Paragon 28 Inc - FNA STOCK NEWS

Paragon 28 (NYSE: FNA), a specialized foot and ankle orthopedic medical device company, has announced a significant milestone in its pending acquisition by Zimmer Biomet (NYSE: ZBH). The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has expired, marking a important step in the regulatory approval process.

The transaction still requires additional approvals, including stockholder approval from Paragon 28 and other regulatory clearances. Both companies anticipate the merger to be completed in the first half of 2025, subject to satisfying remaining closing conditions.

Paragon 28 (NYSE: FNA), a foot and ankle orthopedic medical device company, will showcase its latest product innovations at the American Academy of Orthopaedic Surgeons (AAOS) conference from March 10th-14th. The company will feature several recently launched products:

• SMART 28℠ Case Management Portal with SMART Bun-Yo-Matic℠: An AI-powered digital platform for surgical planning
• APEX 3D S™ Stemmed Tibial Implant: Features a 12mm stem with specialized surface treatments for fixation
• Phantom® Fibula Nail System: A minimally invasive implant for fibula fracture stabilization
• R3FLEX™ Stabilization System: A dynamic syndesmotic repair solution
• FJ2000™ Power Console: A sterile-packed, single-use power system
• PRECISION® MIS Bunion System: A minimally invasive solution for bunion correction

Zimmer Biomet reported strong Q4 2024 financial results with net sales of $2.023 billion, up 4.3% year-over-year (4.9% constant currency). Full-year net sales reached $7.679 billion, increasing 3.8% (4.8% constant currency).

Q4 net earnings were $239.4 million ($462.4 million adjusted), with diluted EPS of $1.20 ($2.31 adjusted). Full-year net earnings totaled $903.8 million ($1.630 billion adjusted), with diluted EPS of $4.43 ($8.00 adjusted).

The company announced plans to acquire Paragon 28, expanding into the $5 billion foot and ankle segment. Notable achievements include FDA approval for the Oxford® Cementless Partial Knee and OsseoFit™ Stemless Shoulder System. For 2025, the company projects revenue growth of 1.0-3.5% (3.0-5.0% constant currency) and adjusted EPS of $8.15-$8.35.

Zimmer Biomet (NYSE: ZBH) has announced a definitive agreement to acquire Paragon 28 (NYSE: FNA) for $13.00 per share in cash, representing an equity value of approximately $1.1 billion and enterprise value of $1.2 billion. Paragon 28 shareholders will receive a non-tradeable contingent value right (CVR) worth up to $1.00 per share if certain revenue milestones are achieved in fiscal year 2026.

The acquisition expands Zimmer Biomet's presence in the ~$5 billion foot and ankle segment. Paragon 28, established in 2010, offers surgical solutions across major foot and ankle segments. The transaction is expected to immediately accelerate Zimmer Biomet's revenue growth, with Paragon 28's projected 2024 net revenue between $255.9-256.2 million, representing 18.2-18.4% growth.

The deal is anticipated to close in first half of 2025, subject to regulatory approvals and Paragon 28 stockholder approval. It is expected to be approximately 3% dilutive to adjusted EPS in 2025, 1% dilutive in 2026, and accretive within 24 months of closing.

Paragon 28 (NYSE: FNA), a leading medical device company in the foot and ankle orthopedic market, announced its preliminary unaudited net revenue for the fourth quarter and full year ended December 31, 2024.

For the fourth quarter of 2024, net revenue is expected to range between $71.5 million and $71.8 million, reflecting a growth rate of approximately 18.0% to 18.5% compared to the same period in 2023. For the full year of 2024, net revenue is anticipated to be between $255.9 million and $256.2 million, representing a growth rate of about 18.2% to 18.4% compared to the full year of 2023.

These figures are preliminary and unaudited, subject to adjustments following the completion of quarter-end and year-end closing procedures, and further financial review. Paragon 28's independent registered public accounting firm has not audited, reviewed, or compiled this preliminary financial information.

CEO Albert DaCosta noted that 2024 was a transformative year with significant achievements in growth, innovation, and operational efficiency, positioning the company for sustainable, profitable growth in the future.

Paragon 28 (NYSE: FNA), a specialized medical device company focused on foot and ankle orthopedics, has announced its participation in the 43rd Annual J.P. Morgan Healthcare Conference. The company's Chairman and CEO Albert DaCosta, along with CFO & EVP of Supply Chain Operations Chadi Chahine, will deliver a presentation on Monday, January 13, 2025, at 7:30 a.m. Pacific Time / 8:30 a.m. Mountain Time.

Interested parties can access the presentation through a live webcast, and an archived recording will be made available on the investor relations section of Paragon 28's website at ir.paragon28.com.

Paragon 28 (NYSE: FNA), a foot and ankle surgical solutions provider, has appointed Dave Demski as an independent director, expanding its board from eight to nine members. Demski brings over two decades of orthopedic executive leadership experience, having most recently served as President and CEO of Globus Medical from 2017 to 2022. His background includes roles as CFO, COO, and President of Emerging Technologies at Globus Medical. Currently, he serves on the board of Alphatec Spine and previously served on Axonics' board until its acquisition by Boston Scientific in 2024. Demski holds a B.S. in Business Administration from the University of Michigan and an MBA from Stanford.

Cohen Milstein has announced a securities class action lawsuit against Paragon 28 (NYSE:FNA), a medical device company, regarding alleged false and misleading statements about financial statements and internal controls. The lawsuit covers investors who purchased shares between May 5, 2023, and September 20, 2024. Investors who suffered significant losses during this period have until November 29, 2024, to request appointment as lead plaintiff. The complaint, filed in the U.S. District Court for the District of Colorado, alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by current and former officers.

Paragon 28 (NYSE: FNA), a specialized medical device company focusing on foot and ankle orthopedics, has announced its participation in the 36th Annual Piper Sandler Healthcare Conference. Chairman and CEO Albert DaCosta and CFO Chadi Chahine will engage in a fireside chat on Tuesday, December 3, 2024, at 8:30 a.m. Eastern Time. The presentation will be accessible via live webcast and archived recording on the company's investor relations website at ir.paragon28.com.