Treace Medical Concepts (NASDAQ:TMCI) Posts Earnings Results, Beats Estimates By $0.02 EPS

Treace Medical Concepts (NASDAQ:TMCI) announced its earnings results on Tuesday. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.02, Briefing.com reports. Treace Medical Concepts had a negative return on equity of 49.53% and a negative net margin of 32.08%. The company had revenue of $45.09 million during the quarter, compared to the consensus estimate of $43.48 million. During the same period last year, the firm earned ($0.28) earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Stock Up 36.1 %

NASDAQ TMCI traded up $2.08 on Wednesday, reaching $7.84. The stock had a trading volume of 2,439,281 shares, compared to its average volume of 825,531. The business has a 50 day moving average price of $5.35 and a 200 day moving average price of $6.37. The company has a market capitalization of $487.57 million, a price-to-earnings ratio of -7.41 and a beta of 0.24. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47. Treace Medical Concepts has a 1 year low of $3.92 and a 1 year high of $15.98.

Insider Buying and Selling at Treace Medical Concepts

In related news, Director James T. Treace purchased 84,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $5.96 per share, for a total transaction of $500,640.00. Following the purchase, the director now owns 1,223,441 shares in the company, valued at approximately $7,291,708.36. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Treace Medical Concepts news, CEO John T. Treace purchased 85,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average cost of $6.00 per share, with a total value of $510,000.00. Following the completion of the transaction, the chief executive officer now owns 6,473,095 shares in the company, valued at $38,838,570. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James T. Treace purchased 84,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $5.96 per share, with a total value of $500,640.00. Following the completion of the purchase, the director now owns 1,223,441 shares of the company’s stock, valued at $7,291,708.36. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 219,000 shares of company stock valued at $1,276,140 in the last quarter. 24.43% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TMCI has been the subject of a number of research reports. UBS Group lifted their price objective on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Truist Financial dropped their price target on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Stifel Nicolaus boosted their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Morgan Stanley raised their price objective on Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Six research analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.40.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.