Hi, good morning, everybody. I'm Kyle Rose. I'm one of the medical technology analysts here at Canaccord. I want to thank everybody for joining us at our annual growth conference. It's always an honor to get everybody together, so we're, we're glad to have everybody here today. This morning, I, I'm joined by one of the, the more innovative, in, in fun companies to cover within my, within my space, Paragon 28. They're a very differentiated focused player in the foot and ankle space. With me today are, are Albert DaCosta, the, the CEO, as well as Steve Deitsch, CFO. Thank you both for joining me. Before we begin, I need to just point anybody, any disclosures, if and where applicable, you can find those on our conference website, our firm website. There's a lot of places you can find those. We're gonna do a little bit of a hybrid today. We're gonna have a quick presentation just so everybody can get a lay of the land and learn the story, and then we're gonna dig into some of the Q&A thereafter. Without any further ado, I'm gonna pass it over to the Paragon management team, and we can kick off the presentation. Thank you. Sounds great. Kyle, thanks for the invitation. Thanks to Canaccord. Great to be here. Great meeting. We'll start off with a little bit about the foot and ankle market. For those of you that may not know, really is a, is a little gem, but to start off, I think it's important to understand or, or at least appreciate how complex the foot and ankle is. When you break it down, there's 20 bones in the foot. There's actually 30 if you count the tibia and the fibula, but unfortunately, that doesn't have the same ring as 28, being a perfect number. We, we don't count those necessarily, but we are everything below the knee. When you take into account the number of articulations, the soft tissue components, the fact that we bear weight, the size of these bones, the relationships they have to each other, the relationships they have to the ground, you really start to appreciate that this is one of the more complex skeletal aspects of the body. With that, too, to recognize the fact that it's one of the younger segments of orthopedics, so it really hasn't had the investment like some of the-- our counterparts have had in research and an understanding of how we should be treating these patients. You know, for us, we look at this as a, as a real opportunity. Paragon 28 was actually founded so that we could do something meaningful in this space. Our excitement isn't just to sell product into this market, it's to participate and help to define this market. That drives us every single day that we wake up. To give you a little bit about the origins of the company, with that, 28 bones of the foot, Paragon being the perfect embodiment of a concept, the name means that we're dedicated and focused to this segment. This is where our passion lies. We love being in a space where we can help solve problems. We started the business really late 2010. I would say 2011 was the beginning of the company, given how late it was in 2010. It was the good old-fashioned build-a-business story. We tried to bootstrap this. A co-founder and myself, we started in his basement in Birmingham, Alabama. When we realized we needed to raise some capital, we had a friends and family round, of which my mom participated. My mom's the first investor in Paragon 28, for those that may not know that, and that's the significance of her ringing the bell. Give a little bit of the statistics about the company, and actually even before we went public, I was really proud that we built this business to about $106 million-$107 million in 2019, and we did that on $15 million of capital. I like to say that that financial commitment to the company, that fiscally conservative approach to the business, is kind of woven into who we are, and that's what happens when your mom's an investor and you certainly try to bootstrap a business. That's a pretty proud moment for us. In 2019, we also discovered how we were gonna take the next leap forward, and that was the idea that enabling technologies was probably one of the biggest opportunities for us in foot and ankle. In talking about the complexity of foot and ankle, we also felt like that was probably one of the most needed areas for something like enabling technologies to give us a three-dimensional perspective of not only the deformity, but potential planning on this. It was that discovery that led us to decide to go public. Going public, we went, we launched and went public in October of 2021, and that was really driven by our ambitions around enabling technologies and the ability to control our destiny and build this foot and ankle business, but do it alongside investors and partners in the industry like yourselves. We had roughly 24.5% constant currency growth last year. First half of this year, we've had around 24% growth. This company was also built on the idea that if we could create a really amazing sales culture and support that sales culture with amazing technology, that we had a really nice combo. The third leg of that growth opportunity for us is medical education, but all of those things feed together, and it's a really nice balance with Paragon 28. Yeah. Thank you, Albert, thank you, Kyle, for having us today. This slide really outlines a lot of what Albert was talking about, why we got into this space, and how we're positioned in the space. Very large market, $5 billion+, a dynamic market that we think is the fastest growing in orthopedics at 7%, and importantly, a market that has opportunity to expand with better technologies and better outcomes for patients. The enabling technologies that Albert mentioned are gonna be a big part of the solution to improve outcomes. We're a prolific developer of innovative technology. The company's developed 75 product systems since its inception, including 20, since 2021, and we have 25 active products in development. That really is what we call the tip of the spear for the company in terms of its growth driver, new technologies that can help to enable and provide better outcomes to physicians and importantly, patients. We're only focused on foot and ankle, so we've cut the boats. This is our market. We love it, we're passionate about it, and that's where we spend all of our time. We're fully dedicated and singularly focused, and that really makes a difference for us, and it resonates with our customers and also our distribution partners. You know, the last thing that I would mention on this slide is, you know, to reiterate Albert's point about our growth. We grew 25% in 2022, and then 24% first half of this year. High growth in a, in a big market with compelling financial margins as well, 82.6% margins in the second quarter. That drives a lot of dollars that we can reinvest into the business as we see appropriate to continue the success and, and growth of our business. One thing I didn't mention about this market is, you know, as a young segment of orthopedics, I still think we have pretty significant complication rates. It's not uncommon for us to see 20%, 30%, 40% complication rates. For folks like us who eat, sleep, and breathe foot and ankle, it's a really exciting place to be for that. If you look on the left side of the screen, you can see sort of the breakdown of the market. We characterize the market as 5 subsegments, really 6, if you include biologics. The biologics piece really covers each of the aspects, so it's easier to break that out, but it's really part of each of the subsegments, as is soft tissue, as is likely external fixation. If you look at the market, you start to appreciate just how dynamic this market is as you look at the subsegments. So we, we talk about things like forefoot, where millimeters significantly matter. You've got a very sophisticated patient population who are looking for the best options and best treatments. Large population, tons of procedures there, and that's everything surrounding the forefoot. Things like Lisfranc fusions, bunion correction, hammer toe surgeries, and all the subsequent procedures that go with that. You look at probably the polar end of the spectrum, where you start talking about patients in the Charcot category. These tend to be severely diabetic patients. They tend to have comorbidities through the roof. This is a salvage market where we're, we're trying to save somebody's limb from amputation. I call out those two individual markets because I think it gives you a great representation of really how dynamic, what we're thinking about, and what we have to consider are here. There are well over 100 indications for us to address in foot and ankle, and I think that helps to describe why we have that prolific product development strategy that we do. The other piece that's important to note here is we almost never go into a surgery and do 1 procedure alone. It's very common for us to go in and do 3 and 4 procedures in tandem. It's very important for a company like Paragon 28 to be able to represent every aspect of that surgery, not only with great technology, but with meaningful instrumentation and options to support our surgeons and ultimately impact these patients the best. One of the reasons we believe we're in a position to really stand out in this market is that we're exclusively committed to foot and ankle. With such a dynamic and broad market, I think it's important to really have that type of focus here. Our dinner conversations are pretty unusual when we get around and we start talking about soft tissue structures and blood supply to the, to the tarsals and different bones and consistencies there. It's. I can tell you, my wife hates it, but it's what we care about, it's what we love doing, and it makes waking up every morning and going to work a lot of fun. This is our last slide. I, I know Kyle has a lot of questions he'd like to cover with us, but this really just shows a couple of snapshots of where we've invested dollars in our, in our future growth. These are our facilities. On the left side of the page and in the middle, you see our 250-person auditorium that's adjacent to our 40-station cadaveric lab. That thing is busy every weekend and sometimes the days between. You, you can see that it's a, it's a great kind of world-class facility that enables us to take our technology to surgeons and reps as we train them. Importantly, we also have made investments in, in 2 mobile labs now. We have a second mobile lab that's about to hit the road, and you'd see that on the right-hand side of the page. That allows us to get to surgeons that are busy in their practice, particularly in the fourth quarter of the year as, as procedures really get to be at a high level. This is important because the market has such an opportunity to expand and grow, and techniques can be better defined and opportunities in the future, and medical education is a big part of what we do. Great, so we're gonna, we're gonna jump into more of a Q&A. If there's anything in the audience, just raise your hand, and I'll, I'll do my best to weave it in. in. I guess the, the one thing I wanna, you know, looking at your slides, the one thing I wanna touch on is, you know, I think you had the CAGR for the U.S. market. You are growing 7%. I mean, you guys have put up, you know, 20% through the first half of the year. I guess just how should we think about the overall share taking within the market? I mean, when I, when I think about the market, there's two fast-growing public players. One spo-- one's focused on one anatomical area, you're focused on a broader anatomic-- or, you know, the broad anatomy of the foot and ankle. Just, you know, if, if you're winning, you know, who's losing from that perspective? Where's the share coming from? Are you consolidating the bottom end, or is it just taken from the, from the large, more diversified players? Yeah, I, I would say that it really depends on the particular topic. There are some folks that are a little bit more dominant in things like soft tissue, there are some players that are a little bit more dominant in things like external fixation. You've mentioned, you know, bunion deformities and some of those different segments. It really depends on the category to discuss who's participating and what technology is winning there. That was you, you avoided that question really well. Let's talk about new products. We're coming up on our 2-year anniversary as being public, by the way. Yeah. Yeah. Yeah, no, I. Yeah, you, you, you've learned well. That's good. One of the questions I, I get from investors the most often is: "Okay, it's a big portfolio of products," I mean, I know you, you, you highlight the amount of SKUs you have, but it's, you know, what's the big driver? Let's, let's dig in there just a little bit, 'cause you have launched, you know, some major products over the course of the last, call it 2 years. Let's start first on soft tissue. That's been a new, a new area of focus over the course of the last 12 months. Maybe tell us about those new products, how they've been received into the market, and then how that's also driving, you know, surgeon engagement as well as, you know, sales rep and additions. Yeah, I think maybe to start, I-- it's important to call out our philosophy on developing technology. We, we have zero excitement about adding more stuff to our bag just for the sake of adding stuff. We're not trying to just plug holes, we're really trying to solve complications and, and really provide service to our surgeons and, and patients. What our development strategy has that's pretty unique is we start first with research long before there's an idea, and that helps us to not bias our own research, and it really helps us to understand what the limitations are with each indication that we're trying to address. That's meaningful to the surgeons. When we present technology, it's coming to them with a, a well-conceived piece of information that they didn't have yesterday. Sometimes that presents as the technology that you see, which is the implant. Sometimes it's meaningful instrumentation to create reproducibility in the surgery, and that could be as important to the surgeons, if not more important than some aspects of the implant technology. Then the third piece of that is just knowing how to have the right options there. You know, our team, we've sold foot and ankle, we've stood in the operating room, we still stand in the operating room every day, and we're standing there and observing from a very sympathetic view to what that surgeon's experiencing. We are committed to being the best service we can provide in the operating room, and that means you have the right bailouts for the right bailouts, right? We've seen those obscure cases where something unique presents itself, and we didn't have an option for it, and we go home and frantically committed to creating those options to bail our surgeons out in, in tough and, and, and situations like that. That piece of it, I think, really stands out, and I always say that it's harder to communicate our technology to the investment world than it is to the surgeons, right? When surgeons look at our solutions, they see meaningful, helpful innovation there. When we show our products to investors, sometimes they see widgets. That, that aspect of it really makes it nice to stand out, and the fact that we eat, sleep, and breathe this means something real. Now I'll hit your subject about soft tissue. Two, two pieces here. I think it's important to call out that industry and, and surgeons alike, we really look at deformities as bony deformities, but really underlying those bony deformities are soft tissue imbalances, right? That's one of the things that I really think enabling technologies is gonna give us meaningful visibility that we didn't have yesterday, is to understanding for each stage of a deformity, what the impact of those soft tissue structures are and which soft tissue structures are there. Even when we correct these deformities, to understand what the balance is that we've created, or lack of balance in some situations, with the soft tissue. Soft tissue itself has very specific healing parameters, whether it's a chronic injury or whether it's an acute injury, really should change the way we think about addressing that. Paragon's committed to finding more of a remodeling-type healing structure than a scar-mediated healing structure. We've got tons of research going into the soft tissue piece. I'm not trying to overplay the importance of that, but we think that's gonna be a significant driver of improved outcomes moving forward, and we're committing to that in our development pipeline. We've got tons of soft tissue projects underway. We've got some recent launches, things like you've, you've called out, like the R3ACT Stabilization System for total-- for ankle fractures. They're all really, really important pieces and complementary to our portfolio, and I would expect to see a lot more of that coming moving forward. Those are, I mean, I know some of those are m-more innovative, where you're actually launching, you know, new, you know, the ability to create new procedures or, or take new approaches, but some of them are also, you know, filling gaps, too, right? Where you're able to capture, you know, more of the case dollars relative to what you were capturing before. Yeah. The, the word filling gaps makes that challenge feel a little less important, right? it's... I maybe wouldn't characterize it that way. My words, not yours, yes. Look, it has to be better than what the market has today, or we're not gonna develop it. Again, on the soft tissue piece, there's one. I don't want to geek out on technology, but there's one piece that is really important to note, is how soft tissue heals. You know, you start with these early formations of scar, and then before it commits to a full scar-mediated healing, you wanna intervene and give it physiologic properties so that the body can potentially remodel, right? When we hold something rigid for too long, it goes down the scar pathway. If we don't hold it rigid early on, there's too much motion for healing to start. Right. Our technology on the soft tissue piece is built on that understanding, and so we have a lot of transitionary technology, like the R3ACT Stabilization Screw, where we can go in as a rigid body and then release and start transitioning into more physiologic properties after that earliest staging, stage of healing. To see if we can trick the body into doing more remodeling than scar. All of those complementary pieces that we're talking about in the operating room, yes, we're capturing each aspect of a case better than we were yesterday, but it's that technology and that understanding that we're really trying to address. From the last new product I just wanted to touch on before we transition to, you know, the SMART28 stuff is, is, the external fixation. I mean, you've launched 2, ex fix products or platforms. Mm-hmm. Maybe just how, how those have been received and, and the importance of having, you know, those solutions to the, to the bag. Those, those have done really, really well for us, to be honest with you. I just absolutely have been floored with the response that we've had on there. We also have the right leadership team in place for that. They've structured excellent medical education. Our mobile app kicked off, like, the timing was perfect for that to take off. That's also spanning a few different segments, like the ankle segment, like the Charcot segment for the ring fixation. Pin2Bar is more of the fracture fixation or the trauma segment. We've seen a real boost actually on internal fixation with the introduction of external fixation, right? Just the ability to capture more aspects of these cases and facilitate that piece for our surgeons has been really instrumental for us. Then let's, you know, spend the last couple minutes talking about SMART28. I mean, that's been a big focus of the organization, is bringing some of these enabling technologies to the foot and ankle space where, where they really haven't, haven't been historically. I guess, you know, what, what are you doing there? What have you done there? and, and when can we expect to see some of that play out from a, from a product perspective or, or a service perspective with, with, with your customers? Yeah, I, I gotta say, we, we've got a lot of technology questions here, and if you don't ask a question around EBITDA, Steve's gonna explode here. I'm getting nervous, sir. Look, without overplaying it, I, I really feel like SMART28 is an opportunity that we haven't had before, and it's, it's a real opportunity for us to improve what we know about these procedures and how we should be correcting these. We, we break it into three different segments. There's a preoperative planning piece. That part of it means better diagnosing for the surgeons, three-dimensional diagnostics. It means layering in, you know, layers of information like MRI data, FEA data, CT data, pressure sensing data. We've got the planning phase of it, where we should be able to predict in three dimensions the impact these corrections might have and find an optimal correction for, for these patients, and then turn that plan into an intraoperative tool, something that's going to reproduce that plan in the operating room setting. The last piece, which is probably the most important when you talk about SMART28, is tracking these patients and seeing how well we did, whether it's three-dimensionally, seeing how well that correction became a reality, or just gauging the patient's activity levels and how happy are they with these procedures, and feeding that back into the preoperative plan. That's why we call it SMART28. Every surgery should enhance what we know, find some patterns that we didn't know before, and I think it's a really meaningful opportunity for us to improve outcomes there. Okay. Maybe I can just put a financial perspective on that. This has been an area that we've sort of doubled down on, right? We think we've invested more in this space than any of our competitors when you think about the acquisitions we've done, when you think about our teams expanding. You know, this weekend we had a, a terrific summit in-house of SMART28, where we brought our leaders from around the world in. So this is an area of app resource allocation for us, and a significant one that we expect to pay off as we, as we go forward here into next year. Let's talk about EBITDA. Well, yeah, no, I want to give Steve a little bit of attention. So look, like, the company was EBITDA, break-even positive, you know, leading into the IPO. Obviously, you took on some public company costs. You've been investing heavily in education and the sales force. How should we think about, you know, you've given guidance for this year, but from a longer-term perspective, how should we think about the commitment to EBITDA positive relative to your ability to throttle the growth, whether that's investing in new sets, whether that's doing more, more education, hiring more feet on the street? I mean, where are you relative to some of those investments you can make? Our, our focus has always been top-line growth. You know, since Albert DaCosta and Lee started the company back in 2011, the focus has been on bringing new products to market that help patients and help surgeons, and that's never gonna change. I think you saw that when we went public, we had the opportunity to make some additional investments that maybe the company wasn't able to make before, before being public, acquisitions, for example. Mm-hmm ... I think in the SMART28 area. As we go forward, we're gonna continue to focus on top line, but continue to have the financial discipline and balance that enabled the company in the beginning to get to $106 million of revenue on $15 million of capital raised. This is an area of just being smart about investing money where it really matters and it makes a difference, but our focus is the top line, and we know that we can't get the top line without continuing to make products that make a difference for surgeons and patients. Then, last question, kind of dovetailing on, on EBITDA, is just overall, you know, when we think about spend, when I think about one of, one of your competitors, one, one thing that they've done really well is, you know, bring eyeballs to the market, both patients, as well as physicians. Kind of, you know, bringing the knowledge of, you know, hey, you know, some of these procedures have been archaic in the, but we've got better solutions now. Where do you see an opportunity for DTC or, you know, direct-to-patient advertising to kind of bring some patients off the sidelines and, and thinking about getting treated? ... Yeah, look, I, I think if we, we go back to the origins here, where we talk about being fiscally conservative, two things. One is I, I don't want to confuse that with not being aggressive about investing in the right things for the business. It's not being cheap with the business, it's just being smart about how we invest those dollars. When we started the business, we were really focused on putting every dollar into engineering. Even today, we still carry a heavy culture around the engineering piece of the business, and we still think it's one of the most significant investments for us to make. That being said, was we're always balancing now. We're balancing all aspects of the business, and we're finding creative ways and smart ways for us to invest in, in more marketing strategies. The DTC piece is a little bit tricky, because what we're really focused on right now is every patient sort of has a fingerprint of what their comorbidities are, what their situation is, what their activity levels are, what their expectations are. All those things should play a part in deciding what the perfect solution is for that patient. Paragon's committed to finding patient-specific solutions, working with those surgeons, right? Sometimes the DTC strategies can drive a different message, right? They could come in saying, "This is how it should be done," and there's a lot more to consider there. We're just gonna be creative about how we think about those types of investments, but we're going to, we're gonna keep all of that in mind, because, again, every patient should call out what the solution is. There's some very important reasons why surgeons decide what is and is not necessary for a patient that we don't want to take away from the surgeons. Great! I think I think we are out of time. I wanna thank everybody for joining us today, and have a great conference. Thank you.