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Paragon 28, Inc. (FNA) is a pioneering medical devices company focused exclusively on the orthopedic foot and ankle market. Founded in 2010, the name ‘Paragon 28’ signifies its dedication to this niche, with ‘28’ representing the number of bones in the human foot. The company was started as a small, family-based business and, while it has seen significant growth, it holds steadfast to its original core values.
Paragon 28 is dedicated to advancing the science behind foot and ankle surgery through innovative and high-quality solutions. The company collaborates with global thought leaders to blend various surgical philosophies, resulting in biomechanically and clinically relevant surgical solutions. Their comprehensive product lineup includes plates and plating systems, screws, staples, and nails designed for all major foot and ankle procedures such as ankle, Charcot, fracture fixation, hallux valgus, hammertoe, and flat foot corrections.
With nearly 80 product systems, Paragon 28 aims to meet the specific needs of each patient and procedure, ensuring precise and effective outcomes. The company is also committed to providing excellent customer service through a dedicated and highly trained distribution network, primarily targeting the foot and ankle market.
Operating efficiently to meet the demands of pricing pressures and reimbursement challenges, Paragon 28 generates the majority of its revenue from the United States. The company's relentless focus on innovation and service has led to significant milestones, making it a trusted name in the foot and ankle surgical space.
Rigrodsky Law has initiated an investigation into Paragon 28 (NYSE:FNA) regarding potential claims against its officers and directors. The investigation focuses on whether the company and its leadership issued materially misleading information or failed to disclose material information to investors concerning financial outlook and internal controls over financial reporting. The investigation covers shareholders who acquired Paragon shares on or before May 5, 2023. Affected shareholders can learn more about their rights at no cost through Rigrodsky Law's website or by contacting their representative.
Paragon 28 (NYSE: FNA), a leading medical device company focused on the foot and ankle orthopedic market, has announced it will report its third quarter 2024 financial results after market close on Tuesday, November 12, 2024. The company will host a conference call and webcast at 4:30 p.m. Eastern Time / 2:30 p.m. Mountain Time on the same day to discuss the results.
Investors can participate in the conference call by dialing (833-470-1428) for domestic callers or (404-975-4839) for international callers, using conference ID: 725499. The webcast will be available on the 'Investors' section of Paragon 28's website at ir.paragon28.com and will be archived for replay for at least 90 days after the event.
Paragon 28 (NYSE: FNA) has launched the Phantom® Fibula Nail System, offering surgeons a less invasive option for treating ankle fractures. This system has shown fewer soft tissue complications, implant removals, and fracture nonunion compared to traditional plate and screw fixation. The system includes innovative features such as:
- Instrumentation for anatomic reduction and proper implant placement
- An Entry K-Wire Guide for correct starting point identification
- A Curved Reamer Guide for proper implant angle
- Screws that thread into the nail
- An expandable proximal locking mechanism
- Compatibility with Paragon 28's syndesmotic implant options
The Phantom® Fibula Nail System is delivered in one surgical tray with sterile packed implants, simplifying surgical workflow and inventory management. It joins Paragon 28's extensive foot and ankle fracture portfolio.
Paragon 28 (NYSE: FNA) has introduced a novel Right-Angle Drill for its APEX 3D™ Total Ankle Replacement System. This new tool is designed to improve tibia preparation before implanting the APEX 3D™ tibia implant. The drill uses a linear guide to precisely create vertical holes in the tibia, ensuring ideal peg placement and a stable implant interface.
This addition is part of a series of instrumentation enhancements to the APEX 3D™ system, including recently released Polishing Blocks, Square Tip Drill, and next-generation Off-Set Impaction Handle. These improvements aim to enhance tibia preparation, contributing to the long-term success of ankle replacements and improving surgeon experience and patient outcomes.
Paragon 28 (NYSE: FNA) has launched the R3FLEX™ Stabilization System, designed to restore stability to ankle syndesmosis after injuries from ankle fractures or high ankle sprains. The system allows surgeons to precisely adjust and visualize tension during repair with a simple handle turn. Key features include:
- Restores soft tissue to a more natural anatomy
- Mitigates arthritic response
- Minimizes risk of hardware removal
- Tibial implant rests on internal surface, reducing risk to saphenous nerve and vein
- Strong repair construct less susceptible to elongation
- Allows controlled micromotion similar to uninjured state
- Delivered in a single sterile kit for simplified workflow
The R3FLEX™ system enhances Paragon 28's soft tissue portfolio, providing a comprehensive solution for foot and ankle soft tissue needs.
Paragon 28 (NYSE: FNA) has launched the SMART28℠ Case Management Portal, a platform leveraging AI for coordinating patient-specific surgical plans. This marks the first major release in Paragon 28's SMART28℠ ecosystem, aimed at improving foot and ankle treatments through advanced technologies.
The portal's first module, SMART Bun-Yo-Matic℠, focuses on bunion correction. It offers unique features like 3D anatomy visualization from X-rays and AI-driven algorithms for tailored surgical plans. Dr. Cesar De Cesar Netto, an early user, praised the system's precision in Hallux Valgus surgery.
CEO Albert DaCosta emphasized the portal's significance for the future of foot and ankle surgery, highlighting its efficiency in 3D procedure planning and precise implementation. The SMART28℠ Case Management Portal is set to expand with additional modules for various foot and ankle conditions.
Paragon 28 (NYSE: FNA) has appointed Chadi Chahine as CFO and EVP of Supply Chain Operations, effective August 5, 2024. The company reported Q2 2024 financial results, with global revenue of $61.0 million, representing 19.6% growth. Key highlights include:
- Narrowed 2024 net revenue guidance to $249-$255 million
- Initiated operational efficiency strategy, including 7% workforce reduction
- Q2 gross margin at 75.0%, down from 77.3% in Q2 2023
- Net loss of $13.8 million in Q2 2024
- Adjusted EBITDA loss of $3.0 million, an improvement from $5.4 million loss in Q2 2023
The company also announced a restatement of financial statements for FY 2023 and Q1 2024 due to material accounting errors in inventory calculations.
Paragon 28 (NYSE: FNA), a leading medical device company focused on the foot and ankle orthopedic market, has announced it will report its second quarter 2024 financial results on August 8, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time / 2:30 p.m. Mountain Time to discuss the results. Investors can join the call by dialing (833-470-1428) for domestic callers or (404-975-4839) for international callers, using conference ID: 389675.
Additionally, Paragon 28's management team will participate in a fireside chat at the Canaccord Genuity 44th Annual Growth Conference on August 14, at 8:00 a.m. Eastern Time. Both events will be webcast live and archived on the company's investor relations website at ir.paragon28.com.
Paragon 28, a leading medical device company, reported a record net revenue of $61.1 million for the first quarter of 2024, up 17.4% from the same period in 2023. The company also reaffirmed its 2024 net revenue guidance of $249 million to $259 million, expecting 15.1% to 19.7% growth compared to 2023. Despite a decrease in gross profit margin and an increase in operating expenses, the company remains optimistic about sustainable growth driven by new product launches and expanded commercial channels.
Paragon 28, Inc. (NYSE: FNA) will be presenting at the Bank of America Securities 2024 Healthcare Conference. The Chairman and CEO, Albert DaCosta, and Interim CFO, Krissy Wright, will participate in a fireside chat on May 14, 2024. The event will be live webcasted and archived on the investor relations section of the Company's website.
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