UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
On April 4, 2024, Paragon 28, Inc. (the “Company”) issued a press release announcing preliminary unaudited net revenue for the first quarter ended March 31, 2024. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall is be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 29, 2024, Steve Deitsch, Chief Financial Officer (“CFO”) of the Company, notified the Company of his decision to resign from his position as CFO. Mr. Deitsch is pursuing an opportunity with OrganOx Limited, a commercial stage UK-based medical device company focused on therapeutic applications of isolated organ perfusion other opportunity. His resignation is not due to any disagreement with the Company on any matter, including related to the Company’s operations, policies, practices, financial reporting, or controls.
The Company has commenced a search for a permanent CFO. In connection with Mr. Deitsch’s resignation, the board of directors (the “Board”) of the Company appointed Kristina Wright, a member of the Board since 2021 and current Chair of the Company’s Audit Committee and a member of the Nominating and Corporate Governance Committee, as interim CFO of the Company, effective April 3, 2024. During her time as interim CFO, Ms. Wright will remain on the Board, but will temporarily step down from her positions on the Audit Committee and Nominating and Corporate Governance Committee. Thomas Schnettler, the Company’s lead independent director, will assume the role of interim Chair of the Audit Committee.
Ms. Wright served as the Chief Financial Officer of Cleerly, a digital healthcare company transforming the way clinicians approach the treatment of heart disease, from May 2023 to January 2024. Previously, Ms. Wright served as Vice President and General Manager of the Brain Modulation business of Medtronic, plc, a medical device company, from December 2021 to March 2023. Prior to that, she was Vice President and Chief Financial Officer for the Neuromodulation Operating Unit of Medtronic, plc, from July 2020 to November 2021 and has held various leadership positions at Medtronic, plc, in both finance and corporate development since August 2010. Prior to Medtronic, plc, Ms. Wright worked at PricewaterhouseCoopers, LLP, in the Audit and Assurance and Transaction Services practices from 1999 to 2010. Ms. Wright holds a B.S. in Accounting from the University of Minnesota, and an M.B.A from the Fuqua School of Business at Duke University.
In connection with Ms. Wright’s appointment as Interim CFO, the Company entered into an agreement with Ms. Wright, which is incorporated by reference hereto as Exhibit 10.1. Pursuant to the agreement, Ms. Wright will receive a monthly fee of $37,267, which amount shall be pro-rated for any partial month during which Ms. Wright serves in the role of Interim CFO.
Other information required by Item 5.02(c)(2) and (3) of Form 8-K regarding Ms. Wright has been previously disclosed by the Company in its Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 6, 2023, which information is incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On April 4, 2024, the Company issued a press release announcing that it reaffirms its prior net revenue guidance for the year ending December 31, 2024, and otherwise relating to the matters described in this Current Report on Form 8-K. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall is be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description of Exhibit | |
| 10.1 | Agreement, dated April 3, 2024, by and between Kristina Wright and the Company. | |
| 99.1 | Press Release issued by Paragon 28, Inc., dated April 4, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| PARAGON 28, INC. | ||||||
| Date: April 4, 2024 |
By: | /s/ Robert McCormack | ||||
| Robert McCormack | ||||||
| General Counsel & Corporate Secretary | ||||||
Exhibit 10.1
PARAGON 28, INC.
INTERIM CFO CONSULTING AGREEMENT
This Interim CFO Consulting Agreement (“Agreement”) is entered into as of April 3, 2024, (the “Effective Date”) by and between Paragon 28, Inc., a Delaware corporation (the “Company”) and Krissy Wright (“Consultant”). In consideration of the mutual promises contained in this Agreement, the parties agree as follows:
1. Services; Compensation; Performance.
A. Services and Compensation. Consultant agrees to perform the services as shown on Exhibit A to this Agreement for the Company (the “Services). Company shall reimburse Consultant for all reasonable expenses incurred by Consultant in performing Services under this so long as Consultant: (1) receives written consent from the Company’s management prior to incurring the expenses; and (2) submits receipts for its expenses in accordance with Company’s expense reimbursement procedures.
B. Performance. Consultant will perform all of Consultant’s obligations under this Agreement in a good and professional manner, in accordance with relevant industry standards and will dedicate attention and resources to providing the Services as may be necessary for their satisfactory and timely completion.
2. Confidentiality.
A. Definition. “Confidential Information” means any non-public information that relates to the actual or anticipated business or research and development of the Company, technical data, trade secrets or know-how, including, but not limited to, research, product plans or other information regarding Company’s products or services and markets therefore, customer lists and customers (including, but not limited to, customers of the Company on whom Consultant called or with whom Consultant became acquainted during the term of this Agreement), software, developments, inventions, processes, formulas, technology, designs, drawing, engineering, hardware configuration information, marketing, finances or other business information. Confidential Information does not include information that (i) is known to Consultant at the time of disclosure to Consultant by the Company as evidenced by written records of Consultant, (ii) has become publicly known and made generally available through no wrongful act of Consultant or (iii) has been rightfully received by Consultant from a third party who is authorized to make such disclosure.
B. Nonuse and Nondisclosure. Consultant will not, during or subsequent to the term of this Agreement, (i) use the Confidential Information for any purpose whatsoever other than the performance of the Services on behalf of the Company or (ii) disclose the Confidential Information to any third party. Consultant agrees that all Confidential Information will remain the sole property of the Company. Consultant also agrees to take all reasonable precautions to prevent any unauthorized disclosure of such Confidential Information. Without the Company’s prior written approval, Consultant will not directly or indirectly disclose any information, including any terms of this Agreement regarding compensation or other matters to any person, including employees or Consultants of the Company; provided, however, that Consultant may discuss such terms with Consultant’s legal, tax or accounting specialists.
D. Third Party Confidential Information. Consultant recognizes that the Company has received and, in the future, will receive confidential or proprietary information from third parties that are subject to a duty on the Company’s part to maintain the confidentiality of that information and to use it only for certain limited purposes. Consultant must hold all third party confidential or proprietary information in the strictest confidence and must not: disclose it to any person, firm or corporation; or use it except as necessary in carrying out the Services for the Company consistent with the Company’s agreement with the relevant third party, both during the term of this Agreement and thereafter.
E. Return of Materials. Upon the termination of this Agreement, or upon Company’s earlier request, Consultant will deliver to the Company all of the Company’s property, including but not limited to all: electronically stored information; passwords to access Company property; and Confidential Information that Consultant may have in Consultant’s possession or under Consultant’s control.
F. Equitable Relief. A breach of any of the promises or agreements contained in this Section 2 will result in irreparable and continuing damage to Company for which there may be no adequate remedy at law, and Company is therefore entitled to seek injunctive relief as well as such other and further relief as may be appropriate.
3. Ownership.
A. Assignment. By entering this Agreement, Consultant assigns to the Company or Company’s designee all of Consultant’s right, title, and interest in and to any and all inventions, original works of authorship, mask works, developments, improvements, designs, know-how, ideas, information or trade secrets which Consultant solely or jointly: conceived of; developed; or reduced to practice, during the period of time Consultant is providing Services to the Company (“Inventions”). Consultant hereby makes all assignments necessary to accomplish the foregoing. Consultant further agrees that if Consultant uses or discloses Consultant’s own confidential information or intellectual property (including but not limited to Prior Inventions) in creating any Inventions during the period of time Consultant provides Services for the Company, the Company will have and Consultant hereby grants the Company a perpetual, irrevocable, worldwide, royalty-free, non-exclusive, sublicensable right and license to exploit and exercise all such confidential information and intellectual property rights of the Consultant. Consultant recognizes, however, that applicable law may exempt from this Assignment provision any invention, as to which Consultant can prove the following:
(i) It was developed entirely on Consultant’s own time; and
(ii) It was developed without any use of Company’s equipment, supplies, facilities or trade secrets; and
(iii) It does not relate to the business of the Company or to the Company’s actual or demonstrably anticipated research and development; and
(iv) It does not result from any work performed by Consultant for the Company.
Consultant understands that the provisions of this Agreement requiring assignment of Inventions to the Company do not apply to any invention which qualifies fully for exclusion under the provisions of applicable law. Consultant will advise the Company promptly in writing of any inventions that Consultant believes meet these provisions. Consultant acknowledges that all original works of authorship which have been and will be made by Consultant (solely or jointly with others) within the scope of Consultant’s Services provided under this Agreement and which are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act (17 USCA, Section 101).
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4. Conflicting Obligations.
A. Conflicts. Consultant certifies that Consultant has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would preclude Consultant from complying with the provisions of this Agreement. Consultant will not enter into any such conflicting agreement during the term of this Agreement. Consultant’s violation of this Section 4.A will be considered a material breach under Section 6.B.
5. Reports. Consultant also agrees that Consultant will, from time to time during the term of this Agreement or any extension of it, keep the Company advised as to Consultant’s progress in performing the Services under this Agreement. Consultant further agrees that Consultant will, as requested by the Company, prepare written reports with respect to Consultant’s progress. The Company and Consultant agree that the time required to prepare these written reports will be considered time devoted to the performance of the Services.
6. Term and Termination.
A. Term. The term of this Agreement will begin on the Effective Date of this Agreement and will continue until terminated as provided in Section 6.B.
B. Termination. Either party may terminate this Agreement at any time upon written notice. In the event of such termination by the Company, Consultant will cease work immediately after receiving notice of such termination from the Company unless otherwise advised by the Company, and will notify the Company of all costs incurred up to the effective date of termination. The Company agrees to pay Consultant for all Services actually performed for work in progress and reimburse all reasonable, non-cancellable pre-approved costs and expenses incurred by Consultant in performing such Services in compliance with this Agreement, up to the date of Consultant’s receipt of notice of the Company’s intention to terminate this Agreement. Such payments will constitute full settlement of any and all claims of Consultant of every description against the Company.
C. Survival. Upon such termination, all rights and duties of the Company and Consultant toward each other shall cease except: Section 2 (Confidentiality), Section 3 (Ownership), Section 4 (Conflicting Obligations), Section 7 (Independent Consultant; Benefits), Section 8 (Indemnification), Section 9 (Non-solicitation) and Section 10 (Miscellaneous) will survive termination of this Agreement.
7. Independent Consultant; Insurance.
A. Independent Contractor. Consultant’s relationship with Company will be that of an independent contractor and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Consultant is not an agent of Company and is not authorized to make any representation, contract, or commitment on behalf of Company. Consultant will not be entitled to any of the benefits that Company may make available to its employees. Consultant will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to Consultant’s performance of Services and receipt of fees under this Agreement. Company will regularly report amounts paid to Consultant by filing Form 1099-MISC with the Internal Revenue Service if required by law. Because Consultant is an independent Consultant, Company will not withhold or make payments for social security; make unemployment insurance or disability insurance contributions; or obtain workers compensation on Consultant’s behalf. Consultant agrees to indemnify and defend Company against any and all such taxes or contributions, including penalties and interest.
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8. Indemnification. Consultant agrees to indemnify and hold harmless the Company and its directors, officers and employees from and against all taxes, losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly from or in connection with: (i) any negligent, reckless or intentionally wrongful act of Consultant (or Consultant’s assistants, employees or agents if any as approved in advance by Company); (ii) a determination by a court or agency that the Consultant is not an independent Consultant; (iii) any breach by the Consultant or Consultant’s assistants, employees or agents of any of the covenants contained in this Agreement if any as approved by the Company in advance); (iv) any failure of Consultant to perform the Services in accordance with all applicable laws, rules and regulations; any (v) any violation or claimed violation of a third party’s rights resulting in whole or in part from the Company’s use of the work product of Consultant under this Agreement.
9. Non-solicitation. From the date of this Agreement until 12 months after the termination of this Agreement (the “Restricted Period”), Consultant will not, without the Company’s prior written consent, directly or indirectly, solicit or encourage any employee or Consultant of the Company or its affiliates to terminate employment with, or cease providing services to, the Company or its affiliates. During the Restricted Period, Consultant will not, whether for Consultant’s own account or for the account of any other person, firm, corporation or other business organization, intentionally interfere with any person who is or during the period of Consultant’s engagement by the Company was a partner, supplier, customer or client of the Company or its affiliates.
10. Miscellaneous.
A. Governing Law. This Agreement will be governed and construed in accordance with the laws of the State of Colorado.
B. Assignability. Except as otherwise provided in this Agreement, Consultant may not sell, assign or delegate any rights or obligations under this Agreement.
C. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior written and oral agreements between the parties regarding the subject matter of this Agreement. This Agreement may not be modified other than by a written instrument signed by duly authorized representatives of the parties, which identifies the provisions of this Agreement subject to the modification.
D. Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement.
E. No Waiver. No waiver of any provision of this Agreement shall constitute a waiver of any other provision(s) or of the same provision on another occasion. Failure of either Party to enforce any provision of this Agreement shall not constitute a waiver of that provision or any other provision(s) of this Agreement.
F. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be illegal, invalid or unenforceable, that provision may be modified by that court in compliance with the law, giving maximum effect to the intent of the Parties and will then be enforced as modified. All other terms and conditions of this Agreement shall remain in full force and effect and shall be construed in accordance with the modified provision.
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E. Notices. All notices, requests and other communications under this Agreement must be in writing, and must be sent by a nationally recognized overnight courier or delivered by hand to the party to whom such notice is required or permitted to be given. If sent by overnight courier, any such notice will be considered to have been given the next business day after being sent. If delivered by hand, any such notice will be considered to have been given when received by the party to whom notice is given, as evidenced by written and dated receipt of the receiving party. The mailing address for notice to either party will be the address shown on the signature page of this Agreement. Either party may change its mailing address by notice as provided by this section.
| Paragon 28, Inc. | Consultant | |||||||
| Signature: | /s/ Matthew Millard | Signature: | /s/ Kristina Wright | |||||
| Name: | Matthew Millard | Name: | Kristina “Krissy” Wright | |||||
| Title: | Chief Human Resources Officer | Title: | Interim Chief Financial Officer | |||||
| 14445 Grasslands Dr. Englewood, CO 80112 |
||||||||
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EXHIBIT A
SERVICES AND FEES
1. Title: Interim Chief Financial Officer.
2. Services: The Services will include, without limitation: Work directly with the Company’s Board of Directors and Chief Executive Officer to advise on the Company’s financial and operating processes and perform such other duties as reasonably necessary and customary for a role as the Company’s interim Chief Financial officer.
3. Time to be devoted: While the time commitment may be variable, it is generally expected that Consultant provide approximately 40 hours of Services per week to the Company.
4. Consideration: As full and complete compensation for performing the Services, the Company shall pay Consultant compensation in the amount of $37,267 per month. Consultant will remain eligible for the compensation provided under the Company’s Non-Employee Director Compensation Policy so long as Consultant remains a member of the board of directors.
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Exhibit 99.1
Paragon 28 Announces CFO Transition, Provides Preliminary Unaudited Net Revenue for First Quarter
2024, and Reaffirms Net Revenue Guidance for Fiscal Year 2024
| • | Stephen Deitsch resigns from his position as Chief Financial Officer to pursue another opportunity; Kristina Wright appointed interim Chief Financial Officer |
| • | Preliminary, unaudited first quarter 2024 net revenue expected to be in a range of $60.8 to $61.1 million, representing 16.8% to 17.4% reported growth, compared to the prior year period |
| • | Reaffirms Net Revenue Guidance for Fiscal Year 2024 of $249 to $259 million, representing 15.1% and 19.7% reported growth compared to 2023 |
| • | Paragon 28 to Report First Quarter 2024 Financial Results on May 8, 2024 |
CFO Transition
ENGLEWOOD, CO., April 4, 2024 — Paragon 28, Inc. (NYSE: FNA), (“Paragon 28” or “the Company”), a leading medical device company exclusively focused on the foot and ankle orthopedic market, today announced that Stephen Deitsch, Chief Financial Officer (“CFO”), has notified the Company of his intent to pursue an opportunity with OrganOx Limited, a commercial stage UK-based medical device company focused on therapeutic applications of isolated organ perfusion. Mr. Deitsch will depart from the Company on April 5, 2024. The Company has formed a sub-committee of its Board of Directors and has engaged an executive search firm to assist in identifying a permanent successor.
The Company concurrently announced the appointment of Kristina Wright as Interim CFO, effective April 3, 2024. Ms. Wright has been a member of the Board of Directors since 2021 and currently serves as Chair of the Company’s Audit Committee and as a member of the Nominating and Corporate Governance Committee of Paragon 28, Inc. Ms. Wright brings deep medical device experience to the interim CFO role. Upon assuming the Interim CFO position, Ms. Wright will step down temporarily from her roles as Chair of the Audit Committee and as a member of the Nominating and Corporate Governance Committee. Thomas Schnettler, lead independent director for Paragon 28, will assume the role of interim Chair of the Audit Committee.
“I would like to thank Steve for his many contributions to our organization, including his leadership during the Company’s initial public offering. He has been a trusted partner since joining the company in 2020, helping to steer our strong growth through a transformative time for Paragon 28. Further, Steve has been instrumental in building our operational capabilities and fortifying our balance sheet to position the Company for sustainable long-term growth. We wish him continued success with his new venture. We are also very fortunate to have Krissy in our organization. She is an experienced financial executive whose knowledge of the Company will enable her to successfully lead our finance team through this interim period,” said Albert DaCosta, Chief Executive Officer.
Mr. Deitsch said, “It has been a privilege to be part of Paragon 28 and to work with such a passionate team to advance our mission to improve foot and ankle outcomes. I want to thank Albert, the Board of Directors and the leadership team for my time at Paragon 28. I am incredibly proud of our accomplishments over the past several years to scale the business and I look forward to seeing the Company continue its remarkable mission.”
Preliminary Unaudited Net Revenue for First Quarter 2024
Preliminary unaudited net revenue for the first quarter of 2024 is expected to be in a range of $60.8 to $61.1 million, representing reported growth of approximately 16.8% to 17.4% compared to the first quarter of 2023. Foreign currency impact on first quarter 2024 reported net revenue growth is not expected to be material.
The estimated unaudited financial results for the first quarter of 2024 presented above are preliminary and are subject to the completion of our quarter-end closing procedures and further financial review. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this preliminary financial information. Our actual results may differ from these estimates as a result of the completion of our quarter-end closing procedures, review adjustments and other developments that may arise between now and the time our financial results for the first quarter are finalized.
Paragon 28 Reaffirms Net Revenue Guidance for Fiscal Year 2024
The Company reaffirms its prior 2024 net revenue guidance and continues to expect 2024 net revenue to be $249 million to $259 million, representing 15.1% and 19.7% reported growth compared to 2023. The Company’s 2024 net revenue guidance assumes foreign currency translation rates remain consistent with current foreign currency translation rates, and further, is based on a number of assumptions that are subject to change, many of which are outside the Company’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.
First Quarter 2024 Webcast and Conference Call Information
Paragon 28 will report first quarter 2024 financial results after market close on Wednesday, May 8, 2024. The Company’s management team will webcast a corresponding conference call at 2:30 p.m. Mountain Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by dialing (833-470-1428) for domestic callers or (404-975-4839) for international callers, using conference ID: 483904. Live audio of the webcast will be available on the “Investors” section of the Company’s website at: ir.paragon28.com. The webcast will be archived and available for replay for at least 90 days after the event.
About Paragon 28, Inc.
Based in Englewood, CO., Paragon 28, is a leading medical device company exclusively focused on the foot and ankle orthopedic market and is dedicated to improving patient lives. From the onset, Paragon 28® has provided innovative orthopedic solutions, procedural approaches and instrumentation that cover a wide range of foot and ankle ailments including fracture fixation, forefoot, ankle, progressive collapsing foot deformity (PCFD) or flatfoot, Charcot foot and orthobiologics. The Company designs products with both the patient and surgeon in mind, with the goal of improving outcomes, reducing ailment recurrence and complication rates, and making the procedures simpler, consistent, and reproducible.
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: Paragon 28’s potential to shape a better future for foot and ankle patients, its estimated net revenue for the first quarter 2024 and its estimated net revenue for full year 2024. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware. Forward-looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward-looking statements are based on Paragon 28’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Paragon 28’s business in general, see Paragon 28’s current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated periodically with its other filings with the SEC. These forward-looking statements are made as of the date of this press release, and Paragon 28 assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Paragon 28’s unaudited estimated net revenue for the first quarter of 2024 is not necessarily indicative of our operating results for any future periods.
Investor Contact
Matthew Brinckman
Senior Vice President, Strategy and Investor Relations
Phone: (720) 912-1332
Document and Entity Information |
Mar. 29, 2024 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001531978 |
| Document Type | 8-K |
| Document Period End Date | Mar. 29, 2024 |
| Entity Registrant Name | Paragon 28, Inc. |
| Entity Incorporation State Country Code | DE |
| 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 | 399-3400 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $0.01 par value |
| Trading Symbol | FNA |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |