Treace Medical Concepts (NASDAQ:TMCI) Issues Quarterly Earnings Results

Treace Medical Concepts (NASDAQ:TMCI) released its earnings results on Tuesday. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05), Briefing.com reports. Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The business had revenue of $44.46 million for the quarter, compared to the consensus estimate of $43.00 million. During the same period in the prior year, the company posted ($0.20) EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Price Performance

Shares of NASDAQ TMCI traded down $0.10 during mid-day trading on Wednesday, reaching $6.56. The company’s stock had a trading volume of 2,701,290 shares, compared to its average volume of 919,636. The stock has a 50-day moving average of $6.71 and a two-hundred day moving average of $9.89. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.22 and a current ratio of 3.98. The stock has a market capitalization of $406.77 million, a P/E ratio of -7.35 and a beta of 0.23. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $20.77.

Insider Buying and Selling

In other Treace Medical Concepts news, CEO John T. Treace bought 45,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were acquired at an average cost of $5.88 per share, with a total value of $264,600.00. Following the purchase, the chief executive officer now directly owns 6,388,095 shares of the company’s stock, valued at approximately $37,561,998.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Richard W. Mott bought 36,802 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were bought at an average price of $4.38 per share, with a total value of $161,192.76. Following the completion of the transaction, the director now directly owns 1,027,753 shares of the company’s stock, valued at approximately $4,501,558.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John T. Treace acquired 45,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was purchased at an average cost of $5.88 per share, for a total transaction of $264,600.00. Following the completion of the transaction, the chief executive officer now owns 6,388,095 shares in the company, valued at approximately $37,561,998.60. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 593,902 shares of company stock worth $2,930,422. 24.43% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TMCI. JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. 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 report on Wednesday. Truist Financial cut their price objective on shares of Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating for the company in a report on Wednesday. Morgan Stanley lifted their price target on Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Finally, Stifel Nicolaus downgraded Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price target for the stock from $15.00 to $6.00 in a research report on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.71.

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.