Paragon 28 (FNA) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		76,449,162
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	730
Local Phone Number	399-3400
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 93,647	$ 109,352
Trade receivables, less allowance for doubtful accounts of $1,310 and $1,032, respectively	27,653	25,939
Inventories, net	43,185	40,241
Income taxes receivable	622	920
Other current assets	3,448	3,078
Total current assets	168,555	179,530
Property and equipment, net	51,850	32,181
Intangible assets, net	21,350	16,505
Goodwill	26,672	6,329
Deferred income taxes	303	0
Total assets	268,730	234,545
Current liabilities:
Accounts payable	11,877	13,028
Accrued expenses	17,827	18,232
Other current liabilities	7,433	1,929
Current maturities of long-term debt	781	153
Income taxes payable	492	615
Total current liabilities	38,410	33,957
Long-term liabilities:
Long-term debt net, less current maturities	42,471	7,476
Other long-term liabilities	2,518	840
Deferred income taxes	302	78
Income taxes payable	527	0
Total liabilities	84,228	42,351
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized; 77,362,681 and 77,360,806 shares issued, and 76,449,162 and 76,447,287 shares outstanding as of March 31, 2022 and December 31, 2021, respectively	763	763
Additional paid in capital	199,736	197,868
Accumulated deficit	(9,699)	(463)
Accumulated other comprehensive income	(316)	8
Treasury stock, at cost; 913,519 shares as of March 31, 2022 and December 31, 2021	(5,982)	(5,982)
Total stockholders' equity	184,502	192,194
Total liabilities & stockholders' equity	$ 268,730	$ 234,545

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 1,310	$ 1,032
Common stock par value	$ 0.01	$ 0.01
Common stock share authorized	300,000,000	300,000,000
Common stock share issued	77,362,681	77,360,806
Common stock shares, outstanding	76,449,162	76,447,287
Treasury stock share issued	913,519	913,519

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net revenue	$ 41,371	$ 33,104
Cost of goods sold	6,791	6,441
Gross profit	34,580	26,663
Operating expenses
Research and development costs	5,773	3,549
Selling, general, and administrative	37,242	23,396
Total operating expenses	43,015	26,945
Operating loss	(8,435)	(282)
Other expense
Other expense	(101)	(27)
Interest expense, net	(668)	(64)
Total other expense	(769)	(91)
Loss before income taxes	(9,204)	(373)
Income tax expense	32	154
Net loss	(9,236)	(527)
Less: cumulative dividends on Series B convertible preferred stock	0	(469)
Net loss attributable to common stockholders	(9,236)	(996)
Foreign currency translation adjustment	(324)	(538)
Comprehensive loss	$ (9,560)	$ (1,534)
Weighted average number of common stocks outstanding:
Basic	76,447,454	46,852,175
Diluted	76,447,454	46,852,175
Net loss per share attributable to common stockholders:
Basic	$ (0.12)	$ (0.02)
Diluted	$ (0.12)	$ (0.02)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SERIES EQUITY & STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Additional Paid-in-Capital	Retained Earnings (Accumulated) Deficit	Accumulated Other Comprehensive Income	Treasury Stock
Temporary equity, beginning balance, shares at Dec. 31, 2020		13,812,500	6,608,700
Temporary equity, beginning balance at Dec. 31, 2020		$ 4,250	$ 36,842
Beginning balance, shares at Dec. 31, 2020				46,738,540
Beginning balance at Dec. 31, 2020	$ 30,393			$ 467	$ 22,107	$ 12,418	$ 823	$ (5,422)
Net loss	(527)					(527)
Issuance of common stock, shares				151,515
Issuance of common stock	1,001			$ 1	1,000
Common stock repurchase, shares				(85,050)
Common stock repurchase	(561)			$ (1)				(560)
Series B convertible preferred stock dividend			$ 469
Series B convertible preferred stock dividend, permanent equity	(469)					(469)
Options exercised, shares				81,800
Options exercised	98			$ 1	97
Foreign currency translation	(538)						(538)
Stock-based compensation	858				858
Temporary equity, ending balance, shares at Mar. 31, 2021		13,812,500	6,608,700
Temporary equity, ending balance at Mar. 31, 2021		$ 4,250	$ 37,311
Ending balance, shares at Mar. 31, 2021				46,886,805
Ending balance at Mar. 31, 2021	30,255			$ 468	24,062	11,422	285	(5,982)
Beginning balance, shares at Dec. 31, 2021				76,447,287
Beginning balance at Dec. 31, 2021	192,194			$ 763	197,868	(463)	8	(5,982)
Net loss	(9,236)					(9,236)
Offering costs associated with initial public offering	(266)				(266)
Series B convertible preferred stock dividend, permanent equity	$ 0
Options exercised, shares	1,875			1,875
Options exercised	$ 12				12
Foreign currency translation	(324)						(324)
Stock-based compensation	2,122				2,122
Ending balance, shares at Mar. 31, 2022				76,449,162
Ending balance at Mar. 31, 2022	$ 184,502			$ 763	$ 199,736	$ (9,699)	$ (316)	$ (5,982)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (9,236)	$ (527)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,030	1,739
Allowance for doubtful accounts	600	205
Provision for (reversal of) excess and obsolete inventories	(643)	977
Stock-based compensation	2,122	858
Amortization of debt issuance costs	71	17
Change in fair value of earnout liabilities	80	0
Deferred income taxes	(340)	88
Loss on disposal of property and equipment	898	170
Other	(322)	159
Changes in other assets and liabilities, net of acquisitions:
Accounts receivable	(2,240)	527
Inventories	(2,329)	(3,979)
Other current assets	(3)	(191)
Accounts payable	(1,178)	1,517
Accrued expenses and other current liabilities	(682)	1,852
Income tax receivable/payable	669	274
Net cash (used in) provided by operating activities	(9,503)	3,686
Cash flows from investing activities
Purchases of property and equipment	(23,036)	(3,033)
Proceeds from sale of property and equipment	305	191
Purchases of intangible assets	(704)	(173)
Acquisition of Disior, net of cash received	(18,201)	0
Net cash used in investing activities	(41,636)	(3,015)
Cash flows from financing activities
Proceeds from draw down on term loan	20,000	0
Proceeds from issuance of long-term debt	16,000	0
Payments on long-term debt	(37)	(560)
Payments of debt issuance costs	(405)	0
Proceeds from issuance of common stock	0	1,001
Payments on treasury stock repurchased	0	(561)
Proceeds from exercise of stock options	12	98
Net cash provided by (used in) financing activities	35,570	(22)
Effect of exchange rate changes on cash	(136)	(470)
Net (decrease) increase in cash	(15,705)	179
Cash at beginning of period	109,352	17,501
Cash at end of period	93,647	17,680
Supplemental disclosures of cash flow information:
Cash paid for taxes	0	0
Cash paid for interest	273	68
Purchase of property and equipment included in accounts payable	1,804	1,368
Series B convertible preferred stock dividend	$ 0	$ 469

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Business and Basis of Presentation	NOTE 1. BUSINESS AND BASIS OF PRESENTATION Business Paragon 28, Inc. (collectively with its subsidiaries, “we”, “us”, “our”, “P28” or the “Company”) develops, distributes, and sells medical devices in the foot and ankle segment of the orthopedic implant marketplace. Our approach to product development is procedurally focused, resulting in a full range of procedure-specific foot and ankle products designed specifically for foot and ankle anatomy. Our products and product families include plates and plating systems, screws, staples, and nails aimed to address all major foot and ankle procedures including ankle, charcot, fracture fixation, hallux valgus, hammertoe, and flatfoot. P28 is a United States (“U.S.”) based company incorporated in the State of Colorado, with headquarters in Englewood, Colorado. Our sales representatives and distributors are located globally with the majority concentrated in the U.S. and Europe. Initial Public Offering In October, 2021, the Company completed its initial public offering (“IPO”), in which it issued and sold 8,984,375 shares of its common stock at the public offering price of $ 16.00 per share, including 1,171,875 shares of its common stock upon the exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds after deducting underwriting discounts and commissions and offering expenses of $ 129,118 . In connection with the IPO, all of the shares of the Company’s outstanding convertible preferred stock automatically converted into an aggregate of 20,421,200 shares of the common stock. Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of Paragon 28, Inc. and its subsidiaries, all of which are wholly-owned. The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information required by U.S. GAAP for complete financial statements. The interim Condensed Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair representation of the results for the periods presented and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2021, which include a complete set of footnote disclosures, including our significant accounting policies. The audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2021 are included in the Company’s Annual filing on Form 10-K filed with the SEC on March 8, 2022. The results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. All intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in these estimates will be reflected in the Company’s Condensed Consolidated Financial Statements. Significant items subject to such estimates and assumptions include the determination of the collectability of trade receivables, inventory obsolescence, impairment of long-lived assets, recoverability of goodwill and intangible assets, contingent earn-out liabilities, income taxes and stock-based compensation. Foreign Currency Translation The Condensed Consolidated Financial Statements are presented in U.S. dollars. The Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. dollars at quarter-end exchange rates, while revenue and expenses are translated at average exchange rates during the quarter based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. dollars are reported in Accumulated Other Comprehensive (Loss) Income, net of tax. Business Combinations We allocate the purchase consideration to the identifiable net assets acquired, including intangible assets and liabilities assumed, based on estimated fair values at the date of the acquisition. The excess of the fair value of the purchase consideration over the fair value of the identifiable assets and liabilities, if any, is recorded as goodwill. During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires significant judgment, including the selection of valuation methodologies including the income approach, the cost approach, and the market approach. Significant assumptions used in those methodologies include, but are not limited to, the expected values of the underlying metric, the systematic risk embedded in the underlying metric, the volatility of the underlying metric, the risk-free rate, and the counterparty risk. The use of different valuation methodologies and assumptions is highly subjective and inherently uncertain and, as a result, actual results may differ materially from estimates. Trade Receivables, Less Allowance for Doubtful Accounts The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. The allowance for doubtful accounts was $ 1,310 and $ 1,032 as of March 31, 2022 and December 31, 2021 , respectively. Inventories, Net The Company estimates a reserve for obsolete and slow-moving inventory based on current inventory levels, historical sales and future projected demand. Charges (benefit) for excess and obsolete inventory are included in Cost of goods sold and were $( 643 ) and $ 977 for the three months ended March 31, 2022 and 2021 , respectively. The inventory reserve was $ 16,002 and $ 19,374 as of March 31, 2022 and December 31, 2021 , respectively. Intangibles The costs associated with applying for patents and trademarks are capitalized. Patents are amortized on a straight-line basis over the lesser of the patent’s economic or legal life, which is seventeen years . Costs associated with capitalized patents include third-party attorney fees and other third-party fees as well as costs related to the following: the preparation of patent applications, government filings and registration fees, drawings, computer searches, and translations related to specific patents. Trademarks that are anticipated to be renewed every ten years have an indefinite life and are not amortized but tested for impairment annually. Once it is determined a trademark will no longer be renewed, the trademark is amortized over the remainder of the trademark’s registration period. Customer relationships are amortized over an estimated useful life of three to seven years on a straight-line basis. Other intangibles, which mainly consist of noncompete arrangements, are amortized over an estimated useful life of three years on a straight-line basis. Developed technology is amortized over an estimated useful life of twelve years on a straight-line basis. Amortizable intangible assets are assessed for impairment upon triggering events that indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to future net undiscounted cash flows expected to be generated by the associated asset. If the asset’s carrying value is determined to not be recoverable, the impairment to be recognized is measured by the amount by which the carrying amount exceeds the fair market value of the intangible assets. No impairment charges were recorded in any of the periods presented. Indefinite-lived trademark assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The Company can elect to first apply the optional qualitative impairment assessment to determine whether the indefinite-lived intangible asset is more-likely-than-not impaired. If, on the basis of the qualitative impairment assessment, an entity asserts that it is more likely than not that the indefinite-lived intangible asset is impaired, the Company would be required to calculate the fair value of the asset for an impairment test. Impairment loss is recognized if the carrying amount of the asset exceeds its fair value. A qualitative assessment considers macroeconomic and other industry-specific factors, such as trends in short-term and long-term interest rates and the ability to access capital, and company specific factors such as trends in revenue generating activities, and merger or acquisition activity. If the Company elects to bypass qualitatively assessing its indefinite-lived intangible assets, or it is not more likely than not that the fair value of the intangible asset exceeds its carrying value, management estimates the fair value of the intangible asset and compares it to the carrying value. The estimated fair value of the intangible asset is established using an income approach based on a discounted cash flow model that includes significant assumptions about the future operating results and cash flows of the intangible asset or assets. Goodwill Goodwill represents the excess of the purchase price as compared to the fair value of net assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually or when indications of impairment exist. We can elect to qualitatively assess goodwill for impairment if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. Impairment exists when the carrying amount, including goodwill, of the reporting unit exceeds its fair value, resulting in an impairment charge for this excess (not to exceed the carrying amount of the goodwill). Our annual impairment testing date is October 1. The impairment, if determined, is recorded within Operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the determination is made. There were no impairments recorded during the periods presented. Contingent Earn-out Consideration Business combinations may include contingent earn-out consideration as part of the purchase price under which the Company will make future payments to the seller upon the achievement of certain milestones. The fair value of the contingent earn-out consideration is estimated as of the acquisition date at the present value of the expected contingent payments and is subsequently remeasured at each balance sheet date. Two methodologies may be considered in the valuation: the scenario-based model (“SBM”) and Monte Carlo simulation. The SBM relies on multiple outcomes to estimate the likelihood of future payoff of the contingent consideration. The resulting earnout payoff is then probability-weighted and discounted at an appropriate risk adjusted rate in order to arrive at the present value of the expected earnout payment. The Monte Carlo simulation is used to value the non-linear contingent considerations based on projected financial metrics. Each trial of the Monte Carlo simulation draws a value from the assumed distribution for the underlying metric. The earnout payoff for each simulation trial is calculated based on that particular simulated path for the underlying metrics and then discounted to present value using the risk-free rate, adjusted for counterparty credit risk. The value of the earnout is estimated as the average value from all simulation trials. The fair value estimates use unobservable inputs that reflect our own assumptions as to the ability of the acquired business to meet the targeted benchmarks and discount rates used in the calculations. The unobservable inputs are defined in ASC Topic 820, “Fair Value Measurements and Disclosures,” as Level 3 inputs. We review the probabilities of achievement of the earnout milestones to determine impact on the fair value of the earnout consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results of the acquired business increase or decrease as compared to our estimates and assumptions, the estimated fair value of the contingent earn-out consideration liability will increase or decrease, up to the contractual limit, as applicable. Changes in the estimated fair value of the contingent earn-out consideration are recorded in other (expense) income in the Consolidated Statements of Operations and Comprehensive (Loss) Income and are reflected in the period in which they are identified. Changes in the estimated fair value of the contingent earn-out consideration may materially impact or cause volatility in our operating results. Revenue Recognition Revenue is recorded when our performance obligation is satisfied which is when our customers take title of the product, and typically when the product is used in surgery. As such, the timing of revenue recognition may differ from the timing of invoicing to our customers. We have recorded unbilled accounts receivable related to this timing difference of $ 3,382 and $ 3,637 as of March 31, 2022 and December 31, 2021 , respectively. Accounting Pronouncements Issued Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-02 supersedes the previous leases standard, ASC 840, Leases. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2022. The Company is currently evaluating the new guidance, but does not believe it will have a material impact on the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires entities to estimate all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The updated guidance also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the new guidance to determine the impact it will have on the Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”), which is part of the FASB’s overall simplification initiative to reduce the costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 simplifies accounting guidance for intra-period allocations, deferred tax liabilities, year-to-date losses in interim periods, franchise taxes, step-up in tax basis of goodwill, separate entity financial statements, and interim recognition of tax laws or rate changes. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company's Consolidated Financial Statements and related disclosures.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Business Combinations	NOTE 3. BUSINESS COMBINATIONS Disior On January 10, 2022 ("Disior Acquisition Date"), the Company entered into a Securities Purchase Agreement (“SPA”) with Disior LTD. (“Disior”) and acquired 100 % of the outstanding equity of Disior (the "Disior Acquisition"). Disior is a leading three-dimensional analytics pre-operative planning software company based in Helsinki, Finland, focused on the complex foot and ankle anato my. The Disior Acquisition allowed the Company to broaden its capabilities within the pre-operative and intra-operative stages of the foot and ankle care and expand the Company's Smart 28 ecosystem. The aggregate purchase price of the Disior Acquisition was approximately $ 25,943 inclusive of an earn-out provision with a fair value of $ 6,550 and certain net working capital adjustments and deferred payments totaling a net receivable of $ 81 . The SPA provided for potential earn-out consideration to the seller in connection with the achievement of certain milestones with various expiration dates through the second anniversary of the Disior Acquisition Date. The earn-out has a maximum payment not to exceed $ 8,000 in the aggregate. If an individual milestone is not met by the specified milestone expiration date, the earn-out related to that specific milestone will not be paid. The acquisition was primarily funded by a $ 20,000 draw on the Company's term loan. The Company has accounted for the acquisition of Disior under ASC Topic 805, Business Combinations (“ASC 805”). Disior’s results of operations are included in the Condensed Consolidated Financial Statements beginning after January 10, 2022, the Disior Acquisition Date. The following table summarizes the purchase price: Consideration Paid Cash consideration $ 19,393 Contingent consideration 6,550 Total consideration $ 25,943 Acqu isition-related costs, which consisted of fees incurred for advisory, legal, and accounting services, were $ 743 and were included in Selling, general and administrative expenses in the C ompany’s Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2022. Certain amounts recorded in connection with the Disior Acquisition are still considered preliminary as we continue to gather the necessary information to finalize our fair value estimates and provisional amounts. Provisional amounts include items related to working capital adjustments, identified intangibles, and earnout consideration. During the measurement period, which is up to one year from the Disior Acquisition Date, we may adjust provisional amounts that were recognized at the Disior Acquisition Date to reflect new information obtained about facts and circumstances that existed as of the Disior Acquisition Date. The preliminary purchase price allocation for Disior, which may be adjusted by material amounts as we finalize our fair value estimates and provisional amounts, was as follows: Assets acquired: Cash and cash equivalents $ 1,192 Other current assets 410 Intangible assets 4,900 Goodwill 20,343 Total assets acquired $ 26,845 Liabilities assumed: Accruals and other current liabilities $ 615 Deferred tax liabilities, net 287 Total liabilities assumed $ 902 Net assets acquired $ 25,943 Identified intangible assets consist of tradenames and developed technology. The fair value of each were determined with the assistance of an external valuation specialist using a combination of the income, market, cost approach, and relief from royalty rate method, in accordance with ASC 805. The purchase consideration was allocated to the identifiable net assets acquired based on estimated fair values at the date of the acquisition. The purchase consideration and its allocation are preliminary and may be adjusted to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The excess of the fair value of the purchase consideration over the fair value of the identifiable assets and liabilities, if any, was recorded as goodwill. The goodwill is attributable to the expected synergies with the Company’s existing operations. The useful life on intangible assets was determined by management to be in line with the Company’s policy on intangible assets. Both determinations are outlined in the table below: Fair Value Estimated Useful Life (in years) Developed Technology $ 4,500 12 Tradenames 400 Indefinite $ 4,900 The entire amount of the purchase price allocated to goodwill will not be deductible for income tax purposes under the Finnish Income Tax Act. There is no supplemental proforma presentation of operating results of the acquisition of Disior due to the immaterial impact on the Company’s Consolidated operations for the three months ended March 31, 2021 . Additive Orthopaedics On May 28, 2021 (“Closing Date”), the Company entered into an Asset Purchase Agreement (“APA”) with Additive Orthopaedics, LLC (“Additive” or “Seller”) and completed an acquisition of substantially all of the operating and intangible assets of Additive, for total cash consideration of $ 15,000 at closing. The APA also provided for potential earn-out consideration to the Seller in connection with the achievement of certain milestones, including both project-based and revenue-based milestones, with various expiration dates through the fourth anniversary of the Closing Date. The earn-out has a maximum payment not to exceed $ 9,500 , in the aggregate. If an individual milestone is not met by the specified milestone expiration date, the earn-out related to that specific milestone will not be paid. The contingent earn-out consideration had an estimated fair value of $ 2,870 as of the Closing Date. Acquisition related costs were approximately $ 822 during the year ended December 31, 2021 and were included in Selling, general, and administrative expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income. No acquisition related costs were incurred in the three months ended March 31, 2022 and 2021. Additive’s 3D-printed Patient Specific Talus Spacer is the only U.S. Food and Drug Administration-approved patient-specific total talus replacement implant authorized in the U.S. for the treatment of avascular necrosis. The acquisition of Additive allowed the Company to further expand into the patient specific implant market. The Company has accounted for the acquisition of Additive under ASC Topic 805, Business Combinations (“ASC 805”). Additive’s results of operations are included in the Condensed Consolidated Financial Statements beginning after May 28, 2021, the acquisition date. The following table summarizes the purchase consideration transferred in connection with the acquisition of Additive and consists of the following: Consideration Paid Cash consideration $ 15,000 Contingent consideration 2,870 Total consideration $ 17,870 The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Closing Date: Assets acquired: Accounts receivable $ 761 Inventory 113 Intangible assets 11,560 Goodwill 6,329 Total Assets Acquired 18,763 Liabilities assumed: Accounts payable 796 Accrued expenses $ 97 Total Liabilities Assumed 893 Net assets acquired $ 17,870 Identified intangible assets consist of noncompete arrangements, customer relationships, and developed technology. The fair value of each were determined with the assistance of an external valuation specialist using a combination of the income, market, and asset approach, in accordance with ASC 805. The purchase consideration was allocated to the identifiable net assets acquired based on estimated fair values at the date of the acquisition. As of March 31, 2022, the purchase consideration and its allocation are final. The excess of the fair value of the purchase consideration over the fair value of the identifiable assets and liabilities, if any, was recorded as goodwill. The goodwill is attributable to the expected synergies with the Company’s existing operations. The entire amount of the purchase price allocated to goodwill will be deductible for income tax purposes pursuant to Internal Revenue Code Section 197 over a 15-year period. The useful life determination was made by management in line with the Company’s policy on assets. Both determinations are outlined in the table below: Fair Value Estimated Useful Life (in years) Noncompete arrangements $ 30 3 Customer relationships 240 3 Developed technology 11,290 12 $ 11,560 There is no supplemental proforma presentation of operating results of the acquisition of Additive due to the immaterial impact on the Company’s Consolidated operations for the three months ended March 31, 2021 .

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 4. GOODWILL AND INTANGIBLE ASSETS Goodwill As of March 31, 2022 and December 31, 2021, goodwill was $ 26,672 and $ 6,329 , respectively; the activity is as follows: Balance, December 31, 2021 $ 6,329 Acquisitions 20,343 Balance, March 31, 2022 $ 26,672 Intangibles Intangible assets as of March 31, 2022 are as follows: Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and tradenames, indefinite-lived Indefinite $ 813 — $ 813 Patents, definite-lived 13.2 6,039 1,532 4,507 Customer relationships 3 - 7 1,178 99 1,079 Developed technology 12 15,790 866 14,924 Other intangibles 3 35 8 27 Total intangible assets, net $ 23,855 $ 2,505 $ 21,350 Intangible assets, excluding the Disior intangible assets, incr eased $ 704 duri ng the three months ended March 31, 2022 due to the purchase of new patents and additional legal fees associated with our patents and trademarks. Intangible assets as of December 31, 2021, are as follows: Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks, indefinite-lived Indefinite $ 413 — $ 413 Patents, definite-lived 13.2 5,335 1,133 4,202 Customer relationships 3 - 7 1,167 47 1,120 Developed technology 12 11,290 549 10,741 Other intangibles 3 35 6 29 Total intangible assets, net $ 18,240 $ 1,735 $ 16,505 Amortization expense is included in Selling, general, and administrative expenses and wa s $ 771 a nd $ 30 for the three months ended March 31, 2022 and 2021, respectively. Expected future amortization expense is as follows: 2022 (Remaining) $ 1,926 2023 1,707 2024 1,657 2025 1,616 2026 1,616 2027 1,615 No impairment charges related to intangibles and goodwill were recorded for the three months ended March 31, 2022 and 2021 .

Contingent Earn-Out Considerati

Contingent Earn-Out Consideration	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Contingent Earn-Out Consideration	NOTE 5. CONTINGENT EARN-OUT CONSIDERATION The following table provides a reconciliation of our Level 3 earn-out liabilities for the three months ended March 31, 2022: Balance, December 31, 2021 $ 2,310 Acquisition date fair value of earn-out liabilities 6,550 Change in fair value of earn-out liabilities 80 Balance, March 31, 2022 $ 8,940 The current portion of contingent earn-out liability is included in Other-current liabilities and the non-current portion is included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. As of March 31, 2022 , the current portion was $ 7,422 . During t he three months ended March 31, 2022, we reassessed the estimate of the earn-out liabilities which resulted in an increase of $ 80 c lassified as other expense within the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). We made no cash payments for contingent earn-out consideration during the three months ended March 31, 2022 .

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT Long-term debt as of March 31, 2022 and December 31, 2021 consists of the following: March 31, 2022 December 31, 2021 MidCap Term Loan $ 30,000 $ 10,000 Bank of Ireland Note Payable 203 245 Vectra Term Loan Facility 16,000 — $ 46,203 $ 10,245 Less: deferred issuance costs ( 2,951 ) ( 2,616 ) Total debt, net of issuance costs 43,252 7,629 Less: current portion ( 781 ) ( 153 ) Long-term debt, net, less current maturities $ 42,471 $ 7,476 MidCap Credit Agreements On May 6, 2021, the Company entered into a new credit agreement with MidCap Financial Trust to provide a total of $ 70,000 including up to a $ 30,000 revolving loan (“MidCap Revolving Loan”) and up to a $ 40,000 term loan (“MidCap Term Loan”), secured by substantially all the Company’s assets, debt, and equity (“MidCap Credit Agreements”). The MidCap Term Loan is comprised of two tranches, the first of which provides a commitment amount of $ 10,000 , and the second a commitment of $ 30,000 . The MidCap Term Loan and Midcap Revolving Loan bear a variable interest rate of LIBOR plus 6 % and LIBOR plus 3 %, respectively, and mature on the earlier of May 1, 2026 or a change in control event (the "Termination Date"). The entire principal balances of the MidCap Revolving Loan and MidCap Term Loan are due on the Termination Date. Interest payments are payable monthly, with optional principal prepayments allowed under the MidCap Credit Agreements. The Midcap Loan Agreements require us to maintain minimum net product sales and minimum consolidated EBITDA, (each term as defined in the Midcap Loan Agreements), for the preceding twelve month period. On March 24, 2022, in connection with the Zions Facility discussed below, the Company amended the Midcap Credit Agreements changing the covenant requirements from a monthly to a quarterly test. As of March 31, 2022, we were in compliance with all financial covenants under the Midcap Credit Agreements. Total debt issuance costs associated with the MidCap Credit Agreements was $ 2,799 . Amortization expense associated with such debt issuance costs totaled $ 71 for the three months ended March 31, 2022, and is included in Interest expense on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. Vectra Bank Colorado Loan Agreements On March 27, 2020, the Company entered into an Amended and Restated Loan Agreement (the “Vectra Loan Agreement”) with Vectra Bank Colorado. The Vectra Loan Agreement refinanced the Company's existing Term Loan and existing Buyout Loan into a single term loan in the aggregate principal amount of $ 6,802 (the “2020 Term Loan”) and increased the maximum principal amount of the existing Revolving Loan to $ 15,000 (the 2020 Revolving Loan and together with the 2020 Term Loan, “2020 Loans”). The maturity date for both loans was September 30, 2020 and it was subsequently extended to October 5, 2023 . The Vectra Loan Agreement was secured by substantially all the Company’s assets. The Vectra Loan Agreement contained financial and other customary covenants and bore an interest rate of 3 %. The Company repaid the 2020 Loans in 2021 in connection with entering into the Midcap Term Loan Agreement described above. On March 24, 2022 the Company entered into a secured term loan facility (the “Zions Facility”) with Zions Bancorporation, N.A. dba Vectra Bank Colorado in the principal amount of $ 16,000 . The loans under the Zions Facility (i) bear interest at a variable rate per annum equal to the sum of (a) a one-month Term SOFR based rate, plus (b) 1.75 %, adjusted on a monthly basis and (ii) mature on March 24, 2037 . Principal and interest payments are payable monthly , with optional prepayments allowed without premium or penalty. The Zions Facility includes a financial covenant requiring the Company to maintain a minimum fixed charge coverage ratio of 1.15 to 1.00, measured on a trailing four quarter basis as of the last day of each fiscal quarter. As of March 31, 2022 , the Company was in compliance with this covenant. Total debt issuance costs associated with the Zions Facility was $ 152 . Amortization expense associated with such debt issuance costs totaled $ 0 for the three months ended March 31, 2022, due to the timing of the closing date of the loan. Bank of Ireland Note Payable On June 12, 2020, the Company entered a term loan with Bank of Ireland in a principal amount of $ 474 (the “Bank of Ireland Note Payable”). The Bank of Ireland Note Payable bears an annual interest rate of 4 % and is due in equal monthly installments over a 36 -month period, including interest. The Bank of Ireland Note Payable contains financial and other customary covenants.

Convertible Preferred Series Eq

Convertible Preferred Series Equity and Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Convertible Preferred Series Equity And Stockholders' Equity	NOTE 7. CONVERTIBLE PREFERRED SERIES EQUITY AND STOCKHOLDERS’ EQUITY On October 8, 2021, the Company filed a certificate of amendment with the Secretary of State of the State of Delaware, pursuant to which, the Company effected a 5 -for-1 forward stock split of the Company’s authorized, issued and outstanding common stock, the Company’s authorized, issued and outstanding Series A convertible preferred stock, and the Company’s authorized, issued and outstanding Series B convertible preferred stock (the “Stock Split”). All share amounts and per share data presented in the accompanying Consolidated Financial Statements have been retrospectively adjusted to reflect the forward stock split for all periods presented. Under its Amended and Restated Certificate of Incorporation, the Company has a total of 310,000,000 shares of capital stock authorized for issuance, consisting of 300,000,000 shares of common stock, par value of $ 0.01 per share, and 10,000,000 new shares of convertible preferred stock, par value of $ 0.0001 per share. Common Stock In October 2021, the Company completed its initial public offering ("IPO"), in which it issued and sold 8,984,375 shares of its common stock at the public offering price of $ 16.00 per share, including 1,171,875 shares of its common stock upon exercise of the underwriters' option to purchase additional shares. Series A Convertible Preferred Stock In December 2011, the Company issued an aggregate of 3,250,005 shares of its Series A convertible preferred stock at a price of $ 0.30769 per share, resulting in total proceeds of approximately $ 1,000 . In February and November 2012, the Company issued an aggregate of 10,562,495 shares of its Series A convertible preferred stock at a price of $ 0.30769 per share, resulting in total proceeds of approximately $ 3,250 . In connection with the IPO, all of the shares of the Company’s outstanding Series A convertible preferred stock automatically converted into an aggregate of 13,812,500 shares of the common stock. Convertible Series B Preferred Stock In July 2020, the Company issued an aggregate of 6,608,700 shares of its Series B convertible preferred stock at a price of $ 5.75 per share, resulting in total net proceeds of approximately $ 36,030 , net of issuance costs of $ 1,970 . In connection with the IPO, all of the shares of the Company’s outstanding Series B convertible preferred stock automatically converted into an aggregate of 6,608,700 shares of the common stock. Pursuant to the terms of the Series B convertible preferred stock offering, the $ 2,328 of cash dividends accrued as of October 19, 2021 were cancelled upon conversion of the Series B preferred stock into common stock. Treasury Stock The Company purchased a total of 0 and 85,050 shares of its common stock during the three months ended March 31, 2022 and 2021 , respectively, for $ 0 and $ 561 , respectively. All repurchased shares were recorded in Treasury stock at cost.

Earnings (loss) Per Share

Earnings (loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 8. EARNINGS (LOSS) PER SHARE Basic net (loss) income per share is computed by dividing net (loss) income attributable to common stockholders (the numerator) by the weighted average number of common stock outstanding for the period (the denominator). Diluted net income per common stock attributable to common stockholders is computed by dividing net income by the weighted average number of common stocks outstanding during the period adjusted for the dilutive effects of common stock equivalents using the treasury stock method or the method based on the nature of such securities. In periods when losses from continuing operations are reported, the weighted-average number of common stock outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. The computation of net loss per share for the three months ended March 31, 2022 and 2021, respectively was as follows: Three Months Ended March 31, (in thousands, except per share data) 2022 2021 Net loss attributable to common stockholders Net loss attributable to Paragon 28, Inc. $ ( 9,236 ) $ ( 527 ) Less: Dividends on Series B convertible preferred stock — ( 469 ) Net loss attributable to common stockholders $ ( 9,236 ) $ ( 996 ) Weighted-average common stock outstanding: Basic 76,447,454 46,852,175 Diluted 76,447,454 46,852,175 Loss per share: Basic $ ( 0.12 ) $ ( 0.02 ) Diluted $ ( 0.12 ) $ ( 0.02 ) The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact would have been antidilutive for the period presented: Three Months Ended March 31, 2022 2021 Stock options 7,955,083 5,063,987 Restricted stock units 79,886 —

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 9. STOCK-BASED COMPENSATION Employee Stock Purchase Plan The Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s Board of Directors on October 8, 2021. The 2021 Plan was adopted by the Company’s stockholders on October 19, 2021 and became effective on the date prior to the first date of the effectiveness of the registration statement on Form S-1 filed by the Company. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 1,329,040 shares of the Company’s common stock. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2022 and ending on January 1, 2031, by the lesser of 1 % of all classes of the Company’s common stock outstanding on the immediately preceding December 31, or such smaller number of shares as determined by the Company’s Board or the committee. On January 1, 2022, the number of shares reserved and available for issuance for the ESPP was increased by 764,473 shares. As o f March 31, 2022 , no shares have been issued under the ESPP an d 2,093,513 shares r emained available for issuance. 2021 Incentive Award Plan The 2021 Incentive Award Plan (“2021 Plan”) was adopted by the Company’s Board of Directors on October 8, 2021. The 2021 Plan was adopted by the Company’s stockholders on October 19, 2021 and became effective on the date prior to the first date of the effectiveness of the registration statement on Form S-1 filed by the Company. The 2021 Plan authorizes the Company to issue an initial aggregate maximum number of shares of common stock equal to (i) 7,641,979 shares plus (ii) a number of shares that are available for issuance under the 2011 Plan plus (iii) any shares that are subject to 2011 Plan that become available for issuance (via expiration, forfeitures, etc.) plus (iv) an increase commencing on January 1, 2022 and continuing annually on the anniversary thereof through January 1, 2031, equal to the lesser of (a) 5 % of the shares of all classes of the Company’s common stock outstanding on the last day of the immediately preceding calendar year or (b) such smaller number of shares as determined by the Company’s Board or the committee. On January 1, 2022, the number of shares reserved and available for issuance for the 2021 Plan was increased by 3,822,364 shares. As of March 31, 2022 , the Company had reserved 10,802,073 shares of common stock for future grants. Stock Options There were 154,500 and 401,250 options granted during the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022 and 2021, the Company recognized $ 2,014 and $ 858 , respectively, of compensation expense related to stock options. Stock-based compensation expenses are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company received cash in the amount o f $ 12 an d $ 98 from the exercise of stock options for the three months ended March 31, 2022 and 2021, respectively. The tax benefit from equity options exercised w as $ 3 and $ 22 f or the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022 , the Company granted certain officers and contractors of the Company an aggregate of 154,500 time-based options at a weighted average strike price of $ 15.05 . During the three months ended March 31, 2021 , the Company granted certain officers and contractors of the Company an aggregate of 401,250 time-based options at a weighted average strike price of $ 6.49 . Below are the assumptions used for the three months ended March 31, 2022 and 2021 in determining the fair value of each option award: Three Months Ended March 31, 2022 2021 Expected volatility 57 % 54 % Expected dividends — — Expected term (in years) 6.25 5.75 Risk-free rate 1.69 % 0.47 % The aggregate intrinsic value of the options outstanding as of March 31, 2022 is $ 60,865 . The aggregate intrinsic value of vested and exercisable options as of March 31, 2022 is $ 45,892 . The weighted average fair value of options granted during the three months ended March 31, 2022 and 2021 was $ 8.25 and $ 3.22 , respectively, on the dates of grant. As of March 31, 2022, there was approximately $ 25,391 total unrecognized compensation cost related to non-vested stock-based compensation arrangements, which is expected to be recognized over a weighted average period of 2.75 years. The following summarizes the Company’s stock option plan and the activity for the three months ended March 31, 2022: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Outstanding, December 31, 2021 7,953,018 $ 9.02 8.16 Granted 154,500 15.05 Exercised ( 1,875 ) 6.60 Forfeited or expired ( 150,560 ) 11.36 Outstanding, March 31, 2022 7,955,083 $ 9.09 7.94 Exercisable, March 31, 2022 3,703,963 $ 4.35 6.39 Vested and expected to vest at March 31, 2022 7,955,085 $ 9.09 7.94 Restricted Stock Units During the three months ended March 31, 2022 , no Restricted Stock Units (“RSUs”) were granted, vested or forfeited resulting in 79,886 unvested RSUs outstanding as of March 31, 2022. The grant date fair value for RSUs is the market price of the common stock on the date of grant. The total fair value of RSUs vested during the three months ended March 31, 2022 and 2021 was $ 0 for both periods. During the three months ended March 31, 2022 and 2021, the Company recogni zed $ 108 a nd $ 0 , respectively, of compensation expense related to RSUs. Stock-based compensation expenses are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. As of March 31, 2022 , there was approximately $ 1,232 total u nrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted average period o f 3.59 y ears.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	NOTE 10. EMPLOYEE BENEFIT PLAN The Company sponsors a defined contribution plan for eligible employees who are 21 years of age with three months of service can voluntarily contribute up to 100 % of their eligible compensation. The Company has elected a Safe Harbor plan in which the Company must contribute 3 % of eligible compensation. In addition, the Company may make discretionary contributions which are determined and authorized by the Board of Directors each plan year. The Company made matching contributions to its employee benefit plan of $ 912 and $ 632 for the three months ended March 31, 2022 and 2021 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. INCOME TAXES The effective tax rates for the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 Effective tax rate ( 0.356 %) ( 42.628 %) For the three months ended March 31, 2022 and 2021 , the Company recorded tax expense of $ 32 and $ 154 , respectively. The Company’s 2022 and 2021 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of the U.S. jurisdiction that has a full valuation allowance recorded on U.S. and Finnish deferred tax assets. In addition, the tax rate is lower than the U.S. statutory federal tax rate as a result of foreign earnings that are taxed at lower tax rates. The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence includes the current & prior two years' profit and loss positions after considering pre-tax book income plus or minus permanent adjustments as well as other positive & negative evidence available. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established a valuation allowance with respect to deferred tax assets in the U.S. and Finland and continues to monitor and assess potential valuation allowances in all its jurisdictions.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12. COMMITMENTS AND CONTIGENCIES Legal Proceedings We are involved in various lawsuits, claims, inquiries, and other regulatory and compliance matters, most of which are routine to the nature of our business. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these claims could affect future results of operations should our exposure be materially different from our estimates or should liabilities be incurred that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities. During 2018 Wright Medical Technology, Inc. (“Wright Medical”) sued the Company, claiming patent infringement targeting essentially all of our patents. The case was subsequently updated to include trade secret misappropriations. We have filed motions to dismiss all allegations. We currently believe that we have substantial and meritorious defenses to Wright Medical’s claims and intend to vigorously defend our position, including through the trial and appellate stages if necessary. As the case is ongoing, we are unable to determine the likelihood of an outcome or estimate a range of reasonably possible settlement, if any. Accordingly, we have not made an accrual for any possible loss. The outcome of any litigation, however, is inherently uncertain, and an adverse judgment or settlement in the Wright Medical proceeding, if any, could materially and adversely affect our business, financial position and results of operations or cash flows. In addition to Wright Medical’s claims set forth above, we received in December 2021 an additional complaint from Wright Medical covering patents different than the Wright Asserted Patents. While the proceedings in connection with such complaint are in early stages, we do not at this time believe they represent a material liability to our company. We have incurred, and expect that we will continue to incur, significant expense in defending against the allegations made by Wright Medical.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13. RELATED PARTY TRANSACTIONS The Company has a license agreement dated July 1, 2017 for certain intellectual property with an entity that is affiliated with one of the directors of the Company, under which the Company pays a royalty of four percent ( 4 %) of net revenue related to the licensed intellectual property for the 15 years following the date of first sale, including a minimum annual payment of $ 250 . The term of the agreement is 20 years , and automatically renews for five-year periods thereafter. Payments to the entity under this license agreement totaled $ 163 and $ 139 for the three months ended March 31, 2022 and 2021, respectively. Amounts payable to this entity as of March 31, 2022 and December 31, 2021 were $ 63 and $ 163 , respectively. The Company paid professional services fees to a related party totaling $ 125 and $ 154 for the three months ended March 31, 2022 and 2021, respectively, and are included in Selling, general, and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Amounts payable as of March 31, 2022 and December 31, 2021 to this related party were $ 83 and $ 66 , respectively.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	NOTE 14. SEGMENT AND GEOGRAPHIC INFORMATION The following table represents total net revenue by geographic area, based on the location of the customer for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 United States $ 36,023 $ 29,134 International 5,348 3,970 Total net revenue $ 41,371 $ 33,104 No individual country with net revenue originating outside of the United States accounted for more than 10% of consolidated net revenue for three months ended March 31, 2022 and 2021. The following table represents total non-current assets, excluding deferred taxes, by geographic area as of March 31, 2022 and December 31, 2021, respectively. March 31, 2022 December 31, 2021 United States $ 71,203 $ 51,809 International 28,669 3,206 Total assets $ 99,872 $ 55,015 No individual country with total non-current assets outside of the United States accounted for more than 10% of consolidated total assets as of March 31, 20221 and December 31, 2021 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of Paragon 28, Inc. and its subsidiaries, all of which are wholly-owned. The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information required by U.S. GAAP for complete financial statements. The interim Condensed Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair representation of the results for the periods presented and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2021, which include a complete set of footnote disclosures, including our significant accounting policies. The audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2021 are included in the Company’s Annual filing on Form 10-K filed with the SEC on March 8, 2022. The results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any changes in these estimates will be reflected in the Company’s Condensed Consolidated Financial Statements. Significant items subject to such estimates and assumptions include the determination of the collectability of trade receivables, inventory obsolescence, impairment of long-lived assets, recoverability of goodwill and intangible assets, contingent earn-out liabilities, income taxes and stock-based compensation.
Foreign Currency Translation	Foreign Currency Translation The Condensed Consolidated Financial Statements are presented in U.S. dollars. The Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. dollars at quarter-end exchange rates, while revenue and expenses are translated at average exchange rates during the quarter based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. dollars are reported in Accumulated Other Comprehensive (Loss) Income, net of tax.
Business Combinations	Business Combinations We allocate the purchase consideration to the identifiable net assets acquired, including intangible assets and liabilities assumed, based on estimated fair values at the date of the acquisition. The excess of the fair value of the purchase consideration over the fair value of the identifiable assets and liabilities, if any, is recorded as goodwill. During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires significant judgment, including the selection of valuation methodologies including the income approach, the cost approach, and the market approach. Significant assumptions used in those methodologies include, but are not limited to, the expected values of the underlying metric, the systematic risk embedded in the underlying metric, the volatility of the underlying metric, the risk-free rate, and the counterparty risk. The use of different valuation methodologies and assumptions is highly subjective and inherently uncertain and, as a result, actual results may differ materially from estimates.
Trade Receivables, Less Allowance for Doubtful Accounts	Trade Receivables, Less Allowance for Doubtful Accounts The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. The allowance for doubtful accounts was $ 1,310 and $ 1,032 as of March 31, 2022 and December 31, 2021 , respectively.
Inventories, Net	Inventories, Net The Company estimates a reserve for obsolete and slow-moving inventory based on current inventory levels, historical sales and future projected demand. Charges (benefit) for excess and obsolete inventory are included in Cost of goods sold and were $( 643 ) and $ 977 for the three months ended March 31, 2022 and 2021 , respectively. The inventory reserve was $ 16,002 and $ 19,374 as of March 31, 2022 and December 31, 2021 , respectively.
Intangibles	Intangibles The costs associated with applying for patents and trademarks are capitalized. Patents are amortized on a straight-line basis over the lesser of the patent’s economic or legal life, which is seventeen years . Costs associated with capitalized patents include third-party attorney fees and other third-party fees as well as costs related to the following: the preparation of patent applications, government filings and registration fees, drawings, computer searches, and translations related to specific patents. Trademarks that are anticipated to be renewed every ten years have an indefinite life and are not amortized but tested for impairment annually. Once it is determined a trademark will no longer be renewed, the trademark is amortized over the remainder of the trademark’s registration period. Customer relationships are amortized over an estimated useful life of three to seven years on a straight-line basis. Other intangibles, which mainly consist of noncompete arrangements, are amortized over an estimated useful life of three years on a straight-line basis. Developed technology is amortized over an estimated useful life of twelve years on a straight-line basis. Amortizable intangible assets are assessed for impairment upon triggering events that indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to future net undiscounted cash flows expected to be generated by the associated asset. If the asset’s carrying value is determined to not be recoverable, the impairment to be recognized is measured by the amount by which the carrying amount exceeds the fair market value of the intangible assets. No impairment charges were recorded in any of the periods presented. Indefinite-lived trademark assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The Company can elect to first apply the optional qualitative impairment assessment to determine whether the indefinite-lived intangible asset is more-likely-than-not impaired. If, on the basis of the qualitative impairment assessment, an entity asserts that it is more likely than not that the indefinite-lived intangible asset is impaired, the Company would be required to calculate the fair value of the asset for an impairment test. Impairment loss is recognized if the carrying amount of the asset exceeds its fair value. A qualitative assessment considers macroeconomic and other industry-specific factors, such as trends in short-term and long-term interest rates and the ability to access capital, and company specific factors such as trends in revenue generating activities, and merger or acquisition activity. If the Company elects to bypass qualitatively assessing its indefinite-lived intangible assets, or it is not more likely than not that the fair value of the intangible asset exceeds its carrying value, management estimates the fair value of the intangible asset and compares it to the carrying value. The estimated fair value of the intangible asset is established using an income approach based on a discounted cash flow model that includes significant assumptions about the future operating results and cash flows of the intangible asset or assets.
Goodwill	Goodwill Goodwill represents the excess of the purchase price as compared to the fair value of net assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually or when indications of impairment exist. We can elect to qualitatively assess goodwill for impairment if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. Impairment exists when the carrying amount, including goodwill, of the reporting unit exceeds its fair value, resulting in an impairment charge for this excess (not to exceed the carrying amount of the goodwill). Our annual impairment testing date is October 1. The impairment, if determined, is recorded within Operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the determination is made. There were no impairments recorded during the periods presented.
Contingent Earn-Out Consideration	Contingent Earn-out Consideration Business combinations may include contingent earn-out consideration as part of the purchase price under which the Company will make future payments to the seller upon the achievement of certain milestones. The fair value of the contingent earn-out consideration is estimated as of the acquisition date at the present value of the expected contingent payments and is subsequently remeasured at each balance sheet date. Two methodologies may be considered in the valuation: the scenario-based model (“SBM”) and Monte Carlo simulation. The SBM relies on multiple outcomes to estimate the likelihood of future payoff of the contingent consideration. The resulting earnout payoff is then probability-weighted and discounted at an appropriate risk adjusted rate in order to arrive at the present value of the expected earnout payment. The Monte Carlo simulation is used to value the non-linear contingent considerations based on projected financial metrics. Each trial of the Monte Carlo simulation draws a value from the assumed distribution for the underlying metric. The earnout payoff for each simulation trial is calculated based on that particular simulated path for the underlying metrics and then discounted to present value using the risk-free rate, adjusted for counterparty credit risk. The value of the earnout is estimated as the average value from all simulation trials. The fair value estimates use unobservable inputs that reflect our own assumptions as to the ability of the acquired business to meet the targeted benchmarks and discount rates used in the calculations. The unobservable inputs are defined in ASC Topic 820, “Fair Value Measurements and Disclosures,” as Level 3 inputs. We review the probabilities of achievement of the earnout milestones to determine impact on the fair value of the earnout consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results of the acquired business increase or decrease as compared to our estimates and assumptions, the estimated fair value of the contingent earn-out consideration liability will increase or decrease, up to the contractual limit, as applicable. Changes in the estimated fair value of the contingent earn-out consideration are recorded in other (expense) income in the Consolidated Statements of Operations and Comprehensive (Loss) Income and are reflected in the period in which they are identified. Changes in the estimated fair value of the contingent earn-out consideration may materially impact or cause volatility in our operating results.
Revenue Recognition	Revenue Recognition Revenue is recorded when our performance obligation is satisfied which is when our customers take title of the product, and typically when the product is used in surgery. As such, the timing of revenue recognition may differ from the timing of invoicing to our customers. We have recorded unbilled accounts receivable related to this timing difference of $ 3,382 and $ 3,637 as of March 31, 2022 and December 31, 2021 , respectively.
Accounting Pronouncements Issued Not Yet Adopted	Accounting Pronouncements Issued Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-02 supersedes the previous leases standard, ASC 840, Leases. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2022. The Company is currently evaluating the new guidance, but does not believe it will have a material impact on the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires entities to estimate all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The updated guidance also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the new guidance to determine the impact it will have on the Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”), which is part of the FASB’s overall simplification initiative to reduce the costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 simplifies accounting guidance for intra-period allocations, deferred tax liabilities, year-to-date losses in interim periods, franchise taxes, step-up in tax basis of goodwill, separate entity financial statements, and interim recognition of tax laws or rate changes. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company's Consolidated Financial Statements and related disclosures.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2022
Disior
Business Acquisition [Line Items]
Summary of Purchase Consideration Transferred	The following table summarizes the purchase price: Consideration Paid Cash consideration $ 19,393 Contingent consideration 6,550 Total consideration $ 25,943
Summary of Fair Values of Assets Acquired and Liabilities Assumed	The preliminary purchase price allocation for Disior, which may be adjusted by material amounts as we finalize our fair value estimates and provisional amounts, was as follows: Assets acquired: Cash and cash equivalents $ 1,192 Other current assets 410 Intangible assets 4,900 Goodwill 20,343 Total assets acquired $ 26,845 Liabilities assumed: Accruals and other current liabilities $ 615 Deferred tax liabilities, net 287 Total liabilities assumed $ 902 Net assets acquired $ 25,943
Useful Life Determination of Assets	The useful life on intangible assets was determined by management to be in line with the Company’s policy on intangible assets. Both determinations are outlined in the table below: Fair Value Estimated Useful Life (in years) Developed Technology $ 4,500 12 Tradenames 400 Indefinite $ 4,900
Additive Orthopaedics, LLC
Business Acquisition [Line Items]
Summary of Purchase Consideration Transferred	The following table summarizes the purchase consideration transferred in connection with the acquisition of Additive and consists of the following: Consideration Paid Cash consideration $ 15,000 Contingent consideration 2,870 Total consideration $ 17,870
Summary of Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed as of the Closing Date: Assets acquired: Accounts receivable $ 761 Inventory 113 Intangible assets 11,560 Goodwill 6,329 Total Assets Acquired 18,763 Liabilities assumed: Accounts payable 796 Accrued expenses $ 97 Total Liabilities Assumed 893 Net assets acquired $ 17,870
Useful Life Determination of Assets	The useful life determination was made by management in line with the Company’s policy on assets. Both determinations are outlined in the table below: Fair Value Estimated Useful Life (in years) Noncompete arrangements $ 30 3 Customer relationships 240 3 Developed technology 11,290 12 $ 11,560

Goodwill And Intangible Assets

Goodwill And Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	As of March 31, 2022 and December 31, 2021, goodwill was $ 26,672 and $ 6,329 , respectively; the activity is as follows: Balance, December 31, 2021 $ 6,329 Acquisitions 20,343 Balance, March 31, 2022 $ 26,672
Intangible Assets	Intangible assets as of March 31, 2022 are as follows: Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and tradenames, indefinite-lived Indefinite $ 813 — $ 813 Patents, definite-lived 13.2 6,039 1,532 4,507 Customer relationships 3 - 7 1,178 99 1,079 Developed technology 12 15,790 866 14,924 Other intangibles 3 35 8 27 Total intangible assets, net $ 23,855 $ 2,505 $ 21,350 Intangible assets as of December 31, 2021, are as follows: Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks, indefinite-lived Indefinite $ 413 — $ 413 Patents, definite-lived 13.2 5,335 1,133 4,202 Customer relationships 3 - 7 1,167 47 1,120 Developed technology 12 11,290 549 10,741 Other intangibles 3 35 6 29 Total intangible assets, net $ 18,240 $ 1,735 $ 16,505
Schedule of Expected Future Amortization Expense	Expected future amortization expense is as follows: 2022 (Remaining) $ 1,926 2023 1,707 2024 1,657 2025 1,616 2026 1,616 2027 1,615

Contingent Earn-Out Considera_2

Contingent Earn-Out Consideration (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Schedule of Reconciliation Level 3 Earn-out Liabilities	The following table provides a reconciliation of our Level 3 earn-out liabilities for the three months ended March 31, 2022: Balance, December 31, 2021 $ 2,310 Acquisition date fair value of earn-out liabilities 6,550 Change in fair value of earn-out liabilities 80 Balance, March 31, 2022 $ 8,940

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt as of March 31, 2022 and December 31, 2021 consists of the following: March 31, 2022 December 31, 2021 MidCap Term Loan $ 30,000 $ 10,000 Bank of Ireland Note Payable 203 245 Vectra Term Loan Facility 16,000 — $ 46,203 $ 10,245 Less: deferred issuance costs ( 2,951 ) ( 2,616 ) Total debt, net of issuance costs 43,252 7,629 Less: current portion ( 781 ) ( 153 ) Long-term debt, net, less current maturities $ 42,471 $ 7,476

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Computation of Net Loss Per Share	The computation of net loss per share for the three months ended March 31, 2022 and 2021, respectively was as follows: Three Months Ended March 31, (in thousands, except per share data) 2022 2021 Net loss attributable to common stockholders Net loss attributable to Paragon 28, Inc. $ ( 9,236 ) $ ( 527 ) Less: Dividends on Series B convertible preferred stock — ( 469 ) Net loss attributable to common stockholders $ ( 9,236 ) $ ( 996 ) Weighted-average common stock outstanding: Basic 76,447,454 46,852,175 Diluted 76,447,454 46,852,175 Loss per share: Basic $ ( 0.12 ) $ ( 0.02 ) Diluted $ ( 0.12 ) $ ( 0.02 )
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact would have been antidilutive for the period presented: Three Months Ended March 31, 2022 2021 Stock options 7,955,083 5,063,987 Restricted stock units 79,886 —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Assumptions used in Determining Fair Value	Below are the assumptions used for the three months ended March 31, 2022 and 2021 in determining the fair value of each option award: Three Months Ended March 31, 2022 2021 Expected volatility 57 % 54 % Expected dividends — — Expected term (in years) 6.25 5.75 Risk-free rate 1.69 % 0.47 %
Summary of Stock Option Activity	The following summarizes the Company’s stock option plan and the activity for the three months ended March 31, 2022: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Outstanding, December 31, 2021 7,953,018 $ 9.02 8.16 Granted 154,500 15.05 Exercised ( 1,875 ) 6.60 Forfeited or expired ( 150,560 ) 11.36 Outstanding, March 31, 2022 7,955,083 $ 9.09 7.94 Exercisable, March 31, 2022 3,703,963 $ 4.35 6.39 Vested and expected to vest at March 31, 2022 7,955,085 $ 9.09 7.94

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rates	The effective tax rates for the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 Effective tax rate ( 0.356 %) ( 42.628 %)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Total Net Revenue by Geographic Area	The following table represents total net revenue by geographic area, based on the location of the customer for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 United States $ 36,023 $ 29,134 International 5,348 3,970 Total net revenue $ 41,371 $ 33,104
Schedule of Total Non-current Assets, Excluding Deferred Taxes, by Geographic Area	The following table represents total non-current assets, excluding deferred taxes, by geographic area as of March 31, 2022 and December 31, 2021, respectively. March 31, 2022 December 31, 2021 United States $ 71,203 $ 51,809 International 28,669 3,206 Total assets $ 99,872 $ 55,015

Business and Basis of Present_2

Business and Basis of Presentation - Additional Information (Details) - Common Stock $ / shares in Units, $ in Thousands	Oct. 19, 2021USD ($)$ / sharesshares
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold	8,984,375
Public offering price per share | $ / shares	$ 16
Net proceeds after deducting underwriting discounts and commissions | $	$ 129,118
Number of shares issued upon conversion of convertible securities	20,421,200
Underwriters Option to Purchase Additional Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold	1,171,875

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible asset, finite-lived	$ 0		$ 0
Impairment of goodwill	0	$ 0	0
Allowance for doubtful accounts	1,310,000		1,032,000
Charges (benefit) for excess and obsolete inventory included in cost of goods sold	(643,000)	$ 977,000
Inventory reserve	16,002,000		19,374,000
Unbilled accounts receivable	$ 3,382,000		$ 3,637,000
Patents
Finite-Lived Intangible Assets [Line Items]
Amortization period	17 years
Estimated useful life	13 years 2 months 12 days		13 years 2 months 12 days
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	12 years		12 years
Customer Relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years		3 years
Customer Relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	7 years		7 years
Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years		3 years

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($)	Jan. 10, 2022	May 28, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Cash consideration			$ 18,201,000	$ 0
Proceeds from revolving credit facility			20,000,000	0
Disior
Business Acquisition [Line Items]
Acquired percentage	100.00%
Aggregate purchase price of acquisition	$ 25,943,000
Contingent earn-out consideration, estimated fair value	6,550,000		$ 6,550,000
Net working capital adjustments and deferred payments, net receivable	81,000
Cash consideration	19,393,000
Maximum earn out payment	8,000,000
Business acquisition, pro forma information, description			There is no supplemental proforma presentation of operating results of the acquisition of Disior due to the immaterial impact on the Company’s Consolidated operations for the three months ended March 31, 2021.
Disior | Term Loan
Business Acquisition [Line Items]
Proceeds from revolving credit facility	$ 20,000,000
Disior | Selling, General, and Administrative Expenses
Business Acquisition [Line Items]
Acquisition related costs			$ 743,000
Additive Orthopaedics, LLC
Business Acquisition [Line Items]
Aggregate purchase price of acquisition		$ 17,870,000
Contingent earn-out consideration, estimated fair value		2,870,000
Cash consideration		15,000,000
Maximum earn out payment		$ 9,500,000
Acquisition related costs			$ 0	$ 0
Business acquisition, pro forma information, description			There is no supplemental proforma presentation of operating results of the acquisition of Additive due to the immaterial impact on the Company’s Consolidated operations for the three months ended March 31, 2021.
Additive Orthopaedics, LLC | Selling, General, and Administrative Expenses
Business Acquisition [Line Items]
Acquisition related costs					$ 822,000

Business Combinations - Summary

Business Combinations - Summary of Purchase Consideration Transferred (Details) - USD ($) $ in Thousands	Jan. 10, 2022	May 28, 2021	Mar. 31, 2022	Mar. 31, 2021
Consideration Paid
Cash consideration			$ 18,201	$ 0
Disior
Consideration Paid
Cash consideration	$ 19,393
Contingent consideration	6,550		$ 6,550
Total consideration	$ 25,943
Additive Orthopaedics, LLC
Consideration Paid
Cash consideration		$ 15,000
Contingent consideration		2,870
Total consideration		$ 17,870

Business Combinations - Summa_2

Business Combinations - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 10, 2022	Dec. 31, 2021	May 28, 2021
Assets acquired:
Goodwill	$ 26,672		$ 6,329
Disior
Assets acquired:
Cash and cash equivalents		$ 1,192
Other current assets		410
Intangible assets		4,900
Goodwill		20,343
Total assets acquired		26,845
Liabilities assumed:
Accruals and other current liabilities		615
Deferred tax liabilities, net		287
Total liabilities assumed		902
Net assets acquired		$ 25,943
Additive Orthopaedics, LLC
Assets acquired:
Accounts receivable				$ 761
Inventory				113
Intangible assets				11,560
Goodwill				6,329
Total assets acquired				18,763
Liabilities assumed:
Accounts payable				796
Accrued expenses				97
Total liabilities assumed				893
Net assets acquired				$ 17,870

Business Combinations - Useful

Business Combinations - Useful Life Determination of Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Disior
Business Acquisition [Line Items]
Fair Value	$ 4,900
Additive Orthopaedics, LLC
Business Acquisition [Line Items]
Fair Value	11,560
Noncompete Arrangements | Additive Orthopaedics, LLC
Business Acquisition [Line Items]
Fair Value	$ 30
Estimated Useful Life (in years)	3 years
Customer Relationships | Additive Orthopaedics, LLC
Business Acquisition [Line Items]
Fair Value	$ 240
Estimated Useful Life (in years)	3 years
Developed Technology | Disior
Business Acquisition [Line Items]
Fair Value	$ 4,500
Estimated Useful Life (in years)	12 years
Developed Technology | Additive Orthopaedics, LLC
Business Acquisition [Line Items]
Fair Value	$ 11,290
Estimated Useful Life (in years)	12 years
Tradenames | Disior
Business Acquisition [Line Items]
Fair Value	$ 400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 26,672,000		$ 6,329,000
Impairment charges related to intangibles	0	$ 0
Impairment charges related to goodwill	0	0	$ 0
Patents and Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired excluding Additive intangible assets	704,000
Selling, General, and Administrative Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 771,000	$ 30,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance, December 31, 2021	$ 6,329
Acquisitions	20,343
Balance, March 31, 2022	$ 26,672

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 23,855	$ 18,240
Accumulated Amortization	2,505	1,735
Net Carrying Amount	21,350	16,505
Trademarks and tradenames, Indefinite-Lived
Indefinite Lived Intangible Assets By Major Class [Line Items]
Net Carrying Amount	$ 813	$ 413
Patents, Definite-Lived
Indefinite Lived Intangible Assets By Major Class [Line Items]
Estimated Useful Life (in years)	13 years 2 months 12 days	13 years 2 months 12 days
Gross Carrying Amount	$ 6,039	$ 5,335
Accumulated Amortization	1,532	1,133
Net Carrying Amount	4,507	4,202
Customer Relationships
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	1,178	1,167
Accumulated Amortization	99	47
Net Carrying Amount	$ 1,079	$ 1,120
Customer Relationships | Minimum
Indefinite Lived Intangible Assets By Major Class [Line Items]
Estimated Useful Life (in years)	3 years	3 years
Customer Relationships | Maximum
Indefinite Lived Intangible Assets By Major Class [Line Items]
Estimated Useful Life (in years)	7 years	7 years
Developed Technology
Indefinite Lived Intangible Assets By Major Class [Line Items]
Estimated Useful Life (in years)	12 years	12 years
Gross Carrying Amount	$ 15,790	$ 11,290
Accumulated Amortization	866	549
Net Carrying Amount	$ 14,924	$ 10,741
Other Intangibles
Indefinite Lived Intangible Assets By Major Class [Line Items]
Estimated Useful Life (in years)	3 years	3 years
Gross Carrying Amount	$ 35	$ 35
Accumulated Amortization	8	6
Net Carrying Amount	$ 27	$ 29

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (Remaining)	$ 1,926
2023	1,707
2024	1,657
2025	1,616
2026	1,616
2027	$ 1,615

Contingent Earn-Out Considera_3

Contingent Earn-Out Consideration - Schedule of Reconciliation of Level 3 Earn-Out Liabilities (Details) - USD ($) $ in Thousands	Jan. 10, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Beginning Balance		$ 2,310
Change in fair value of earn-out liabilities		80
Ending Balance		8,940
Disior
Business Acquisition [Line Items]
Acquisition date fair value of earn-out liabilities	$ 6,550	$ 6,550

Contingent Earn-Out Considera_4

Contingent Earn-Out Consideration - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Combinations [Abstract]
Contingent earn-out liability, current	$ 7,422,000
Increase in estimate of earn-out liabilities	80,000	$ 0
Payment for contingent earn-out consideration liability	$ 0

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt, gross amount	$ 46,203	$ 10,245
Less: deferred issuance costs	(2,951)	(2,616)
Total debt, net of issuance costs	43,252	7,629
Less: current portion	(781)	(153)
Long-term debt net, less current maturities	42,471	7,476
Bank of Ireland Note Payable
Debt Instrument [Line Items]
Debt, gross amount	203	245
MidCap Term Loan
Debt Instrument [Line Items]
Debt, gross amount	30,000	10,000
Vectra Term Loan Facility
Debt Instrument [Line Items]
Debt, gross amount	$ 16,000	$ 0

Debt - MidCap Credit Agreements

Debt - MidCap Credit Agreements - Additional Information (Details) - USD ($)	May 06, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt issuance costs		$ 2,951,000		$ 2,616,000
Amortization expense		71,000	$ 17,000
MidCap Credit Agreements
Debt Instrument [Line Items]
Expiration date	May 1, 2026
Total debt issuance costs		2,799,000
MidCap Credit Agreements | Interest Expense
Debt Instrument [Line Items]
Amortization expense		$ 71,000
MidCap Credit Agreements | LIBOR
Debt Instrument [Line Items]
Variable interest rate	6.00%
MidCap Credit Agreements | Mid Cap Financial Trust
Debt Instrument [Line Items]
Maximum principal amount	$ 70,000,000
MidCap Credit Agreements | Mid Cap Financial Trust | Term Loan
Debt Instrument [Line Items]
Maximum principal amount	40,000,000
MidCap Credit Agreements | Mid Cap Financial Trust | First Commitment
Debt Instrument [Line Items]
Maximum principal amount	10,000,000
MidCap Credit Agreements | Mid Cap Financial Trust | Second Commitment
Debt Instrument [Line Items]
Maximum principal amount	30,000,000
MidCap Credit Agreements | Mid Cap Financial Trust | Revolving Loan
Debt Instrument [Line Items]
Maximum principal amount	$ 30,000,000
MidCap Revolving Loan
Debt Instrument [Line Items]
Expiration date	May 1, 2026
MidCap Revolving Loan | LIBOR
Debt Instrument [Line Items]
Variable interest rate	3.00%

Debt - Vectra Bank Colorado Loa

Debt - Vectra Bank Colorado Loan Agreements - Additional Information (Details) - USD ($)	Mar. 24, 2022	Mar. 27, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Total debt issuance costs			$ 2,951,000		$ 2,616,000
Amortization of debt issuance costs			71,000	$ 17,000
Vectra Loan Agreement
Line Of Credit Facility [Line Items]
Maturity date		Sep. 30, 2020
Maturity extended date		Oct. 5, 2023
Interest rate		3.00%
Vectra Loan Agreement | 2020 Term Loan
Line Of Credit Facility [Line Items]
Principal amount		$ 6,802,000
Vectra Loan Agreement | 2020 Loans
Line Of Credit Facility [Line Items]
Additional borrowing amount		$ 15,000,000
Secured Term Loan Facility
Line Of Credit Facility [Line Items]
Principal amount	$ 16,000,000
Maturity date	Mar. 24, 2037
Debt, frequency of payment	monthly
Fixed charge coverage ratio	1.15
Total debt issuance costs			152,000
Amortization of debt issuance costs			$ 0
Secured Term Loan Facility | SOFR
Line Of Credit Facility [Line Items]
Variable interest rate	1.75%

Debt - Bank of Ireland Note Pay

Debt - Bank of Ireland Note Payable - Additional Information (Details) - Bank of Ireland Note Payable	Jun. 12, 2020USD ($)
Debt Instrument [Line Items]
Principal amount	$ 474,000
Interest rate	4.00%
Debt, frequency of payment	monthly
Debt instrument term	36 months

Convertible Preferred Series _2

Convertible Preferred Series Equity and Stockholders Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Oct. 19, 2021USD ($)$ / sharesshares	Oct. 08, 2021$ / sharesshares	Jul. 31, 2020USD ($)$ / sharesshares	Nov. 30, 2012USD ($)$ / sharesshares	Feb. 29, 2012USD ($)$ / sharesshares	Dec. 31, 2011USD ($)$ / sharesshares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021$ / sharesshares
Class of Stock [Line Items]
Forward stock split		5
Options reserved for future grant		310,000,000
Common stock share authorized		300,000,000					300,000,000		300,000,000
Common stock par value | $ / shares		$ 0.01					$ 0.01		$ 0.01
Convertible preferred stock, authorized		10,000,000
Convertible preferred stock, par value | $ / shares		$ 0.0001
Treasury stock repurchase shares							0	85,050
Treasury stock repurchase value | $							$ 0	$ 561
Common Stock
Class of Stock [Line Items]
Number of aggregate issued								151,515
Initial Public Offering | Common Stock
Class of Stock [Line Items]
Public offering price per share | $ / shares	$ 16
Number of shares issued and sold	8,984,375
Conversion of shares	20,421,200
Underwriters Option to Purchase Additional Shares | Common Stock
Class of Stock [Line Items]
Number of shares issued and sold	1,171,875
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Number of aggregate issued				10,562,495	10,562,495	3,250,005
Proceeds from issuance of convertible preferred stock | $				$ 3,250	$ 3,250	$ 1,000
Price per share | $ / shares				$ 0.30769	$ 0.30769	$ 0.30769
Series A Convertible Preferred Stock | Initial Public Offering | Common Stock
Class of Stock [Line Items]
Conversion of shares	13,812,500
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Number of aggregate issued			6,608,700
Cash dividends accrued | $	$ 2,328
Proceeds from issuance of convertible preferred stock | $			$ 36,030
Issuance costs | $			$ 1,970
Price per share | $ / shares			$ 5.75
Series B Convertible Preferred Stock | Initial Public Offering | Common Stock
Class of Stock [Line Items]
Conversion of shares	6,608,700

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss attributable to common stockholders
Net loss attributable to Paragon 28, Inc.	$ (9,236)	$ (527)
Less: Dividends on Series B convertible preferred stock	0	(469)
Net loss attributable to common stockholders	$ (9,236)	$ (996)
Weighted-average common stock outstanding:
Basic	76,447,454	46,852,175
Diluted	76,447,454	46,852,175
Loss per share:
Basic	$ (0.12)	$ (0.02)
Diluted	$ (0.12)	$ (0.02)

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of dilutive net loss per share	7,955,083	5,063,987
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of dilutive net loss per share	79,886	0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2022	Oct. 19, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Oct. 08, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			154,500
Options reserved for future grants						310,000,000
Cash received from exercise of stock options			$ 12	$ 98
Weighted average strike price			$ 9.09		$ 9.02
Time-based Stock Options | Certain Officers and Contractors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			154,500	401,250
Weighted average strike price			$ 15.05	$ 6.49
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			154,500	401,250
Compensation expense			$ 2,014	$ 858
Cash received from exercise of stock options			12	98
Tax benefit from equity options exercised			3	$ 22
Aggregate intrinsic value of options outstanding			60,865
Aggregate intrinsic value of vested and exercisable options			$ 45,892
Weighted average fair value of options granted			$ 8.25	$ 3.22
Total unrecognized compensation cost related to non-vested stock awards			$ 25,391
Total unrecognized compensation cost related to non-vested stock awards, weighted average recognition period			2 years 9 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 108	$ 0
Total unrecognized compensation cost related to non-vested stock awards			$ 1,232
Total unrecognized compensation cost related to non-vested stock awards, weighted average recognition period			3 years 7 months 2 days
Fair value of RSU vested			$ 0	$ 0
Number of shares granted			0
Number of shares vested			0
Number of shares forfeited			0
Unvested outstanding			79,886
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options permitted to grant		1,329,040
Shares issued			0
Shares available for issuance			2,093,513
Percentage of shares issued from outstanding number of shares		1.00%
Number of shares reserved and available for issuance increase (decrease)	764,473
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options permitted to grant		7,641,979
Options reserved for future grants			10,802,073
Percentage of shares issued from outstanding number of shares		5.00%
Number of shares reserved and available for issuance increase (decrease)	3,822,364

Stock Based Compensation - Assu

Stock Based Compensation - Assumptions used in Determining Fair Value (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	57.00%	54.00%
Expected dividends	0.00%	0.00%
Expected term (in years)	6 years 3 months	5 years 9 months
Risk-free rate	1.69%	0.47%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Shares Outstanding, Beginning Balance	7,953,018
Shares, Granted	154,500
Shares, Exercised	(1,875)
Shares, Forfeited or Expired	(150,560)
Shares Outstanding, Ending Balance	7,955,083	7,953,018
Shares, Exercisable	3,703,963
Shares, Vested and Expected To Vest	7,955,085
Weighted-Average Exercise Price, Beginning Balance	$ 9.02
Weighted-Average Exercise Price, Granted	15.05
Weighted-Average Exercise Price, Exercised	6.60
Weighted-Average Exercise Price, Forfeited or Expired	11.36
Weighted-Average Exercise Price, Ending Balance	9.09	$ 9.02
Weighted-Average Exercise Price, Exercisable	4.35
Weighted-Average Exercise Price, Vested and Expected To Vest	$ 9.09
Weighted-Average Remaining Contractual Term (Years)	7 years 11 months 8 days	8 years 1 month 28 days
Weighted-Average Remaining Contractual Term (Years), Exercisable	6 years 4 months 20 days
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest	7 years 11 months 8 days

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined contribution plan, description	The Company sponsors a defined contribution plan for eligible employees who are 21 years of age with three months of service can voluntarily contribute up to 100% of their eligible compensation.
Defined contribution plan minimum annual contributions per employee percent	3.00%
Defined benefit plan, plan assets, contributions by employer	$ 912	$ 632
Defined contribution plan, maximum voluntarily contributions percent	100.00%

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rates (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	(0.356%)	(42.628%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 32	$ 154

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties	$ 83		$ 66
Selling, general and administrative expenses from transactions with related party	$ 125	$ 154
Director | License Agreement
Related Party Transaction [Line Items]
Percentage of revenue paid as royalty	4.00%
Royalty estimated useful life	15 years
Related party transaction term of agreement	20 years
Related party transaction, agreement renewal term	5 years
Due to related parties	$ 63		$ 163
Payments to related party	163	$ 139
Minimum | Director | License Agreement
Related Party Transaction [Line Items]
Related party transaction to related party	$ 250

Segment and Geographic Inform_3

Segment and Geographic Information - Schedule of Total Net Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total net revenue	$ 41,371	$ 33,104
United States
Segment Reporting Information [Line Items]
Total net revenue	36,023	29,134
International
Segment Reporting Information [Line Items]
Total net revenue	$ 5,348	$ 3,970

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Total Non-current Assets, Excluding Deferred Taxes, by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 99,872	$ 55,015
United States
Segment Reporting Information [Line Items]
Total assets	71,203	51,809
International
Segment Reporting Information [Line Items]
Total assets	$ 28,669	$ 3,206