Paragon 28 (FNA) 10-Q/A 8 Aug 24 2024 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		82,951,360
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	720
Local Phone Number	912-1332
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
Amendment Description	GeneralAs previously announced in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on July 30, 2024, on July 30, 2024, the Audit Committee (the “Audit Committee”) of the Board of Directors and in consultation with management, concluded that its audited consolidated financial statements for the fiscal year ended December 31, 2023 and its unaudited condensed consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024 could no longer be relied upon as a result of material accounting errors identified by management. Accordingly, the unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2024 included in this Quarterly Report on Form 10-Q/A have been restated to reflect the correction of identified errors in the calculation of excess and obsolete inventory, as well as its accounting for inventory variances, which impacted the valuation of inventory resulting in an overstatement of Inventories, net as of March 31, 2024 and a net understatement in Cost of goods sold for the three months ended March 31, 2024 (the “Restatement”). RestatementParagon 28, Inc. (collectively with its subsidiaries, "we," "us," "our," "P28" or the "Company") is filing this Amendment No. 1 to our Quarterly Report on Form 10-Q/A to amend our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 (the “Amended 2024 Quarterly Report”), which was originally filed with the SEC on May 8, 2024 (the “Original 2024 Quarterly Report”). This Amended 2024 Quarterly Report speaks as of the date of the Original 2024 Quarterly Report and has not been updated to reflect events occurring subsequent to the filing of the Original 2024 Quarterly Report other than those associated with the Restatement of our unaudited interim condensed consolidated financial statements.For the convenience of the reader, this Amended 2024 Quarterly Report amends and restates the Original 2024 Quarterly Report in its entirety. As a result, it includes both items that have been changed as a result of the Restatement and items that are unchanged from the Original 2024 Quarterly Report.Restatement BackgroundSubsequent to the issuance of both the Company’s consolidated financial statements as of and for the year ended December 31, 2023 and the Company's unaudited interim condensed consolidated financial statements as of and for the fiscal quarter ended March 31, 2024, the Company identified errors in the calculation of its excess and obsolete inventory, as well as its accounting for inventory variances, which resulted in a net overstatement of Inventories, net as of March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023, and March 31, 2024 and a net understatement in Cost of goods sold for the respective interim periods ended on such dates and for the fiscal year ended December 31, 2023.In filing this Amended 2024 Quarterly Report, the Company is restating its previously issued unaudited interim condensed consolidated financial statements and related notes as of and for the three months ended March 31, 2024 to correct the errors in the calculation of its excess and obsolete inventory, as well as its accounting for inventory variances (the "Misstatements"), along with other immaterial accounting and disclosure errors that, when aggregated with the Misstatements, are material in respect to the Original 2024 Quarterly Report (refer to Note 3. Restatement of Previously Issued Condensed Consolidated Financial Statements to our financial statements included in Part I, Item 1 of this Amended Quarterly Report for additional information). In addition, the Company has corrected its disclosure regarding the adoption of Accounting Standard Update ("ASU") 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07") to reflect that the Company will adopt the standard in its Form 10-K filing for the year ended December 31, 2024 (refer to Note 2. Summary of Significant Accounting Policies). All material Restatement information that relates to the Misstatements for this period are included in the Amended 2024 Quarterly Report. As a result, such prior report should no longer be relied upon. Items Amended in this FilingThis Amended 2024 Quarterly Report sets forth our Original 2024 Quarterly Report, as amended, in its entirety. Except as required to reflect the restated amounts, related disclosures, and updates to our assessment of disclosure controls and procedures, there were no changes to any other parts of the Original 2024 Quarterly Report, and this Amended 2024 Quarterly Report does not reflect events occurring after the date of the Original 2024 Quarterly Report.The following sections have been amended in this Amended 2024 Quarterly Report:•Special Note Regarding Forward-Looking Statements•Part I, Item 1, Financial Statements (Unaudited)•Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part I, Item 4, Controls and Procedures•Part II, Item 6, Exhibits The exhibit list included in Item 6, “Exhibits” herein has been amended to contain currently dated certifications from the Company’s Chief Executive Officer (as Principal Executive Officer) and Chief Financial Officer (as Principal Financial Officer), as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and filed as Exhibits 31.1/31.2 and 32.1/32.2, respectively.In accordance with applicable SEC rules, this Form 10-Q/A also includes an updated signature page.Except as relating to the identified errors and the Restatement described above, discussions within Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other forward-looking statements made in our Original 2024 Quarterly Report have not been revised in this Amended 2024 Quarterly Report to reflect events that occurred at a later date or facts that subsequently became known to the Company and should be read in their historical context.Refer to Note 3. Restatement of Previously Issued Condensed Consolidated Financial Statements in the Notes to Condensed Consolidated Financial Statements on this Form 10-Q/A for additional information.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58,222		$ 75,639
Trade receivables, net of allowance for doubtful accounts of $2,268 and $1,339, respectively	39,695	[1]	37,323
Inventories, net	94,626	[2]	90,046
Income taxes receivable	597		794
Other current assets	4,013		3,997
Total current assets	197,153		207,799
Property and equipment, net	75,701		74,122
Intangible assets, net	21,458		21,674
Goodwill	25,465		25,465
Deferred income taxes	690		705
Other assets	3,900		2,918
Total assets	324,367		332,683
Current liabilities:
Accounts payable	29,224		21,696
Accrued expenses	26,823		27,781
Other current liabilities	909		883
Current maturities of long-term debt	640		640
Income taxes payable	404	[3]	243
Total current liabilities	58,000		51,243
Long-term liabilities:
Long-term debt net, less current maturities	109,847		109,799
Other long-term liabilities	1,356		1,048
Deferred income taxes	231		233
Income taxes payable	638		635
Total liabilities	170,072		162,958
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized; 83,858,930 and 83,738,974 shares issued, and 82,945,411 and 82,825,455 shares outstanding as of March 31, 2024 and December 31, 2023, respectively	828		827
Additional paid in capital	301,459		298,394
Accumulated deficit	(141,045)	[1],[2],[3]	(123,646)
Accumulated other comprehensive loss	(965)		132
Treasury stock, at cost; 913,519 shares as of March 31, 2024 and December 31, 2023	(5,982)		(5,982)
Total stockholders' equity	154,295		169,725	$ 205,069	$ 142,605
Total liabilities & stockholders' equity	$ 324,367		$ 332,683
[1] Receivable Reserve - The correction of the misstatement resulted in a decrease to Trade receivables, net of allowance for doubtful accounts and an increase to Accumulated deficit of $ 567 as of March 31, 2024 Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in an increase to Deferred income taxes of $ 12 , a decrease to Income taxes payable of $ 46 , and a decrease to Accumulated deficit of $ 58 as of March 31, 2024.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Oct. 08, 2021
Allowance for doubtful accounts	$ 2,268	$ 1,339
Common stock par value	$ 0.01	$ 0.01	$ 0.01
Common stock share authorized	300,000,000	300,000,000	300,000,000
Common stock share issued	83,858,930	83,738,974
Common stock shares, outstanding	82,945,411	82,825,455
Treasury stock share issued	913,519	913,519

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Net revenue	$ 61,082		$ 52,036
Cost of goods sold	13,842	[1]	10,229
Gross profit	47,240		41,807
Operating expenses
Research and development costs	7,584		7,049
Selling, general, and administrative	54,782	[2]	43,820
Total operating expenses	62,366		50,869
Operating loss	(15,126)		(9,062)
Other income (expense):
Other income (expense), net	515		(616)
Interest expense, net	(2,622)		(1,205)
Total other expense, net	(2,107)		(1,821)
Loss before income taxes	(17,233)		(10,883)
Income tax expense (benefit)	166	[3]	(71)
Net loss	(17,399)	[1],[2],[3]	(10,812)
Foreign currency translation adjustment	(1,097)		(99)
Comprehensive loss	$ (18,496)		$ (10,911)
Weighted average number of shares of common stock outstanding:
Basic	82,854,334		80,681,715
Diluted	82,854,334		80,681,715
Net loss per share attributable to common stockholders:
Basic	$ (0.21)		$ (0.13)
Diluted	$ (0.21)		$ (0.13)
[1] Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total		Common Stock	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury stock
Beginning balance, shares at Dec. 31, 2022			77,770,588
Beginning balance at Dec. 31, 2022	$ 142,605		$ 776	$ 213,956	$ (66,112)	$ (33)	$ (5,982)
Net loss	(10,812)				(10,812)
Issuance of common stock, shares			4,312,500
Issuance of common stock	68,449		$ 43	68,406
Options exercised, shares			223,785
Options exercised	1,622		$ 2	1,620
Foreign currency translation	(99)					(99)
Employee stock purchase plan	122			122
Stock-based compensation	3,182			3,182
Ending balance, shares at Mar. 31, 2023			82,306,873
Ending balance at Mar. 31, 2023	205,069		$ 821	287,286	(76,924)	(132)	(5,982)
Beginning balance, shares at Dec. 31, 2023			82,825,455
Beginning balance at Dec. 31, 2023	169,725		$ 827	298,394	(123,646)	132	(5,982)
Net loss	(17,399)	[1],[2],[3]			(17,399)
Restricted stock vested, Shares			71,206
Restricted stock vested	$ (400)		$ 1	(401)
Options exercised, shares	48,750		48,750
Options exercised	$ 298			298
Foreign currency translation	(1,097)					(1,097)
Employee stock purchase plan	80			80
Stock-based compensation	3,088			3,088
Ending balance, shares at Mar. 31, 2024			82,945,411
Ending balance at Mar. 31, 2024	$ 154,295		$ 828	$ 301,459	$ (141,045)	$ (965)	$ (5,982)
[1] Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Issuance costs	$ 831

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024		Mar. 31, 2023
Cash flows from operating activities
Net loss		$ (17,399)	[1],[2],[3]	$ (10,812)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		4,258		3,117
Allowance for doubtful accounts	[1]	567
Provision for excess and obsolete inventories		2,882	[3]	293
Stock-based compensation		3,088		3,182
Change in fair value of financial instruments		(519)		517
Other		(785)		100
Changes in other assets and liabilities, net of acquisitions:
Accounts receivable		(3,099)		441
Inventories		(7,799)	[3]	(7,112)
Accounts payable		7,441		5,592
Accrued expenses		194		(877)
Accrued legal settlement				(9,000)
Income tax receivable/payable		340	[2]	132
Other assets and liabilities		(162)		367
Net cash used in operating activities		(10,993)		(14,060)
Cash flows from investing activities
Purchases of property and equipment		(5,817)		(7,521)
Proceeds from sale of property and equipment		292		223
Purchases of intangible assets		(253)		(254)
Net cash used in investing activities		(5,778)		(7,552)
Cash flows from financing activities
Payments on long-term debt		(160)		(197)
Payments of debt issuance costs				(7)
Proceeds from issuance of common stock, net of issuance costs				68,449
RSU vesting, taxes paid		(400)
Payments on earnout liability		(1,000)		(500)
Net cash used in financing activities		(1,262)		69,367
Effect of exchange rate changes on cash and cash equivalents		616		(340)
Net (decrease) increase in cash and cash equivalents		(17,417)		47,415
Cash and cash equivalents at beginning of period		75,639		38,468
Cash and cash equivalents at end of period		58,222		85,883
Supplemental disclosures of cash flow information:
Cash paid for interest		2,264		601
Purchase of property and equipment included in accounts payable		$ 4,952		$ 4,026
[1] Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,399)	[1],[2],[3]	$ (10,812)
[1] Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended March 31, 2024, the following executive officers or directors adopted or terminated a "Rule 10b5-1(c) trading arrangement" or a “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K ). • On March 8, 2024 , Kristina Wright , a director and our Interim Chief Financial Officer , adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1 (c). Ms. Wright’s plan covers the sale of up to 3,651 shares of our common stock between June 7, 2024, and March 7, 2025 . Transactions under the plan are based upon pre-established dates and stock price thresholds. • On March 12, 2024 , Matthew Jarboe , our Chief Commercial Officer , adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1 (c). Mr. Jarboe’s plan covers the sale of up to 437,500 shares of our common stock between July 1, 2024, and June 30, 2025 (the “2024-2025 Trading Plan”). Transactions under the plan are based upon pre-established dates and stock price thresholds. The 2024-2025 Trading Plan goes into effect following the expiration of Mr. Jarboe’s current trading plan entered into on March 8, 2023, and covers the sale of up to 500,000 shares of our common stock between June 6, 2023, and June 30, 2024 (the “2023-2024 Trading Plan”) based upon pre-established dates and stock price thresholds. The 2024-2025 Trading Plan does not modify or terminate the 2023-2024 Trading Plan in any way and the timing of the two plans does not overlap.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	true
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	true
Kristina Wright [Member]
Trading Arrangements, by Individual
Name	Kristina Wright
Title	director and our Interim Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2024
Termination Date	March 7, 2025
Arrangement Duration	273 days
Aggregate Available	3,651
2023-2024 Trading Plan | Matthew Jarboe [Member]
Trading Arrangements, by Individual
Name	Matthew Jarboe
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2024
Termination Date	June 30, 2024
Arrangement Duration	390 days
Aggregate Available	500,000
2024-2025 Trading Plan | Matthew Jarboe [Member]
Trading Arrangements, by Individual
Name	Matthew Jarboe
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2024
Termination Date	June 30, 2025
Arrangement Duration	365 days
Aggregate Available	437,500

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 fracture fixation, forefoot or hallux valgus - which includes bunion and hammertoe, ankle, flatfoot or progressive collapsing foot deformity ("PCDF"), charcot foot and orthobiologics. P28 is a United States (“U.S.”) based company incorporated in the State of Delaware, with headquarters in Englewood, Colorado. Our sales representatives and distributors are located globally with the majority concentrated in the U.S., Australia, South Africa, and the United Kingdom. Basis of Presentation and Consolidation The accompanying interim 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 U.S. 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, 2023, 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, 2023, are included in the Company’s amended Annual Report on Form 10-K/A filed with the SEC on August 8 , 2024. 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, 2024
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 interim Condensed Consolidated Financial Statements. Significant items subject to such estimates and assumptions include the determination of the credit loss reserves for trade receivables, inventory obsolescence, impairment of long-lived assets, recoverability of goodwill and intangible assets, contingent earn-out liabilities, interest rate swap valuation, income taxes and stock-based compensation. During the three months ended March 31, 2024, the Company revised the inputs used in estimating the reserve on obsolete and slow-moving inventory to include forecasted sales, in addition to current inventory levels and historical sales. The effect of this change in estimate was a decrease of $ 324 to the Company's reserve for obsolete and slow-moving inventory. Foreign Currency Translation The interim 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, net of tax, a separate component of stockholders' equity. Transactions made in a currency other than the functional currency are remeasured to the functional currency at the exchange rates on the dates of the transactions. Foreign exchange gains and losses are recorded within Other income (expense), net on the consolidated statements of operations and comprehensive loss. Significant Accounting Policies There have been no changes in the Company's significant accounting policies as disclosed in Note 2 to our audited Consolidated Financial Statements included in our 2023 amended Annual Report on Form 10-K/A. Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. ASU 2023-06 is applicable to all entities subject to the SEC's existing disclosure requirements. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the amendments in ASU 2023-06 and does not expect the adoption to have a significant impact on the Company's Consolidated Financial Statements and related disclosures. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which provides amendments to improve reportable segment disclosures requirements. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the amendments in this guidance to determine the impact it will have on the Company's Consolidated Financial Statements and related notes for the year ended December 31, 2024, upon adoption. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), to enhance the transparency and decision usefulness of income tax disclosures. The main provisions in ASU 2023-09 enhance the disclosure requirements of rate reconciliations and income taxes paid. For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis, retrospective application is permitted. The Company is currently evaluating the amendments in this guidance to determine the impact it will have on the Company's Consolidated Financial Statements and related disclosures.

Restatement of Previously Issue

Restatement of Previously Issued Condensed Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Condensed Consolidated Financial Statements	NOTE 3. RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Subsequent to the issuance of the Company’s unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2024, the Company identified errors in the calculation of its excess and obsolete inventory reserves, as well as its accounting for inventory variances, which resulted in an overstatement of Inventories, net as of March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023, and March 31, 2024 and a net understatement in Cost of goods sold for the interim periods ended on such dates and for the fiscal year ended December 31, 2023. The interim condensed consolidated financial statements (as restated) reflect the correction of these errors and include adjustments to correct certain other previously identified Misstatements relating to prior periods that the Company had determined to be immaterial both individually and in aggregate. Below, we have presented a reconciliation from the as previously reported to the restated values for our interim condensed financial statements for the quarterly period ended March 31, 2024. The values as previously reported were derived from our Original 2024 Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, filed with the SEC on May 8, 2024. For a reconciliation of the previously reported amounts to the restated values for our quarterly period ended March 31, 2023, see the Consolidated Financial Statements and notes thereto for the year ended December 31, 2023, which are included in the Company’s amended annual filing on Form 10-K/A filed with the SEC on August 8, 2024. A description of the errors and their impacts on the previously issued financial statements are included below. Description of Misstatement Adjustments (a) Inventory Treatment The Company recorded adjustments to correct the calculation of its excess and obsolete inventory reserve and valuation of purchase price variances. The corrections resulted in a decrease in Inventories, net of $ 9,672 , in the Cost of goods sold increasing by $ 1,656 , and an increase in the beginning balance of Accumulated deficit of $ 8,016 , respectively, as of and for the quarter ended March 31, 2024. (b) Trade Receivable Reserve The Company recorded an adjustment to correct a misstatement related to the collectability of identified receivables, resulting in a decrease in Trade receivables, less allowance for doubtful accounts. (c) Income Taxes The Company recorded adjustments to recognize the net impact on current and deferred income taxes associated with all the Misstatements described herein. The adjustments to income taxes were recorded the period corresponding with the respective Misstatements. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 As Adjustments Ref As Restated ASSETS Current assets: Cash and cash equivalents $ 58,222 $ — $ 58,222 Trade receivables, net of allowance for doubtful accounts of $ 2,268 40,262 ( 567 ) (b) 39,695 Inventories, net 104,298 ( 9,672 ) (a) 94,626 Income taxes receivable 597 — 597 Other current assets 4,013 — 4,013 Total current assets 207,392 ( 10,239 ) 197,153 Property and equipment, net 75,701 — 75,701 Intangible assets, net 21,458 — 21,458 Goodwill 25,465 — 25,465 Deferred income taxes 678 12 690 Other assets 3,900 — 3,900 Total assets $ 334,594 $ ( 10,227 ) $ 324,367 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 29,224 $ — $ 29,224 Accrued expenses 26,823 — 26,823 Other current liabilities 909 — 909 Current maturities of long-term debt 640 — 640 Income taxes payable 450 ( 46 ) (c) 404 Total current liabilities 58,046 ( 46 ) 58,000 Long-term liabilities: Long-term debt net, less current maturities 109,847 — 109,847 Other long-term liabilities 1,356 — 1,356 Deferred income taxes 231 — 231 Income taxes payable 638 — 638 Total liabilities 170,118 ( 46 ) 170,072 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $ 0.01 par value, 300,000,000 shares authorized; 83,858,930 shares issued, and 82,945,411 shares outstanding 828 — 828 Additional paid in capital 301,459 — 301,459 Accumulated deficit ( 130,864 ) ( 10,181 ) (a)(b)(c) ( 141,045 ) Accumulated other comprehensive loss ( 965 ) — ( 965 ) Treasury stock, at cost; 913,519 shares as of March 31, 2024 and ( 5,982 ) — ( 5,982 ) Total stockholders' equity 164,476 ( 10,181 ) 154,295 Total liabilities & stockholders' equity $ 334,594 $ ( 10,227 ) $ 324,367 The description of each error is in the Description of Misstatement Adjustments provided herein this Note 3 Restatement of Previously Issued Condensed Consolidated Financial Statements. The impact of each error for the corresponding period in the above table is described below: (a) Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024. (b) Trade Receivable Reserve - The correction of the misstatement resulted in a decrease to Trade receivables, net of allowance for doubtful accounts and an increase to Accumulated deficit of $ 567 as of March 31, 2024 (c) Income Tax Adjustment - The correction of the misstatement resulted in an increase to Deferred income taxes of $ 12 , a decrease to Income taxes payable of $ 46 , and a decrease to Accumulated deficit of $ 58 as of March 31, 2024. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three Months Ended March 31, 2024 As Adjustments Ref As Restated Net revenue $ 61,082 $ — $ 61,082 Cost of goods sold 12,186 1,656 (a) 13,842 Gross profit 48,896 ( 1,656 ) 47,240 Operating expenses: Research and development costs 7,584 — 7,584 Selling, general, and administrative 54,215 567 (b) 54,782 Total operating expenses 61,799 567 62,366 Operating loss ( 12,903 ) ( 2,223 ) ( 15,126 ) Other income (expense): Other income (expense), net 515 — 515 Interest expense, net ( 2,622 ) — ( 2,622 ) Total other expense, net ( 2,107 ) — ( 2,107 ) Loss before income taxes ( 15,010 ) ( 2,223 ) ( 17,233 ) Income tax expense (benefit) 224 ( 58 ) (c) 166 Net loss $ ( 15,234 ) $ ( 2,165 ) $ ( 17,399 ) Foreign currency translation adjustment ( 1,097 ) — ( 1,097 ) Comprehensive loss $ ( 16,331 ) $ ( 2,165 ) $ ( 18,496 ) Weighted average number of shares of common stock outstanding: Basic 82,854,334 — 82,854,334 Diluted 82,854,334 — 82,854,334 Net loss per share attributable to common stockholders: Basic $ ( 0.18 ) $ ( 0.03 ) $ ( 0.21 ) Diluted $ ( 0.18 ) $ ( 0.03 ) $ ( 0.21 ) The description of each error is in the Description of Misstatement Adjustments provided herein this Note 3 Restatement of Previously Issued Condensed Consolidated Financial Statements. The impact of each error for the corresponding period in the above table is described below: (a) Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. (b) Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. (c) Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Additional Other Total Common Stock Paid-in- Accumulated Comprehensive Treasury Stockholders' As Previously Reported Ref Shares Amount Capital Deficit Loss Stock Equity Balance, December 31, 2023 82,825,455 $ 827 $ 298,394 $ ( 115,630 ) $ 132 $ ( 5,982 ) $ 177,741 Net Loss — — — ( 15,234 ) — — ( 15,234 ) Options exercised 48,750 — 298 — — — 298 Restricted stock vested 71,206 1 ( 401 ) — — — ( 400 ) Foreign currency translation — — — — ( 1,097 ) — ( 1,097 ) Employee stock purchase plan — — 80 — — — 80 Stock-based compensation — — 3,088 — — — 3,088 Balance March 31, 2024 82,945,411 $ 828 $ 301,459 $ ( 130,864 ) $ ( 965 ) $ ( 5,982 ) $ 164,476 Adjustments Balance, December 31, 2023 (a) — $ — $ — $ ( 8,016 ) $ — $ — $ ( 8,016 ) Net Loss (a)(b)(c) — — — ( 2,165 ) — — ( 2,165 ) Options exercised — — — — — — — Restricted stock vested — — — — — — — Foreign currency translation — — — — — — — Employee stock purchase plan — — — — — — — Stock-based compensation — — — — — — — Balance March 31, 2024 — $ — $ — $ ( 10,181 ) $ — $ — $ ( 10,181 ) As Restated Balance, December 31, 2023 82,825,455 $ 827 $ 298,394 $ ( 123,646 ) $ 132 $ ( 5,982 ) $ 169,725 Net Loss — — — ( 17,399 ) — — ( 17,399 ) Options exercised 48,750 — 298 — — — 298 Restricted stock vested 71,206 1 ( 401 ) — — — ( 400 ) Foreign currency translation — — — — ( 1,097 ) — ( 1,097 ) Employee stock purchase plan — — 80 — — — 80 Stock-based compensation — — 3,088 — — — 3,088 Balance March 31, 2024 82,945,411 $ 828 $ 301,459 $ ( 141,045 ) $ ( 965 ) $ ( 5,982 ) $ 154,295 See descriptions of the Balance, December 31, 2023 impacts in the Condensed Consolidated Balance Sheets. See descriptions of the Net loss impacts in the Condensed Consolidated Statement of Operations and Comprehensive Loss. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2024 As Adjustments Ref As Restated Cash flows from operating activities Net loss $ ( 15,234 ) $ ( 2,165 ) (a)(b)(c) $ ( 17,399 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,258 — 4,258 Allowance for doubtful accounts — 567 (b) 567 Provision for excess and obsolete inventories 471 2,411 (a) 2,882 Stock-based compensation 3,088 — 3,088 Change in fair value of financial instruments ( 519 ) — ( 519 ) Other ( 785 ) — ( 785 ) Changes in other assets and liabilities, net of acquisitions: Accounts receivable ( 3,099 ) — ( 3,099 ) Inventories ( 7,044 ) ( 755 ) (a) ( 7,799 ) Accounts payable 7,441 — 7,441 Accrued expenses 194 — 194 Income tax payable 398 ( 58 ) (c) 340 Other assets and liabilities ( 162 ) — ( 162 ) Net cash used in operating activities ( 10,993 ) — ( 10,993 ) Cash flows from investing activities Purchases of property and equipment ( 5,817 ) — ( 5,817 ) Proceeds from sale of property and equipment 292 — 292 Purchases of intangible assets ( 253 ) — ( 253 ) Net cash used in investing activities ( 5,778 ) — ( 5,778 ) Cash flows from financing activities Payments on long-term debt ( 160 ) — ( 160 ) Proceeds from exercise of stock options 298 — 298 RSU vesting, taxes paid ( 400 ) — ( 400 ) Payments on earnout liability ( 1,000 ) — ( 1,000 ) Net cash used in financing activities ( 1,262 ) — ( 1,262 ) Effect of exchange rate changes on cash and cash equivalents 616 — 616 Net (decrease) increase in cash and cash equivalents ( 17,417 ) — ( 17,417 ) Cash and cash equivalents at beginning of period 75,639 — 75,639 Cash and cash equivalents at end of period $ 58,222 $ — $ 58,222 Supplemental disclosures of cash flow information: Cash paid for income taxes $ ― $ ― $ ― Cash paid for interest 2,264 — 2,264 Purchase of property and equipment included in accounts payable 4,952 — 4,952 See descriptions of the Net loss impacts in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 4. INTANGIBLE ASSETS Intangibles Intangible assets as of March 31, 2024 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and tradenames, indefinite-lived $ 987 $ — $ 987 Patents, definite-lived 8,153 2,720 5,433 Customer relationships 1,733 639 1,094 Developed technology 17,690 3,748 13,942 Other intangibles 30 28 2 Total intangible assets, net $ 28,593 $ 7,135 $ 21,458 Intangible assets as of December 31, 2023, were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and tradenames, indefinite-lived $ 987 $ — $ 987 Patents, definite-lived 7,900 2,649 5,251 Customer relationships 1,733 567 1,166 Developed technology 17,690 3,424 14,266 Other intangibles 30 26 4 Total intangible assets, net $ 28,340 $ 6,666 $ 21,674 Amortization expense is included in Selling, general, and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss, and wa s $ 470 a nd $ 503 for the three months ended March 31, 2024 and 2023, respectively. Expected future amortization expense is as follows: 2024 (Remaining) $ 1,475 2025 1,943 2026 1,943 2027 1,942 2028 1,943 Thereafter 12,212 Total future amortization expense $ 21,458 No impairment charges related to intangibles were recorded for the three months ended March 31, 2024 and 2023 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures certain financial assets and liabilities at fair value. There is a fair value hierarchy which prioritizes inputs used in measuring fair value into three broad levels: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2- Includes other inputs that are directly or indirectly observable in the marketplace, such as quoted market prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs which are supported by little or no market activity. The level in the fair value hierarchy within which a fair value measurement in its entirety is based on the lowest-level input that is significant to the fair value measurement in its entirety. The Company's significant financial assets and liabilities measured at fair value as of March 31, 2024, were as follow s: Level 1 Level 2 Level 3 Total Financial Assets: Interest rate swap $ — 1,509 — $ 1,509 Financial Liabilities: Contingent consideration $ — — 340 $ 340 The Company's significant financial assets and liabilities measured at fair value as of December 31, 2023, were as follows: Level 1 Level 2 Level 3 Total Financial Assets: Interest rate swap $ — 991 — $ 991 Financial Liabilities: Contingent consideration $ — — 340 $ 340 The Company’s Level 2 asset pertains to an interest rate swap associated with the Company's Zions Facility, used to manage interest rate risk related to variable rate borrowings and manage exposure to the variability of cash flows. The interest rate swap is not designated for hedge accounting and is measured utilizing inputs observable in active markets. For the three months ended March 31, 2024, we reassessed the fair value of our swap which resulted in an increase of $ 518 . The swap asset is recorded in Other assets on the Condensed Consolidated Balance Sheet and the change in fair value is recorded in Other income (expense) within the Condensed Consolidated Statement of Operations and Comprehensive Loss. As of March 31, 2024, the Company's Level 3 contingent earn-out liability of $ 340 is included in Other current liabilities on the Condensed Consolidated Balance Sheet. The Company's Level 3 liability is related to the remaining two milestones associated with the Additive Orthopaedics acquisition. As of December 31, 2023, one project milestone associated with the Disior acquisition and one project milestone associated with the Additive Orthopaedics acquisition was included in Accrued expenses on the Consolidated Balance Sheet totaling $ 2,000 . During the three months ended March 31, 2024, $ 1,000 was paid in cash related to the Additive Orthopaedics milestone. As of March 31, 2024, the remaining $ 1,000 related to the Disior acquisition was included in Accrued expenses on the Condensed Consolidated Balance Sheet. For additional information on the Disior and Additive Orthopaedics acquisitions refer to Note 4 to our Consolidated Financial Statements included in the Company's amended Annual Report on Form 10-K/A for the year ended December 31, 2023.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT Long-term debt as of March 31, 2024 and December 31, 2023 consists of the following: March 31, 2024 December 31, 2023 Ares Revolving Loan $ 25,000 $ 25,000 Ares Term Loan 75,000 75,000 Zions Term Loan 14,773 14,933 114,773 114,933 Less: deferred issuance costs ( 4,286 ) ( 4,494 ) Total debt, net of issuance costs 110,487 110,439 Less: current portion ( 640 ) ( 640 ) Long-term debt, net, less current maturities $ 109,847 $ 109,799 Ares Credit Agreement On November 2, 2023, the Company entered into a new credit agreement with Ares Capital Corporation to provide a total of $ 150,000 , inclusive of a revolving credit facility of up to $ 50,000 (the “Ares Revolving Loan”) and a term loan facility of up to $ 100,000 (the “Ares Term Loan”). The obligations under the Ares Credit Agreement are guaranteed by each of the Borrowers’ current and future domestic subsidiaries and secured by liens on substantially all of the Borrowers’ and guarantors’ present and after-acquired assets, in each case, subject to certain customary exceptions. In connection with the closing of the Ares Credit Agreement, the Company drew down $ 25,000 and $ 75,000 on the Ares Revolving Loan and Ares Term Loan, respectively. The Ares Revolving Loan and Ares Term Loan bear interest at variable rates of Term SOFR plus 4 % and Term SOFR plus 6.75 %, respectively, subject in the case of the Ares Term Loan to certain step-downs and adjustments as set forth in the Ares Credit Agreement, and mature on the earlier of (i) November 2, 2028 , and (ii) with respect to the Ares Revolving Loan, 6 months prior to the maturity date of any other indebtedness in a principal or stated amount in excess of $ 12,500 . The Ares Credit Agreement contains a financial covenant requiring the Company to maintain certain minimum revenue levels. As of March 31, 2024, the Company was in compliance with all financial covenants under the Ares Credit Agreement. Total debt issuance costs associated with the Ares Credit Agreement were $ 4,071 as of March 31, 2024. Amortization expense associated with such debt issuance costs totaled $ 204 and $ 0 for the three months ended March 31, 2024 and 2023, respectively and is included in Interest expense, net on the Condensed Consolidated Statements of Ope rations and Comprehensive Loss. Vectra Bank Colorado Loan Agreements 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. Effective as of November 10, 2022, the Company entered into the First Amendment to the Zions Facility. The amendment to the Zions Facility amends the financial covenants to require the Company to maintain (i) the Liquidity Ratio, if the Cash Flow as of the last day of any quarter measured on a trailing three month basis is less than or equal to $ 0 , and (ii) the Fixed Charge Coverage Ratio which will be calculated as of the last day of each quarter on a trailing four quarter basis, as well as a certain level of Liquidity, if the Cash Flow is greater than $ 0 . In addition, a Net Revenue Growth covenant was added which will be calculated as of the last day of each quarter on a year-over-year basis. Effective as of November 2, 2023, the Company entered into the Second Amendment to the Zions Facility (the "Second Amendment"). The Second Amendment replaces references to MidCap Financial Trust and MidCap Credit Agreements with references to Ares and the Ares Credit Agreement. As of March 31, 2024, the Company was in compliance with all financial covenants under the Second Amendment. Total debt issuance costs associated with the Zions Facility were $ 215 as of March 31, 2024. Amortization expense associated with such debt issuance costs was $ 4 during each of the three months ended March 31, 2024 and 2023, and is included in Interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	NOTE 7. STOCKHOLDERS’ EQUITY 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 shares of convertible preferred stock, par value of $ 0.01 per share. Common Stock On January 30, 2023, the Company completed an underwritten public offering ("the Offering") of 6,500,000 shares of its common stock at an offering price of $ 17.00 per share, which consisted of 3,750,000 shares of common stock issued and sold by the Company and 2,750,000 shares of common stock sold by certain selling securityholders. On February 17, 2023, the underwriters exercised in full their option to purchase an additional 562,500 shares and 412,500 shares of common stock from the Company and the selling securityholders, respectively.‌ The Company received aggregate net proceeds from the Offering of approximately $ 68,453 after deducting underwriting discounts and commissions and offering expenses payable by the Company. The sel ling securityholders received aggregate net proceeds from the Offering of approximately $ 50,700 after deducting underwriting discounts and commissions. The Company did not receive any of the proceeds from the sale of shares of Common Stock by the selling securityholders. Treasury Stock The Company did no t purchase any of its common stock during the three months ended March 31, 2024 and 2023 . All previously repurchased shares were recorded in Treasury stock at cost.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	NOTE 8. LOSS PER SHARE Basic net loss per share is computed by dividing net loss attributable to common stockholders (the numerator) by the weighted average number of common stock outstanding for the period (the denominator). Diluted net income per share of common stock attributable to common stockholders is computed by dividing net income by the weighted average number of shares of common stock 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 operations are reported, the weighted-average number of shares 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, 2024 and 2023, respectively was as follows: Three Months Ended March 31, 2024 2023 (As Restated) (As Restated) Net loss $ ( 17,399 ) $ ( 10,812 ) Weighted-average common stock outstanding: Basic 82,854,334 80,681,715 Diluted 82,854,334 80,681,715 Loss per share: Basic $ ( 0.21 ) $ ( 0.13 ) Diluted $ ( 0.21 ) $ ( 0.13 ) 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: As of March 31, 2024 2023 Stock options 5,794,718 6,523,783 Restricted stock units 2,758,656 1,420,135

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 9. STOCK-BASED COMPENSATION Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) provides participating employees with the opportunity to purchase the Company’s common stock at 85 % of the market price at the lesser of the date the purchase right is granted or exercisable. Eligible employees can contribute up to 15 % of their gross base earnings for purchases under the ESPP through regular payroll deductions, limited to $ 25 thousand worth of the Company’s shares of common stock for each calendar year in which the purchase right is outstanding. The Company currently holds offerings consisting of six-month periods commencing on January 1st and July 1st of each calendar year, with a single purchase date at the end of the purchase period on June 30th and December 31st of each calendar year. The Company did no t issue any shares upon exercise of purchase rights during the three months ended March 31, 2024 and 2023. The Company recognizes compensation expense on a straight-line basis over the service period. During the three months ended March 31, 2024 and 2023, the Company recognized $ 80 and $ 122 , respectively, of compensation expense related to the ESPP. Stock-based compensation expenses are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Stock Options The following summarizes the Company’s stock option plan and the activity for the three months ended March 31, 2024. Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Outstanding, December 31, 2023 5,943,898 $ 10.28 6.53 Granted — — Exercised or released ( 48,750 ) 6.11 Forfeited or expired ( 100,430 ) 13.79 Outstanding, March 31, 2024 5,794,718 $ 10.25 6.34 Exercisable, March 31, 2024 4,461,561 $ 8.79 5.96 Vested and expected to vest at March 31, 2024 5,790,110 $ 10.25 6.34 During the three months ended March 31, 2024 and 2023, the Company recognized $ 935 and $ 1,756 , 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. Restricted Stock Units The following table summarizes the Company's restricted stock units activity for the three months ended March 31, 2024: Restricted Stock Units Weighted-Average Fair Value Outstanding, December 31, 2023 1,317,402 $ 17.06 Granted 1,315,860 12.94 Vested ( 106,564 ) 17.87 Forfeited or expired ( 9,923 ) 16.08 Outstanding, March 31, 2024 2,516,775 $ 14.87 Vested and expected to vest at March 31, 2024 2,414,023 $ 14.94 During the three months ended March 31, 2024 and 2023, the Company recogni zed $ 2,153 a nd $ 1,426 , 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. Performance Share Units On March 8, 2024, the Company granted 241,881 performance shares to certain executives which will vest based on the Company's achievement level relative to Adjusted Free Cash Flow for the trailing twelve months ending December 31, 2026. Adjusted Free Cash Flow is defined as Total Operating Cash Flow plus Investing Cash Flow adjusted for certain nonrecurring items. Upon achievement of the minimum threshold performance metric, the grantee may earn a pro rata portion of their respective target shares and up to 200 % of their target shares upon maximum achievement. The performance shares based on Adjusted Free Cash Flow for the trailing twelve months ending December 31, 2026, have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At March 31, 2024, achievement of the performance condition for the performance shares was deemed probable, and the expense recorded in the current period was immaterial.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The effective tax rates for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 (As Restated) (As Restated) Effective tax rate ( 0.963 %) 0.655 % For the three months ended March 31, 2024 and 2023 , the Company recorded income tax expense of $ 166 and income tax benefit of $ 71 , respectively. The Company’s 2024 and 2023 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., Finland, Germany and Italy jurisdictions that have a full valuation allowance recorded on 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., Finland, Germany and Italy and continues to monitor and assess potential valuation allowances in all its jurisdictions.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is 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 the exposure be materially different from the estimates or should liabilities be incurred that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities. As of March 31 2024, the Company is not involved in any legal proceedings that could have a material adverse effect on its condensed consolidated financial position.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 12. 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 it automatically renews for five-year periods thereafter. Payments to the entity under this license agreement totaled $ 146 and $ 45 for the three months ended March 31, 2024 and 2023, respectively. Amounts payable to this entity as of March 31, 2024 and December 31, 2023 were $ 63 and $ 155 , respectively.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	NOTE 13. SEGMENT AND GEOGRAPHIC INFORMATION Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. We manage our business globally within one operating segment in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The following table represents total net revenue by geographic area, based on the location of the customer for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 2023 United States $ 51,051 $ 44,981 International 10,031 7,055 Total net revenue $ 61,082 $ 52,036 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, 2024 and 2023. The following table represents total non-current assets, excluding deferred taxes, by geographic area as of March 31, 2024 and December 31, 2023, respectively. March 31, 2024 December 31, 2023 United States $ 92,221 $ 89,531 Finland 24,937 25,032 Other International 9,366 9,616 Total assets $ 126,524 $ 124,179

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying interim 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 U.S. 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, 2023, 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, 2023, are included in the Company’s amended Annual Report on Form 10-K/A filed with the SEC on August 8 , 2024. 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 interim Condensed Consolidated Financial Statements. Significant items subject to such estimates and assumptions include the determination of the credit loss reserves for trade receivables, inventory obsolescence, impairment of long-lived assets, recoverability of goodwill and intangible assets, contingent earn-out liabilities, interest rate swap valuation, income taxes and stock-based compensation. During the three months ended March 31, 2024, the Company revised the inputs used in estimating the reserve on obsolete and slow-moving inventory to include forecasted sales, in addition to current inventory levels and historical sales. The effect of this change in estimate was a decrease of $ 324 to the Company's reserve for obsolete and slow-moving inventory.
Foreign Currency Translation	Foreign Currency Translation The interim 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, net of tax, a separate component of stockholders' equity. Transactions made in a currency other than the functional currency are remeasured to the functional currency at the exchange rates on the dates of the transactions. Foreign exchange gains and losses are recorded within Other income (expense), net on the consolidated statements of operations and comprehensive loss.
Significant Accounting Policies	Significant Accounting Policies There have been no changes in the Company's significant accounting policies as disclosed in Note 2 to our audited Consolidated Financial Statements included in our 2023 amended Annual Report on Form 10-K/A.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. The amendments in ASU 2023-06 modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. ASU 2023-06 is applicable to all entities subject to the SEC's existing disclosure requirements. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the amendments in ASU 2023-06 and does not expect the adoption to have a significant impact on the Company's Consolidated Financial Statements and related disclosures. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which provides amendments to improve reportable segment disclosures requirements. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the amendments in this guidance to determine the impact it will have on the Company's Consolidated Financial Statements and related notes for the year ended December 31, 2024, upon adoption. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), to enhance the transparency and decision usefulness of income tax disclosures. The main provisions in ASU 2023-09 enhance the disclosure requirements of rate reconciliations and income taxes paid. For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis, retrospective application is permitted. The Company is currently evaluating the amendments in this guidance to determine the impact it will have on the Company's Consolidated Financial Statements and related disclosures.

Restatement of Previously Iss_2

Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Schedule of Restatement of Previously Issued Condensed Consolidated FInancial Statements	Below, we have presented a reconciliation from the as previously reported to the restated values for our interim condensed financial statements for the quarterly period ended March 31, 2024. The values as previously reported were derived from our Original 2024 Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, filed with the SEC on May 8, 2024. For a reconciliation of the previously reported amounts to the restated values for our quarterly period ended March 31, 2023, see the Consolidated Financial Statements and notes thereto for the year ended December 31, 2023, which are included in the Company’s amended annual filing on Form 10-K/A filed with the SEC on August 8, 2024. A description of the errors and their impacts on the previously issued financial statements are included below. Description of Misstatement Adjustments (a) Inventory Treatment The Company recorded adjustments to correct the calculation of its excess and obsolete inventory reserve and valuation of purchase price variances. The corrections resulted in a decrease in Inventories, net of $ 9,672 , in the Cost of goods sold increasing by $ 1,656 , and an increase in the beginning balance of Accumulated deficit of $ 8,016 , respectively, as of and for the quarter ended March 31, 2024. (b) Trade Receivable Reserve The Company recorded an adjustment to correct a misstatement related to the collectability of identified receivables, resulting in a decrease in Trade receivables, less allowance for doubtful accounts. (c) Income Taxes The Company recorded adjustments to recognize the net impact on current and deferred income taxes associated with all the Misstatements described herein. The adjustments to income taxes were recorded the period corresponding with the respective Misstatements. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 As Adjustments Ref As Restated ASSETS Current assets: Cash and cash equivalents $ 58,222 $ — $ 58,222 Trade receivables, net of allowance for doubtful accounts of $ 2,268 40,262 ( 567 ) (b) 39,695 Inventories, net 104,298 ( 9,672 ) (a) 94,626 Income taxes receivable 597 — 597 Other current assets 4,013 — 4,013 Total current assets 207,392 ( 10,239 ) 197,153 Property and equipment, net 75,701 — 75,701 Intangible assets, net 21,458 — 21,458 Goodwill 25,465 — 25,465 Deferred income taxes 678 12 690 Other assets 3,900 — 3,900 Total assets $ 334,594 $ ( 10,227 ) $ 324,367 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 29,224 $ — $ 29,224 Accrued expenses 26,823 — 26,823 Other current liabilities 909 — 909 Current maturities of long-term debt 640 — 640 Income taxes payable 450 ( 46 ) (c) 404 Total current liabilities 58,046 ( 46 ) 58,000 Long-term liabilities: Long-term debt net, less current maturities 109,847 — 109,847 Other long-term liabilities 1,356 — 1,356 Deferred income taxes 231 — 231 Income taxes payable 638 — 638 Total liabilities 170,118 ( 46 ) 170,072 Commitments and contingencies (Note 11) Stockholders' equity: Common stock, $ 0.01 par value, 300,000,000 shares authorized; 83,858,930 shares issued, and 82,945,411 shares outstanding 828 — 828 Additional paid in capital 301,459 — 301,459 Accumulated deficit ( 130,864 ) ( 10,181 ) (a)(b)(c) ( 141,045 ) Accumulated other comprehensive loss ( 965 ) — ( 965 ) Treasury stock, at cost; 913,519 shares as of March 31, 2024 and ( 5,982 ) — ( 5,982 ) Total stockholders' equity 164,476 ( 10,181 ) 154,295 Total liabilities & stockholders' equity $ 334,594 $ ( 10,227 ) $ 324,367 The description of each error is in the Description of Misstatement Adjustments provided herein this Note 3 Restatement of Previously Issued Condensed Consolidated Financial Statements. The impact of each error for the corresponding period in the above table is described below: (a) Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024. (b) Trade Receivable Reserve - The correction of the misstatement resulted in a decrease to Trade receivables, net of allowance for doubtful accounts and an increase to Accumulated deficit of $ 567 as of March 31, 2024 (c) Income Tax Adjustment - The correction of the misstatement resulted in an increase to Deferred income taxes of $ 12 , a decrease to Income taxes payable of $ 46 , and a decrease to Accumulated deficit of $ 58 as of March 31, 2024. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three Months Ended March 31, 2024 As Adjustments Ref As Restated Net revenue $ 61,082 $ — $ 61,082 Cost of goods sold 12,186 1,656 (a) 13,842 Gross profit 48,896 ( 1,656 ) 47,240 Operating expenses: Research and development costs 7,584 — 7,584 Selling, general, and administrative 54,215 567 (b) 54,782 Total operating expenses 61,799 567 62,366 Operating loss ( 12,903 ) ( 2,223 ) ( 15,126 ) Other income (expense): Other income (expense), net 515 — 515 Interest expense, net ( 2,622 ) — ( 2,622 ) Total other expense, net ( 2,107 ) — ( 2,107 ) Loss before income taxes ( 15,010 ) ( 2,223 ) ( 17,233 ) Income tax expense (benefit) 224 ( 58 ) (c) 166 Net loss $ ( 15,234 ) $ ( 2,165 ) $ ( 17,399 ) Foreign currency translation adjustment ( 1,097 ) — ( 1,097 ) Comprehensive loss $ ( 16,331 ) $ ( 2,165 ) $ ( 18,496 ) Weighted average number of shares of common stock outstanding: Basic 82,854,334 — 82,854,334 Diluted 82,854,334 — 82,854,334 Net loss per share attributable to common stockholders: Basic $ ( 0.18 ) $ ( 0.03 ) $ ( 0.21 ) Diluted $ ( 0.18 ) $ ( 0.03 ) $ ( 0.21 ) The description of each error is in the Description of Misstatement Adjustments provided herein this Note 3 Restatement of Previously Issued Condensed Consolidated Financial Statements. The impact of each error for the corresponding period in the above table is described below: (a) Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. (b) Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. (c) Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Additional Other Total Common Stock Paid-in- Accumulated Comprehensive Treasury Stockholders' As Previously Reported Ref Shares Amount Capital Deficit Loss Stock Equity Balance, December 31, 2023 82,825,455 $ 827 $ 298,394 $ ( 115,630 ) $ 132 $ ( 5,982 ) $ 177,741 Net Loss — — — ( 15,234 ) — — ( 15,234 ) Options exercised 48,750 — 298 — — — 298 Restricted stock vested 71,206 1 ( 401 ) — — — ( 400 ) Foreign currency translation — — — — ( 1,097 ) — ( 1,097 ) Employee stock purchase plan — — 80 — — — 80 Stock-based compensation — — 3,088 — — — 3,088 Balance March 31, 2024 82,945,411 $ 828 $ 301,459 $ ( 130,864 ) $ ( 965 ) $ ( 5,982 ) $ 164,476 Adjustments Balance, December 31, 2023 (a) — $ — $ — $ ( 8,016 ) $ — $ — $ ( 8,016 ) Net Loss (a)(b)(c) — — — ( 2,165 ) — — ( 2,165 ) Options exercised — — — — — — — Restricted stock vested — — — — — — — Foreign currency translation — — — — — — — Employee stock purchase plan — — — — — — — Stock-based compensation — — — — — — — Balance March 31, 2024 — $ — $ — $ ( 10,181 ) $ — $ — $ ( 10,181 ) As Restated Balance, December 31, 2023 82,825,455 $ 827 $ 298,394 $ ( 123,646 ) $ 132 $ ( 5,982 ) $ 169,725 Net Loss — — — ( 17,399 ) — — ( 17,399 ) Options exercised 48,750 — 298 — — — 298 Restricted stock vested 71,206 1 ( 401 ) — — — ( 400 ) Foreign currency translation — — — — ( 1,097 ) — ( 1,097 ) Employee stock purchase plan — — 80 — — — 80 Stock-based compensation — — 3,088 — — — 3,088 Balance March 31, 2024 82,945,411 $ 828 $ 301,459 $ ( 141,045 ) $ ( 965 ) $ ( 5,982 ) $ 154,295 See descriptions of the Balance, December 31, 2023 impacts in the Condensed Consolidated Balance Sheets. See descriptions of the Net loss impacts in the Condensed Consolidated Statement of Operations and Comprehensive Loss. PARAGON 28, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2024 As Adjustments Ref As Restated Cash flows from operating activities Net loss $ ( 15,234 ) $ ( 2,165 ) (a)(b)(c) $ ( 17,399 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,258 — 4,258 Allowance for doubtful accounts — 567 (b) 567 Provision for excess and obsolete inventories 471 2,411 (a) 2,882 Stock-based compensation 3,088 — 3,088 Change in fair value of financial instruments ( 519 ) — ( 519 ) Other ( 785 ) — ( 785 ) Changes in other assets and liabilities, net of acquisitions: Accounts receivable ( 3,099 ) — ( 3,099 ) Inventories ( 7,044 ) ( 755 ) (a) ( 7,799 ) Accounts payable 7,441 — 7,441 Accrued expenses 194 — 194 Income tax payable 398 ( 58 ) (c) 340 Other assets and liabilities ( 162 ) — ( 162 ) Net cash used in operating activities ( 10,993 ) — ( 10,993 ) Cash flows from investing activities Purchases of property and equipment ( 5,817 ) — ( 5,817 ) Proceeds from sale of property and equipment 292 — 292 Purchases of intangible assets ( 253 ) — ( 253 ) Net cash used in investing activities ( 5,778 ) — ( 5,778 ) Cash flows from financing activities Payments on long-term debt ( 160 ) — ( 160 ) Proceeds from exercise of stock options 298 — 298 RSU vesting, taxes paid ( 400 ) — ( 400 ) Payments on earnout liability ( 1,000 ) — ( 1,000 ) Net cash used in financing activities ( 1,262 ) — ( 1,262 ) Effect of exchange rate changes on cash and cash equivalents 616 — 616 Net (decrease) increase in cash and cash equivalents ( 17,417 ) — ( 17,417 ) Cash and cash equivalents at beginning of period 75,639 — 75,639 Cash and cash equivalents at end of period $ 58,222 $ — $ 58,222 Supplemental disclosures of cash flow information: Cash paid for income taxes $ ― $ ― $ ― Cash paid for interest 2,264 — 2,264 Purchase of property and equipment included in accounts payable 4,952 — 4,952 See descriptions of the Net loss impacts in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets as of March 31, 2024 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and tradenames, indefinite-lived $ 987 $ — $ 987 Patents, definite-lived 8,153 2,720 5,433 Customer relationships 1,733 639 1,094 Developed technology 17,690 3,748 13,942 Other intangibles 30 28 2 Total intangible assets, net $ 28,593 $ 7,135 $ 21,458 Intangible assets as of December 31, 2023, were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and tradenames, indefinite-lived $ 987 $ — $ 987 Patents, definite-lived 7,900 2,649 5,251 Customer relationships 1,733 567 1,166 Developed technology 17,690 3,424 14,266 Other intangibles 30 26 4 Total intangible assets, net $ 28,340 $ 6,666 $ 21,674
Schedule of Expected Future Amortization Expense	Expected future amortization expense is as follows: 2024 (Remaining) $ 1,475 2025 1,943 2026 1,943 2027 1,942 2028 1,943 Thereafter 12,212 Total future amortization expense $ 21,458

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Significant Financial Assets and Liabilities Measured at Fair Value	The Company's significant financial assets and liabilities measured at fair value as of March 31, 2024, were as follow s: Level 1 Level 2 Level 3 Total Financial Assets: Interest rate swap $ — 1,509 — $ 1,509 Financial Liabilities: Contingent consideration $ — — 340 $ 340 The Company's significant financial assets and liabilities measured at fair value as of December 31, 2023, were as follows: Level 1 Level 2 Level 3 Total Financial Assets: Interest rate swap $ — 991 — $ 991 Financial Liabilities: Contingent consideration $ — — 340 $ 340

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt as of March 31, 2024 and December 31, 2023 consists of the following: March 31, 2024 December 31, 2023 Ares Revolving Loan $ 25,000 $ 25,000 Ares Term Loan 75,000 75,000 Zions Term Loan 14,773 14,933 114,773 114,933 Less: deferred issuance costs ( 4,286 ) ( 4,494 ) Total debt, net of issuance costs 110,487 110,439 Less: current portion ( 640 ) ( 640 ) Long-term debt, net, less current maturities $ 109,847 $ 109,799

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, respectively was as follows: Three Months Ended March 31, 2024 2023 (As Restated) (As Restated) Net loss $ ( 17,399 ) $ ( 10,812 ) Weighted-average common stock outstanding: Basic 82,854,334 80,681,715 Diluted 82,854,334 80,681,715 Loss per share: Basic $ ( 0.21 ) $ ( 0.13 ) Diluted $ ( 0.21 ) $ ( 0.13 )
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: As of March 31, 2024 2023 Stock options 5,794,718 6,523,783 Restricted stock units 2,758,656 1,420,135

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following summarizes the Company’s stock option plan and the activity for the three months ended March 31, 2024. Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Outstanding, December 31, 2023 5,943,898 $ 10.28 6.53 Granted — — Exercised or released ( 48,750 ) 6.11 Forfeited or expired ( 100,430 ) 13.79 Outstanding, March 31, 2024 5,794,718 $ 10.25 6.34 Exercisable, March 31, 2024 4,461,561 $ 8.79 5.96 Vested and expected to vest at March 31, 2024 5,790,110 $ 10.25 6.34
Schedule of RSU Activity	The following table summarizes the Company's restricted stock units activity for the three months ended March 31, 2024: Restricted Stock Units Weighted-Average Fair Value Outstanding, December 31, 2023 1,317,402 $ 17.06 Granted 1,315,860 12.94 Vested ( 106,564 ) 17.87 Forfeited or expired ( 9,923 ) 16.08 Outstanding, March 31, 2024 2,516,775 $ 14.87 Vested and expected to vest at March 31, 2024 2,414,023 $ 14.94

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rates	The effective tax rates for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 (As Restated) (As Restated) Effective tax rate ( 0.963 %) 0.655 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, respectively. Three Months Ended March 31, 2024 2023 United States $ 51,051 $ 44,981 International 10,031 7,055 Total net revenue $ 61,082 $ 52,036
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, 2024 and December 31, 2023, respectively. March 31, 2024 December 31, 2023 United States $ 92,221 $ 89,531 Finland 24,937 25,032 Other International 9,366 9,616 Total assets $ 126,524 $ 124,179

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Estimate decrease inventory reserve	$ 324

Restatement of Previously Iss_3

Restatement of Previously Issued Condensed Consolidated Financial Statements (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	$ 94,626	[1]		$ 90,046
Cost of Revenue	13,842	[2]	$ 10,229
Retained Earnings (Accumulated Deficit)	(141,045)	[1],[3],[4]		(123,646)
Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	(9,672)
Cost of Revenue	1,656
Retained Earnings (Accumulated Deficit)	(10,181)
Revision of Prior Period, Adjustment [Member] | Inventory Treatment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	(9,672)
Cost of Revenue	1,656
Retained Earnings (Accumulated Deficit)	$ (9,672)			$ (8,016)
[1] Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in an increase to Deferred income taxes of $ 12 , a decrease to Income taxes payable of $ 46 , and a decrease to Accumulated deficit of $ 58 as of March 31, 2024. Receivable Reserve - The correction of the misstatement resulted in a decrease to Trade receivables, net of allowance for doubtful accounts and an increase to Accumulated deficit of $ 567 as of March 31, 2024

Restatement of Previously Iss_4

Restatement of Previously Issued Condensed Consolidated Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58,222		$ 75,639
Trade receivables, net of allowance for doubtful accounts of $2,268	39,695	[1]	37,323
Inventories, net	94,626	[2]	90,046
Income taxes receivable	597		794
Other current assets	4,013		3,997
Total current assets	197,153		207,799
Property and equipment, net	75,701		74,122
Intangible assets, net	21,458		21,674
Goodwill	25,465		25,465
Deferred income taxes	690		705
Other assets	3,900		2,918
Total assets	324,367		332,683
Current liabilities:
Accounts payable	29,224		21,696
Accrued expenses	26,823		27,781
Other current liabilities	909		883
Current maturities of long-term debt	640		640
Income taxes payable	404	[3]	243
Total current liabilities	58,000		51,243
Long-term liabilities:
Long-term debt net, less current maturities	109,847		109,799
Other long-term liabilities	1,356		1,048
Deferred income taxes	231		233
Income taxes payable	638		635
Total liabilities	170,072		162,958
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized; 83,858,930 shares issued, and 82,945,411 shares outstanding as of March 31, 2024	828		827
Additional paid in capital	301,459		298,394
Accumulated deficit	(141,045)	[1],[2],[3]	(123,646)
Accumulated other comprehensive loss	(965)		132
Treasury stock, at cost; 913,519 shares as of March 31, 2024 and December 31, 2023	(5,982)		(5,982)
Total stockholders' equity	154,295		169,725		$ 205,069	$ 142,605
Total liabilities & stockholders' equity	324,367		332,683
As Previously Reported
Current assets:
Cash and cash equivalents	58,222
Trade receivables, net of allowance for doubtful accounts of $2,268	40,262
Inventories, net	104,298
Income taxes receivable	597
Other current assets	4,013
Total current assets	207,392
Property and equipment, net	75,701
Intangible assets, net	21,458
Goodwill	25,465
Deferred income taxes	678
Other assets	3,900
Total assets	334,594
Current liabilities:
Accounts payable	29,224
Accrued expenses	26,823
Other current liabilities	909
Current maturities of long-term debt	640
Income taxes payable	450
Total current liabilities	58,046
Long-term liabilities:
Long-term debt net, less current maturities	109,847
Other long-term liabilities	1,356
Deferred income taxes	231
Income taxes payable	638
Total liabilities	170,118
Stockholders' equity:
Common stock, $0.01 par value, 300,000,000 shares authorized; 83,858,930 shares issued, and 82,945,411 shares outstanding as of March 31, 2024	828
Additional paid in capital	301,459
Accumulated deficit	(130,864)
Accumulated other comprehensive loss	(965)
Treasury stock, at cost; 913,519 shares as of March 31, 2024 and December 31, 2023	(5,982)
Total stockholders' equity	164,476		177,741
Total liabilities & stockholders' equity	334,594
Adjustments
Current assets:
Trade receivables, net of allowance for doubtful accounts of $2,268	(567)
Inventories, net	(9,672)
Total current assets	(10,239)
Deferred income taxes	12
Total assets	(10,227)
Current liabilities:
Income taxes payable	(46)
Total current liabilities	(46)
Long-term liabilities:
Total liabilities	(46)
Stockholders' equity:
Accumulated deficit	(10,181)
Total stockholders' equity	(10,181)		$ (8,016)	[2]
Total liabilities & stockholders' equity	$ (10,227)
[1] Receivable Reserve - The correction of the misstatement resulted in a decrease to Trade receivables, net of allowance for doubtful accounts and an increase to Accumulated deficit of $ 567 as of March 31, 2024 Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in an increase to Deferred income taxes of $ 12 , a decrease to Income taxes payable of $ 46 , and a decrease to Accumulated deficit of $ 58 as of March 31, 2024.

Restatement of Previously Iss_5

Restatement of Previously Issued Condensed Consolidated Financial Statements - Balance Sheets (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024		Dec. 31, 2023	Oct. 08, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Allowance for doubtful accounts	$ 2,268		$ 1,339
Common stock par value	$ 0.01		$ 0.01	$ 0.01
Common stock share authorized	300,000,000		300,000,000	300,000,000
Common stock share issued	83,858,930		83,738,974
Common stock shares, outstanding	82,945,411		82,825,455
Treasury stock share issued	913,519		913,519
Inventories, net	$ 94,626	[1]	$ 90,046
Trade receivables, net of allowance for doubtful accounts	39,695	[2]	37,323
Accumulated deficit	(141,045)	[1],[2],[3]	(123,646)
Deferred income taxes	690		705
Income taxes payable	404	[3]	243
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventories, net	(9,672)
Trade receivables, net of allowance for doubtful accounts	(567)
Accumulated deficit	(10,181)
Deferred income taxes	12
Income taxes payable	(46)
Adjustments | Inventory Treatment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventories, net	(9,672)
Accumulated deficit	(9,672)		$ (8,016)
Adjustments | Bankruptcy Receivable Reserve
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net of allowance for doubtful accounts	(567)
Accumulated deficit	(567)
Adjustments | Income Tax Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated deficit	58
Deferred income taxes	12
Income taxes payable	$ (46)
[1] Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024. Receivable Reserve - The correction of the misstatement resulted in a decrease to Trade receivables, net of allowance for doubtful accounts and an increase to Accumulated deficit of $ 567 as of March 31, 2024 Income Tax Adjustment - The correction of the misstatement resulted in an increase to Deferred income taxes of $ 12 , a decrease to Income taxes payable of $ 46 , and a decrease to Accumulated deficit of $ 58 as of March 31, 2024.

Restatement of Previously Iss_6

Restatement of Previously Issued Condensed Consolidated Financial Statements - Statements of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024		Mar. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenue		$ 61,082		$ 52,036
Cost of goods sold		13,842	[1]	10,229
Gross profit		47,240		41,807
Operating expenses
Research and development costs		7,584		7,049
Selling, general, and administrative		54,782	[2]	43,820
Total operating expenses		62,366		50,869
Operating loss		(15,126)		(9,062)
Other income (expense):
Other income (expense), net		515		(616)
Interest expense, net		(2,622)		(1,205)
Total other expense, net		(2,107)		(1,821)
Loss before income taxes		(17,233)		(10,883)
Income tax expense (benefit)		166	[3]	(71)
Net loss		(17,399)	[1],[2],[3]	(10,812)
Foreign currency translation adjustment		(1,097)		(99)
Comprehensive loss		$ (18,496)		$ (10,911)
Weighted average number of shares of common stock outstanding:
Basic		82,854,334		80,681,715
Diluted		82,854,334		80,681,715
Net loss per share attributable to common stockholders:
Basic		$ (0.21)		$ (0.13)
Diluted		$ (0.21)		$ (0.13)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenue		$ 61,082
Cost of goods sold		12,186
Gross profit		48,896
Operating expenses
Research and development costs		7,584
Selling, general, and administrative		54,215
Total operating expenses		61,799
Operating loss		(12,903)
Other income (expense):
Other income (expense), net		515
Interest expense, net		(2,622)
Total other expense, net		(2,107)
Loss before income taxes		(15,010)
Income tax expense (benefit)		224
Net loss		(15,234)
Foreign currency translation adjustment		(1,097)
Comprehensive loss		$ (16,331)
Weighted average number of shares of common stock outstanding:
Basic		82,854,334
Diluted		82,854,334
Net loss per share attributable to common stockholders:
Basic		$ (0.18)
Diluted		$ (0.18)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold		$ 1,656
Gross profit		(1,656)
Operating expenses
Selling, general, and administrative		567
Total operating expenses		567
Operating loss		(2,223)
Other income (expense):
Loss before income taxes		(2,223)
Income tax expense (benefit)		(58)
Net loss	[1],[2],[3]	(2,165)
Comprehensive loss		$ (2,165)
Net loss per share attributable to common stockholders:
Basic		$ (0.03)
Diluted		$ (0.03)
[1] Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024.

Restatement of Previously Iss_7

Restatement of Previously Issued Condensed Consolidated Financial Statements - Statements of Operations and Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold	$ 13,842	[1]	$ 10,229
Selling, general, and administrative	54,782	[2]	43,820
Income tax expense (benefit)	166	[3]	$ (71)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold	1,656
Selling, general, and administrative	567
Income tax expense (benefit)	(58)
Adjustments | Inventory Treatment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold	1,656
Adjustments | Bankruptcy Receivable Reserve
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general, and administrative	567
Adjustments | Income Tax Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income tax expense (benefit)	$ (58)
[1] Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024.

Restatement of Previously Iss_8

Restatement of Previously Issued Condensed Consolidated Financial Statements - Condensed Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024		Mar. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		$ 169,725		$ 142,605
Net loss		$ (17,399)	[1],[2],[3]	(10,812)
Options exercised, shares		48,750
Options exercised		$ 298		1,622
Restricted stock vested		(400)
Foreign currency translation		(1,097)		(99)
Employee stock purchase plan		80		122
Stock-based compensation		3,088		3,182
Ending balance		$ 154,295		$ 205,069
Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance, shares		82,825,455		77,770,588
Beginning balance		$ 827		$ 776
Options exercised, shares		48,750		223,785
Options exercised				$ 2
Restricted stock vested, Shares		71,206
Restricted stock vested		$ 1
Ending balance, shares		82,945,411		82,306,873
Ending balance		$ 828		$ 821
Additional Paid-in-Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		298,394		213,956
Options exercised		298		1,620
Restricted stock vested		(401)
Employee stock purchase plan		80		122
Stock-based compensation		3,088		3,182
Ending balance		301,459		287,286
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		(123,646)		(66,112)
Net loss		(17,399)		(10,812)
Ending balance		(141,045)		(76,924)
Other Comprehensive Loss
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		132		(33)
Foreign currency translation		(1,097)		(99)
Ending balance		(965)		(132)
Treasury stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		(5,982)		(5,982)
Ending balance		(5,982)		$ (5,982)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		177,741
Net loss		(15,234)
Options exercised		298
Restricted stock vested		(400)
Foreign currency translation		(1,097)
Employee stock purchase plan		80
Stock-based compensation		3,088
Ending balance		$ 164,476
As Previously Reported | Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance, shares		82,825,455
Beginning balance		$ 827
Options exercised, shares		48,750
Restricted stock vested, Shares		71,206
Restricted stock vested		$ 1
Ending balance, shares		82,945,411
Ending balance		$ 828
As Previously Reported | Additional Paid-in-Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		298,394
Options exercised		298
Restricted stock vested		(401)
Employee stock purchase plan		80
Stock-based compensation		3,088
Ending balance		301,459
As Previously Reported | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		(115,630)
Net loss		(15,234)
Ending balance		(130,864)
As Previously Reported | Other Comprehensive Loss
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		132
Foreign currency translation		(1,097)
Ending balance		(965)
As Previously Reported | Treasury stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance		(5,982)
Ending balance		(5,982)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	[4]	(8,016)
Net loss	[1],[2],[3]	(2,165)
Ending balance		(10,181)
Adjustments | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	[4]	(8,016)
Net loss	[1],[2],[3]	(2,165)
Ending balance		$ (10,181)
[1] Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in a decrease to Inventories, net and an increase to Accumulated deficit of $ 9,672 , including an increase to the beginning balance of Accumulated deficit of $ 8,016 for the three-months ended March 31, 2024.

Restatement of Previously Iss_9

Restatement of Previously Issued Condensed Consolidated Financial Statements - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands			3 Months Ended
		Jan. 30, 2023	Mar. 31, 2024		Mar. 31, 2023
Cash flows from operating activities
Net loss			$ (17,399)	[1],[2],[3]	$ (10,812)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization			4,258		3,117
Allowance for doubtful accounts	[1]		567
Provision for excess and obsolete inventories			2,882	[3]	293
Stock-based compensation			3,088		3,182
Change in fair value of financial instruments			(519)		517
Other			(785)		100
Changes in other assets and liabilities, net of acquisitions:
Accounts receivable			(3,099)		441
Inventories			(7,799)	[3]	(7,112)
Accounts payable			7,441		5,592
Accrued expenses			194		(877)
Accrued legal settlement					(9,000)
Income tax receivable/payable			340	[2]	132
Other assets and liabilities			(162)		367
Net cash used in operating activities			(10,993)		(14,060)
Cash flows from investing activities
Purchases of property and equipment			(5,817)		(7,521)
Proceeds from sale of property and equipment			292		223
Purchases of intangible assets			(253)		(254)
Net cash used in investing activities			(5,778)		(7,552)
Cash flows from financing activities
Payments on long-term debt			(160)		(197)
Payments of debt issuance costs					(7)
Proceeds from issuance of common stock, net of issuance costs		$ 68,453			68,449
RSU vesting, taxes paid			(400)
Payments on earnout liability			(1,000)		(500)
Net cash used in financing activities			(1,262)		69,367
Effect of exchange rate changes on cash and cash equivalents			616		(340)
Net (decrease) increase in cash and cash equivalents			(17,417)		47,415
Cash and cash equivalents at beginning of period			75,639		38,468
Cash and cash equivalents at end of period			58,222		85,883
Supplemental disclosures of cash flow information:
Cash paid for interest			2,264		601
Purchase of property and equipment included in accounts payable			4,952		$ 4,026
As Previously Reported
Cash flows from operating activities
Net loss			(15,234)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization			4,258
Provision for excess and obsolete inventories			471
Stock-based compensation			3,088
Change in fair value of financial instruments			(519)
Other			(785)
Changes in other assets and liabilities, net of acquisitions:
Accounts receivable			(3,099)
Inventories			(7,044)
Accounts payable			7,441
Accrued expenses			194
Income tax receivable/payable			398
Other assets and liabilities			(162)
Net cash used in operating activities			(10,993)
Cash flows from investing activities
Purchases of property and equipment			(5,817)
Proceeds from sale of property and equipment			292
Purchases of intangible assets			(253)
Net cash used in investing activities			(5,778)
Cash flows from financing activities
Payments on long-term debt			(160)
RSU vesting, taxes paid			(400)
Payments on earnout liability			(1,000)
Net cash used in financing activities			(1,262)
Effect of exchange rate changes on cash and cash equivalents			616
Net (decrease) increase in cash and cash equivalents			(17,417)
Cash and cash equivalents at beginning of period			75,639
Cash and cash equivalents at end of period			58,222
Supplemental disclosures of cash flow information:
Cash paid for interest			2,264
Purchase of property and equipment included in accounts payable			4,952
Adjustments
Cash flows from operating activities
Net loss	[1],[2],[3]		(2,165)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Allowance for doubtful accounts			567
Provision for excess and obsolete inventories			2,411
Changes in other assets and liabilities, net of acquisitions:
Inventories			(755)
Income tax receivable/payable			$ (58)
[1] Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024.

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 25,465,000		$ 25,465,000
Impairment charges related to intangibles	0	$ 0
Selling, General, and Administrative Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 470,000	$ 503,000

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	$ 28,593	$ 28,340
Accumulated Amortization	7,135	6,666
Net Carrying Amount	21,458
Net Carrying Amount	21,458	21,674
Trademarks and Tradenames
Indefinite Lived Intangible Assets By Major Class [Line Items]
Net Carrying Amount	987	987
Patents
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	8,153	7,900
Accumulated Amortization	2,720	2,649
Net Carrying Amount	5,433	5,251
Customer Relationships
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	1,733	1,733
Accumulated Amortization	639	567
Net Carrying Amount	1,094	1,166
Developed Technology
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	17,690	17,690
Accumulated Amortization	3,748	3,424
Net Carrying Amount	13,942	14,266
Other Intangibles
Indefinite Lived Intangible Assets By Major Class [Line Items]
Gross Carrying Amount	30	30
Accumulated Amortization	28	26
Net Carrying Amount	$ 2	$ 4

Intangible Assets - Schedule of

Intangible Assets - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (Remaining)	$ 1,475
2025	1,943
2026	1,943
2027	1,942
2028	1,943
Thereafter	12,212
Net Carrying Amount	$ 21,458

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Significant Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets:
Interest rate swap	$ 1,509	$ 991
Financial Liabilities:
Contingent consideration	340	340
Level 2
Financial Assets:
Interest rate swap	1,509	991
Level 3
Financial Liabilities:
Contingent consideration	$ 340	$ 340

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments on earnout liability in cash	$ 1,000	$ 500
Additive Orthopaedics, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments on earnout liability in cash	1,000
Accrued Expenses | Additive Orthopaedics, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Achieved milestones reclassified to accrued expenses			$ 2,000
Accrued Expenses | Disior LTD.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Achieved milestones reclassified to accrued expenses	1,000		$ 2,000
Level 2 | Other Income (Expense) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in fair value of interest rate swap	518
Level 3 | Other-current liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net increase (decrease) in estimate of earn-out liabilities	$ 340

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, gross amount	$ 114,773	$ 114,933
Less: deferred issuance costs	(4,286)	(4,494)
Total debt, net of issuance costs	110,487	110,439
Less: current portion	(640)	(640)
Long-term debt net, less current maturities	109,847	109,799
Ares Revolving Loan
Debt Instrument [Line Items]
Debt, gross amount	25,000	25,000
Ares Term Loan
Debt Instrument [Line Items]
Debt, gross amount	75,000	75,000
Zions Term Loan
Debt Instrument [Line Items]
Debt, gross amount	$ 14,773	$ 14,933

Debt - Ares Credit Agreement -

Debt - Ares Credit Agreement - Additional Information (Details) - Ares Credit Agreements [Member] - USD ($)		3 Months Ended
	Nov. 02, 2023	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Expiration date	Nov. 02, 2028
indebtedness principal or stated amount	$ 12,500,000
Debt issuance cost before amortization		$ 4,071,000
Interest Expense
Debt Instrument [Line Items]
Amortization expense		$ 204,000	$ 0
Ares Term Loan
Debt Instrument [Line Items]
Total borrowing capacity	100,000,000
Drew down value	$ 75,000,000
Ares Term Loan | SOFR
Debt Instrument [Line Items]
Variable interest rate	6.75%
Ares Revolving Loan
Debt Instrument [Line Items]
Drew down value	$ 25,000,000
Ares Revolving Loan | Maximum
Debt Instrument [Line Items]
Total borrowing capacity	$ 50,000,000
Ares Revolving Loan | SOFR
Debt Instrument [Line Items]
Variable interest rate	4%
Revolving Loan | Secured Debt
Debt Instrument [Line Items]
Total borrowing capacity	$ 150,000,000

Debt - Vectra Bank Colorado Loa

Debt - Vectra Bank Colorado Loan Agreements - Additional Information (Details) - USD ($)			3 Months Ended
	Nov. 10, 2022	Mar. 24, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Total debt issuance costs			$ 4,286,000		$ 4,494,000
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
Amortization of debt issuance costs			4,000	$ 4,000
Threshold amount of operating cash flow to calculate liquidity ratio	$ 0
Threshold Amount of Operating Cash Flow to Calculate Fixed Charge Coverage Ratio	$ 0
Secured Term Loan Facility | SOFR
Line Of Credit Facility [Line Items]
Variable interest rate		1.75%
Zions Facility
Line Of Credit Facility [Line Items]
Total debt issuance costs			$ 215,000

Stockholders Equity - Additiona

Stockholders Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 08, 2021
Class of Stock [Line Items]
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		$ 0.01		$ 0.01	$ 0.01
Convertible preferred stock, authorized					10,000,000
Convertible preferred stock, par value					$ 0.01
Net proceeds after deducting underwriting discounts and commissions	$ 68,453		$ 68,449
Treasury stock repurchase shares		0	0
Common Stock
Class of Stock [Line Items]
Number of aggregate issued	6,500,000		4,312,500
Price per share	$ 17
Shares sold by Company | Common Stock
Class of Stock [Line Items]
Number of shares issued and sold	3,750,000
Selling securityholders
Class of Stock [Line Items]
Net proceeds after deducting underwriting discounts and commissions	$ 50,700
Selling securityholders | Common Stock
Class of Stock [Line Items]
Number of shares issued and sold	2,750,000
Underwriters Option to Purchase Additional Shares | Maximum
Class of Stock [Line Items]
Number of shares issued and sold	562,500
Underwriters Option to Purchase Additional Shares | Common Stock
Class of Stock [Line Items]
Number of shares issued and sold	412,500

Loss Per Share - Summary of Com

Loss Per Share - Summary of Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Net loss attributable to common stockholders
Net loss	$ (17,399)	[1],[2],[3]	$ (10,812)
Weighted-average common stock outstanding:
Basic	82,854,334		80,681,715
Diluted	82,854,334		80,681,715
Loss per share, Basic:
Basic	$ (0.21)		$ (0.13)
Loss per share, Diluted:
Diluted	$ (0.21)		$ (0.13)
[1] Trade Receivable Reserve - The correction of the misstatement resulted in an increase to Selling, general and administrative of $ 567 for the three-months ended March 31, 2024. Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024. Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024.

Loss Per Share - Summary of Pot

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, 2024	Mar. 31, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of dilutive net loss per share	5,794,718	6,523,783
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	2,758,656	1,420,135

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 08, 2024	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 935	$ 1,756
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 2,153	$ 1,426
Number of shares granted		1,315,860
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	241,881
Maximum | Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of targeted shares	200%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued		0	0
Compensation expense		$ 80	$ 122
Employee contribution percentage		15%
Market price of shares authorized percentage		85%
Maximum purchase value of shares available for each employee		$ 25

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Shares Outstanding, Beginning Balance	5,943,898
Shares, Granted	0
Shares, Exercised or Released	(48,750)
Shares, Forfeited or Expired	(100,430)
Shares Outstanding, Ending Balance	5,794,718	5,943,898
Shares, Exercisable	4,461,561
Shares, Vested and Expected To Vest	5,790,110
Weighted-Average Exercise Price, Beginning Balance	$ 10.28
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised or Released	6.11
Weighted-Average Exercise Price, Forfeited or Expired	13.79
Weighted-Average Exercise Price, Ending Balance	10.25	$ 10.28
Weighted-Average Exercise Price, Exercisable	8.79
Weighted-Average Exercise Price, Vested and Expected To Vest	$ 10.25
Weighted-Average Remaining Contractual Term (Years)	6 years 4 months 2 days	6 years 6 months 10 days
Weighted-Average Remaining Contractual Term (Years), Exercisable	5 years 11 months 15 days
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest	6 years 4 months 2 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Beginning balance | shares	1,317,402
Granted | shares	1,315,860
Vested | shares	(106,564)
Forfeited or expired | shares	(9,923)
Outstanding, Ending balance | shares	2,516,775
Vested and expected to vest | shares	2,414,023
Weighted Average Fair Value, Beginning balance | $ / shares	$ 17.06
Weighted Average Fair Value, Granted | $ / shares	12.94
Weighted Average Fair Value, Vested | $ / shares	17.87
Weighted Average Fair Value, Forfeited or expired | $ / shares	16.08
Weighted Average Fair Value, Ending balance | $ / shares	14.87
Weighted Average Fair Value, Vested and expected to vest | $ / shares	$ 14.94

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rates (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(0.963%)	0.655%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 166	[1]	$ (71)
[1] Income Tax Adjustment - The correction of the misstatement resulted in a decrease to Income tax expense (benefit) of $ 58 for the three-months ended March 31, 2024.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Payments to related party	$ 13,842	[1]	$ 10,229
Due to related parties	$ 909			$ 883
Director | License Agreement
Related Party Transaction [Line Items]
Percentage of revenue paid as royalty	4%
Royalty estimated useful life	15 years
Related party transaction term of agreement	20 years
Related party transaction, agreement renewal term	5 years
Director | Related Party | License Agreement
Related Party Transaction [Line Items]
Payments to related party	$ 146		$ 45
Due to related parties	63			$ 155
Annual Payment Threshold [Member] | Minimum | Director | Related Party | License Agreement
Related Party Transaction [Line Items]
Due to related parties	$ 250
[1] Inventory Treatment - The correction of the misstatement resulted in an increase to Cost of goods sold of $ 1,656 for the three-months ended March 31, 2024.

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Details) - Country	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
International
Segment Reporting Information [Line Items]
Number of countries accounted more than ten percent of net revenue	0	0

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Total Net Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total net revenue	$ 61,082	$ 52,036
United States
Segment Reporting Information [Line Items]
Total net revenue	51,051	44,981
International
Segment Reporting Information [Line Items]
Total net revenue	$ 10,031	$ 7,055

Segment and Geographic Inform_5

Segment and Geographic Information - Schedule of Total Non-current Assets, Excluding Deferred Taxes, by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 126,524	$ 124,179
United States
Segment Reporting Information [Line Items]
Total assets	92,221	89,531
Finland
Segment Reporting Information [Line Items]
Total assets	24,937	25,032
Other International
Segment Reporting Information [Line Items]
Total assets	$ 9,366	$ 9,616