paragon 28, Inc. is no longer an independent publicly traded entity; it operates as a specialized division within Zimmer Biomet, a major medical device company. The ownership is now consolidated under Zimmer Biomet, following its acquisition of Paragon 28, Inc. in the first half of 2025 for an enterprise value of approximately $1.2 billion, including a contingent value right (CVR) component.

Paragon 28, Inc.'s Current Status

Paragon 28, Inc. officially transitioned from a public company, formerly listed on the NYSE under the ticker FNA, to an operating subsidiary of Zimmer Biomet in April 2025. The acquisition was a strategic move by Zimmer Biomet to significantly enhance its presence in the high-growth foot and ankle orthopedic market, a segment where Paragon 28, Inc. generated $256.18 million in revenue in 2024. The former shareholders received $13.00 per share in cash plus a CVR, which could pay up to an additional $1.00 per share based on Paragon 28, Inc.'s net revenue performance in Zimmer Biomet's fiscal year 2026.

Paragon 28, Inc.'s Former Ownership Breakdown

Before the acquisition by Zimmer Biomet, the company's stock was widely held, with a significant portion controlled by institutional investors and private equity. This breakdown is crucial for understanding the stakeholder landscape that approved the $1.2 billion transaction. If you want to dive deeper into the former investor base, you can read Exploring Paragon 28, Inc. (FNA) Investor Profile: Who's Buying and Why?

Paragon 28, Inc.'s Leadership

The leadership structure shifted significantly upon the acquisition closing in 2025. Instead of a standalone executive team, the former leaders now integrate into Zimmer Biomet's corporate structure to drive the foot and ankle business. The key action for Zimmer Biomet was retaining core talent.

Co-founder and former Chairman/CEO, Albert DaCosta, took on the role of Global President of Zimmer Biomet's Foot and Ankle division. This move was defintely a key factor in ensuring continuity and capitalizing on the growth momentum that saw the company's revenue climb 18.39% in 2024.

The former executive team members steering the division as of late 2025 include:

• Albert DaCosta: Global President, Foot and Ankle (Zimmer Biomet)
• Chadi Chahine: Chief Financial Officer and Executive Vice President Supply Chain Operations (Pre-acquisition role)
• Matt Jarboe: Chief Commercial Officer (Pre-acquisition role)

The integration means that strategic decisions for the Paragon 28, Inc. portfolio are now made within Zimmer Biomet's corporate governance framework, but the operational direction is still heavily influenced by the former Paragon 28, Inc. leadership team.

Paragon 28, Inc. (FNA) Mission and Values

Paragon 28, Inc. (FNA) is defintely more than just a medical device company; its mission centers on a relentless pursuit of innovation to fundamentally improve patient outcomes in foot and ankle surgery, mapping its culture to clinical excellence.

You're looking at a company that ties its financial success directly to advancing the standard of care, which is a strong moat in the orthopedic market. This patient-first approach is the cultural DNA that drove the $1.39 billion acquisition on April 21, 2025, which significantly broadened their product portfolio and market reach.

Given Company's Core Purpose

The core purpose of Paragon 28 is to address the unmet and under-served needs of the foot and ankle community, moving beyond simple product sales to offer comprehensive procedural solutions. They know that better patient results are the ultimate value driver.

Official mission statement

The mission is clear: continuously improve the outcomes and experiences of patients with foot and ankle conditions. This means they are focused on the entire patient journey, not just the operating room.

• Be the leading provider of foot and ankle specific solutions.
• Drive innovation to enhance patient results.
• Relentlessly advance the science behind foot and ankle surgery.

For a detailed breakdown of their commitment, you can review this: Mission Statement, Vision, & Core Values of Paragon 28, Inc. (FNA).

Vision statement

The company's vision is about building a sustainable, quality-driven enterprise that transforms the specialty. It's a long-term view that prioritizes scientific rigor over quick wins.

• Strategically build a company around core principles of innovation and quality.
• Advance the science behind foot and ankle surgery.
• Deliver innovative solutions that improve patient outcomes.

Here's the quick math: if you invest heavily in research and development, as Paragon 28 does with its Smart 28 initiative, you create proprietary solutions that are hard to replicate, securing future revenue streams.

Given Company slogan/tagline

Paragon 28 uses concise taglines that immediately communicate their market focus and value proposition. They keep it simple.

• Solutions for the Extremities.
• Quality & InnovationExclusively Foot and Ankle.
• Comprehensive solutions that drive innovation and improve patient outcomes.

This focus is why they have a portfolio of nearly 80 product systems, covering everything from ankle fractures to complex Charcot foot issues.

Paragon 28, Inc. (FNA) How It Works

Paragon 28, Inc. works by designing, developing, and selling a comprehensive suite of specialized orthopedic implants and instruments, focusing exclusively on the complex anatomy of the foot and ankle to improve patient outcomes. The company generates revenue by supplying these proprietary surgical systems, which cover everything from routine bunion correction to complex ankle joint replacement, primarily to hospitals and ambulatory surgical centers (ASCs) through a dedicated sales force.

Paragon 28, Inc.'s Product/Service Portfolio

The company's portfolio is built around approximately 80 different orthopedic systems, addressing all major segments of the foot and ankle market, including forefoot, hindfoot, and ankle procedures. This specialized focus allows for rapid, clinically-driven innovation, which is a key differentiator in the broader orthopedic space.

Paragon 28, Inc.'s Operational Framework

The operational engine of Paragon 28, Inc. is centered on a 'Procedurally Focused Systems' approach, which means they develop a complete set of implants, instruments, and surgical techniques for a specific foot and ankle condition, rather than just selling individual components. This is a huge help to surgeons, as it simplifies complex procedures.

Here's the quick math on their recent growth: Based on the 18.4% net revenue growth reported for 2024, where the company generated approximately $256.2 million in net revenue, we can project a 2025 net revenue of around $303.4 million, assuming the growth momentum continued post-acquisition. That's a strong trajectory.

• R&D-Driven Product Cadence: They maintain an aggressive pace of innovation, launching 13 new products in 2024 alone, which is a significant ramp-up from their historical average of 4-9 per year.
• Digital Integration: The SMART 28℠ initiative is a critical value driver, transforming pre-operative planning with digital tools and patient-specific guides, moving beyond just hardware sales.
• Global Distribution Synergy: Following the acquisition by Zimmer Biomet Holdings, Inc. in April 2025, Paragon 28's products now gain access to a far stronger global distribution infrastructure and customer network, particularly in the U.S. and international markets.

Honestly, the integration into a larger, more established orthopedic giant like Zimmer Biomet is the single biggest operational change in 2025.

Paragon 28, Inc.'s Strategic Advantages

Paragon 28, Inc.'s market success is defintely rooted in its niche focus and commitment to deep clinical expertise, which sets it apart from larger, more diversified competitors in the orthopedic space.

• Exclusive Market Focus: The company's 100% dedication to the foot and ankle orthopedic segment allows for deeper understanding of unmet clinical needs and faster development of specialized solutions.
• Intellectual Property Moat: They possess a substantial portfolio of 366 owned and issued patents, which creates a significant barrier to entry for competitors trying to replicate their proprietary systems.
• Clinical Validation: A research-first approach ensures new products are developed with deep clinical expertise, which is essential for gaining surgeon trust and adoption in a highly technical field.
• Cross-Selling Opportunity: As a wholly owned subsidiary, the company's product line immediately benefits from Zimmer Biomet's existing relationships with hospitals and surgeons, creating cross-selling opportunities across the broader musculoskeletal care portfolio.

For more detail on who is benefiting from this strategy, you should be Exploring Paragon 28, Inc. (FNA) Investor Profile: Who's Buying and Why?

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

Paragon 28, Inc. makes money by developing, distributing, and selling a comprehensive portfolio of specialized orthopedic surgical solutions-implants, instruments, and biologics-exclusively for the foot and ankle market. Its revenue is generated primarily from the sale of these high-margin, innovative medical devices to hospitals and ambulatory surgery centers (ASCs) through a dedicated sales force.

Paragon 28's Revenue Breakdown

The company's independent financial reporting ceased following its acquisition by Zimmer Biomet in April 2025. Therefore, the most precise and recent breakdown reflects the nine months ended September 30, 2024, which shows a heavy reliance on the US market, a typical structure for a specialized medical device company.

Honestly, the domestic market is the cash cow, but the international growth rate is the real story here. The US accounted for approximately $151.9 million of the nine-month 2024 net revenue of $184.4 million.

Business Economics

The core economic model revolves around a high-gross-margin product portfolio and a razor/razor-blade strategy (selling the implant/biologic 'razor' and the reusable instrument 'razor-blade' system). The acquisition by Zimmer Biomet in April 2025 for an enterprise value of approximately $1.2 billion fundamentally changed the economic outlook, shifting focus from independent profitability to integration synergies.

• High Gross Margin: The gross profit margin was strong at 80.0% in the first quarter of 2024, reflecting the premium pricing power of specialized, innovative orthopedic implants.
• R&D Investment: The company sustains its high margins by constantly launching new products; in 2024 alone, they introduced 13 new products to expand treatment options.
• Sales Channel Efficiency: Revenue is driven by a specialized sales force, mostly independent, who are highly trained to support complex foot and ankle procedures, justifying the higher average selling prices (ASPs) of the devices.
• Contingent Upside: The acquisition included a non-tradeable contingent value right (CVR) for former shareholders, which pays up to $1.00 per share if the business achieves net sales between $346 million and $361 million during the acquirer's fiscal year 2026. This ties a portion of the deal value directly to the acquired business's near-term sales performance.

That CVR structure is a clear signal that the new parent company is betting on aggressive revenue growth in the next year. You can dive deeper into the implications of this deal in Breaking Down Paragon 28, Inc. (FNA) Financial Health: Key Insights for Investors.

Paragon 28's Financial Performance

As of November 2025, the most recent full-year financial picture is the preliminary 2024 data, showing rapid growth but continued investment-phase losses. The company was growing fast, but it wasn't yet profitable on a GAAP basis.

• Net Revenue: Preliminary unaudited net revenue for the full year 2024 was in the range of $255.9 million to $256.2 million, representing a reported growth of approximately 18.2% to 18.4% over 2023.
• Net Loss: Despite strong revenue, the company reported a net loss of $15.2 million for the first quarter of 2024, a clear indication of high operating expenses (OpEx) driven by R&D and sales force expansion.
• Adjusted EBITDA: The adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) showed a loss of $5.5 million in Q1 2024, which is the true measure of cash flow from core operations, showing the business was burning cash to fuel growth.
• Balance Sheet Health: Prior to the acquisition, the company maintained a solid current ratio of 3.51 and a Debt-to-Equity ratio of 0.86, indicating a strong short-term liquidity position and manageable leverage for a high-growth medical device firm.

Here's the quick math: they were generating nearly 80 cents of gross profit on every dollar of sales, but the cost to acquire and service those sales was still pushing them into a net loss. The acquisition removes the pressure to achieve independent profitability immediately, shifting the focus to maximizing market share within the larger Zimmer Biomet structure. The immediate next step for you is to monitor Zimmer Biomet's next earnings call for specific commentary on the Paragon 28 division's performance.

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

Paragon 28, Inc. holds a specialized, high-growth position in the orthopedic market, which is now significantly bolstered by its acquisition by Zimmer Biomet in April 2025. This move instantly transitions the company from a focused innovator with an estimated $292 million in 2025 revenue to a strategic, high-growth subsidiary within one of the world's largest medical device conglomerates, accelerating its market penetration and operational scale. [cite: 8, 18 in previous search, 1, 3 in previous search]

Competitive Landscape

The global foot and ankle device market is estimated at approximately $5.68 billion in 2025, and while fragmented, it is dominated by a few large players who are now integrating specialized portfolios like Paragon 28's.

Opportunities & Challenges

The acquisition by Zimmer Biomet, valued at approximately $1.2 billion in enterprise value, is the single largest factor shaping Paragon 28's near-term outlook, creating both immediate opportunities and integration risks. [cite: 3 in previous search, 8 in previous search]

Industry Position

Paragon 28's industry position is now defined by its role as a specialized engine for its parent company. Zimmer Biomet expects Paragon 28 to provide approximately 270 basis points (2.7%) of revenue accretion in 2025, a clear indicator of its strategic value. [cite: 13 in previous search, 14 in previous search]

• Technology Leader: The company's SMART 28℠ Case Management Portal, which uses artificial intelligence (AI) and 3D modeling for patient-specific surgical planning, defintely positions it at the forefront of digital orthopedics. [cite: 4 in previous search, 10 in previous search]
• Focus Advantage: Its historical, exclusive focus on the foot and ankle specialty allows for deeper surgeon relationships and more comprehensive procedural solutions compared to broad-line competitors. [cite: 1 in previous search]
• Financial Trajectory: Management was prioritizing the goal of achieving positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) in 2025, demonstrating a clear path to profitability that makes it an attractive asset. [cite: 9 in previous search]

This strategic positioning allows Zimmer Biomet to immediately become a more formidable competitor in the fast-growing foot and ankle market. You should review the Mission Statement, Vision, & Core Values of Paragon 28, Inc. (FNA) to understand how this focus will be maintained under the new ownership. The next step is for Zimmer Biomet's integration team to ensure Paragon 28's product launch cadence remains high, specifically targeting the new product rollouts planned for late 2025 and 2026.