TMCI 8-K: Treace Medical Q3 revenue $33.1M (+53% YoY), raises FY2022 guidance to $135-138M

Treace Medical Q3 revenue $33.1M (+53% YoY), raises FY2022 guidance to $135-138M

TREACE MEDICAL CONCEPTS, INC.

2022-Q3 EPS reported -$0.70 revenue$92,069,000

Revenue $33.1M, +53% vs Q3 2021; gross margin 80.0% vs 80.4%.

Net loss $12.1M ($0.22 loss per share); adjusted EBITDA loss $8.2M.

Full-year 2022 revenue guidance raised to $135-138M from $130-134M (43-46% growth).

Direct sales channel contributed 74% of revenue vs 53% in Q3 2021.

Appointed Lance A. Berry and Jane E. Kiernan to Board of Directors.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TREACE MEDICAL CONCEPTS, INC. reported quarter ended September 30, 2022 results: revenue $33.1 million, net income ($12.1) million, EPS ($0.22) per share. Guidance raised.

Period: quarter ended September 30, 2022
Revenue: $33.1 million
Net income: ($12.1) million
EPS: ($0.22) per share
Guidance: raised
Result: reported results

Exact text from the filing

Third Quarter 2022 Financial Results Revenue for the third quarter of 2022 was $33.1 million, representing an increase of 53% compared to $21.6 million in the third quarter of 2021. The increase was driven by an increased number of Lapiplasty® procedure kits sold as a result of an expanded surgeon customer base and increased blended average selling prices due to increased adoption of our newer technologies and expanding product line. Gross profit for the third quarter of 2022 was $26.4 million, representing an increase of 52% compared to a gross profit of $17.4 million in the third quarter of 2021. Gross margin decreased to 80.0% in the third quarter of 2022, compared to 80.4% in the third quarter of 2021. The decrease in gross margin was primarily due to an increase in allocations of payroll and related expenses and an increase in capitalized surgical instrument depreciation, which were partially offset by a decrease in royalty expense in relation to products sold in the quarter and l

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