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

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

Treace Medical Concepts Price Performance

TMCI traded up $1.89 on Wednesday, reaching $7.65. The stock had a trading volume of 2,232,311 shares, compared to its average volume of 824,568. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $475.75 million, a price-to-earnings ratio of -7.41 and a beta of 0.24. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $15.98. The firm has a 50-day moving average of $5.35 and a 200-day moving average of $6.37.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Morgan Stanley upped their price objective on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Stifel Nicolaus increased their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday. Truist Financial cut their price objective on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Finally, UBS Group raised 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 research analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.40.

Insider Activity

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

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.