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

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

Treace Medical Concepts Stock Up 32.8 %

TMCI traded up $1.89 on Wednesday, hitting $7.65. 2,232,311 shares of the company were exchanged, compared to its average volume of 824,321. The stock’s fifty day moving average is $5.35 and its 200-day moving average is $6.37. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $15.98. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.93 and a current ratio of 3.86. The company has a market cap of $475.75 million, a PE ratio of -7.41 and a beta of 0.24.

Wall Street Analyst Weigh In

TMCI has been the subject of several research reports. Morgan Stanley increased their price objective on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Stifel Nicolaus increased their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday. UBS Group boosted their price target on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Truist Financial reduced their price objective on 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. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.40.

Insider Buying and Selling at Treace Medical Concepts

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

Treace Medical Concepts Company Profile

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.