TREACE MEDICAL CONCEPTS, INC. TMCI
We are 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 we estimate 1.1 million are annual surgical candidates. We have 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, we offer the Adductoplasty® Midfoot Correction System, designed for reproducible surgical correction of the midfoot, 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® System for great toe fusions. We continue to expand our footprint in the marketplace by extending our SpeedPlate® Rapid Compression Implant platform to new applications, as well as providing surgeons with advanced digital solutions with our IntelliGuide® patient specific, pre-op planning and cut guide technology.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $212.7M | $209.4M | $187.1M | $141.8M | $94.4M | $57.4M | $39.4M | — |
| Cost of revenue | $42.9M | $41.1M | $35.2M | $25.5M | $16.9M | $12.5M | $7.6M | — |
| Gross profit | $169.8M | $168.3M | $151.9M | $116.3M | $77.5M | $44.9M | $31.8M | — |
| R&D | $20.3M | $20.6M | $15.4M | $13.6M | $10.2M | $5.8M | $5.1M | — |
| SG&A | $62.7M | $55.7M | $47.0M | $33.0M | $18.4M | $6.5M | $4.5M | — |
| Total operating expenses | $223.9M | $224.0M | $203.4M | $151.2M | $94.0M | $44.0M | $35.3M | — |
| Operating income | -$54.2M | -$55.7M | -$51.4M | -$34.8M | -$16.5M | $855.0K | -$3.5M | — |
| Interest expense | $5.3M | $5.3M | $5.2M | $4.4M | $4.1M | $2.8M | $841.0K | — |
| Pre-tax income | -$59.0M | -$55.7M | -$50.0M | -$43.0M | -$20.6M | -$3.7M | -$4.3M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$59.0M | -$55.7M | -$50.0M | -$43.0M | -$20.6M | -$3.7M | -$4.3M | — |
| EPS, basic | -0.93 | -0.90 | -0.81 | -0.77 | -0.43 | -0.12 | — | — |
| EPS, diluted | -0.93 | -0.90 | -0.81 | -0.77 | -0.43 | -0.12 | -0.13 | — |
| Shares, diluted (wtd. avg.) | $63.3M | $62.1M | $60.9M | $55.3M | $48.4M | $37.1M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.7M | $11.3M | $13.0M | $19.5M | $105.8M | $18.1M | $12.1M | $1.3M |
| Short-term investments | $37.7M | $64.3M | $110.2M | $61.8M | $0 | — | — | — |
| Receivables | $42.2M | $40.8M | $38.1M | $29.2M | $18.6M | $14.5M | — | — |
| Inventory | $36.0M | $39.3M | $29.2M | $19.3M | $10.6M | $7.8M | — | — |
| Total current assets | $132.1M | $161.4M | $198.4M | $133.4M | $138.0M | $41.0M | — | — |
| Property, plant and equipment | $29.8M | $26.0M | $22.3M | $15.3M | $2.8M | $829.0K | — | — |
| Goodwill | $12.8M | $12.8M | $12.8M | $0 | — | — | — | — |
| Other intangibles | $7.1M | $8.1M | $9.0M | $0 | — | — | — | — |
| Total assets | $190.6M | $217.1M | $251.9M | $159.0M | $140.8M | $41.8M | — | — |
| Accounts payable | $6.7M | $10.5M | $11.8M | $8.7M | $4.1M | $2.3M | — | — |
| Short-term debt | $1.7M | $0 | — | — | — | $1.8M | — | — |
| Total current liabilities | $30.6M | $34.9M | $45.0M | $30.2M | $18.2M | $11.6M | — | — |
| Long-term debt | $55.6M | $53.3M | $53.0M | $52.7M | $29.4M | $29.2M | — | — |
| Total liabilities | $103.2M | $104.2M | $114.0M | $98.5M | $47.7M | $41.0M | — | — |
| Retained earnings | -$249.0M | -$190.0M | -$134.2M | -$84.7M | -$41.9M | -$21.4M | — | — |
| Total equity | $87.3M | $112.9M | $137.9M | $60.5M | $93.1M | $776.0K | $3.2M | $5.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16.0M | -$37.2M | -$34.6M | -$30.6M | -$17.2M | -$4.5M | -$7.7M | — |
| Depreciation and amortisation | $10.6M | $8.4M | $5.4M | $2.1M | $685.0K | $1.2M | $793.0K | — |
| Stock-based compensation | $33.8M | $30.6M | $17.4M | $8.1M | $3.4M | $919.0K | $815.0K | — |
| Capital expenditure | $13.5M | $11.6M | $11.5M | $14.8M | $2.7M | $1.1M | $1.2M | — |
| Investing cash flow | $13.3M | $35.4M | -$81.3M | -$76.5M | -$2.7M | -$1.1M | -$1.2M | — |
| Financing cash flow | $2.1M | $160.0K | $109.4M | $20.8M | $107.7M | $11.5M | $19.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001630627-26-000005.
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