The company's financial position is increasingly fragile, with total assets contracting to $184.1 million and retained earnings reflecting a substantial $267.0 million deficit.
| Total Current Assets | 123.47M | 132.05M | 161.4M | 198.36M | 133.4M | 137.97M | 40.98M | 28.57M |
| Cash & Short-Term Investments | 51.85M | 48.37M | 75.68M | 123.2M | 81.25M | 105.83M | 18.08M | 12.14M |
| Cash Only | 9.54M | 10.71M | 11.35M | 12.98M | 19.47M | 105.83M | 18.08M | 12.14M |
| Short-Term Investments | 42.31M | 37.66M | 64.33M | 110.22M | 61.78M | 0 | 0 | 0 |
| Accounts Receivable | 30.36M | 42.16M | 40.8M | 38.06M | 29.2M | 18.57M | 14.49M | 10.41M |
| Days Sales Outstanding | 59.77 | 72.34 | 71.14 | 74.25 | 75.13 | 71.78 | 92.17 | 96.41 |
| Inventory | 36.37M | 36.03M | 39.26M | 29.25M | 19.33M | 10.56M | 7.82M | 5.56M |
| Days Inventory Outstanding | 338.98 | 306.29 | 348.67 | 303.41 | 256.35 | 228.25 | 228.89 | 266.04 |
| Other Current Assets | 4.89M | 5.5M | 5.67M | 7.85M | 3.62M | 0 | 0 | 0 |
| Total Non-Current Assets | 60.63M | 58.53M | 55.69M | 53.55M | 25.62M | 2.85M | 829K | 1.15M |
| Property, Plant & Equipment | 39.43M | 37.37M | 34.4M | 31.56M | 25.48M | 2.85M | 829K | 1.15M |
| Fixed Asset Turnover | 5.44x | 5.69x | 6.09x | 5.93x | 5.57x | 33.14x | 69.20x | 34.39x |
| Goodwill | 12.81M | 12.81M | 12.81M | 12.81M | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.89M | 7.13M | 8.07M | 9.03M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.5M | 1.22M | 407K | 146K | 146K | 0 | 0 | 0 |
| Total Assets | 184.1M | 190.58M | 217.09M | 251.91M | 159.02M | 140.82M | 41.81M | 29.72M |
| Asset Turnover | 1.07x | 1.12x | 0.96x | 0.74x | 0.89x | 0.67x | 1.37x | 1.33x |
| Asset Growth % | -39.13% | -12.21% | -13.82% | 58.41% | 12.93% | 236.84% | 40.69% | - |
| Total Current Liabilities | 34.49M | 30.64M | 34.92M | 45.03M | 30.25M | 18.21M | 11.6M | 7.33M |
| Accounts Payable | 13.54M | 6.73M | 10.52M | 11.84M | 8.67M | 4.06M | 2.27M | 931K |
| Days Payables Outstanding | 122.22 | 57.18 | 93.46 | 122.79 | 114.95 | 87.66 | 66.3 | 44.53 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.79M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 20.95M | 23.91M | 2.22M | 24.25M | 7.67M | 0 | 1K | 0 |
| Current Ratio | 3.58x | 4.31x | 4.62x | 4.40x | 4.41x | 7.58x | 3.53x | 3.90x |
| Quick Ratio | 2.53x | 3.13x | 3.50x | 3.76x | 3.77x | 7.00x | 2.86x | 3.14x |
| Cash Conversion Cycle | 276.53 | 321.45 | 326.35 | 254.87 | 216.53 | 212.37 | 254.77 | 317.91 |
| Total Non-Current Liabilities | 72.42M | 72.61M | 69.28M | 68.94M | 68.25M | 29.54M | 29.43M | 19.22M |
| Long-Term Debt | 13.55M | 13.98M | 53.31M | 53.01M | 52.71M | 29.36M | 29.19M | 19.22M |
| Capital Lease Obligations | 26.37M | 0 | 15.93M | 15.89M | 15.54M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 58.87M | 58.63M | 37K | 37K | 0 | 173K | 244K | 0 |
| Total Liabilities | 106.91M | 103.25M | 104.2M | 113.97M | 98.5M | 47.75M | 41.03M | 26.55M |
| Total Debt | 13.55M | 13.98M | 69.65M | 70.3M | 68.59M | 29.36M | 30.98M | 19.22M |
| Net Debt | 4.01M | 3.27M | 58.3M | 57.32M | 49.12M | -76.47M | 12.9M | 7.08M |
| Debt / Equity | 0.18x | 0.16x | 0.62x | 0.51x | 1.13x | 0.32x | 39.92x | 6.08x |
| Debt / EBITDA | -0.29x | - | - | - | - | - | 15.00x | - |
| Net Debt / EBITDA | -0.09x | - | - | - | - | - | 6.25x | - |
| Interest Coverage | -10.08x | -10.09x | -9.61x | -8.59x | -8.74x | -4.06x | 0.19x | -4.07x |
| Total Equity | 77.19M | 87.33M | 112.89M | 137.94M | 60.53M | 93.07M | 776K | 3.16M |
| Equity Growth % | -77.3% | -22.64% | -18.16% | 127.89% | -34.97% | 11893.94% | -75.45% | - |
| Book Value per Share | 1.20 | 1.38 | 1.82 | 2.27 | 1.10 | 1.72 | 0.02 | 0.06 |
| Total Shareholders' Equity | 77.19M | 87.33M | 112.89M | 137.94M | 60.53M | 93.07M | 776K | 3.16M |
| Common Stock | 65K | 64K | 62K | 62K | 55K | 45K | 28K | 28K |
| Retained Earnings | -266.95M | -248.99M | -189.99M | -134.25M | -84.72M | -41.91M | -21.35M | -17.69M |
| Treasury Stock | 0 | 0 | -281K | -13K | 0 | 0 | 0 | 0 |
| Accumulated OCI | -26K | 72K | 97K | 163K | -27K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial filings, TMCI's total assets have declined from $251.9 million in 2023Q4 to $184.1 million in 2026Q1, reflecting a consistent erosion of the balance sheet that suggests the company is struggling to maintain its operational scale amidst persistent net losses and capital consumption.
The steady decline in total assets over the last ten quarters indicates that the company is consuming its resource base faster than it can replenish it through organic growth. This trajectory warrants concern, as it suggests the business model has not yet achieved the self-sustaining scale required to stabilize its asset base.
Based on TMCI's reported figures, the company significantly reduced its total debt from $70.3 million in 2023Q4 to $13.6 million in 2026Q1, a move that appears to be a defensive effort to preserve liquidity despite the ongoing pressure on the company's cash reserves and operating margins.
While the reduction in debt lowers interest obligations, it also highlights the company's limited access to capital markets for growth-oriented financing. Investors should monitor whether this deleveraging was a forced response to covenant constraints or a strategic attempt to clean up the balance sheet ahead of potential future funding rounds.
According to the company's balance sheet data, retained earnings have plummeted to a deficit of $267.0 million as of 2026Q1, illustrating that years of aggressive investment in sales and clinical education have yet to translate into the profitable growth necessary to build long-term shareholder equity.
The persistent growth of the accumulated deficit suggests that the company's business model is currently value-destructive on a GAAP basis. This trend implies that future equity value will likely remain highly sensitive to further dilution if the company is forced to raise capital to cover its ongoing operational shortfalls.
As indicated by the most recent quarterly data, TMCI's cash and equivalents have dwindled to $9.5 million in 2026Q1, a level that appears dangerously low given the company's historical burn rate and the lack of consistent, positive cash flow generation from its core surgical kit operations.
The current liquidity position suggests that the company may face an urgent need for external financing in the near term. Without a significant improvement in operational efficiency or a surge in procedure volume, the current cash buffer may be insufficient to support the company's high-cost sales infrastructure for long.
Analysis of the balance sheet reveals that $12.8 million in goodwill remains on the books, which, when viewed alongside the company's negative profitability and declining asset base, suggests a potential risk of future impairment charges that could further erode the company's already strained equity position.
The presence of stagnant goodwill in a period of decelerating growth and negative margins warrants further investigation into the carrying value of past acquisitions. If the company's market position weakens further, these intangible assets may prove to be overstated, leading to non-cash write-downs that would negatively impact investor sentiment.
Quick answers to the most common questions about buying TMCI stock.
As of 2025, Treace Medical Concepts, Inc. (TMCI) had total assets of $190.6M including $132.1M in current assets.
Treace Medical Concepts, Inc. (TMCI) carries total debt of $14.0M, offset by $48.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Treace Medical Concepts, Inc. (TMCI) has total shareholders' equity (book value) of $87.3M ($1.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Treace Medical Concepts, Inc. (TMCI) reported a current ratio of 4.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.