Treace Medical Concepts Reports Third Quarter 2025 Financial Results
Treace Medical Concepts (Nasdaq: TMCI) reported third quarter 2025 results on November 6, 2025 with revenue $50.2M (+11% YoY) and a net loss of $16.3M (or $(0.26) per share). Gross margin was 79.1%. Adjusted EBITDA loss improved 49% to $(2.6M). Total liquidity was $80.6M ($57.4M cash and marketable securities; $23.2M revolver availability).
The company released new 3D MIS and MTP fusion systems, presented positive clinical data, and expanded its patent portfolio to 122 granted and 194 pending patents. Treace cut full‑year 2025 revenue guidance to $211M–$213M (1%–2% growth) from $224M–$230M and now expects an Adjusted EBITDA loss of $6.5M–$7.5M for 2025, citing shifting surgeon preferences and softer elective procedure demand.
Treace Medical Concepts (Nasdaq: TMCI) ha riportato i risultati del terzo trimestre 2025 il 6 novembre 2025 con ricavi di 50,2 milioni di dollari (+11% YoY) e una perdita netta di 16,3 milioni di dollari (ovvero 0,26 $ per azione). Il margine lordo era 79,1%. La perdita EBITDA rettificata è migliorata del 49% a (2,6) milioni di dollari. La liquidità totale era di 80,6 milioni di dollari (57,4 milioni di contanti e titoli negoziabili; disponibilità revolver di 23,2 milioni).
L'azienda ha rilasciato nuovi sistemi 3D MIS e MTP fusion, ha presentato dati clinici positivi ed ha ampliato il proprio portafoglio di brevetti a 122 brevetti concessi e 194 in attesa. Treace ha tagliato le previsioni di ricavi per l'intero 2025 a 211–213 milioni di dollari (1%–2% di crescita) da 224–230 milioni e ora si aspetta una perdita EBITDA rettificata di 6,5–7,5 milioni di dollari per il 2025, citando preferenze dei chirurghi in cambiamento e una domanda più debole per le procedure elettive.
Treace Medical Concepts (Nasdaq: TMCI) informó los resultados del tercer trimestre de 2025 el 6 de noviembre de 2025 con ingresos de 50,2 millones de dólares (+11% interanual) y una pérdida neta de 16,3 millones de dólares (o 0,26 $ por acción). El margen bruto fue del 79,1%. La pérdida de EBITDA ajustada mejoró un 49% a (2,6 millones de dólares). La liquidez total fue de 80,6 millones de dólares (57,4 millones en efectivo y valores negociables; disponibilidad de revolver de 23,2 millones). La compañía lanzó nuevos sistemas 3D MIS y MTP fusion, presentó datos clínicos positivos y amplió su portafolio de patentes a 122 patentes concedidas y 194 pendientes. Treace redujo la guía de ingresos para todo 2025 a 211–213 millones de dólares (crecimiento del 1%–2%), desde 224–230 millones, y ahora espera una pérdida ajustada de EBITDA de 6,5–7,5 millones de dólares para 2025, citando cambios en las preferencias de los cirujanos y una menor demanda de procedimientos electivos.
Treace Medical Concepts (Nasdaq: TMCI)는 2025년 11월 6일 2025년 3분기 실적을 발표하면서 매출은 5,020만 달러(+전년 대비 11%), 순손실은 1,630만 달러(주당 0.26달러)이었습니다. 총 이익률은 79.1%였습니다. 조정된 EBITDA 손실은 49% 개선되어 (260만 달러)였습니다. 총 유동성은 8060만 달러였고(현금 5740만 달러 및 시장성 있는 증권; 리볼버 가능 금액 2320만 달러), 새로운 3D MIS 및 MTP 융합 시스템을 발표하고 긍정적인 임상 데이터를 제시했으며 특허 포트폴리오를 122건의 승인 특허와 194건의 대기 중 특허로 확장했습니다. Treace는 2025년 전체 매출 가이던스를 211–213백만 달러로 하향 조정했고(1%–2% 성장), 2025년 조정 EBITDA 손실를 6.5–7.5백만 달러로 전망했습니다. 이는 의사들의 선호 변화와 선택적 시술 수요 약화를 인용합니다.
Treace Medical Concepts (Nasdaq : TMCI) a publié les résultats du troisième trimestre 2025 le 6 novembre 2025 avec un chiffre d'affaires de 50,2 millions de dollars (+11% sur un an) et une perte nette de 16,3 millions de dollars (ou 0,26 $ par action). La marge brute était de 79,1%. La perte EBITDA ajustée s'est améliorée de 49% pour atteindre (2,6 millions de dollars). La liquidité totale était de 80,6 millions de dollars (57,4 millions en espèces et valeurs mobilières; disponibilité du revolver 23,2 millions). L'entreprise a lancé de nouveaux systèmes 3D MIS et MTP fusion, a présenté des données cliniques positives et a élargi son portefeuille de brevets à 122 brevets accordés et 194 en instance. Treace a abaissé ses prévisions de revenus pour l'ensemble de 2025 à 211–213 millions de dollars (croissance de 1%–2%), et prévoit désormais une perte EBITDA ajustée de 6,5–7,5 millions de dollars pour 2025, citant des changements dans les préférences des chirurgiens et une demande plus faible pour les procédures électives.
Treace Medical Concepts (Nasdaq: TMCI) berichtete die Ergebnisse des dritten Quartals 2025 am 6. November 2025 mit einem Umsatz von 50,2 Mio. USD (+11% YoY) und einem Nettogewinnverlust von 16,3 Mio. USD (bzw. 0,26 USD pro Aktie). Die Bruttomarge betrug 79,1%. Der bereinigte EBITDA-Verlust hat sich um 49% verbessert und betrug (2,6 Mio. USD). Die Gesamtkundliquidität lag bei 80,6 Mio. USD (57,4 Mio. USD in Bargeld und marktgängigen Wertpapieren; revolvierbare Verfügbarkeit von 23,2 Mio. USD). Das Unternehmen stellte neue 3D MIS- und MTP-Fusionssysteme vor, präsentierte positive klinische Daten und erweiterte sein Patentportfolio auf 122 erteilte Patente und 194 anhängige Patente. Treace senkte die Umsatzprognose für das Gesamtjahr 2025 auf 211–213 Mio. USD (1%–2% Wachstum) von 224–230 Mio. USD und erwartet nun einen bereinigten EBITDA-Verlust von 6,5–7,5 Mio. USD für 2025, mit Verweis auf sich verändernde Chirurgenpräferenzen und eine abgeschwächte Nachfrage nach elektiven Eingriffen.
Treace Medical Concepts (بورصة ناسداك: TMCI) أبلغت عن نتائج الربع الثالث من عام 2025 في 6 نوفمبر 2025 بإيرادات قدرها 50.2 مليون دولار (+11% على أساس سنوي) وخسارة صافية قدرها 16.3 مليون دولار (أو 0.26 دولار للسهم). الهامش الإجمالي كان 79.1%. تحسن عجز EBITDA المعدل بمقدار 49% ليصل إلى (2.6 مليون دولار). إجمالي السيولة كان 80.6 مليون دولار (57.4 مليون دولار نقداً وأوراق مالية قابلة للتداول؛ توفر خطوط التسهيلات الدائرية 23.2 مليون دولار). أصدرت الشركة أنظمة جديدة ثلاثية الأبعاد MIS وMTP fusion، قدمت بيانات سريرية إيجابية، ووسعت محفظة براءات الاختراع لتصل إلى 122 براءة مُمنوحة و 194 قيد الانتظار. خفضت Treace توجيهات الإيرادات لعام 2025 ككل إلى 211–213 مليون دولار (نمو 1%–2%) من 224–230 مليون دولار وتتوقع الآن خسارة EBITDA المعدلة قدرها 6.5–7.5 مليون دولار لعام 2025، مشيرة إلى تغيّر تفضيلات الجراحين وانخفاض الطلب على الإجراءات الانتقائية.
- Revenue +11% YoY to $50.2M
- Adjusted EBITDA loss improved 49% to $(2.6M)
- Total liquidity of $80.6M as of Sept 30, 2025
- Expanded patent portfolio: 122 granted and 194 pending
- Third-quarter net loss of $16.3M (or $(0.26) per share)
- Full-year 2025 revenue guidance cut to $211M–$213M
- Now expects full-year Adjusted EBITDA loss $6.5M–$7.5M vs prior breakeven guidance
- Lapiplasty sales expected lower due to evolving surgeon preferences and softer elective demand
Insights
Revenue grew modestly, profitability metrics improved but full‑year guidance was cut and losses remain.
Treace reported third quarter revenue of
Risks and dependencies are explicit in the release: the company attributes the reduced full‑year guidance to lower sales of its flagship Lapiplasty system due to shifting surgeon preferences toward minimally invasive procedures, competition, and weaker elective demand from macroeconomic softness. Management lowered 2025 revenue guidance to
Watch concrete metrics over the coming quarters: sequential trends in Lapiplasty procedure volumes, uptake of the newly released Nanoplasty, Percuplasty and SpeedMTP systems, and quarterly Adjusted EBITDA versus the revised full‑year range; monitor cash and revolver availability each quarter for liquidity sufficiency. Near‑term horizon: the remainder of
PONTE VEDRA, Fla., Nov. 06, 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, today reported financial results for the third quarter ended September 30, 2025.
Recent Highlights
- Generated revenue of
$50.2 million in third quarter 2025 representing growth of11% over the same period in 2024. - Reported third quarter 2025 net loss of
$(16.3) million and improved adjusted EBITDA by49% to$(2.6) million in the third quarter 2025 compared to$(5.1) million in the same period in 2024. - Presented clinical data at the American Orthopaedic Foot & Ankle Society Annual Meeting highlighting results from the Align3D™ Lapiplasty® and MTA3D Adductoplasty® clinical studies demonstrating positive patient outcomes.
- Expanded bunion technology portfolio in the third quarter with full market release of the Nanoplasty® and Percuplasty™ 3D MIS Osteotomy Systems and the SpeedMTP® MTP Fusion System.
- Broadened global patent portfolio now totals 122 granted patents in addition to 194 pending patent applications.
John T. Treace, CEO, Founder and Chairman of Treace, said, “Our revenue growth in the third quarter reflects greater market penetration with our expanded portfolio of solutions, along with higher than planned sales to a limited number of stocking distributors that we do not expect to recur at the same level. At the same time, Lapiplasty volumes have been impacted as surgeons and patient preferences shift towards minimally invasive solutions, and we are seeing broader macroeconomic conditions and softer consumer sentiment resulting in a greater number of deferrals of elective bunion procedures. These headwinds have continued early into the fourth quarter, and as a result, we are revising our outlook for the full year. Looking ahead, while we have lowered our growth expectations for 2025, we remain the leader in the bunion market, and we believe we are in a stronger position to drive market share gains with our new products, innovation pipeline and ability to leverage investments in our commercial organization. Our team is focused on increasing our topline growth, improving profitability and delivering value to our shareholders.”
Third Quarter 2025 Financial Results
Revenue for the third quarter of 2025 was
Gross profit for the third quarter of 2025 was
Total operating expenses were
Third quarter 2025 net loss was
Treace had
2025 Financial Outlook
The Company is revising full-year 2025 revenue guidance to
The Company now expects a loss in Adjusted EBITDA in the range of
The Company now expects a reduction in cash used of
The Company’s reduction in full-year 2025 guidance is primarily a result of expected lower sales from its flagship Lapiplasty System, largely due to evolving surgeon preferences for minimally invasive osteotomy procedures, competition, lower patient demand for elective bunion surgery due to macroeconomic conditions and the other headwinds described above.
Webcast and Conference Call Details
Treace will host a conference call today, November 6, 2025, at 4:30 p.m. ET to discuss its third 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 guidance; expected 2025 cash usage decrease; expected increase in product adoptions; continued execution of strategic initiatives; anticipated market position, growth rates and profitability improvement; ability to effectively respond to and mitigate the impact of challenges in the current market environment, including in response to increased competition, evolving surgeon and patient preferences for minimally invasive bunion solutions, changes in tariff and trade policies, protracted government shutdowns, economic uncertainty or soft consumer sentiment; anticipated future product launches and the timing of such product launches; ability to increase procedure volumes, expand surgeon customer base and utilization rate, and increase procedure penetration and market share; sufficiency of its balance sheet to continue executing strategic and growth initiatives for the foreseeable future; anticipated expansion of clinical evidence; ability to protect and enforce its intellectual property rights, including through its recently filed patent infringement and unfair competition suits; success in defending against securities class actions and infringement of its intellectual property by third parties, including its competitors; expected seasonality; ability to leverage investments in its commercial organization and control costs in its organizational structure, the amount and timing of orders for our products from stocking distributors and other customers; 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 September 30, 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 surgeons and bunion patients, Treace offers its Adductoplasty® Midfoot Correction System, designed for reproducible surgical correction of midfoot deformities, two systems for minimally invasive osteotomy procedures, namely the Nanoplasty® 3D Minimally Invasive Bunion Correction System and the Percuplasty™ Percutaneous 3D Bunion Correction System, and the SpeedMTP® MTP Fusion System. Treace continues to expand its footprint in the marketplace by extending its SpeedPlate® rapid compression implant platform to new applications, as well as providing surgeons with advanced digital solutions with its IntelliGuide™ patient specific, pre-op planning and cut guide technology. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 50,214 | $ | 45,086 | $ | 150,171 | $ | 140,649 | ||||||||
| Cost of goods sold | 10,508 | 8,954 | 30,820 | 27,862 | ||||||||||||
| Gross profit | 39,706 | 36,132 | 119,351 | 112,787 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 34,421 | 32,775 | 103,627 | 110,784 | ||||||||||||
| Research and development | 4,680 | 4,963 | 15,740 | 15,379 | ||||||||||||
| General and administrative | 16,281 | 13,528 | 48,216 | 42,108 | ||||||||||||
| Total operating expenses | 55,382 | 51,266 | 167,583 | 168,271 | ||||||||||||
| Loss from operations | (15,676 | ) | (15,134 | ) | (48,232 | ) | (55,484 | ) | ||||||||
| Interest income | 634 | 1,067 | 2,250 | 3,978 | ||||||||||||
| Interest expense | (1,338 | ) | (1,313 | ) | (3,970 | ) | (3,942 | ) | ||||||||
| Other income, net | 92 | 20 | 344 | 206 | ||||||||||||
| Other non-operating income (expense), net | (612 | ) | (226 | ) | (1,376 | ) | 242 | |||||||||
| Net loss | $ | (16,288 | ) | $ | (15,360 | ) | $ | (49,608 | ) | $ | (55,242 | ) | ||||
| Other comprehensive income (loss) | ||||||||||||||||
| Unrealized gain (loss) on marketable securities | $ | 33 | $ | 217 | $ | (14 | ) | $ | 28 | |||||||
| Comprehensive loss | $ | (16,255 | ) | $ | (15,143 | ) | $ | (49,622 | ) | $ | (55,214 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.26 | ) | $ | (0.25 | ) | $ | (0.79 | ) | $ | (0.89 | ) | ||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 63,515,372 | 62,229,463 | 63,069,810 | 62,035,293 | ||||||||||||
| Treace Medical Concepts, Inc. Balance Sheets (in thousands, except share and per share amounts) (unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 7,686 | $ | 11,350 | ||||
| Marketable securities, short-term | 49,730 | 64,327 | ||||||
| Accounts receivable, net of allowance for credit losses of | 32,959 | 40,803 | ||||||
| Inventories | 41,424 | 39,255 | ||||||
| Prepaid expenses and other current assets | 6,198 | 5,667 | ||||||
| Total current assets | 137,997 | 161,402 | ||||||
| Property and equipment, net | 29,970 | 25,953 | ||||||
| Intangible assets, net of accumulated amortization of | 7,362 | 8,075 | ||||||
| Goodwill | 12,815 | 12,815 | ||||||
| Operating lease right-of-use assets | 7,833 | 8,442 | ||||||
| Other non-current assets | 614 | 407 | ||||||
| Total assets | $ | 196,591 | $ | 217,094 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 16,103 | $ | 10,522 | ||||
| Accrued liabilities | 7,315 | 7,197 | ||||||
| Accrued commissions | 6,215 | 10,121 | ||||||
| Accrued compensation | 7,172 | 6,575 | ||||||
| Other liabilities | 4,103 | 510 | ||||||
| Total current liabilities | 40,908 | 34,925 | ||||||
| Long-term debt, net | 53,529 | 53,306 | ||||||
| Operating lease liabilities, net of current portion | 12,930 | 15,934 | ||||||
| Other long-term liabilities | 37 | 37 | ||||||
| Total liabilities | 107,404 | 104,202 | ||||||
| Commitments and contingencies (Note 7) | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 64 | 62 | ||||||
| Additional paid-in capital | 329,746 | 303,004 | ||||||
| Accumulated deficit | (239,598 | ) | (189,990 | ) | ||||
| Accumulated other comprehensive (loss) income | 83 | 97 | ||||||
| Treasury stock, at cost; 141,572 and 23,391 shares as of September 30, 2025 and December 31, 2024, respectively | (1,108 | ) | (281 | ) | ||||
| Total stockholders’ equity | 89,187 | 112,892 | ||||||
| Total liabilities and stockholders’ equity | $ | 196,591 | $ | 217,094 | ||||
| Treace Medical Concepts, Inc. Statements of Cash Flows (in thousands) (unaudited) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (49,608 | ) | $ | (55,242 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||
| Depreciation and amortization expense | 7,815 | 6,182 | ||||||
| Provision for allowance for credit losses | 512 | 2,381 | ||||||
| Share-based compensation expense | 26,268 | 22,048 | ||||||
| Non-cash lease expense | 1,689 | 607 | ||||||
| Amortization of debt issuance costs | 223 | 223 | ||||||
| Amortization (accretion) of premium (discount) on marketable securities, net | (119 | ) | (918 | ) | ||||
| Other, net | 750 | 180 | ||||||
| Net changes in operating assets and liabilities, net of acquisitions | ||||||||
| Accounts receivable | 7,428 | 11,505 | ||||||
| Inventory | (2,169 | ) | (14,366 | ) | ||||
| Prepaid expenses and other assets | (531 | ) | 838 | |||||
| Other non-current assets | (303 | ) | (312 | ) | ||||
| Operating lease liabilities | (2,382 | ) | (147 | ) | ||||
| Accounts payable | 5,581 | 6,814 | ||||||
| Accrued liabilities | (3,191 | ) | (12,753 | ) | ||||
| Other, net | 93 | — | ||||||
| Net cash provided by (used in) operating activities | (7,944 | ) | (32,960 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of available-for-sale marketable securities | (34,889 | ) | (52,890 | ) | ||||
| Sales and maturities of available-for-sale marketable securities | 49,593 | 93,363 | ||||||
| Purchases of property and equipment | (11,119 | ) | (8,519 | ) | ||||
| Net cash provided by (used in) investing activities | 3,585 | 31,954 | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from insurance premium financing | 1,553 | — | ||||||
| Payments on insurance premium financing | (507 | ) | — | |||||
| Proceeds from exercise of employee stock options | 476 | 371 | ||||||
| Taxes from withheld shares | (827 | ) | (237 | ) | ||||
| Net cash provided by (used in) financing activities | 695 | 134 | ||||||
| Net increase (decrease) in cash and cash equivalents | (3,664 | ) | (872 | ) | ||||
| Cash and cash equivalents at beginning of period | 11,350 | 12,982 | ||||||
| Cash and cash equivalents at end of period | $ | 7,686 | $ | 12,110 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ | 3,754 | $ | 3,732 | ||||
| Operating lease right-of-use asset and lease liability adjustment due to lease incentive | $ | — | $ | 88 | ||||
| Noncash investing activities | ||||||||
| Unrealized (gains) losses, net on marketable securities | $ | 14 | $ | (28 | ) | |||
| Noncash financing activities | ||||||||
| Legal cost financing | $ | 752 | $ | — | ||||
| Treace Medical Concepts, Inc. Reconciliation of GAAP Net Loss to EBITDA & Adjusted EBITDA (in thousands) (unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (16,288 | ) | $ | (15,360 | ) | $ | (49,608 | ) | $ | (55,242 | ) | |||
| Adjustments: | |||||||||||||||
| Interest income | (634 | ) | (1,067 | ) | (2,250 | ) | (3,978 | ) | |||||||
| Interest expense | 1,338 | 1,313 | 3,970 | 3,942 | |||||||||||
| Taxes | — | — | — | — | |||||||||||
| Depreciation & Amortization | 2,778 | 2,157 | 7,815 | 6,182 | |||||||||||
| EBITDA | $ | (12,806 | ) | $ | (12,957 | ) | $ | (40,073 | ) | $ | (49,096 | ) | |||
| Share-based compensation expense | 7,998 | 7,900 | 26,268 | 22,048 | |||||||||||
| Acquisition-related costs | — | — | — | 1,873 | |||||||||||
| Restructuring costs1 | 1,177 | — | 1,177 | 964 | |||||||||||
| Customer credit loss2 | — | — | — | 2,147 | |||||||||||
| Litigation costs3 | 1,038 | — | 2,548 | — | |||||||||||
| Adjusted EBITDA | $ | (2,593 | ) | $ | (5,057 | ) | $ | (10,080 | ) | $ | (22,064 | ) | |||
1 Restructuring charges primarily relate to severance payments and other post-employment benefits from a restructuring in the second quarter of 2024 and the third quarter 2025.
2 Customer credit loss consists of the write-off of accounts receivable due from a customer that filed for bankruptcy during the second quarter of 2024.
3 Litigation costs relate to patent infringement lawsuits.
FAQ
What were Treace (TMCI) third-quarter 2025 revenues and profit metrics?
Why did Treace (TMCI) lower its full‑year 2025 revenue guidance on Nov 6, 2025?
What is Treace's updated full‑year 2025 guidance for revenue and Adjusted EBITDA?
How much liquidity did Treace (TMCI) report at Sep 30, 2025?
Did Treace (TMCI) report any product or clinical developments in Q3 2025?
