Treace Medical Concepts Reports First Quarter 2025 Financial Results
Treace Medical Concepts (NASDAQ: TMCI) reported its Q1 2025 financial results, showing revenue of $52.6 million, a 3% increase year-over-year. The company improved its net loss by 15% to $(15.9) million compared to $(18.7) million in Q1 2024. Adjusted EBITDA improved 53% to $(3.8) million from $(8.2) million in the same period.
The company expanded its bunion technology portfolio through limited releases of Nanoplasty™, Percuplasty™ 3D MIS Osteotomy Systems, and SpeedMTP™ MTP Fusion System. Treace maintained a strong gross margin of 79.7% and ended the quarter with total liquidity of $98.6 million. The company reaffirmed its full-year 2025 revenue guidance of $224-230 million, representing 7-10% growth, and expects to reach breakeven Adjusted EBITDA for 2025.
Treace Medical Concepts (NASDAQ: TMCI) ha comunicato i risultati finanziari del primo trimestre 2025, registrando un fatturato di 52,6 milioni di dollari, con un aumento del 3% rispetto all'anno precedente. L'azienda ha migliorato la perdita netta del 15%, attestandosi a $(15,9) milioni rispetto a $(18,7) milioni nel primo trimestre 2024. L'EBITDA rettificato è migliorato del 53%, passando da $(8,2) milioni a $(3,8) milioni nello stesso periodo.
La società ha ampliato il proprio portafoglio di tecnologie per alluce valgo con il rilascio limitato di Nanoplasty™, Percuplasty™ 3D MIS Osteotomy Systems e SpeedMTP™ MTP Fusion System. Treace ha mantenuto un solido margine lordo del 79,7% e ha chiuso il trimestre con una liquidità totale di 98,6 milioni di dollari. L'azienda ha confermato la guidance per l'intero anno 2025, prevedendo un fatturato tra 224 e 230 milioni di dollari, con una crescita del 7-10%, e si aspetta di raggiungere il pareggio dell'EBITDA rettificato nel 2025.
Treace Medical Concepts (NASDAQ: TMCI) informó sus resultados financieros del primer trimestre de 2025, mostrando ingresos de 52,6 millones de dólares, un aumento del 3% interanual. La compañía mejoró su pérdida neta en un 15%, situándola en $(15,9) millones frente a $(18,7) millones en el primer trimestre de 2024. El EBITDA ajustado mejoró un 53%, pasando de $(8,2) millones a $(3,8) millones en el mismo periodo.
La empresa amplió su cartera de tecnologías para juanetes mediante lanzamientos limitados de Nanoplasty™, Percuplasty™ 3D MIS Osteotomy Systems y SpeedMTP™ MTP Fusion System. Treace mantuvo un sólido margen bruto del 79,7% y cerró el trimestre con una liquidez total de 98,6 millones de dólares. La compañía confirmó su guía de ingresos para todo el año 2025 entre 224 y 230 millones de dólares, representando un crecimiento del 7-10%, y espera alcanzar el EBITDA ajustado en punto de equilibrio para 2025.
Treace Medical Concepts (NASDAQ: TMCI)는 2025년 1분기 재무 결과를 발표하며 5,260만 달러의 매출을 기록해 전년 동기 대비 3% 증가했습니다. 회사는 순손실을 15% 개선하여 2024년 1분기 $(18.7)백만 달러에서 $(15.9)백만 달러로 줄였습니다. 조정 EBITDA는 같은 기간 $(8.2)백만 달러에서 $(3.8)백만 달러로 53% 개선되었습니다.
회사는 Nanoplasty™, Percuplasty™ 3D MIS Osteotomy Systems, SpeedMTP™ MTP Fusion System의 제한적 출시를 통해 무지외반증(버니언) 기술 포트폴리오를 확장했습니다. Treace는 79.7%의 견고한 총이익률을 유지했으며 분기 말 총 유동성은 9,860만 달러였습니다. 회사는 2025년 연간 매출 가이던스를 2억 2,400만~2억 3,000만 달러로 재확인했으며, 7~10% 성장률을 예상하고 2025년 조정 EBITDA 손익분기점 달성을 목표로 하고 있습니다.
Treace Medical Concepts (NASDAQ : TMCI) a publié ses résultats financiers du premier trimestre 2025, affichant un chiffre d'affaires de 52,6 millions de dollars, soit une augmentation de 3 % par rapport à l'année précédente. La société a réduit sa perte nette de 15 %, à $(15,9) millions contre $(18,7) millions au premier trimestre 2024. L'EBITDA ajusté s'est amélioré de 53 %, passant de $(8,2) millions à $(3,8) millions sur la même période.
L'entreprise a élargi son portefeuille de technologies pour hallux valgus grâce à des lancements limités de Nanoplasty™, Percuplasty™ 3D MIS Osteotomy Systems et SpeedMTP™ MTP Fusion System. Treace a maintenu une solide marge brute de 79,7 % et a terminé le trimestre avec une liquidité totale de 98,6 millions de dollars. La société a confirmé ses prévisions de chiffre d'affaires pour l'année 2025, entre 224 et 230 millions de dollars, représentant une croissance de 7 à 10 %, et prévoit d'atteindre un EBITDA ajusté à l'équilibre en 2025.
Treace Medical Concepts (NASDAQ: TMCI) meldete seine Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 52,6 Millionen US-Dollar, was einem Anstieg von 3 % im Jahresvergleich entspricht. Das Unternehmen verbesserte seinen Nettoverlust um 15 % auf $(15,9) Millionen im Vergleich zu $(18,7) Millionen im ersten Quartal 2024. Das bereinigte EBITDA verbesserte sich um 53 % von $(8,2) Millionen auf $(3,8) Millionen im gleichen Zeitraum.
Das Unternehmen erweiterte sein Portfolio an Hallux-Valgus-Technologien durch begrenzte Veröffentlichungen von Nanoplasty™, Percuplasty™ 3D MIS Osteotomy Systems und SpeedMTP™ MTP Fusion System. Treace hielt eine starke Bruttomarge von 79,7 % und schloss das Quartal mit einer Gesamtliquidität von 98,6 Millionen US-Dollar ab. Das Unternehmen bestätigte seine Umsatzprognose für das Gesamtjahr 2025 von 224 bis 230 Millionen US-Dollar, was einem Wachstum von 7-10 % entspricht, und erwartet, im Jahr 2025 ein bereinigtes EBITDA-Break-even zu erreichen.
- Revenue grew 3% YoY to $52.6 million (4.5% adjusted for selling days)
- Net loss improved 15% to $(15.9) million from $(18.7) million YoY
- Adjusted EBITDA improved 53% to $(3.8) million from $(8.3) million YoY
- Strong gross margin maintained at 79.7%
- Healthy liquidity position of $98.6 million
- Expanded patent portfolio to over 100 granted patents
- Revenue growth of 3% represents relatively slow expansion
- Still operating at a significant net loss of $(15.9) million
- Slight decline in gross margin from 80.2% to 79.7% YoY
Insights
Treace shows modest 3% revenue growth but impressive 53% improved adjusted EBITDA; maintains 2025 guidance with expected profitability milestone while expanding bunion treatment portfolio.
Treace Medical Concepts' Q1 2025 results present a balanced financial picture. Revenue reached
The company maintained its robust gross margin of
Treace's bunion technology portfolio expansion through the limited release of Nanoplasty™, Percuplasty™, and SpeedMTP™ systems strategically positions them to address all four classes of bunion deformities, potentially broadening their addressable market. Their intellectual property position has strengthened with over 100 granted patents plus 172 pending applications.
With
This combination of improved profitability metrics, steady gross margins, expanded product offerings, and a clear path to breakeven EBITDA demonstrates execution on the company's strategy to balance growth with improving financial performance in the specialized bunion correction market.
PONTE VEDRA, Fla., May 08, 2025 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. ("Treace" or the "Company") (NasdaqGS: TMCI), a medical technology company driving a fundamental shift in the surgical treatment of bunions and related midfoot deformities through its flagship Lapiplasty® and Adductoplasty® Procedures, today reported financial results for the first quarter ended March 31, 2025.
Recent Highlights
- Generated revenue of
$52.6 million in first quarter 2025 representing growth of3% over the same period in 2024. - Improved first quarter 2025 net loss by
15% to$(15.9) million compared to$(18.7) million in the same period in 2024. Improved adjusted EBITDA by53% to$(3.8) million in the first quarter 2025 compared to$(8.3) million in the same period in 2024. - Expanded bunion technology portfolio through limited market releases of the Nanoplasty™ and the Percuplasty™ 3D MIS Osteotomy Systems, and the SpeedMTP™ MTP Fusion System, with additional launches expected in 2025.
- Announced positive interim clinical data for Lapiplasty, Mini Lapiplasty, and Adductoplasty procedures, at the 2025 ACFAS Annual Scientific Conference.
- Broadened global patent portfolio surpassing 100 granted patents in addition to 172 pending patent applications.
“We are pleased with the positive customer responses to our three new specialized bunion systems targeting all four classes of bunion deformities while we continue to expand our differentiated body of clinical evidence and drive adoption of our flagship Lapiplasty and Adductoplasty procedures. Our first quarter results represent solid growth versus a difficult comp and strong improvements in adjusted EBITDA,” said John T. Treace, CEO, Founder and Board Member of Treace. “Looking ahead, our expanding best in class bunion portfolio and robust innovation pipeline along with significant surgeon training momentum positions Treace for accelerating growth throughout the year and to extend our leadership position within the US bunion market.”
First Quarter 2025 Financial Results
Revenue for the first quarter of 2025 was
Gross profit for the first quarter of 2025 was
Total operating expenses were
First quarter 2025 net loss was
Treace had
2025 Financial Outlook
The Company is reaffirming full-year 2025 revenue guidance of
The Company continues to expect breakeven Adjusted EBITDA for the full-year 2025.*
Webcast and Conference Call Details
Treace will host a conference call today, May 8, 2025, at 4:30 p.m. ET to discuss its first quarter 2025 financial results. Investors interested in listening to the conference call may do so by registering. Once registered, participants will receive dial-in numbers and a unique pin to join the call and ask questions. The live webcast of the conference call will be available on the Investor Relations section of the Company’s website at investors.treace.com. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement the financial results presented in accordance with GAAP, this earnings release presents Adjusted EBITDA, which the Company defines as net loss before depreciation and amortization expense, interest income, interest expense, taxes, share-based compensation expense, acquisition-related costs, restructuring costs, customer credit loss, litigation costs, and debt extinguishment loss. Non-GAAP financial measures such as Adjusted EBITDA are presented in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management uses non-GAAP financial measures to evaluate the Company’s operating performance and trends, as well as for making planning decisions. The Company believes that Adjusted EBITDA helps to identify underlying trends in the Company’s business that may otherwise be masked by the effect of the income and expenses and other items that it excludes in its calculation of Adjusted EBITDA. Accordingly, the Company believes this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the Company’s operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by the Company’s management in their financial and operational decision-making. The Company also presents this non-GAAP financial measure because it believes investors, analysts and rating agencies consider it to be a useful metric in measuring the Company’s performance against other companies and its ability to meet its debt service obligations.
There are limitations related to the use of non-GAAP financial measures such as Adjusted EBITDA because they are not prepared in accordance with GAAP, may exclude significant income and expenses required by GAAP to be recognized in the Company’s financial statements, and may not be comparable to non-GAAP financial measures used by other companies. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation between GAAP and non-GAAP results is presented below.
*A reconciliation of Adjusted EBITDA to GAAP net loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.
Forward-Looking Statements
This press release and statements made during the Company’s earnings call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, the Company’s: 2025 full-year guidance; anticipated liquidity; 2025 Adjusted EBITDA breakeven guidance; expected 2025 cash burn decrease; anticipated expansion of clinical evidence; expected increase in product adoptions; continued execution of strategic initiatives; belief that it is positioned for accelerating growth throughout the year and to extend its leadership position within the US bunion market; ability to effectively respond to and mitigate the impact of challenges in the current market environment, including in response to new or increased tariffs, changes in trade policies, economic uncertainty, or increased competition and accelerating adoption of MIS osteotomy solutions; anticipated future product launches and the timing of such product launches, including the timing for full commercial availability of the Nanoplasty™ and Percuplasty™ Systems and the number and pace of new product innovations through 2025; ability to increase its procedure volumes, expand its surgeon customer base, provide a suite of technologies to address the evolving needs of bunion surgeons, and increase penetration into the bunion market; strategic investments supporting its market position and long-term outlook; ability to protect and enforce its intellectual property rights, including through its recently filed patent infringement and unfair competition suit; success in defending against securities class actions and infringement of its intellectual property by third parties, including its competitors; expected seasonality; and anticipated pace of growth in the foot and ankle market. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of Treace’s public filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise. The Company’s results for the quarter ended March 31, 2025 are not necessarily indicative of its operating results for any future periods.
Internet Posting of Information
Treace routinely posts information that may be important to investors in the “Investor Relations” section of its website at www.treace.com. The Company encourages investors and potential investors to consult the Treace website regularly for important information about Treace.
About Treace Medical Concepts
Treace Medical Concepts, Inc. is a medical technology company with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which Treace estimates 1.1 million are annual surgical candidates. Treace has pioneered and patented the Lapiplasty® 3D Bunion Correction® System – a combination of instruments, implants, and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles. To further support the needs of bunion patients, Treace has introduced its Adductoplasty® Midfoot Correction System, designed for reproducible surgical correction of midfoot deformities, the SpeedMTP™ Rapid Compression Implant for addressing bunions through big toe joint fusions, and two systems for minimally invasive osteotomy surgeries: the Nanoplasty™ 3D Minimally Invasive Bunion Correction System and the Percuplasty™ Percutaneous 3D Bunion Correction System. The Company continues to expand its footprint in the foot and ankle market with the introduction of its SpeedPlate™ Rapid Compression Implants, an innovative fixation platform with broad versatility across Lapiplasty® and Adductoplasty® procedures, as well as other common bone fusion procedures of the foot. For more information, please visit www.treace.com.
To learn more about Treace, connect with us on LinkedIn, X, Facebook and Instagram.
Contacts:
Treace Medical Concepts
Mark L. Hair
Chief Financial Officer
mhair@treace.net
(904) 373-5940
Investors:
Gilmartin Group
Philip Trip Taylor
IR@treace.net
| Treace Medical Concepts, Inc. Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 52,570 | $ | 51,108 | ||||
| Cost of goods sold | 10,677 | 10,127 | ||||||
| Gross profit | 41,893 | 40,981 | ||||||
| Operating expenses | ||||||||
| Sales and marketing | 36,122 | 40,328 | ||||||
| Research and development | 5,562 | 5,259 | ||||||
| General and administrative | 15,791 | 14,362 | ||||||
| Total operating expenses | 57,475 | 59,949 | ||||||
| Loss from operations | (15,582 | ) | (18,968 | ) | ||||
| Interest income | 841 | 1,535 | ||||||
| Interest expense | (1,311 | ) | (1,317 | ) | ||||
| Other income, net | 130 | 74 | ||||||
| Other non-operating income (expense), net | (340 | ) | 292 | |||||
| Net loss | $ | (15,922 | ) | $ | (18,676 | ) | ||
| Other comprehensive income (loss) | ||||||||
| Unrealized gain (loss) on marketable securities | $ | (40 | ) | $ | (94 | ) | ||
| Comprehensive loss | $ | (15,962 | ) | $ | (18,770 | ) | ||
| Net loss per share, basic and diluted | $ | (0.25 | ) | $ | (0.30 | ) | ||
| Weighted-average shares used in computing net loss per share, basic and diluted | 62,661,447 | 61,792,788 | ||||||
| Treace Medical Concepts, Inc. Balance Sheets (in thousands, except share and per share amounts) (unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 13,372 | $ | 11,350 | ||||
| Marketable securities, short-term | 62,717 | 64,327 | ||||||
| Accounts receivable, net of allowance for credit losses of | 31,110 | 40,803 | ||||||
| Inventories | 37,940 | 39,255 | ||||||
| Prepaid expenses and other current assets | 4,298 | 5,667 | ||||||
| Total current assets | 149,437 | 161,402 | ||||||
| Property and equipment, net | 27,129 | 25,953 | ||||||
| Intangible assets, net of accumulated amortization of | 7,837 | 8,075 | ||||||
| Goodwill | 12,815 | 12,815 | ||||||
| Operating lease right-of-use assets | 8,241 | 8,442 | ||||||
| Other non-current assets | 387 | 407 | ||||||
| Total assets | $ | 205,846 | $ | 217,094 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 13,223 | $ | 10,522 | ||||
| Accrued liabilities | 6,008 | 7,197 | ||||||
| Accrued commissions | 6,529 | 10,121 | ||||||
| Accrued compensation | 5,190 | 6,575 | ||||||
| Other liabilities | 2,230 | 510 | ||||||
| Total current liabilities | 33,180 | 34,925 | ||||||
| Long-term debt, net | 53,380 | 53,306 | ||||||
| Operating lease liabilities, net of current portion | 13,908 | 15,934 | ||||||
| Other long-term liabilities | 37 | 37 | ||||||
| Total liabilities | 100,505 | 104,202 | ||||||
| Commitments and contingencies (Note 7) | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 63 | 62 | ||||||
| Additional paid-in capital | 311,815 | 303,004 | ||||||
| Accumulated deficit | (205,912 | ) | (189,990 | ) | ||||
| Accumulated other comprehensive (loss) income | 57 | 97 | ||||||
| Treasury stock, at cost; 75,996 and 23,391 shares as of March 31, 2025 and December 31, 2024, respectively | (682 | ) | (281 | ) | ||||
| Total stockholders’ equity | 105,341 | 112,892 | ||||||
| Total liabilities and stockholders’ equity | $ | 205,846 | $ | 217,094 | ||||
| Treace Medical Concepts, Inc. Statements of Cash Flows (in thousands) (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (15,922 | ) | $ | (18,676 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||
| Depreciation and amortization expense | 2,461 | 1,909 | ||||||
| Provision for allowance for credit losses | 500 | 159 | ||||||
| Share-based compensation expense | 8,693 | 7,408 | ||||||
| Non-cash lease expense | 578 | 592 | ||||||
| Amortization of debt issuance costs | 74 | 75 | ||||||
| Amortization (accretion) of premium (discount) on marketable securities, net | (77 | ) | (335 | ) | ||||
| Other, net | 187 | 90 | ||||||
| Net changes in operating assets and liabilities, net of acquisitions | ||||||||
| Accounts receivable | 9,289 | 7,821 | ||||||
| Inventory | 1,315 | (6,615 | ) | |||||
| Prepaid expenses and other assets | 1,369 | (1,495 | ) | |||||
| Other non-current assets | (76 | ) | — | |||||
| Operating lease liabilities | (785 | ) | (657 | ) | ||||
| Accounts payable | 2,701 | 9,314 | ||||||
| Accrued liabilities | (6,166 | ) | (6,918 | ) | ||||
| Other, net | 57 | 107 | ||||||
| Net cash provided by (used in) operating activities | 4,198 | (7,221 | ) | |||||
| Cash flows from investing activities | ||||||||
| Purchases of available-for-sale marketable securities | (15,090 | ) | (28,711 | ) | ||||
| Sales and maturities of available-for-sale marketable securities | 16,739 | 36,396 | ||||||
| Purchases of property and equipment | (3,543 | ) | (3,927 | ) | ||||
| Net cash provided by (used in) investing activities | (1,894 | ) | 3,758 | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from exercise of employee stock options | 119 | 52 | ||||||
| Taxes from withheld shares | (401 | ) | (237 | ) | ||||
| Net cash provided by (used in) financing activities | (282 | ) | (185 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 2,022 | (3,648 | ) | |||||
| Cash and cash equivalents at beginning of period | 11,350 | 12,982 | ||||||
| Cash and cash equivalents at end of period | $ | 13,372 | $ | 9,334 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ | 1,229 | $ | 1,317 | ||||
| Noncash investing activities | ||||||||
| Unrealized (gains) losses, net on marketable securities | $ | 40 | $ | 94 | ||||
| Unsettled matured marketable security and receivable from broker | $ | — | $ | 2,100 | ||||
| Noncash financing activities | ||||||||
| Legal cost financing | $ | 45 | $ | — | ||||
| Treace Medical Concepts, Inc. Reconciliation of GAAP Net Loss to EBITDA & Adjusted EBITDA (in thousands) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net loss | $ | (15,922 | ) | $ | (18,676 | ) | |
| Adjustments: | |||||||
| Interest income | (841 | ) | (1,535 | ) | |||
| Interest expense | 1,311 | 1,317 | |||||
| Taxes | — | — | |||||
| Depreciation & Amortization | 2,461 | 1,909 | |||||
| EBITDA | $ | (12,991 | ) | $ | (16,985 | ) | |
| Share-based compensation expense | 8,693 | 7,408 | |||||
| Acquisition-related costs | — | 1,317 | |||||
| Litigation costs1 | 455 | — | |||||
| Adjusted EBITDA | $ | (3,843 | ) | $ | (8,260 | ) | |
1 Litigation costs related to the lawsuit the Company filed against Stryker Corporate and its subsidiary Wright Medical Technology, Inc. on October 14, 2024.
FAQ
What was Treace Medical Concepts (TMCI) revenue in Q1 2025?
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What is Treace Medical's revenue guidance for full-year 2025?
What new products did TMCI release in Q1 2025?
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