NASDAQ : TMCI
Treace Medical Concepts, Inc. — Financial statements
Healthcare · Medical Devices · United States
Last price 5.06 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 329.07M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Treace Medical Concepts, Inc. (TMCI) reported revenue of 205.31M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 205.31M | 212.69M | 209.36M | 187.12M | 141.84M | 94.42M |
| Cost of Revenue | 42.19M | 42.94M | 41.09M | 35.18M | 25.53M | 16.89M |
| Gross Profit | 163.12M | 169.75M | 168.26M | 151.94M | 116.31M | 77.53M |
| Selling, General & Admin | 198.62M | 203.62M | 201.26M | 187.93M | 137.57M | 83.84M |
| Research & Development | 18.22M | 20.28M | 20.59M | 15.44M | 13.58M | 10.20M |
| Operating Expenses | 216.84M | 223.91M | 223.95M | 203.37M | 151.15M | 94.04M |
| Operating Income | -53.72M | -54.15M | -55.69M | -51.43M | -34.84M | -16.51M |
| Interest Expense | -5.82M | -5.32M | -5.26M | -5.17M | -4.40M | -4.06M |
| Interest & Investment Income | 2.11M | 2.78M | 4.88M | 6.73M | 1.31M | 17.00K |
| Other Non Operating Income (Expenses) | 657.00K | 432.00K | 324.00K | 342.00K | -57.00K | 1.00K |
| EBT Excluding Unusual Items | -56.78M | -56.27M | -55.74M | -49.53M | -37.99M | -20.55M |
| Asset Writedown | -346.00K | |||||
| Other Unusual Items | -2.74M | -2.74M | -4.48M | |||
| Pretax Income | -59.52M | -59.00M | -55.74M | -49.53M | -42.81M | -20.55M |
| Net Income | -59.52M | -59.00M | -55.74M | -49.53M | -42.81M | -20.55M |
| Preferred Dividends & Other Adjustments | 196.00K | |||||
| Net Income to Common | -59.52M | -59.00M | -55.74M | -49.53M | -42.81M | -20.75M |
| Shares Outstanding (Basic) | 64.26M | 63.27M | 62.11M | 60.85M | 55.28M | 48.42M |
| Shares Outstanding (Diluted) | 64.26M | 63.27M | 62.11M | 60.85M | 55.28M | 48.42M |
| EPS (Basic) | -0.93 | -0.93 | -0.90 | -0.81 | -0.77 | -0.43 |
| EPS (Diluted) | -0.93 | -0.93 | -0.90 | -0.81 | -0.77 | -0.43 |
| Free Cash Flow | -25.05M | -29.49M | -48.76M | -46.03M | -45.49M | -19.90M |
| Free Cash Flow Per Share | -0.39 | -0.47 | -0.79 | -0.76 | -0.82 | -0.41 |
| Gross Margin | 79.45% | 79.81% | 80.37% | 81.20% | 82.00% | 82.11% |
| Operating Margin | -26.17% | -25.46% | -26.60% | -27.48% | -24.57% | -17.49% |
| Profit Margin | -28.99% | -27.74% | -26.63% | -26.47% | -30.19% | -21.97% |
| Free Cash Flow Margin | -12.20% | -13.86% | -23.29% | -24.60% | -32.07% | -21.07% |
| EBITDA | -46.35M | -44.53M | -48.27M | -46.58M | -32.71M | -15.82M |
| EBITDA Margin | -22.58% | -20.94% | -23.06% | -24.89% | -23.06% | -16.76% |
| D&A For EBITDA | 7.37M | 9.62M | 7.42M | 4.85M | 2.13M | 685.00K |
| EBIT | -53.72M | -54.15M | -55.69M | -51.43M | -34.84M | -16.51M |
| EBIT Margin | -26.17% | -25.46% | -26.60% | -27.48% | -24.57% | -17.49% |
| Advertising Expenses | 6.60M | 14.80M | 16.10M | 15.00M | 13.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.61M | 10.71M | 11.35M | 12.98M | 19.47M | 105.83M |
| Short-Term Investments | 33.01M | 37.66M | 64.33M | 110.22M | 61.78M | |
| Cash & Short-Term Investments | 45.62M | 48.37M | 75.68M | 123.20M | 81.25M | 105.83M |
| Accounts Receivable | 28.73M | 42.16M | 40.80M | 38.06M | 29.20M | 18.57M |
| Other Receivables | 300.00K | 300.00K | 600.00K | 1.10M | 400.00K | |
| Receivables | 29.03M | 42.45M | 41.40M | 39.16M | 29.60M | 18.57M |
| Inventory | 39.54M | 36.03M | 39.26M | 29.25M | 19.33M | 10.56M |
| Prepaid Expenses | 6.26M | 5.20M | 5.07M | 6.75M | 3.22M | 3.01M |
| Total Current Assets | 120.45M | 132.05M | 161.40M | 198.36M | 133.40M | 137.97M |
| Property, Plant & Equipment | 39.63M | 37.37M | 34.40M | 31.56M | 25.48M | 2.85M |
| Goodwill | 12.81M | 12.81M | 12.81M | 12.81M | ||
| Other Intangible Assets | 6.65M | 7.12M | 8.07M | 9.03M | ||
| Other Long-Term Assets | 1.50M | 1.22M | 407.00K | 146.00K | 146.00K | |
| Total Assets | 181.06M | 190.58M | 217.09M | 251.91M | 159.02M | 140.82M |
| Accounts Payable | 16.06M | 6.73M | 10.52M | 11.84M | 8.67M | 4.06M |
| Accrued Expenses | 21.11M | 21.48M | 21.77M | 25.43M | 21.24M | 14.15M |
| Short-Term Debt | 3.53M | 1.75M | ||||
| Current Portion of Leases | 388.00K | 552.00K | 413.00K | 1.40M | 339.00K | |
| Other Current Liabilities | 410.00K | 132.00K | 2.22M | 6.37M | ||
| Total Current Liabilities | 41.50M | 30.64M | 34.92M | 45.03M | 30.25M | 18.21M |
| Long-Term Debt | 56.04M | 55.58M | 53.31M | 53.01M | 52.71M | 29.54M |
| Long-Term Leases | 13.09M | 13.98M | 15.93M | 15.89M | 15.54M | |
| Other Long-Term Liabilities | 2.69M | 3.05M | 37.00K | 37.00K | ||
| Total Liabilities | 113.32M | 103.25M | 104.20M | 113.97M | 98.50M | 47.75M |
| Common Stock | 65.00K | 64.00K | 62.00K | 62.00K | 55.00K | 45.00K |
| Additional Paid-In Capital | 351.97M | 337.37M | 303.00M | 271.97M | 145.22M | 134.93M |
| Retained Earnings | -282.83M | -248.99M | -189.99M | -134.25M | -84.72M | -41.91M |
| Treasury Stock | -1.42M | -1.18M | -281.00K | -13.00K | ||
| Comprehensive Income & Other | -52.00K | 72.00K | 97.00K | 163.00K | -27.00K | |
| Total Common Equity | 67.74M | 87.33M | 112.89M | 137.94M | 60.53M | 93.07M |
| Shareholders' Equity | 67.74M | 87.33M | 112.89M | 137.94M | 60.53M | 93.07M |
| Total Liabilities & Equity | 181.06M | 190.58M | 217.09M | 251.91M | 159.02M | 140.82M |
| Total Debt | 73.05M | 71.86M | 69.65M | 70.30M | 68.59M | 29.54M |
| Net Cash (Debt) | -27.43M | -23.50M | 6.02M | 52.90M | 12.66M | 76.30M |
| Net Cash Per Share | -0.43 | -0.37 | 0.10 | 0.87 | 0.23 | 1.58 |
| Filing Date Shares Outstanding | 65.03M | 63.86M | 62.36M | 61.75M | 61.16M | 54.75M |
| Total Common Shares Outstanding | 64.98M | 63.86M | 62.36M | 61.75M | 55.63M | 54.18M |
| Working Capital | 78.96M | 101.42M | 126.48M | 153.33M | 103.16M | 119.76M |
| Book Value Per Share | 1.04 | 1.37 | 1.81 | 2.23 | 1.09 | 1.72 |
| Tangible Book Value | 48.27M | 67.39M | 92.00M | 116.10M | 60.53M | 93.07M |
| Tangible Book Value Per Share | 0.74 | 1.06 | 1.48 | 1.88 | 1.09 | 1.72 |
| Machinery | 44.55M | 40.60M | 29.48M | 20.19M | 12.32M | 5.06M |
| Construction In Progress | 199.00K | 1.07M | 612.00K | 1.11M | 705.00K | 126.00K |
| Leasehold Improvements | 10.72M | 10.59M | 10.24M | 9.43M | 6.43M | 268.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -59.52M | -59.00M | -55.74M | -49.53M | -42.81M | -20.55M |
| Depreciation & Amortization | 7.37M | 9.62M | 7.42M | 4.85M | 2.13M | 685.00K |
| Other Amortization | 1.65M | 1.29M | 1.30M | 797.00K | 244.00K | 176.00K |
| Asset Writedown & Restructuring Costs | 346.00K | |||||
| Loss (Gain) From Sale of Investments | 2.00K | -123.00K | -1.15M | -1.41M | -126.00K | |
| Stock-Based Compensation | 30.05M | 33.82M | 30.60M | 17.35M | 8.11M | 3.41M |
| Provision & Write-off of Bad Debts | 496.00K | 834.00K | 2.95M | 434.00K | 411.00K | 144.00K |
| Other Operating Activities | 7.30M | 6.17M | 2.89M | 2.67M | 6.86M | -72.00K |
| Change in Accounts Receivable | 1.10M | -2.09M | -5.69M | -9.30M | -11.04M | -4.23M |
| Change in Inventory | 2.85M | 3.22M | -10.01M | -9.85M | -8.77M | -2.74M |
| Change in Accounts Payable | -3.90M | -3.80M | -1.31M | 3.17M | 4.61M | 1.79M |
| Change in Other Net Operating Assets | -1.99M | -5.92M | -8.42M | 6.24M | 9.39M | 4.19M |
| Operating Cash Flow | -14.58M | -15.97M | -37.17M | -34.58M | -30.65M | -17.19M |
| Capital Expenditures | -10.47M | -13.52M | -11.59M | -11.46M | -14.84M | -2.71M |
| Cash Acquisitions | -20.00M | |||||
| Investment in Securities | 28.12M | 26.77M | 46.97M | -49.84M | -61.68M | |
| Investing Cash Flow | 17.65M | 13.25M | 35.38M | -81.30M | -76.52M | -2.71M |
| Long-Term Debt Issued | 60.86M | 53.50M | ||||
| Total Debt Issued | 60.86M | 60.86M | 53.50M | |||
| Short-Term Debt Repaid | -1.79M | |||||
| Long-Term Debt Repaid | -57.23M | -33.89M | ||||
| Total Debt Repaid | -57.87M | -57.23M | -33.89M | -1.79M | ||
| Net Debt Issued (Repaid) | 3.00M | 3.63M | 19.61M | -1.79M | ||
| Issuance of Common Stock | 410.00K | 546.00K | 428.00K | 116.90M | 2.19M | 120.04M |
| Repurchase of Common Stock | -720.00K | -902.00K | -268.00K | -13.00K | ||
| Other Financing Activities | -1.21M | -1.20M | -7.50M | -989.00K | -10.60M | |
| Financing Cash Flow | 1.48M | 2.08M | 160.00K | 109.38M | 20.81M | 107.65M |
| Net Cash Flow | 4.56M | -642.00K | -1.63M | -6.49M | -86.36M | 87.75M |
| Free Cash Flow | -25.05M | -29.49M | -48.76M | -46.03M | -45.49M | -19.90M |
| Free Cash Flow Margin | -12.20% | -13.86% | -23.29% | -24.60% | -32.07% | -21.07% |
| Free Cash Flow Per Share | -0.39 | -0.47 | -0.79 | -0.76 | -0.82 | -0.41 |
| Levered Free Cash Flow | -6.25M | -10.09M | -30.04M | -33.12M | -37.19M | -12.13M |
| Unlevered Free Cash Flow | -3.26M | -7.05M | -27.06M | -30.18M | -34.69M | -9.77M |
| Cash Interest Paid | 4.70M | 5.00M | 4.96M | 5.17M | 4.40M | 3.90M |
| Change in Working Capital | -1.93M | -8.58M | -25.43M | -9.74M | -5.81M | -983.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 288.10M | 156.11M | 463.49M | 786.37M | 1.28B | 991.14M |
| Enterprise Value | 315.53M | 169.07M | 450.81M | 734.69M | 1.26B | 911.17M |
| Last Close Price | 4.43 | 2.45 | 7.44 | 12.75 | 22.99 | 18.64 |
| PS Ratio | 1.40 | 0.73 | 2.21 | 4.20 | 9.00 | 10.50 |
| PB Ratio | 4.25 | 1.79 | 4.11 | 5.70 | 21.08 | 10.65 |
| P/TBV Ratio | 5.97 | 2.32 | 5.04 | 6.77 | 21.08 | 10.65 |
| EV/Sales Ratio | 1.54 | 0.80 | 2.15 | 3.93 | 8.88 | 9.65 |
| Debt / Equity Ratio | 1.08 | 0.82 | 0.62 | 0.51 | 1.13 | 0.32 |
| Net Debt / Equity Ratio | 0.41 | 0.27 | -0.05 | -0.38 | -0.21 | -0.82 |
| Net Debt / EBITDA Ratio | -0.59 | -0.53 | 0.12 | 1.14 | 0.39 | 4.82 |
| Net Debt / FCF Ratio | -1.09 | -0.80 | 0.12 | 1.15 | 0.28 | 3.83 |
| Asset Turnover | 1.06 | 1.04 | 0.89 | 0.91 | 0.95 | 1.03 |
| Inventory Turnover | 1.03 | 1.14 | 1.20 | 1.45 | 1.71 | 1.84 |
| Quick Ratio | 1.80 | 2.96 | 3.35 | 3.60 | 3.67 | 6.83 |
| Current Ratio | 2.90 | 4.31 | 4.62 | 4.41 | 4.41 | 7.58 |
| Return on Equity (ROE) | -71.99% | -58.94% | -44.45% | -49.91% | -55.75% | -43.80% |
| Return on Assets (ROA) | -17.33% | -16.61% | -14.84% | -15.64% | -14.53% | -11.30% |
| Return on Capital Employed (ROCE) | -38.50% | -33.90% | -30.60% | -24.90% | -27.10% | -13.50% |
| Earnings Yield | -20.91% | -37.80% | -12.03% | -6.30% | -3.36% | -2.07% |
| FCF Yield | -8.69% | -18.89% | -10.52% | -5.85% | -3.56% | -2.01% |
| Buyback Yield / Dilution | -2.71% | -1.86% | -2.07% | -10.09% | -14.17% | -30.61% |