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TMCI

Treace Medical Concepts, Inc.

TMCI

Treace Medical Concepts, Inc. • NASDAQ
$2.98 ▼ -1.00% (-0.03)
Market Cap $187.43 M
52w High $10.79
52w Low $2.56
Dividend Yield 0%
P/E -3.72
Volume 405.64K
Outstanding Shares 62.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.214M ▲ $55.382M ▲ $-16.288M ▲ -32.437% ▲ $-0.26 ▲ $-12.172M ▲
Q2-2025 $47.387M ▼ $54.726M ▼ $-17.398M ▼ -36.715% ▼ $-0.28 ▼ $-13.501M ▼
Q1-2025 $52.57M ▼ $57.475M ▲ $-15.922M ▼ -30.287% ▼ $-0.25 ▼ $-12.15M ▼
Q4-2024 $68.708M ▲ $55.681M ▲ $-501K ▲ -0.729% ▲ $-0.008 ▲ $3.05M ▲
Q3-2024 $45.086M $51.266M $-15.36M -34.068% $-0.25 $-11.89M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $57.416M ▼ $196.591M ▼ $107.404M ▼ $89.187M ▼
Q2-2025 $69.289M ▼ $206.443M ▲ $108.828M ▲ $97.615M ▼
Q1-2025 $76.089M ▲ $205.846M ▼ $100.505M ▼ $105.341M ▼
Q4-2024 $75.677M ▼ $217.094M ▲ $104.202M ▼ $112.892M ▲
Q3-2024 $82.799M $212.924M $108.018M $104.906M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.288M ▲ $-9.092M ▼ $8.736M ▲ $-10K ▼ $-366K ▲ $-11.901M ▼
Q2-2025 $-17.398M ▼ $-3.05M ▼ $-3.257M ▼ $987K ▲ $-5.32M ▼ $-7.817M ▼
Q1-2025 $-15.922M ▼ $4.198M ▲ $-1.894M ▼ $-282K ▼ $2.022M ▲ $655K ▲
Q4-2024 $-501K ▲ $-4.207M ▲ $3.421M ▼ $26K ▲ $-760K ▲ $-7.281M ▲
Q3-2024 $-15.36M $-11.842M $5.763M $8K $-6.071M $-14.705M

Five-Year Company Overview

Income Statement

Income Statement Treace shows a classic high-growth, early-stage profile. Revenue has climbed steadily each year, which suggests strong demand and growing adoption of its bunion and midfoot solutions. At the same time, the company remains meaningfully unprofitable: operating losses and net losses have persisted and modestly widened as it invests in sales, education, and product development. Gross margins appear strong, which indicates good pricing power and unit economics, but current scale is not yet large enough to cover the fixed costs of a direct sales force, clinical programs, and overhead. The key question going forward is whether revenue can continue to grow fast enough, and costs be controlled tightly enough, to turn this high gross margin business into a sustainably profitable one.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has scaled up quickly but is now operating with a leaner cash cushion. Total assets expanded sharply after going public and taking on some debt, then pulled back slightly more recently, indicating some consumption of resources and normalization after the IPO. Cash levels are now modest relative to the size of the business, so ongoing losses and investment needs matter more. Debt is present but not extreme, and equity remains positive, though it has been eroded somewhat by cumulative losses. Overall, the balance sheet looks typical for a young med-tech growth company: sufficient, but leaving limited room for prolonged heavy cash burn without additional financing or clear progress toward breakeven.

Cash Flow

Cash Flow Cash flow mirrors the income statement: the core business is still consuming cash. Operating cash flow has been consistently negative as the company funds sales expansion, surgeon training, and support for its growing product portfolio. Free cash flow is even more negative once modest capital spending is included, although capital expenditures themselves are not unusually heavy. The pattern suggests a business still in investment mode, relying on prior capital raises and possibly credit rather than internally generated cash. The key watchpoint is whether operating cash burn begins to narrow as revenue scales, which would support management’s stated goal of reaching adjusted profitability in the near term.

Competitive Edge

Competitive Edge Treace occupies a focused, differentiated niche within orthopedic devices, centered on 3D bunion and midfoot correction. Its Lapiplasty system, complementary Adductoplasty platform, and newer minimally invasive solutions give it a comprehensive offering that directly targets the weaknesses of traditional bunion surgery. A strong patent portfolio, active intellectual property enforcement, a specialized direct sales force, and heavy investment in surgeon training all reinforce its competitive moat. The brand has become well known among surgeons and patients for more anatomical correction, potential earlier weight-bearing, and lower recurrence rates, which supports premium positioning. However, rising competition from larger orthopedic players and other innovators, especially in minimally invasive techniques, means Treace must continue executing well on education, clinical evidence, and portfolio breadth to defend and extend its lead.

Innovation and R&D

Innovation and R&D Innovation is the core of Treace’s strategy. The company started by redefining bunion surgery with instrumented 3D correction and has steadily layered on new systems—Adductoplasty for related deformities, minimally invasive Nanoplasty and Percuplasty platforms, and advanced fixation implants. It is also moving into personalized, software-driven care with IntelliGuide, which uses imaging and AI to design patient-specific guides, aiming to make complex procedures more precise and repeatable. Future launches, including broader rollouts of MIS platforms and next-generation systems like the planned Lapiplasty Lightning, are intended to deepen its grip on the bunion and midfoot segment. The main execution risks are adoption speed, surgeon learning curves, and the need to keep clinical data and user experience clearly ahead of alternatives.

Summary

Treace Medical Concepts is a fast-growing, specialized med-tech company that has reshaped a niche market with its 3D bunion and midfoot correction systems. Financially, it combines strong revenue growth and high gross margins with continuing operating losses and negative cash flow, reflecting an aggressive investment phase rather than a mature, self-funding business. The balance sheet is adequate but not overly cushioned, which makes the path to improved cash generation and profitability an important factor to monitor. Strategically, the company benefits from clear differentiation, a focused clinical story, patents, and a deepening product ecosystem, yet it faces credible competitive pressure from larger orthopedic players and other minimally invasive technologies. Overall, the story is one of promising innovation and market penetration, paired with the typical financial and execution risks of a still-unprofitable medical device growth company.

NEWS

November 7, 2025 · 8:05 AM UTC

Treace Announces Participation in Two Upcoming Investor Conferences

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October 23, 2025 · 4:05 PM UTC

Treace to Report Third Quarter 2025 Financial Results on November 6, 2025

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September 10, 2025 · 7:05 AM UTC

Treace Highlights New Product Innovations and Updated Positive Clinical Study Data at the 2025 American Orthopaedic Foot & Ankle Society Annual Meeting

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