Treace Medical Concepts, Inc. (TMCI) 10-Year Financial Performance & Capital Metrics

TMCI • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesFoot & Ankle Orthopedic Devices

AboutTreace Medical Concepts, Inc., an orthopedic medical device company, engages in the design, manufacture, and marketing of medical devices for foot and ankle surgeons in the United States. It offers Lapiplasty procedure that allows podiatric surgeons to treat all three dimensions of the bunion, providing patients with a cosmetic and medical improvement. The company also provides Lapiplasty Mini-Incision precision system. In addition, it offers products to address ancillary surgical procedures, including akin osteotomies, weil osteotomies, intercuneiform stabilization, lesser tarsometatarsal joint fusions, and autograft bone harvesting, as well as for MTP fusion. Treace Medical Concepts, Inc. was founded in 2013 and is headquartered in Ponte Vedra Beach, Florida.Show more

Revenue $209M +11.9%
EBITDA -$47M -2.6%
Net Income -$56M -12.6%
EPS (Diluted) -0.90 -11.1%
Gross Margin 80.37% -1.0%
EBITDA Margin -22.58% +8.3%
Operating Margin -26.6% +3.2%
Net Margin -26.63% -0.6%
ROE -44.45% +10.9%
ROIC -22.79% +9.9%
Debt/Equity 0.62 +21.1%
Interest Coverage -10.60 -6.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 39.7%
✓Trading at only 1.5x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 6 (bottom 6%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y39.65%

3Y30.4%

TTM7.9%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM18.55%

EPS CAGR

10Y-

5Y-

3Y-

TTM19.39%

ROCE

10Y Avg-20.19%

5Y Avg-21.07%

3Y Avg-29%

Latest-28.63%

Peer Comparison

Foot & Ankle Orthopedic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TMCITreace Medical Concepts, Inc.	168.85M	2.65	-2.94	11.88%	-22.89%	-56.18%		0.62

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	39.42M	57.37M	94.42M	141.84M	187.12M	209.36M
Revenue Growth %	-	0.46%	0.65%	0.5%	0.32%	0.12%
Cost of Goods Sold+	7.63M	12.47M	16.89M	27.52M	35.18M	41.09M
COGS % of Revenue	0.19%	0.22%	0.18%	0.19%	0.19%	0.2%
Gross Profit+	31.79M	44.9M	77.53M	114.31M	151.94M	168.26M
Gross Margin %	0.81%	0.78%	0.82%	0.81%	0.81%	0.8%
Gross Profit Growth %	-	0.41%	0.73%	0.47%	0.33%	0.11%
Operating Expenses+	35.32M	44.04M	94.04M	149.16M	203.37M	223.95M
OpEx % of Revenue	0.9%	0.77%	1%	1.05%	1.09%	1.07%
Selling, General & Admin	30.25M	38.19M	83.84M	137.57M	187.93M	203.36M
SG&A % of Revenue	0.77%	0.67%	0.89%	0.97%	1%	0.97%
Research & Development	5.07M	5.85M	10.2M	13.58M	15.44M	20.59M
R&D % of Revenue	0.13%	0.1%	0.11%	0.1%	0.08%	0.1%
Other Operating Expenses	0	0	0	-1.99M	0	0
Operating Income+	-3.54M	855K	-16.51M	-34.84M	-51.43M	-55.69M
Operating Margin %	-0.09%	0.01%	-0.17%	-0.25%	-0.27%	-0.27%
Operating Income Growth %	-	1.24%	-20.31%	-1.11%	-0.48%	-0.08%
EBITDA+	-2.74M	2.06M	-15.82M	-32.71M	-46.08M	-47.27M
EBITDA Margin %	-0.07%	0.04%	-0.17%	-0.23%	-0.25%	-0.23%
EBITDA Growth %	-	1.75%	-8.66%	-1.07%	-0.41%	-0.03%
D&A (Non-Cash Add-back)	793K	1.21M	685K	2.13M	5.35M	8.42M
EBIT	-3.42M	855K	-16.49M	-38.42M	-44.36M	-50.49M
Net Interest Income+	-730K	-4.52M	-4.04M	-3.08M	1.56M	-379K
Interest Income	111K	0	18K	1.31M	6.73M	4.88M
Interest Expense	841K	4.52M	4.06M	4.4M	5.17M	5.26M
Other Income/Expense	-730K	-4.52M	-4.04M	-7.97M	1.9M	-55K
Pretax Income+	-4.26M	-3.67M	-20.55M	-42.81M	-49.53M	-55.74M
Pretax Margin %	-0.11%	-0.06%	-0.22%	-0.3%	-0.26%	-0.27%
Income Tax+	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%
Net Income+	-4.26M	-3.67M	-20.55M	-42.81M	-49.53M	-55.74M
Net Margin %	-0.11%	-0.06%	-0.22%	-0.3%	-0.26%	-0.27%
Net Income Growth %	-	0.14%	-4.6%	-1.08%	-0.16%	-0.13%
Net Income (Continuing)	-4.26M	-3.67M	-20.55M	-42.81M	-49.53M	-55.74M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-0.10	-0.08	-0.38	-0.77	-0.81	-0.90
EPS Growth %	-	0.16%	-3.51%	-1.03%	-0.05%	-0.11%
EPS (Basic)	-0.10	-0.08	-0.38	-0.77	-0.81	-0.90
Diluted Shares Outstanding	51.17M	51.17M	54.18M	55.28M	60.85M	62.11M
Basic Shares Outstanding	51.17M	51.17M	54.18M	55.28M	60.85M	62.11M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	28.57M	40.98M	137.97M	133.4M	198.36M	161.4M
Cash & Short-Term Investments	12.14M	18.08M	105.83M	81.25M	123.2M	75.68M
Cash Only	12.14M	18.08M	105.83M	19.47M	12.98M	11.35M
Short-Term Investments	0	0	0	61.78M	110.22M	64.33M
Accounts Receivable	10.41M	14.49M	18.57M	29.2M	38.06M	40.8M
Days Sales Outstanding	96.41	92.17	71.78	75.13	74.25	71.14
Inventory	5.56M	7.82M	10.56M	19.33M	29.25M	39.26M
Days Inventory Outstanding	266.04	228.89	228.25	256.35	303.41	348.67
Other Current Assets	0	0	0	3.62M	7.85M	5.67M
Total Non-Current Assets+	1.15M	829K	2.85M	25.62M	53.55M	55.69M
Property, Plant & Equipment	1.15M	829K	2.85M	25.48M	31.56M	34.4M
Fixed Asset Turnover	34.39x	69.20x	33.14x	5.57x	5.93x	6.09x
Goodwill	0	0	0	0	12.81M	12.81M
Intangible Assets	0	0	0	0	9.03M	8.07M
Long-Term Investments	0	0	0	0	0	0
Other Non-Current Assets	0	0	0	146K	146K	407K
Total Assets+	29.72M	41.81M	140.82M	159.02M	251.91M	217.09M
Asset Turnover	1.33x	1.37x	0.67x	0.89x	0.74x	0.96x
Asset Growth %	-	0.41%	2.37%	0.13%	0.58%	-0.14%
Total Current Liabilities+	7.33M	11.6M	18.21M	30.25M	45.03M	34.92M
Accounts Payable	931K	2.27M	4.06M	8.67M	11.84M	10.52M
Days Payables Outstanding	44.53	66.3	87.66	114.95	122.79	93.46
Short-Term Debt	0	1.79M	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	0	1K	0	7.67M	24.25M	2.22M
Current Ratio	3.90x	3.53x	7.58x	4.41x	4.40x	4.62x
Quick Ratio	3.14x	2.86x	7.00x	3.77x	3.76x	3.50x
Cash Conversion Cycle	317.91	254.77	212.37	216.53	254.87	326.35
Total Non-Current Liabilities+	19.22M	29.43M	29.54M	68.25M	68.94M	69.28M
Long-Term Debt	19.22M	29.19M	29.36M	52.71M	53.01M	53.31M
Capital Lease Obligations	0	0	0	15.54M	15.89M	15.93M
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	244K	173K	0	37K	37K
Total Liabilities	26.55M	41.03M	47.75M	98.5M	113.97M	104.2M
Total Debt+	19.22M	30.98M	29.36M	68.59M	70.3M	69.65M
Net Debt	7.08M	12.9M	-76.47M	49.12M	57.32M	58.3M
Debt / Equity	6.08x	39.92x	0.32x	1.13x	0.51x	0.62x
Debt / EBITDA	-	15.00x	-	-	-	-
Net Debt / EBITDA	-	6.25x	-	-	-	-
Interest Coverage	-4.20x	0.19x	-4.07x	-7.92x	-9.95x	-10.60x
Total Equity+	3.16M	776K	93.07M	60.53M	137.94M	112.89M
Equity Growth %	-	-0.75%	118.94%	-0.35%	1.28%	-0.18%
Book Value per Share	0.06	0.02	1.72	1.10	2.27	1.82
Total Shareholders' Equity	3.16M	776K	93.07M	60.53M	137.94M	112.89M
Common Stock	28K	28K	45K	55K	62K	62K
Retained Earnings	-17.69M	-21.35M	-41.91M	-84.72M	-134.25M	-189.99M
Treasury Stock	0	0	0	0	-13K	-281K
Accumulated OCI	0	0	0	-27K	163K	97K
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-7.67M	-4.49M	-17.19M	-30.65M	-34.58M	-37.17M
Operating CF Margin %	-0.19%	-0.08%	-0.18%	-0.22%	-0.18%	-0.18%
Operating CF Growth %	-	0.41%	-2.83%	-0.78%	-0.13%	-0.07%
Net Income	-4.26M	-3.67M	-20.55M	-42.81M	-49.53M	-55.74M
Depreciation & Amortization	793K	1.21M	685K	2.13M	5.35M	8.42M
Stock-Based Compensation	815K	919K	3.41M	8.11M	17.35M	30.6M
Deferred Taxes	0	2.14M	419K	0	0	0
Other Non-Cash Items	292K	221K	176K	7.73M	1.99M	4.99M
Working Capital Changes	-5.31M	-5.32M	-1.33M	-5.81M	-9.74M	-25.43M
Change in Receivables	-6.02M	-4.29M	-4.23M	-11.04M	-9.3M	-5.69M
Change in Inventory	-2.81M	-3.4M	-3.09M	-8.77M	-9.85M	-10.01M
Change in Payables	-236K	1.33M	1.79M	4.61M	3.17M	-1.31M
Cash from Investing+	-1.21M	-1.07M	-2.71M	-76.52M	-81.3M	35.38M
Capital Expenditures	-1.21M	-1.07M	-2.71M	-14.84M	-11.46M	-11.59M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.1%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	-61.68M	0	0
Cash from Financing+	19.74M	11.5M	107.65M	20.81M	109.38M	160K
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	-261K	-179K	0	-989K	-13K	-268K
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-8.88M	-5.56M	-19.9M	-45.49M	-46.03M	-48.76M
FCF Margin %	-0.23%	-0.1%	-0.21%	-0.32%	-0.25%	-0.23%
FCF Growth %	-	0.37%	-2.58%	-1.29%	-0.01%	-0.06%
FCF per Share	-0.17	-0.11	-0.37	-0.82	-0.76	-0.79
FCF Conversion (FCF/Net Income)	1.80x	1.23x	0.84x	0.72x	0.70x	0.67x
Interest Paid	739K	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-134.93%	-186.33%	-43.8%	-55.75%	-49.91%	-44.45%
Return on Invested Capital (ROIC)	-	5.36%	-81.79%	-41.4%	-25.3%	-22.79%
Gross Margin	80.64%	78.26%	82.11%	80.6%	81.2%	80.37%
Net Margin	-10.82%	-6.39%	-21.77%	-30.19%	-26.47%	-26.63%
Debt / Equity	6.08x	39.92x	0.32x	1.13x	0.51x	0.62x
Interest Coverage	-4.20x	0.19x	-4.07x	-7.92x	-9.95x	-10.60x
FCF Conversion	1.80x	1.23x	0.84x	0.72x	0.70x	0.67x
Revenue Growth	-	45.54%	64.59%	50.22%	31.92%	11.88%

Frequently Asked Questions

Growth & Financials

Treace Medical Concepts, Inc. (TMCI) reported $218.9M in revenue for fiscal year 2024. This represents a 455% increase from $39.4M in 2019.

Treace Medical Concepts, Inc. (TMCI) grew revenue by 11.9% over the past year. This is steady growth.

Treace Medical Concepts, Inc. (TMCI) reported a net loss of $50.1M for fiscal year 2024.

Dividend & Returns

Treace Medical Concepts, Inc. (TMCI) has a return on equity (ROE) of -44.4%. Negative ROE indicates the company is unprofitable.

Treace Medical Concepts, Inc. (TMCI) had negative free cash flow of $26.3M in fiscal year 2024, likely due to heavy capital investments.

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