TMCI 8-K: Treace Medical Q1 revenue $42.2M (+45% YoY), raises FY2023 guidance to $190M-$196M

Treace Medical Q1 revenue $42.2M (+45% YoY), raises FY2023 guidance to $190M-$196M

TREACE MEDICAL CONCEPTS, INC.

2023-Q1 EPS reported -$0.23 revenue$42,195,000

Revenue $42.2M, up 45% YoY; net loss per share ($0.23) vs ($0.16) prior year.

Gross margin 80.9% (down from 82.3%); adjusted EBITDA loss $10.0M vs $6.4M.

Raises full-year 2023 revenue guidance to $190M-$196M (prior $187M-$193M).

Direct sales channel accounted for 79% of sales (up from 63%).

Clinical study data: 97.3% patient satisfaction at 36 months; low recurrence 0.9%.

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 the first quarter ended March 31, 2023 results: revenue $42.2 million, net income ($13.5) million, EPS ($0.23) per share. Guidance raised.

Period: the first quarter ended March 31, 2023
Revenue: $42.2 million
Net income: ($13.5) million
EPS: ($0.23) per share
Guidance: raised
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results Revenue for the first quarter of 2023 was $42.2 million, representing an increase of 45% compared to $29.0 million in the first quarter of 2022. 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 first quarter of 2023 was $34.2 million, representing an increase of 43% compared to a gross profit of $23.9 million in the first quarter of 2022. Gross margin totaled 80.9% in the first quarter of 2023, compared to 82.3% in the first quarter of 2022. The decrease was primarily due to an increase in payroll costs and an increase in inventory and obsolescence provisions. ___________________ 1 The ACFAS Scientific Poster, which includes additional details such as patient demographics, inclusion/exclusion criteria, and complications repor

View on SEC.gov