Treace Medical Concepts (NASDAQ:TMCI) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Treace Medical Concepts (NASDAQ:TMCI) released its earnings results on Tuesday. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02, Briefing.com reports. The company had revenue of $45.09 million for the quarter, compared to analyst estimates of $43.48 million. Treace Medical Concepts had a negative net margin of 32.08% and a negative return on equity of 49.53%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.28) EPS. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Price Performance

Treace Medical Concepts stock traded up $2.08 during trading hours on Wednesday, hitting $7.84. The stock had a trading volume of 2,439,281 shares, compared to its average volume of 825,531. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.86 and a quick ratio of 2.93. The stock has a market capitalization of $487.57 million, a price-to-earnings ratio of -7.41 and a beta of 0.24. The stock’s fifty day moving average is $5.35 and its two-hundred day moving average is $6.37. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $15.98.

Insider Buying and Selling at Treace Medical Concepts

In other news, Director James T. Treace bought 84,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $5.96 per share, with a total value of $500,640.00. Following the purchase, the director now owns 1,223,441 shares of the company’s stock, valued at $7,291,708.36. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other Treace Medical Concepts news, CEO John T. Treace purchased 50,000 shares of the stock in a transaction on Monday, September 16th. The stock was bought at an average price of $5.31 per share, for a total transaction of $265,500.00. Following the acquisition, the chief executive officer now directly owns 6,523,095 shares of the company’s stock, valued at $34,637,634.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director James T. Treace purchased 84,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $5.96 per share, with a total value of $500,640.00. Following the completion of the purchase, the director now directly owns 1,223,441 shares of the company’s stock, valued at $7,291,708.36. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 219,000 shares of company stock valued at $1,276,140 over the last quarter. Corporate insiders own 24.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TMCI shares. Truist Financial lowered their price target on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a report on Monday, October 14th. Stifel Nicolaus boosted their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday. Morgan Stanley raised their price target on Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Finally, UBS Group lifted their target price on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.40.

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.