Treace Medical Concepts, Inc.
- Open
- 3.96
- Day high
- 4.30
- Day low
- 3.94
- Prev close
- 3.98
- Volume
- 139K
- Mkt cap
- $279M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.6
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▲Insiders net buying $1.2M over the last 3 months (11 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Treace Medical Concepts, Inc. (TMCI) is a Healthcare company listed on NASDAQ. The stock is down 34% over the past year. Over the trailing 3 months, insiders filed 11 open-market buys and 0 sales (SEC Form 4).
Treace Medical Concepts, Inc. (TMCI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TMCI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $-0.31 | $-0.28 | +9.7% | $47M | +2.7% |
| Nov 6, 2025 | $-0.28 | $-0.26 | +7.1% | $50M | -18.7% |
| Aug 7, 2025 | $-0.29 | $-0.28 | +3.4% | $47M | -4.9% |
| May 8, 2025 | $-0.31 | $-0.25 | +19.4% | $53M | +6.2% |
| Feb 27, 2025 | $-0.04 | $-0.01 | +75.0% | $69M | +2.3% |
| Feb 27, 2024 | $-0.09 | $-0.10 | -11.1% | $62M | +2.7% |
| Nov 9, 2023 | $-0.26 | $-0.28 | -7.7% | $41M | -30.8% |
| Mar 7, 2023 | $-0.13 | $-0.08 | +38.5% | $50M | +11.2% |
| May 5, 2022 | $-0.20 | $-0.16 | +20.0% | $29M | +11.6% |
| Mar 3, 2022 | $-0.01 | $-0.12 | -2300.0% | $33M | +3.3% |
| Nov 4, 2021 | $-0.12 | $-0.12 | +0.0% | $22M | +2.9% |
| Aug 5, 2021 | $-0.12 | $-0.10 | +16.7% | $21M | +0.0% |
TMCI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 9,891 | $4.04 |
| Jun 12, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 14,715 | $4.02 |
| Jun 11, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 22,887 | $4.04 |
| Jun 11, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 29,430 | $4.02 |
| Jun 1, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 50,000 | $3.56 |
| May 28, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 49,810 | $2.87 |
| May 28, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 61,202 | $3.02 |
| May 28, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 4,508 | $2.79 |
| May 19, 2026 | BAKEWELL JOHN Kdirector | Grant | 30,000 | — |
| May 19, 2026 | HAMILTON LAWRENCE Wdirector | Grant | 30,000 | — |
| May 19, 2026 | Berry Lance Adirector | Grant | 30,000 | — |
| May 19, 2026 | Kiernan Jane Edirector | Grant | 30,000 | — |
| May 19, 2026 | Jain Deeptidirector | Grant | 30,000 | — |
| May 19, 2026 | Hanna Betsydirector | Grant | 30,000 | — |
| May 14, 2026 | Treace John T.director, 10 percent owner, officer: Chief Executive Officer | Buy | 49,013 | $2.46 |
Source: TMCI SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full TMCI insider & 13F page →Treace Medical Concepts, Inc. company profile
Overview
Treace Medical Concepts, Inc. (NASDAQ:TMCI) is a specialized orthopedic medical device company founded in 2013 and headquartered in Ponte Vedra Beach, Florida. The company went public in April 2021 and focuses exclusively on developing, manufacturing, and marketing innovative surgical solutions for foot and ankle procedures, particularly bunion correction surgeries. Since its founding, Treace has established itself as a pioneer in three-dimensional bunion correction technology, moving beyond traditional two-dimensional approaches that had dominated the field for decades. The company has treated over 130,000 patients through its network of more than 3,100 trained surgeons across the United States.
Business
Treace operates in the orthopedic medical device industry, specifically targeting the foot and ankle surgery market with a focus on bunion correction procedures. A bunion is a bony bump that forms at the base of the big toe when the joint becomes misaligned, causing pain, difficulty walking, and cosmetic concerns. Traditional bunion surgeries often addressed only two dimensions of the deformity, leading to higher recurrence rates and suboptimal outcomes. The company's flagship product is the Lapiplasty 3D Bunion Correction system, which represents a paradigm shift in bunion treatment. Unlike conventional procedures that only address the bunion in two planes, Lapiplasty corrects the deformity in all three dimensions - including the rotational component that traditional methods often miss. This comprehensive approach involves repositioning the entire metatarsal bone back to its normal anatomical position and securing it with specialized titanium plates and screws. Beyond Lapiplasty, Treace has expanded into a comprehensive bunion solutions portfolio targeting different patient populations and deformity types. The company's newer offerings include: 1. Minimally Invasive Systems (approximately 15-20% of revenue mix): The Nanoplasty and Percuplasty systems target patients seeking smaller incisions and potentially faster recovery times. These systems still provide three-dimensional correction but through more minimally invasive approaches. 2. Complementary Products (approximately 10-15% of revenue mix): Including the SpeedMTP system for patients with arthritic great toe joints, Mini-Adductoplasty for midfoot corrections, and various specialized plates and instruments that support the primary procedures. 3. Core Lapiplasty Platform (approximately 65-75% of revenue mix): Remains the company's primary revenue driver, including the traditional system and newer iterations like the upcoming Lightning platform. The company addresses a substantial market opportunity, with approximately 450,000 bunion surgeries performed annually in the United States out of an estimated 1.1 million surgical candidates, representing a total addressable market exceeding $5 billion.
Revenue model
Treace generates revenue primarily through product sales of single-use surgical kits and reusable instruments to hospitals, ambulatory surgery centers (ASCs), and surgical facilities. Each Lapiplasty procedure requires a kit containing specialized instruments, implants, and fixation hardware, with an average selling price of approximately $6,200-$6,400 per kit. The company operates through both direct sales representatives (approximately 77-79% of revenue) and distributor partnerships, with the direct channel commanding higher margins and providing better market control. The company's customers are primarily podiatric and orthopedic foot and ankle surgeons who perform bunion correction procedures. Treace has invested heavily in surgeon education and training, as the three-dimensional approach requires specific technical skills different from traditional bunion surgeries. The company currently captures approximately 25% of its surgeon customers' total bunion case volume, indicating significant room for increased penetration among existing users. Several factors influence Treace's margins and profitability. Positive margin drivers include the company's direct sales model which eliminates distributor markups, premium pricing supported by superior clinical outcomes, and economies of scale in manufacturing as volumes increase. The company's intellectual property portfolio, including multiple patents around the Lapiplasty system, provides pricing protection. Additionally, favorable reimbursement changes, such as the 2025 CMS Medicare rate increases of 89% for hospital outpatient settings and 100% for ASCs, could expand patient access and procedure volumes. Margin pressures come from increasing competition in the bunion correction market, with multiple companies developing alternative three-dimensional systems. The company faces ongoing investments in research and development to maintain technological leadership, substantial sales force expansion costs, and direct-to-consumer marketing expenses to drive patient awareness. Manufacturing scale limitations and the need for specialized training programs also impact operational efficiency. Raw material costs for titanium implants and the complexity of the surgical instruments create additional cost pressures that must be managed carefully.
Competitive moat
Treace's competitive moat centers on first-mover advantage and clinical differentiation in three-dimensional bunion correction, but the strength of this moat is moderate and facing increasing pressure. The company's primary advantages include a comprehensive intellectual property portfolio with multiple patents protecting the Lapiplasty system design and methodology, extensive clinical data demonstrating superior outcomes compared to traditional approaches, and an established network of over 3,100 trained surgeons who represent significant switching costs. The company's clinical evidence, including the ALIGN3D study showing 97.3% patient satisfaction at 36 months and low recurrence rates, provides credible differentiation from traditional two-dimensional approaches. Treace's direct sales model and focused specialization in bunion correction creates deeper relationships with foot and ankle surgeons compared to larger orthopedic companies where bunion products represent a small portfolio segment. However, the moat faces significant challenges. Multiple competitors are developing alternative three-dimensional bunion correction systems, validating the market opportunity but eroding Treace's unique positioning. Companies like Stryker (against whom Treace has filed patent infringement lawsuits) and other established orthopedic device manufacturers possess greater resources for research and development, broader surgeon relationships, and more extensive distribution networks. The minimally invasive surgery trend also creates opportunities for new entrants with different technological approaches. The company's moat is further limited by the relatively straightforward nature of the surgical technique once learned, the absence of recurring revenue streams typical of software or subscription businesses, and the fact that clinical outcomes, while superior, may not be dramatically different enough to prevent surgeon experimentation with alternative systems. The bunion correction market's fragmentation and the episodic nature of surgical procedures mean that customer loyalty, while valuable, is not absolute. Overall, Treace maintains a reasonable competitive position but lacks the deep, durable moats characteristic of truly defensible businesses.
Risks & safety
The company presents a mixed margin of safety profile with reasonable liquidity but ongoing profitability challenges. • Liquidity and Solvency: Strong current ratio of 4.5x and quick ratio of 3.4x indicate solid short-term liquidity. However, cash position of only $13.4 million is concerning given historical cash burn rates of $37-49 million annually. Free cash flow of $655,000 in Q1 2025 shows improvement but remains fragile. • Debt and Capital Structure: Debt-to-equity ratio of 0.66x is manageable. Total liabilities of $100.5 million against $205.8 million in assets provides reasonable coverage, though the company carries significant lease obligations and other commitments. • Profitability Metrics: Trading at negative P/E ratios due to losses, though company projects breakeven adjusted EBITDA for 2025. Current price-to-book ratio of 5.0x appears elevated for a loss-making company. Revenue growth of 7-10% guided for 2025 is modest for a growth company. • Operational Risks: High dependence on single product category, increasing competition, and need for continued R&D investment to maintain market position. Reimbursement changes could impact demand, though recent Medicare rate increases are favorable. • Valuation Considerations: At current levels, the stock appears to price in successful execution of the turnaround plan and new product launches, leaving limited margin for operational disappointments.
Recent development
Over the past two years, Treace has undergone a significant strategic transformation from a single-product company focused on Lapiplasty to a comprehensive bunion solutions provider. This evolution was driven by increasing competitive pressure and the recognition that different patient populations require different surgical approaches. The company's most significant development has been the launch of multiple new product platforms targeting the four distinct classes of bunion deformities. In 2024, Treace introduced the Nanoplasty and Percuplasty systems, both minimally invasive osteotomy solutions that provide three-dimensional correction through smaller incisions. These products specifically target the growing demand for less invasive surgical options and aim to capture market share from traditional two-dimensional osteotomy procedures. Additionally, the company launched the SpeedMTP system for patients with arthritic great toe joints requiring fusion procedures, and the Mini-Adductoplasty system for midfoot corrections with smaller incisions. These additions represent Treace's strategy to address the full spectrum of bunion pathology rather than competing solely in the Lapidus fusion market segment. From a technology perspective, Treace has developed IntelliGuide patient-specific instrumentation and various specialized implant configurations like the SpeedPlate MicroQuad system. The company is also preparing to launch the next-generation Lapiplasty Lightning platform later in 2025, which presumably offers enhanced surgical efficiency and outcomes. The strategic shift has been accompanied by significant investments in surgeon education and training programs to support the expanded product portfolio. Treace has also increased its direct-to-consumer marketing efforts beyond the traditional Lapiplasty focus to encompass the broader product range. Operationally, the company has been working toward profitability, targeting breakeven adjusted EBITDA for 2025 while reducing cash burn by approximately 50% compared to 2024 levels.
TMCI company profile · for informational purposes only — not investment advice.
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