Paragon 28, Inc. (FNA): Business Model Canvas [Dec-2025 Updated]

You're looking at the operational blueprint-the Business Model Canvas-for Paragon 28, Inc. following its integration with Zimmer Biomet, and honestly, the core value proposition remains laser-focused on the high-growth foot and ankle segment. Even with the new parent structure shifting Key Partnerships and Costs, the company maintained a strong financial footing, reporting an estimated Q1 2025 Net Revenue of $72.2 million and a parent-level Gross Profit Margin near 74.75%. Before you dive into the specifics of their specialized R&D and high-touch surgeon relationships, see how this specialized orthopedic player is structured to drive revenue from its niche portfolio below.

Paragon 28, Inc. (FNA) - Canvas Business Model: Key Partnerships

You're looking at the key relationships that underpin the business model for Paragon 28, Inc. following its acquisition. The structure changed significantly in the first half of 2025, so the partnerships now flow through the new parent.

Zimmer Biomet Holdings, Inc. as the New Parent Company and Strategic Owner

The most critical partnership is the ownership structure itself. Zimmer Biomet Holdings, Inc. finalized the acquisition of Paragon 28, Inc. in April 2025. This move integrated Paragon 28 into Zimmer Biomet's structure, which is expected to accelerate revenue growth for the larger entity.

Here are the key financial terms that define this partnership:

Metric	Value
Upfront Cash Payment Per Share	$13.00
Total Equity Value at Announcement	Approximately $1.1 billion
Total Enterprise Value at Announcement	Approximately $1.2 billion
Maximum Contingent Value Right (CVR) Per Share	Up to $1.00
CVR Payout Revenue Threshold (FY 2026 Net Sales)	$346 million to $361 million
Expected Dilution to Adjusted EPS in 2025	Approximately 3%

This integration is projected to contribute to Zimmer Biomet's revised full-year 2025 reported revenue guidance, which now anticipates an increase ranging from 5.7% to 8.2%.

Independent and Exclusive Sales Representatives Network in the U.S.

Paragon 28, Inc. historically relied on a focused commercial channel, which was a key asset acquired by Zimmer Biomet. While the exact current size of the network isn't explicitly stated as of late 2025, historical performance metrics give you a sense of the sales force quality.

You should know that the sales force demonstrated strong performance relative to industry peers:

• Percentage of team members typically hitting quota: 74%.
• Medical Devices Industry Average for quota attainment: 54%.
• Global Average for quota attainment: 44%.

The company's focus on foot and ankle surgery requires this specialized, direct-to-surgeon engagement model, which is now part of Zimmer Biomet's S.E.T. (Extremities, Trauma & Sports Medicine) business.

Orthopedic Surgeons and Key Opinion Leaders for Product Design and Feedback

This partnership is less about direct financial transactions and more about collaborative innovation. Paragon 28, Inc. maintained a procedurally focused approach to product development, which is a core value proposition that Zimmer Biomet acquired.

The depth of this partnership is evidenced by the ongoing development pipeline:

• Number of new product projects underway as of December 31, 2024: Over 30.
• The company's focus is on improving outcomes, reducing recurrence, and making procedures simpler and reproducible for the surgeon.

Suppliers for Specialized Medical-Grade Materials and Manufacturing

Specific supplier contracts or financial details related to material costs aren't public, but the company's pre-acquisition financial health shows strong operational management, which is key to managing this supply chain.

For example, prior to the merger closing, Paragon 28, Inc. maintained a robust liquidity position:

Financial Health Indicator (Pre-Merger)	Value
Current Ratio	3.51
Debt-to-Equity Ratio	0.86

This ratio suggests the company had sufficient short-term assets to cover its liabilities, which speaks to reliable supplier management.

Houses for Warriors and Other Non-Profits for Corporate Social Responsibility

Corporate social responsibility (CSR) is maintained through specific annual events, which now likely continue under Zimmer Biomet's umbrella. The partnership with Houses for Warriors, a non-profit supporting veterans and first responders experiencing homelessness, is a concrete example.

The 3rd annual Supplier Summit and Charity Golf Tournament is scheduled for September 17th, 2025.

The fundraising goal for this event was set at:

• Fundraising Goal: $100,000.
• Amount Raised So Far (prior to the 2025 event): $89,910.

Finance: draft 13-week cash view by Friday.

Paragon 28, Inc. (FNA) - Canvas Business Model: Key Activities

You're looking at the core engine of Paragon 28, Inc. (FNA) right before and immediately after its integration into Zimmer Biomet, which closed on April 21, 2025. The key activities reflect a high-growth, innovation-focused orthopedic device company.

Research and development (R&D) of new foot and ankle surgical systems

The R&D focus centered on creating tailored solutions, exemplified by the development of the APEX 3D™ Total Ankle Replacement System and the SMART28℠ platform, which incorporates artificial intelligence and patient-specific algorithms for planning.

• Paragon 28 announced 2024 net revenue in the range of $255.9 to $256.2 million, representing reported growth of 18% over the prior fiscal year.
• The company's philosophy strongly emphasizes creative innovation to address unmet needs in foot and ankle surgery.
• The SMART Total Talus system feasibility study, paired with the APEX 3D system, was planned to begin in early 2024, showing ongoing development activity.

Manufacturing and quality control of nearly 80 product systems

While the exact count of 'nearly 80 product systems' isn't confirmed in the latest data, the portfolio is comprehensive, covering fracture fixation, deformity correction, and joint replacement. Quality control is paramount, especially for Class II medical devices cleared by the U.S. Food and Drug Administration (FDA).

The product portfolio includes specific, named systems across various procedures:

Procedure/Category	Named Systems/Products
Ankle Fracture Fixation	Gorilla® Ankle Fracture Plating System
Calcaneal Fracture Fixation	Gorilla® Calc Fracture Plating System
Bunion Surgery (MIS)	Phantom® MIS System, Bun-yo-matic™ Lapidus Clamp
Biologics	PRESERVE™ Bone Graft System

The PRESERVE™ grafts are aseptically processed without gamma radiation or bleach to maintain structural integrity.

Surgeon training and medical education programs (e.g., APEX courses)

A critical activity involves educating surgeons on the use of their specialized systems, often involving hands-on experience. The company hosted multiple educational events through late 2025, demonstrating an active commitment to post-market clinical education.

• The APEX 3D™ Total Ankle Arthroplasty Course was scheduled for December 5 - December 6, 2025, at Paragon 28 HQ & Labs.
• Other late 2025 training events included the SEE P28 - Denver Headquarters experience in June and the Millimeters Matter: Advanced HAV Technologies course in September.
• These programs feature in-depth discussions and hands-on cadaver labs.

Global supply chain management and inventory optimization

Post-acquisition, this activity falls under Zimmer Biomet's larger infrastructure, but Paragon 28 maintained a Supplier Summit in September 2025, indicating ongoing supplier relationship management. The general industry focus for 2025 involved leveraging AI for demand forecasting and inventory optimization to combat volatility.

For context on the scale of operations managed, the foot and ankle market itself is estimated at approximately $5 billion.

Integration planning with Zimmer Biomet's existing orthopedic portfolio

This activity was finalized with the closing of the acquisition on April 21, 2025, for an enterprise value of approximately $1.2 billion. The strategic goal was immediate acceleration of revenue growth and diversification for Zimmer Biomet.

The integration plan specifically involved:

• Integrating Paragon 28's advanced technology platform with Zimmer Biomet's existing joint replacement and trauma portfolios.
• Creating a dedicated sales channel for foot and ankle solutions to accelerate U.S. and international growth.
• Gaining access to the fast-growing Ambulatory Surgery Center (ASC) space.

Zimmer Biomet expected the transaction to be approximately 3% dilutive to adjusted earnings per share in 2025, but accretive within 24 months of the deal close.

Paragon 28, Inc. (FNA) - Canvas Business Model: Key Resources

You're looking at the core assets that made Paragon 28, Inc. a valuable acquisition target for Zimmer Biomet, even after the deal closed in April 2025.

Extensive intellectual property (IP) portfolio for foot and ankle devices

The foundation of Paragon 28, Inc.'s value was its focused innovation pipeline, protected by a growing body of patents. As of December 31, 2024, the company held 720 issued or pending patents covering its portfolio. This IP supported a rapid product launch cadence, with 12 product lines launched in 2024 alone. Furthermore, the company maintained a forward-looking pipeline, with more than 30 product and system offerings in development as of that same date. This dedication to R&D is central to its Key Resources.

Specialized surgical instrument sets and implant inventory

The physical assets included a comprehensive suite of surgical solutions designed for the distal extremity market. These resources span all major foot and ankle segments, including fracture and trauma, deformity correction, and joint replacement. The inventory and instrument sets are built around specific, recognized product families. The key offerings include:

• Plates and plating systems, such as the Gorilla Plating Systems.
• Nails, screws (including monster, mini monster, and joust beaming screw systems), and staples.
• Orthobiologics like bone wedges, grafts, and PRESERVE bone graft systems.
• Advanced technology solutions like the SMART28℠ Case Management Portal, featuring SMART Bun-Yo-Matic℠.

The company's dedication to foot and ankle specialization meant these instruments were highly specific to the procedures they addressed.

Highly trained, specialized sales force and clinical support teams

The commercial engine was a significant resource, which Zimmer Biomet explicitly planned to retain post-acquisition. This team is specialized, focusing exclusively on the foot and ankle segment. The size and performance metrics give you a clear picture of this asset:

The sales force's effectiveness is suggested by its quota attainment rate, which was approximately 74% of reps meeting or exceeding their annual quota based on ratings submitted in the past year. The total employee count for Paragon 28, Inc. was reported as 446 total employees prior to the merger completion in April 2025. The company served hospitals and ambulatory surgery centers through a network of sales representatives and stocking distributors.

The APEX 3D Total Ankle Replacement and Gorilla Plating Systems brand equity

Brand equity is tied directly to market position within the specialized foot and ankle (F&A) segment, which is a market estimated at approximately $5 billion and growing at the high single digits annually. The APEX 3D Total Ankle Replacement System is a key offering designed to address end-stage ankle arthritis challenges like implant loosening and persistent pain. The Gorilla Plating Systems are integral to fracture fixation and deformity correction procedures. This specialized focus helped the company capture market share in this rapidly growing area of musculoskeletal care.

Financial capital and operational scale provided by Zimmer Biomet

Following the acquisition, the operational scale and financial backing shifted to Zimmer Biomet Holdings, Inc. The transaction valued Paragon 28, Inc. at an equity value of approximately $1.1 billion and an enterprise value of about $1.2 billion. Prior to the deal, Paragon 28, Inc. demonstrated strong liquidity with a current ratio of 3.51. The 2024 net revenue for Paragon 28, Inc. was reported in the range of $255.9 to $256.2 million. The integration was projected to be dilutive by approximately 3% to Zimmer Biomet's adjusted EPS in 2025, but expected to become accretive within 24 months of the deal close. The potential for additional capital hinges on the Contingent Value Right (CVR), payable if net sales exceed $346 million up to $361 million during Zimmer Biomet's fiscal year 2026. It's defintely a shift in scale.

Here's a quick summary of the key figures surrounding the transaction and the acquired entity's scale:

Metric	Value/Range	Context/Date
Acquisition Enterprise Value	Approximately $1.2 billion	January 2025 Announcement
Acquisition Equity Value	Approximately $1.1 billion	January 2025 Announcement
Upfront Cash Payment per Share	$13.00	January 2025 Announcement
Maximum CVR Payout per Share	$1.00	January 2025 Announcement
2024 Net Revenue	$255.9 to $256.2 million	Full Year 2024
Issued or Pending Patents	720	As of December 31, 2024
Dedicated F&A Sales Force Size	245 personnel	Pre-acquisition plan
Projected 2025 EPS Dilution (ZBH)	Approximately 3%	Post-Financing Estimate

Finance: draft 13-week cash view by Friday.

Paragon 28, Inc. (FNA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Paragon 28, Inc. was such an attractive asset leading up to the April 2025 acquisition by Zimmer Biomet Holdings, Inc. The value proposition here isn't just one thing; it's a tightly integrated system built around a highly focused market segment. Honestly, for a specialized medical device company, the margin profile is the first thing that jumps out.

The financial strength, even while still investing heavily in growth, is evident in the gross profitability. For the full fiscal year 2024, Paragon 28, Inc. reported a Gross Profit Margin of approximately 74.75%. That number tells you their products command a premium price point and their cost of goods sold (COGS) management is tight. This high margin is the engine that fuels the innovation pipeline, which is central to their value proposition.

The entire business is built on a dedicated focus on the fastest-growing orthopedic segment. Paragon 28, Inc. was exclusively focused on the foot and ankle orthopedic market from its inception. This focus allows them to go deep rather than wide. As of Q3 2024, they were serving 2,244 active U.S. surgeon customers, supported by 284 producing reps.

This specialization translates directly into a comprehensive, specialized portfolio for all major foot and ankle procedures. The company built out a platform covering a wide range of ailments, including fracture fixation, forefoot, ankle, progressive collapsing foot deformity (PCFD) or flatfoot, Charcot foot, and orthobiologics. They offer options for nearly every procedure, which is a huge convenience for surgeons. The full-year 2024 net revenue hit a high note, reaching approximately $256.2 million, representing growth of about 18.3% year-over-year.

Procedural simplicity and reproducibility for orthopedic surgeons are key design tenets. The company explicitly designs products and instrumentation to streamline procedures, allow flexibility in technique, and facilitate reproducible results. This is where you see the tangible benefits of their focus. For instance, the PRECISION® MIS Bunion System offers a minimally invasive approach, and new soft tissue solutions like the Grappler® Knotless Anchor System are designed to reduce interoperative complexity.

Innovation is the constant driver of future value, leading to patient-specific solutions. The company consistently launches new systems designed to solve specific challenges. While the Total Talus Spacer was a key strategic area, the actual innovation pipeline in late 2024 included systems like the SMART28℠ platform, which uses AI, data analytics, and 3D modeling for patient-centric planning, and the PRESERVE™ Bone Graft System, which offers procedure-specific wedges matched to anatomy. They launched 13 new products in 2024 alone, a significant ramp-up.

Here's a quick look at the core financial and operational metrics underpinning these value drivers as of the last full reporting period:

Metric	Value (FY 2024)	Context
Gross Profit Margin	74.75%	Indicates strong pricing power and COGS control.
Net Revenue	Approx. $256.2 million	Last full year of independent reporting before the April 2025 acquisition.
Net Revenue Growth (YoY)	Approx. 18.3%	Demonstrates strong commercial momentum leading into the acquisition.
Product Portfolio Size	Nearly 80 product systems	Provides a single source for many foot and ankle needs.
New Products Launched (2024)	13	Fueling the growth trajectory into 2025.

The value proposition is clear: high-margin, specialized solutions that simplify complex surgery within a focused, high-growth orthopedic niche. Finance: draft the Q3 2025 pro-forma margin analysis by next Tuesday.

Paragon 28, Inc. (FNA) - Canvas Business Model: Customer Relationships

You're looking at how Paragon 28, Inc. built its relationships with the foot and ankle surgical community right up until its acquisition in April 2025. This model heavily relied on deep, personal engagement, which is typical for high-value, specialized medical devices.

High-touch, consultative sales model with surgeons and hospital staff

The sales approach centered on deep product knowledge and procedural expertise. The company supported its commercial team with a structure that saw a high percentage of representatives achieving their targets. For instance, across the entire sales force, approximately 74% of team members typically hit their quota based on recent ratings.

The direct sales channel, particularly for trauma procedures, showed specific performance indicators:

• Trauma Sales Representative average deal size estimated at $104,000.
• Trauma Sales Representatives quota attainment was approximately 64.0%.

Dedicated medical education and training for product utilization

A key component was ensuring surgeons could use the nearly 80 product systems effectively. This was overseen by an Executive Vice President of Marketing and Medical Education, showing a dedicated focus on this area.

The company's structure included roles focused on driving adoption through knowledge transfer:

• The company finished the third quarter of 2024 with 2,244 active surgeons, representing a 9% increase year-over-year.
• Associate Sales Representatives quota attainment was approximately 51.0%.

Long-term relationships with key surgeons for product co-development

Paragon 28, Inc. fostered deep ties with key opinion leaders to drive innovation, a strategy that often leads to long-term product loyalty and feedback loops. While specific co-development program numbers aren't public, the focus on innovation is clear from the product portfolio size.

Direct account management for hospitals and ambulatory surgery centers (ASCs)

Account management was handled directly, supporting the consultative sales effort across both hospital systems and ASCs. The company's U.S. revenue generation was a primary focus, managed by an Executive Vice President of Sales - U.S.

Here's a quick look at the sales force structure and performance metrics that underpinned these direct relationships:

Metric Category	Role/Segment	Reported/Estimated Value
Overall Quota Attainment	All Sales Reps	74%
Average Deal Size	Trauma Sales Representatives	$104,000
Surgeon Base (Q3 2024)	Active Surgeons	2,244
Surgeon Base Growth (YoY Q3 2024)	Active Surgeons	9% increase

The company, before its acquisition by Zimmer Biomet on April 21, 2025, generated $184.4 million in orthopedic sales year-to-date in 2024.

Paragon 28, Inc. (FNA) - Canvas Business Model: Channels

You're looking at how Paragon 28, Inc. got its products into the hands of foot and ankle surgeons, especially considering the company was acquired by Zimmer Biomet in April 2025. The channel strategy has historically relied on a strong, specialized sales presence.

Direct sales force and stocking distributors in the U.S. (primary channel)

The United States has always been the core market, and the channel here is built around a dedicated sales force. As of December 31, 2024, the U.S. sales force was primarily composed of independent sales representatives, with most of them being exclusive to Paragon 28, Inc.. This direct, hands-on approach is necessary because the use of their nearly 80 product systems often requires direct support from a sales representative in the operating room. The company stated its intent to continue dedicating meaningful resources to expand and strengthen this global sales force.

International distribution network across 23 countries

Paragon 28, Inc. started selling outside the U.S. in late 2016. By the end of 2024, this network spanned 23 countries. For the full year 2024, the international business accounted for approximately 17% of total revenue. The acquisition by Zimmer Biomet in 2025 was noted as creating cross-selling opportunities in the rapidly growing Ambulatory Surgery Center (ASC) space, which suggests an integration of channels is underway.

Direct sales to hospitals and ambulatory surgery centers (ASCs)

The sales effort targets both hospitals and ASCs, which are increasingly important venues for orthopedic procedures. The sales representatives provide assistance in the operating room, which is a key part of the direct channel support for complex foot and ankle procedures.

Medical conferences and specialized orthopedic trade shows

Engagement at medical conferences and specialized orthopedic trade shows is a standard method for driving awareness and adoption of new technologies, such as the SMART28℠ Case Management Portal. While specific metrics for lead generation or sales attributed directly to these events aren't public, they are a critical touchpoint for the specialized foot and ankle community.

Here's a look at the approximate geographic revenue split for the full year 2024, based on the reported total revenue range and the stated international percentage:

Geographic Channel Segment	Approximate 2024 Revenue (USD)	Percentage of Total Revenue (Approximate)
United States (Direct/Distributor)	$212.52 million	83%
International Distribution	$43.53 million	17%
Total Net Revenue (Range)	$255.9 million to $256.2 million	100%

The company's portfolio includes nearly 80 product systems designed to fit specific patient and procedure needs.

• U.S. sales force is primarily independent and exclusive.
• International presence reached 23 countries by year-end 2024.
• The global foot and ankle market is projected to grow at approximately 7% annually to reach $6.9 billion by 2028.
• Full year 2024 revenue growth was reported between 18.2% and 18.4%.
• Q1 2024 international sales reached a record of $10 million.

Finance: review the Q3 2025 sales data against the Zimmer Biomet integration plan by next Tuesday.

Paragon 28, Inc. (FNA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Paragon 28, Inc. right before and immediately after its acquisition by Zimmer Biomet Holdings, Inc. on April 21, 2025. The core focus remains the specialized foot and ankle segment, which is a key driver for the business that achieved net revenue of approximately $256.2 million in the full year 2024.

The primary professional customer segment is the Orthopedic surgeons specializing in foot and ankle surgery. These specialists are the end-users who select and utilize the company's extensive suite of surgical solutions. Paragon 28, Inc. supported this segment with a portfolio comprising nearly 80 product systems as of the end of 2024, designed to address nearly every major foot and ankle procedure.

The institutional customers include Hospitals and ambulatory surgery centers (ASCs) performing elective and trauma procedures. These facilities are the points of care where the procedures utilizing Paragon 28, Inc.'s implants and instrumentation take place. The company's product breadth covers indications from forefoot and hallux valgus correction to complex flatfoot, ankle, and Charcot reconstruction cases.

For the International distributors and healthcare providers in target markets, the growth trajectory was accelerating. In 2024, international business contributed approximately 17% of the total revenue, up from a smaller base since sales began outside the U.S. in late 2016. As of December 31, 2024, the company's products were sold in 23 countries, a footprint that the Zimmer Biomet acquisition is expected to immediately expand.

The ultimate beneficiaries are the Patients requiring complex foot and ankle reconstruction and trauma care. The customer segments above serve this population by providing solutions for conditions like severe hallux valgus, progressive collapsing foot deformity (PCFD), and various fracture fixation needs. The company's focus on innovation aims to improve outcomes and reduce recurrence rates for these patients.

Here's a quick look at the market scope Paragon 28, Inc. served through its product lines:

Customer Focus Area	Key Procedure/Indication Covered	Portfolio Scope (as of late 2024)
Surgeons/Hospitals	Hallux Valgus Correction	Phantom Intramedullary Nail Systems
Surgeons/Hospitals	Flatfoot/PCFD	Gorilla Plating Systems, Monster/Mini Monster Beaming Screws
International Providers	General Trauma/Fixation	Products sold in 23 countries
Specialty Care	Ankle Reconstruction/Replacement	APEX 3D Total Ankle Replacement Systems

The company's commercial channel expansion across geographies was a key driver leading up to the 2025 transaction. You should note that the international revenue growth in Q3 2024 was a strong 35.7% year-over-year increase, showing significant traction outside the U.S. base.

Paragon 28, Inc. (FNA) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business model canvas for Paragon 28, Inc. (FNA) following its acquisition by Zimmer Biomet Holdings, Inc. in April 2025. The cost structure is heavily influenced by specialized production, significant investment in future innovation, and the one-time costs associated with the merger.

High cost of goods sold (COGS) due to specialized manufacturing and inventory is a core feature. For the quarter ended September 30, 2024, Paragon 28 reported a gross margin of only 74.1%, which suggests a COGS of approximately 25.9% of revenue, reflecting the complexity of specialized foot and ankle implants and associated inventory management.

The commitment to innovation drives substantial R&D spending. As required by the strategic plan, there is a significant R&D investment for a new product pipeline, stated to include over 30 systems in development. While the specific 2025 R&D spend for FNA as a standalone entity is now consolidated, the acquisition itself carried an upfront equity value of approximately $1.1 billion, which represents a massive capital deployment cost.

Sales and marketing expenses are a major ongoing operational cost, especially as Zimmer Biomet seeks to leverage Paragon 28's specialized sales organization to create a dedicated foot and ankle sales channel. This involves costs related to commissions and the necessary training for surgeons on the specialized systems.

The company structure is undergoing cost optimization. Specifically, operational expenses (OpEx) savings of $8 million annualized were expected in 2025, building on prior restructuring benefits seen in Q3 2024, where OpEx leverage improved by 969 basis points year-over-year.

The transition introduced significant one-time costs. Integration and restructuring costs related to the Zimmer Biomet acquisition are a major factor for 2025. Zimmer Biomet noted that net earnings estimates for 2025 account for higher acquisition and integration costs related to the Paragon 28 purchase. The merger agreement itself included a termination fee of $40 million payable under certain circumstances, highlighting the financial commitment involved.

Here's a breakdown of the key financial figures influencing the cost structure context:

Cost Component / Metric	Latest Available Figure / Context	Period / Date
Upfront Acquisition Cost (Enterprise Value)	Approximately $1.2 billion	January/April 2025
Gross Margin (Proxy for COGS)	74.1% (COGS approx. 25.9%)	Q3 2024
Expected Annualized OpEx Savings	$8 million	Expected in 2025
Reported Restructuring Benefit Impact on OpEx Leverage	969 basis points improvement	Q3 2024
Merger Termination Fee (Contractual)	$40 million	January 2025 Agreement
Estimated Tariff Impact on Zimmer Biomet Operating Profit (Includes FNA)	$60 million to $80 million	Expected in 2025

The cost drivers can be summarized as follows:

• High cost of goods sold (COGS) due to specialized manufacturing and inventory, evidenced by a Q3 2024 gross margin of 74.1%.
• Significant R&D investment for new product pipeline, with 30+ systems in development noted.
• Sales and marketing expenses, including commissions and surgeon training, tied to integrating the specialized sales force.
• Operational expenses (OpEx) savings of $8 million annualized expected in 2025.
• Integration and restructuring costs related to the Zimmer Biomet acquisition, which totaled an upfront equity value of $1.1 billion.

The company's focus on niche, high-value foot and ankle solutions inherently means higher input costs than commodity medical devices. Finance: draft 13-week cash view by Friday.

Paragon 28, Inc. (FNA) - Canvas Business Model: Revenue Streams

You're looking at the core engine of how Paragon 28, Inc. brings in cash. It's all about specialized orthopedic solutions for the foot and ankle, which is a market segment that management believes is growing faster than the broader orthopedic space.

The primary revenue stream is the Sales of specialized foot and ankle implants and devices. This is driven by a comprehensive portfolio designed to address various surgical needs. To give you a clearer picture of where the money comes from, here's a breakdown of the product lines contributing to sales:

Product Category	Specific Examples/Systems Mentioned
Plating Systems	Gorilla plating systems (Lisfranc, Lapidus, Lateral Column, Calcaneus Slide, NC Fusion) and Silverback plating systems
Screw Systems	Monster, Mini Monster, and Joust beaming screw systems
Total Joint Replacement	APEX 3D total ankle replacement systems and total talus spacers
Correction Systems	Forefoot or hallux valgus correction systems, including Phantom intramedullary nail systems
Orthobiologics	Bone wedges, grafts, demineralized bone matrices, bone void fillers, synthetic materials, amniotic products, and PRESERVE bone graft systems

The company's recent performance shows strong top-line momentum. For instance, the third quarter of 2024 saw consolidated global net revenue hit $62.3 million, which was an 18.1% reported increase year-over-year. While I don't have the confirmed Q1 2025 net revenue of $72.2 million, the momentum leading into 2025 was strong, with the full-year 2024 net revenue guidance raised to a range of $252 million to $256 million.

Revenue from specific product lines like plating systems, screw systems, and total ankle replacements is central to this top line. The company also generates revenue from its precision guide technology used in procedures like fusion and osteotomy.

Geographic sales mix is another key component. International sales showed significant acceleration, posting a 35.7% reported growth in Q3 2024, contributing $11.2 million to the quarter's total revenue. As of the end of 2024, the international business accounted for approximately 17% of total revenue.

A unique, future-facing revenue component is tied to the acquisition agreement. There is a Potential Contingent Value Right (CVR) payout for shareholders, which is contingent on achieving a specific net sales target under Zimmer Biomet's ownership. The full cash payment of up to $1.00 per CVR is payable if net sales during Zimmer Biomet's fiscal year 2026 reach at least $361 million, with partial payments possible between $346 million and $361 million.

Here are some key metrics that define the revenue profile as of late 2024/early 2025:

• Global Net Revenue (Q3 2024): $62.3 million
• International Net Revenue Growth (Q3 2024): 35.7%
• 2024 Full Year Net Revenue Guidance Range: $252 million to $256 million
• CVR Trigger Net Sales Target (FY 2026): $361 million
• Upfront Merger Consideration: $13.00 per share

Finance: draft 13-week cash view by Friday.