Paragon 28 acquires Disior’s imaging analytics software for $26M

Paragon 28 Announces Acquisition of Disior (press release)

Disior advances Paragon 28’s SMART 28™ strategy, providing a comprehensive 3D analytics and pre-operative planning platform, and will immediately accelerate internal research programs

From Disior’s website –

Disior’s analytics software is a fast and cost-effective way to obtain reliable information from medical images in three-dimensions. Each anatomy-specific module enables specialist clinicians to have the objective data needed for diagnosis, creating patient-specific surgical plans and assessing treatment outcomes

Paragon 28, Inc. (NYSE: FNA) (“Paragon 28” or “P28”), a leading medical device company exclusively focused on the foot and ankle orthopedic market, today announced the acquisition of Disior Oy., a leading three-dimensional analytics pre-operative planning software company based in Helsinki, Finland, focused on the complex foot and ankle anatomy.

Disior will be an integral component to SMART 28™, the company’s ecosystem of enabling technologies for pre-operative planning, intra-operative support, and post-operative evaluation.

Disior’s anatomy-specific surgical modules will provide foot and ankle surgeons the objective data needed for the diagnosis and creation of patient-specific surgical plans, and assessment of patient outcomes. Disior is also highly complementary to the assets of Additive Orthopaedics, which P28 acquired in May of 2021.

“Disior advances our previously communicated growth strategy to target unique technologies and will immediately accelerate our internal research and development efforts, plus provide surgeons unique pre-operative planning capabilities. Disior’s software combined with our broad product portfolio further differentiates us from the competition,” said Albert DaCosta, Chairman and CEO of P28. “P28’s ultimate mission is to improve patient outcomes, and we believe our SMART 28™ ecosystem will modernize all aspects of foot and ankle surgery.”

“The entire Disior team is very excited to join the Paragon 28 family,” said Anna-Maria Henell, CEO of Disior. “With this partnership, we have combined our talented teams and will bring a new standard of care to foot and ankle patients.”

For additional information on SMART 28™ and Disior, a presentation is available on the Events and Presentation section of the Company’s investor relations website.

Transaction Details

Pursuant to the terms of the acquisition agreement, Paragon 28 paid $18 million at closing and agreed to potential future payments of up to $8 million contingent upon achieving specific technological advancements and commercial milestones. Paragon 28 funded the closing payment by drawing down on its existing term loan facility.

About Paragon 28, Inc.

Based in Englewood, Colo., 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, hallux valgus (bunions), hammertoe, 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.


Investor Contact:
Gilmartin Group
Matt Bacso, CFA