Paragon 28 Appoints Chadi Chahine as Chief Financial Officer and Executive Vice-President of Supply Chain Operations, Reports Second Quarter 2024 Financial Results and Narrows 2024 Net Revenue Guidance ENGLEWOOD, CO.

Paragon 28 Appoints Chadi Chahine as Chief Financial

Officer and Executive Vice-President of Supply Chain Operations, Reports Second Quarter 2024 Financial Results and Narrows 2024 Net Revenue

August 8, 2024 -- Paragon 28, Inc. (NYSE: FNA) ("Paragon 28" or "Company"), a leading medical device

company exclusively focused on the foot and ankle orthopedic market, today announced that Chadi Chahine has been appointed Chief Financial

Officer and Executive Vice-President of Supply Chain Operations, effective August 5, 2024. The Company also reported financial results

for the quarter ended June 30, 2024, and narrowed its 2024 net revenue guidance.

Recent Business Updates

Appointment of Chadi Chahine as Chief Financial

The appointment of Chadi Chahine concludes an

extensive search process conducted by the Company. Mr. Chahine will succeed Kristina Wright who has been serving as Interim CFO since

"We are thrilled to welcome Chadi to our executive team," said Albert DaCosta, CEO and Chairman of Paragon 28. "Chadi's

extensive experience in orthopedics and finance combined with his strategic vision and proven ability to drive growth and operational

efficiency will be invaluable as we continue to expand our presence in the foot and ankle market and further scale our business operations.

We also extend our sincere gratitude to Krissy Wright for her exceptional leadership as interim CFO and look forward to her continued

contributions on our Board."

Chadi Chahine brings over 25 years of extensive global experience in finance and business operations, including a proven track record

in the orthopedic industry, to Paragon 28. Before joining Paragon 28, Mr. Chahine served as Group CFO of the Global Business Group

for Zimmer Biomet Holdings Inc. ("Zimmer Biomet"), where he oversaw $7 billion in revenue and had full P&L, balance sheet,

and commercial finance responsibilities, across all geographic regions. During his tenure at Zimmer Biomet, Mr. Chahine helped drive

record revenue and profit in 2022 and 2023 and identified additional efficiencies in inventory and research & development investments.

Prior to his tenure at Zimmer Biomet, Mr. Chahine served as COO and CFO of Global Stanley Security at Stanley Black & Decker

prior to the business's $4.1 billion sale. He also previously served as CFO at CIRCOR International, leading takeover defense efforts

and implementing significant cost-saving measures. Earlier in his career, he held divisional CFO roles at Smith+Nephew responsible for

International Markets and the US where he led initiatives to accelerate sustainable growth. Mr. Chahine holds a Bachelor of Commerce

in Accounting from Universit du Qu bec Montr al and a Bachelor of Science in Math and Economics from Universit

"Paragon 28 is a truly unique business in the world of orthopedics. The Company's commitment to innovation and excellence

in foot and ankle aligns perfectly with my professional values and goals," said Chadi Chahine, CFO. "I am excited to join

Paragon 28 at such a critical time and look forward to contributing to its continued growth and success."

Chadi Chahine's appointment as CFO & EVP Supply Chain Operations marks a significant step forward for Paragon 28 as it strengthens

its leadership team and positions the Company for continued growth and success in the foot and ankle market.

Second Quarter 2024 and Six Months Ended June 30,

2024 Financial Results

"We are pleased with our results this quarter

and continue to see strong momentum in the U.S. driven in part by the energy around our recent new product launches," said Albert

DaCosta, Chairman and Chief Executive Officer. "Further, we have made significant progress on our cost optimization plans resulting

in an 840 basis point year-over-year improvement to operating expenses in the quarter, with more planned in the second half of 2024 and

Operational Efficiency Strategy

The Company also announced an operational efficiency

strategy targeted at optimizing the organizational structure, minimizing costs and preserving cash without compromising revenue growth

opportunities. This strategy was initiated in the second quarter of 2024 and is expected to result in durable savings for the rest of

2024 and in 2025. Management has determined that this operational efficiency strategy will not result in the Company incurring material

charges. This operational efficiency strategy includes:

"Our company has consistently demonstrated

strong growth and we remain committed to sustaining that momentum by making thoughtful strategic adjustments," said Albert DaCosta,

Chairman and Chief Executive Officer. "Although these processes are never easy, this initiative is critical to enhance efficiency,

minimize costs and preserve cash without compromising our growth initiatives or our high-quality product portfolio."

2024 Net Revenue Guidance

Company narrows its prior 2024 net revenue guidance and expects net revenue to be $249 million to $255 million, representing 15.1%

to 17.8% reported growth compared to 2023.

The Company's 2024 net revenue guidance

assumes foreign currency translation rates remain consistent with current foreign currency translation rates.

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 consolidated financial statements as of and for the fiscal year

ended December 31, 2023 have been restated in the Company's Annual Report on Form 10-K/A filed on August 8,

2024 to reflect the correction of identified errors in the calculation of excess and obsolete inventory, as well as its accounting

for inventory variances, which resulted in a net overstatement of inventory as of March 31, 2023, June 30, 2023,

September 30, 2023, and December 31, 2023, 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. Additionally, the unaudited interim condensed

consolidated financial statements as of and for the three months ended March 31, 2024 have been restated in the Company's

Quarterly Report on Form 10-Q/A filed on August 8, 2024 to reflect the correction of identified errors in the calculation

of excess and obsolete inventory, as well as its accounting for inventory variances, which resulted in a net overstatement of

inventory as of March 31, 2024 and a net understatement in cost of goods sold for the three months ended March 31,

2024. In connection with the presentation of comparative prior period financial statements in the amended Form 10-K/A for

the fiscal year ended December 31, 2023, the Company revised the consolidated financial statements for the year ended

December 31, 2022 and the condensed consolidated financial statements for the interim periods for such year, each as presented

in the amended Form 10-K/A for the fiscal year ended December 31, 2023, to correct errors identified that were determined

to be immaterial both individually and in the aggregate.

Webcast and Conference Call Information

Paragon 28 will host a conference call to discuss

second quarter 2024 financial results on Thursday, August 8, 2024, at 2:30 p.m. Mountain Time / 4:30 p.m. Eastern Time.

Investors interested in listening to the conference call may do so by dialing (833-470-1428) for domestic callers or (404-975-4839) for

international callers, using conference ID: 389675. Live audio of the webcast will be available on the "Investors" section

of the company's website at ir.paragon28.com. The webcast will be archived and available for replay for at least 90 days after the

About Paragon 28, Inc.

Based in Englewood, CO., Paragon 28, is a

leading medical device company exclusively focused on the foot and ankle orthopedic market and is dedicated to improving patient lives.

From the onset, Paragon 28 has provided innovative orthopedic solutions, procedural approaches and instrumentation that cover a wide

range of foot and ankle ailments including fracture fixation, forefoot, ankle, progressive collapsing foot deformity (PCFD) or flatfoot,

Charcot foot and orthobiologics. The Company designs products with both the patient and surgeon in mind, with the goal of improving outcomes,

reducing ailment recurrence and complication rates, and making the procedures simpler, consistent, and reproducible.

Forward Looking Statements

Except for the historical information contained

herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions

of the Private Securities Litigation Reform Act of 1995, including, but not limited to: Paragon 28's potential to shape a better

future for foot and ankle patients; the Company's preliminary financial results for the quarter ended June 30, 2024; statements

about the Company's 2024 net revenue guidance; reaffirming the Company's 2024 net revenue guidance ranges; the anticipated

timing of the filing of the restated filings; the financial statements to be restated and the filings in which such restated financial

statements will appear; the Company's intent to report material weaknesses in its internal control over financial reporting; and the Company's

operational efficiency strategy. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements

are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject

to risks and uncertainties, some of which we are not currently aware. Forward-looking statements should not be read as a guarantee of

future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results

will be achieved. These forward-looking statements are based on Paragon 28's current expectations and inherently involve significant

risks and uncertainties and are subject to numerous risks, including, among other things, risks related to the timely and correct

completion of the restatement and restated filings; the risk that additional information may become known prior to the expected filing

with the SEC of the restated filings or that other subsequent events may occur that would require the Company to make additional adjustments