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

Treace Medical Concepts (NASDAQ:TMCI) announced its quarterly earnings data on Tuesday. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.02, Briefing.com reports. The company had revenue of $45.09 million for the quarter, compared to analysts’ expectations 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 business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) EPS. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Price Performance

Shares of NASDAQ TMCI traded down $0.03 during trading on Thursday, reaching $7.75. The company had a trading volume of 178,962 shares, compared to its average volume of 825,960. 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 stock has a market cap of $481.97 million, a PE ratio of -7.92 and a beta of 0.24. The business’s 50 day moving average price is $5.38 and its 200-day moving average price is $6.35. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $15.98.

Insider Buying and Selling at Treace Medical Concepts

In other news, CEO John T. Treace acquired 85,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was purchased at an average cost of $6.00 per share, with a total value of $510,000.00. Following the acquisition, the chief executive officer now owns 6,473,095 shares of the company’s stock, valued at $38,838,570. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director James T. Treace purchased 84,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $5.96 per share, for a total transaction of $500,640.00. Following the completion of the purchase, the director now directly owns 1,223,441 shares in the company, valued at $7,291,708.36. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John T. Treace acquired 85,000 shares of Treace Medical Concepts stock in a transaction dated Wednesday, August 14th. The shares were purchased at an average price of $6.00 per share, with a total value of $510,000.00. Following the acquisition, the chief executive officer now owns 6,473,095 shares of the company’s stock, valued at approximately $38,838,570. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 219,000 shares of company stock worth $1,276,140. Insiders own 24.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Stifel Nicolaus raised their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday. Truist Financial cut their price objective 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. UBS Group increased their target price on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley boosted their price objective on 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. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.40.

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.