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

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

Treace Medical Concepts Price Performance

Shares of NASDAQ TMCI traded up $1.89 during midday trading on Wednesday, hitting $7.65. 2,232,311 shares of the company’s stock were exchanged, compared to its average volume of 824,568. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average price is $5.35 and its two-hundred day moving average price is $6.37. The company has a market cap of $475.75 million, a price-to-earnings ratio of -7.41 and a beta of 0.24. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $15.98.

Analyst Ratings Changes

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

Insider Activity at Treace Medical Concepts

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

About Treace Medical Concepts

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.