Investment has been completed on May 10, 2022
- Net profit
Paragon 28 is an orthopedic foot and ankle company that has obsessed over every aspect of surgery for this complex body part. The investment’s result is +49%.
The name “Paragon 28” was chosen to show that it is exclusively a foot and ankle company, with the “28” representing the number of bones in the foot.
The company creates tailored solutions to improve surgical outcomes. Paragon 28 has launched 72 product systems, including approximately 8,700 SKUs to help fit the specific needs of each patient and procedure. In addition to the core US market, Paragon 28 distributes its products in more than 23 countries.
The size of the global foot and ankle devices market is expected to reach $8.2B by the end of 2026 from $5.72B in 2021 at a CAGR of 7.5%. Paragon 28 competes with Wright Medical/Stryker, DePuy, Smith & Nephew, Arthrex.
Increasing ageing population, the growing incidence rate of fractures, bone-joint problems, bunions, foot ulcers and arthritis are the factors that propel the market growth.
We bought Paragon 28 stock in December 2020 at $8.23 (after split) at a $550M valuation. In October 2021, the company went public on the NYSE under the ticker FNA at a $1.1B valuation. On May 10, 2022, the investment closed at $13.75 with +49% result.