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Treace Medical Concepts, Inc. (TMCI)

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Previous Close35.61
Open35.75
Bid35.89 x 800
Ask36.13 x 800
Day's Range35.63 - 36.17
52 Week Range24.25 - 36.72
Volume229,422
Avg. Volume415,068
Market Cap1.905B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateMay 25, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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    • Treace Medical Concepts Reports First Quarter 2021 Financial Results
      GlobeNewswire

      Treace Medical Concepts Reports First Quarter 2021 Financial Results

      PONTE VEDRA, Fla., May 25, 2021 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. (“Treace” or the “Company”) (NasdaqGS: TMCI), a commercial-stage orthopaedic medical device company driving a paradigm shift in the surgical treatment of Hallux Valgus (commonly known as bunions), today reported financial results for the first quarter ended March 31, 2021. Recent Highlights: Revenue of $18.7 million, a 66% increase over the same period last yearGross margin of 82.2%, an increase of 340 basis points from the same period last yearCompleted initial public offering with $107.1 million in proceeds, net of underwriting discounts, commissions and offering costsInterim results from ALIGN3D™ clinical study demonstrating positive radiographic and patient-reported outcomes starting at 6 weeks and maintained at 12 months “We are pleased to report a solid start to 2021, with strength led by our expanding direct sales channel and surgeon and patient education initiatives, particularly as we exited the first quarter,” said John T. Treace, CEO, Founder and Board Member of Treace. “As we navigate toward a potential return to normalcy through 2021, we believe we are well positioned to drive continued market penetration of our Lapiplasty® system leveraging a comprehensive set of tools and capabilities that include a body of clinical evidence demonstrating consistent, reliable correction and low recurrence rates.” First Quarter 2021 Financial Results Revenue for the first quarter of 2021 was $18.7 million, representing an increase of 66.2% compared to $11.3 million in the first quarter of 2020. The increase was driven by an increased number of Lapiplasty Procedure Kits sold and an expanded customer base. Gross profit for the first quarter of 2021 was $15.4 million, compared to a gross profit of $8.9 million in the first quarter of 2020. Gross margin increased to 82.2% in the first quarter of 2021, compared to 78.8% in the first quarter of 2020. Gross margin expansion was the result of increased number of Lapiplasty® Procedure Kits sold and a higher average blended ASP. Total operating expenses were $16.8 million in the first quarter of 2021, including sales and marketing (S&M) expenses of $12.1 million, research and development (R&D) expenses of $1.9 million, and general and administrative expenses (G&A) expenses of $2.8 million. This compared to total operating expenses of $10.1 million, including S&M expenses of $7.3 million, R&D expenses of $1.4 million, and G&A expenses of $1.3 million in the first quarter of 2020. First quarter net loss was ($2.6) million, or ($0.07) per share, compared to net loss of ($1.8) million, or ($0.05) per share, for the same period of 2020. Cash and cash equivalents were $16.2 million as of March 31, 2021. This excludes cash proceeds of $118.3 million before underwriting discounts, commissions and offering costs from the Company’s initial public offering that closed in April 2021. Financial Outlook Treace Medical Concepts projects revenue for the full year 2021 to range from $87 million to $92 million, which represents approximately 52% to 60% growth over the Company’s fiscal year 2020 revenue. Webcast and Conference Call Details Treace Medical Concepts will host a conference call today, May 25, 2021, at 4:30 p.m. ET to discuss its first quarter 2021 financial results. The dial-in numbers are (833) 730-3977 for domestic callers or (720) 405-2122 for international callers, followed by Conference ID: 1157038. The live webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://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, stock-based compensation expense and interest income/expense. Adjusted EBITDA is being presented in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management uses Adjusted EBITDA 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 could otherwise be masked by the effect of the expenses and other items that it excludes in Adjusted EBITDA. Accordingly, the Company believes Adjusted EBITDA 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 allows for greater transparency with respect to the key financial metrics used by the Company’s management in their financial and operational decision-making. The Company also presents Adjusted EBITDA because it believes investors, analysts and rating agencies consider it 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 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. Reconciliations between GAAP and non‐GAAP results are presented below. Forward-Looking Statements This press release contains 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 expectations that the market will continue to recover as 2021 unfolds; the Company’s belief that it is well positioned to drive continued market penetration of the Lapiplasty® system; and the Company’s estimated revenue for the remainder of 2021. 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 in the final prospectus filed with the SEC on April 26, 2021 in connection with Treace’s initial public offering. 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, 2021 are not necessarily indicative of our operating results for any future periods. About Treace Medical Concepts Treace Medical Concepts is a commercial-stage orthopaedic medical device company with the goal of advancing the standard of care for the surgical management of bunion deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot. Treace has pioneered and patented the Lapiplasty® 3D Bunion Correction™ system - a combination of instruments, implants, and surgical methods designed to correct all 3 planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and getting patients back to their active lives quickly. To learn more about Lapiplasty® 3D Bunion Correction™, or find a Lapiplasty® surgeon in your area, please visit: www.AlignMyToe.com or www.Lapiplasty.com. Contacts: Treace Medical ConceptsMark L. HairChief Financial Officermhair@treace.net(904) 373-5940 Investors: Gilmartin GroupLynn Lewis or Vivian CervantesIR@treace.net Treace Medical Concepts, Inc. Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 31, 2021 2020 Revenue$18,707 $11,256 Cost of goods sold 3,327 2,389 Gross profit 15,380 8,867 Operating expenses Sales and marketing 12,148 7,338 Research and development 1,868 1,433 General and administrative 2,766 1,295 Total operating expenses 16,782 10,066 Loss from operations (1,402) (1,199)Interest and other income, net 1 33 Interest expense (1,031) (441)Other income (expense), net (1,030) (408)Net loss and comprehensive loss (2,432) (1,607)Convertible preferred stock cumulative and undeclared dividends (158) (158)Net loss attributable to common stockholders$(2,590) $(1,765)Net loss per share attributable to common stockholders, basic and diluted$(0.07) $(0.05)Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 37,854,687 37,052,294 Treace Medical Concepts, Inc. Condensed Balance Sheets (in thousands, except share and per share amounts) (unaudited) March 31, December 31, 2021 2020 Assets Current assets Cash and cash equivalents$16,218 $18,079 Accounts receivable, net of allowance for doubtful accounts of $329 and $446 as of March 31, 2021 and December 31, 2020, respectively 10,793 14,486 Inventories 7,370 7,820 Prepaid expenses and other current assets 2,072 593 Total current assets 36,453 40,978 Property and equipment, net 929 829 Total assets$37,382 $41,807 Liabilities, and Stockholders’ Equity Current liabilities Accounts payable$1,269 $2,265 Accrued liabilities 2,821 1,848 Accrued commissions 2,716 3,513 Accrued compensation 1,782 2,183 Short-term debt - 1,788 Total current liabilities 8,588 11,598 Derivative liability on term loan 245 245 Long-term debt, net of discount of $767 and $811 as of March 31, 2021 and December 31, 2020, respectively 29,233 29,189 Total liabilities 38,066 41,031 Commitments and contingencies (Note 7) Stockholders’ (deficit) equity Series A preferred stock, $0.001 par value, 6,687,500 shares authorized; 6,687,475 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively; liquidation value of $8,000 as of March 31, 2021 and December 31, 2020, respectively 7,935 7,935 Common stock Class A, $0.001 par value, 66,875,000 shares authorized as of March 31, 2021 and December 31, 2020, respectively; 38,057,416 shares and 37,366,865 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 30 28 Common stock Class B, $0.001 par value, 1,000,000 shares authorized as of March 31, 2021 and December 31, 2020, respectively; no shares issued and outstanding as of March 31, 2021 and December 31, 2020 - - Additional paid-in capital 15,136 14,166 Accumulated deficit (23,785) (21,353)Total stockholders’ (deficit) equity (684) 776 Total liabilities, and stockholders’ (deficit) equity$37,382 $41,807 Treace Medical Concepts, Inc. Condensed Statements of Cash Flows (in thousands) (unaudited) Three Months Ended March 31, 2021 2020 Cash flows from operating activities Net loss$(2,432) $(1,607)Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization expense 117 304 (Recovery) Provision for allowance for doubtful accounts (77) 73 Share-based compensation expense 402 209 Amortization of debt issuance costs 43 65 (Recovery) Provision for inventory obsolescence (27) 53 Net changes in operating assets and liabilities: Accounts Receivable 3,769 3,807 Inventory 478 (1,360)Prepaid expenses and other assets (379) 147 Accounts payable (1,173) 1,465 Accrued liabilities (1,167) (4,051)Net cash used in operating activities (446) (895)Cash flows from investing activities Purchases of property and equipment (196) (674)Net cash used in investing activities (196) (674)Cash flows from financing activities Repayment on SBA Loan (1,788) - Debt issuance costs - (8)Proceeds from exercise of employee stock options 569 41 Net cash (used in) provided by financing activities (1,219) 33 Net decrease in cash and cash equivalents (1,861) (1,536)Cash and cash equivalents at beginning of year 18,079 12,139 Cash and cash equivalents at end of year$16,218 $10,603 Supplemental disclosure of cash flow information: Cash paid for interest$1,945 $- NONCASH FINANCING ACTIVITIES: Unpaid offering costs included in accounts payable and accrued liabilities$1,118 $- Treace Medical Concepts, Inc.Reconciliation of GAAP Net Loss to Adjusted EBITDA Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Net Loss$ (2,432) $ (1,607) Depreciation & Amortization expense 96 303 Stock based compensation expense 402 209 Interest income/expense 1,030 408 Adjusted EBITDA$ (903) $ (687)

    • ACCESSWIRE

      Treace Medical Concepts Inc to Host Earnings Call

      NEW YORK, NY / ACCESSWIRE / May 25, 2021 / Treace Medical Concepts Inc (NASDAQ:TMCI) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 25, 2021 at 4:30 PM Eastern Time.To listen to the event live or access a replay of the call - visit https://www.

    • Treace Announces Interim Results from ALIGN3D™ Clinical Study at ACFAS 2021
      GlobeNewswire

      Treace Announces Interim Results from ALIGN3D™ Clinical Study at ACFAS 2021

      PONTE VEDRA, Fla., May 19, 2021 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. (“Treace”) (Nasdaq: TMCI), a commercial-stage orthopaedic medical device company driving a paradigm shift in the surgical treatment of Hallux Valgus (commonly known as bunions) through its Lapiplasty® 3D Bunion Correction™ procedure, today announced positive interim results from the ALIGN3D™ clinical study in a podium presentation at the ongoing American College of Foot and Ankle Surgeons (ACFAS) Annual Scientific Conference. Dr. George T. Liu, Associate Professor of Orthopaedic Surgery at UT Southwestern Medical Center, and ALIGN3D™ participating surgeon presented the Interim Analysis of a Five-Year Prospective Multicenter Study Assessing Radiographic and Patient Reported Outcomes Following Triplanar Tarsometatarsal Arthrodesis with Early Weightbearing. Data on the 128 study participants included in the interim analysis demonstrated: Early return to weightbearing in a walking boot at an average of 8.3 days;Significant improvements in radiographic measurements of 3-dimensional bunion correction (hallux valgus angle, intermetatarsal angle, and tibial sesamoid position);1.4% recurrence rate observed (1 out of 72 patients) at 12 months post-surgery; andSignificant improvements in patient-reported pain reduction and quality of life measurements at 6 months, which were maintained at 12 months post procedure. “This interim data showed consistent, positive radiographic and patient-reported outcomes starting at 6 weeks and maintained at 12 months. Time to weightbearing of approximately 8 days in a walking boot compares favorably with up to 6-8 weeks, often in a cast, associated with traditional Lapidus fusion.1 With enrollment in the ALIGN3D™ study now completed, we look forward to reporting on longer-term results in the future,” stated Dane Wukich, MD, Professor and Chairman, Department of Orthopaedic Surgery at the UT Southwestern Medical Center and the study’s lead principal investigator. John T. Treace, CEO of Treace commented, “The Lapiplasty® 3D Bunion Correction™ system was developed to provide surgeons the tools and surgical methods to reliably correct all 3 dimensions of the bunion deformity and address its root cause. ALIGN3D™ is a unique and comprehensive 5-year study, and we are pleased to report these positive interim results. We look forward to continuing to build our robust portfolio of clinical evidence, as we advance the standard of care for bunion surgery with our proprietary Lapiplasty® procedure.”___________________________ 1Catanzariti AR, et al. J Foot Ankle Surgery, 38:325-32 and Park CH, Ahn JY, Kim YM, Lee WC. Int Orthop. 2013 Jun;37(6):1085-92. About the ALIGN3D™ Clinical StudyThe ALIGN3D™ clinical study is a prospective, multicenter, post-market study designed to evaluate outcomes of Lapiplasty® 3D Bunion Correction™ in the surgical management of symptomatic hallux valgus. The study will evaluate for consistent and reliable correction of all three dimensions of the bunion deformity with the Lapiplasty® Procedure, as well as maintenance of such correction following accelerated return to weight-bearing, initially in a walking boot. The primary effectiveness endpoint is radiographic recurrence of the hallux valgus deformity at 24 months follow up. Key secondary endpoints include change in three-dimensional radiographic alignment; clinical radiographic healing; time to start of weight-bearing in a boot and in shoes; pain; quality of life; and range of motion of the big toe joint. The study enrolled 173 patients, aged 14 to 58 years, at 7 clinical sites in the United States with 13 participating surgeons. Final patient follow-up for the primary endpoint is anticipated in the first half of 2023. About ACFAS Scientific ConferenceThe American College of Foot and Ankle Surgeons (ACFAS) is a professional society of more than 7,800 foot and ankle surgeons. The annual ACFAS Scientific Conference is an educational event gathering foot and ankle surgeons worldwide. About Treace Medical ConceptsTreace Medical Concepts, Inc. is a commercial-stage orthopaedic medical device company with the goal of advancing the standard of care for the surgical management of bunion deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot. Treace has pioneered and patented the Lapiplasty® 3D Bunion Correction™ system - a combination of instruments, implants, and surgical methods designed to correct all 3 planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and getting patients back to their feet quickly in a walking boot. To learn more about the benefits and risks of Lapiplasty® 3D Bunion Correction™, or find a Lapiplasty® surgeon in your area, please visit: www.AlignMyToe.com or www.treace.com/patients. Contacts:Treace Medical ConceptsMark L. HairChief Financial Officermhair@treace.net(904) 373-5940 Investors:Gilmartin GroupLynn Lewis or Vivian CervantesIR@treace.net