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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2024
May 03, 2024
Cover [Abstract]    
Document Type 10-Q/A  
Amendment Flag true  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Trading Symbol FNA  
Entity Registrant Name Paragon 28, Inc.  
Entity Central Index Key 0001531978  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Common Stock, Shares Outstanding   82,951,360
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 001-40902  
Entity Tax Identification Number 27-3170186  
Entity Address, Address Line One 14445 Grasslands Drive  
Entity Address, City or Town Englewood  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80112  
City Area Code 720  
Local Phone Number 912-1332  
Title of 12(b) Security Common stock, $0.01 par value per share  
Security Exchange Name NYSE  
Entity Incorporation, State or Country Code DE  
Document Quarterly Report true  
Document Transition Report false  
Amendment Description GeneralAs previously announced in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on July 30, 2024, on July 30, 2024, the Audit Committee (the “Audit Committee”) of the Board of Directors and in consultation with management, concluded that its audited consolidated financial statements for the fiscal year ended December 31, 2023 and its unaudited condensed consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024 could no longer be relied upon as a result of material accounting errors identified by management. Accordingly, the unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2024 included in this Quarterly Report on Form 10-Q/A have been restated to reflect the correction of identified errors in the calculation of excess and obsolete inventory, as well as its accounting for inventory variances, which impacted the valuation of inventory resulting in an overstatement of Inventories, net as of March 31, 2024 and a net understatement in Cost of goods sold for the three months ended March 31, 2024 (the “Restatement”). RestatementParagon 28, Inc. (collectively with its subsidiaries, "we," "us," "our," "P28" or the "Company") is filing this Amendment No. 1 to our Quarterly Report on Form 10-Q/A to amend our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 (the “Amended 2024 Quarterly Report”), which was originally filed with the SEC on May 8, 2024 (the “Original 2024 Quarterly Report”). This Amended 2024 Quarterly Report speaks as of the date of the Original 2024 Quarterly Report and has not been updated to reflect events occurring subsequent to the filing of the Original 2024 Quarterly Report other than those associated with the Restatement of our unaudited interim condensed consolidated financial statements.For the convenience of the reader, this Amended 2024 Quarterly Report amends and restates the Original 2024 Quarterly Report in its entirety. As a result, it includes both items that have been changed as a result of the Restatement and items that are unchanged from the Original 2024 Quarterly Report.Restatement BackgroundSubsequent to the issuance of both the Company’s consolidated financial statements as of and for the year ended December 31, 2023 and the Company's unaudited interim condensed consolidated financial statements as of and for the fiscal quarter ended March 31, 2024, the Company identified errors in the calculation of its excess and obsolete inventory, as well as its accounting for inventory variances, which resulted in a net overstatement of Inventories, net as of March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023, and March 31, 2024 and a net understatement in Cost of goods sold for the respective interim periods ended on such dates and for the fiscal year ended December 31, 2023.In filing this Amended 2024 Quarterly Report, the Company is restating its previously issued unaudited interim condensed consolidated financial statements and related notes as of and for the three months ended March 31, 2024 to correct the errors in the calculation of its excess and obsolete inventory, as well as its accounting for inventory variances (the "Misstatements"), along with other immaterial accounting and disclosure errors that, when aggregated with the Misstatements, are material in respect to the Original 2024 Quarterly Report (refer to Note 3. Restatement of Previously Issued Condensed Consolidated Financial Statements to our financial statements included in Part I, Item 1 of this Amended Quarterly Report for additional information). In addition, the Company has corrected its disclosure regarding the adoption of Accounting Standard Update ("ASU") 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07") to reflect that the Company will adopt the standard in its Form 10-K filing for the year ended December 31, 2024 (refer to Note 2. Summary of Significant Accounting Policies). All material Restatement information that relates to the Misstatements for this period are included in the Amended 2024 Quarterly Report. As a result, such prior report should no longer be relied upon. Items Amended in this FilingThis Amended 2024 Quarterly Report sets forth our Original 2024 Quarterly Report, as amended, in its entirety. Except as required to reflect the restated amounts, related disclosures, and updates to our assessment of disclosure controls and procedures, there were no changes to any other parts of the Original 2024 Quarterly Report, and this Amended 2024 Quarterly Report does not reflect events occurring after the date of the Original 2024 Quarterly Report.The following sections have been amended in this Amended 2024 Quarterly Report:•Special Note Regarding Forward-Looking Statements•Part I, Item 1, Financial Statements (Unaudited)•Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part I, Item 4, Controls and Procedures•Part II, Item 6, Exhibits The exhibit list included in Item 6, “Exhibits” herein has been amended to contain currently dated certifications from the Company’s Chief Executive Officer (as Principal Executive Officer) and Chief Financial Officer (as Principal Financial Officer), as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and filed as Exhibits 31.1/31.2 and 32.1/32.2, respectively.In accordance with applicable SEC rules, this Form 10-Q/A also includes an updated signature page.Except as relating to the identified errors and the Restatement described above, discussions within Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other forward-looking statements made in our Original 2024 Quarterly Report have not been revised in this Amended 2024 Quarterly Report to reflect events that occurred at a later date or facts that subsequently became known to the Company and should be read in their historical context.Refer to Note 3. Restatement of Previously Issued Condensed Consolidated Financial Statements in the Notes to Condensed Consolidated Financial Statements on this Form 10-Q/A for additional information.