Treace Medical Concepts (NASDAQ:TMCI) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Treace Medical Concepts (NASDAQ:TMCI) released its earnings results on Tuesday. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.05), Briefing.com reports. Treace Medical Concepts had a negative return on equity of 47.50% and a negative net margin of 32.08%. The company had revenue of $44.46 million during the quarter, compared to analysts’ expectations of $43.00 million. During the same period last year, the firm posted ($0.20) EPS. Treace Medical Concepts’s quarterly revenue was up 6.0% compared to the same quarter last year. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Stock Performance

Shares of NASDAQ TMCI traded down $0.11 during midday trading on Friday, reaching $6.21. 84,508 shares of the stock were exchanged, compared to its average volume of 920,860. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $17.63. The firm has a 50-day simple moving average of $6.75 and a two-hundred day simple moving average of $9.82. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.98 and a quick ratio of 3.22.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. BTIG Research downgraded shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. UBS Group upped their price target on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Wednesday. Stifel Nicolaus downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price target for the company from $15.00 to $6.00 in a research note on Wednesday, May 8th. Morgan Stanley upped their price target on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. downgraded shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $15.00 to $8.00 in a research note on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.71.

Insider Activity at Treace Medical Concepts

In related news, Director Richard W. Mott purchased 36,802 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $4.38 per share, with a total value of $161,192.76. Following the purchase, the director now owns 1,027,753 shares of the company’s stock, valued at $4,501,558.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Treace Medical Concepts news, Director Richard W. Mott bought 36,802 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average price of $4.38 per share, with a total value of $161,192.76. Following the purchase, the director now directly owns 1,027,753 shares in the company, valued at approximately $4,501,558.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John T. Treace bought 45,000 shares of the stock in a transaction on Tuesday, June 11th. The shares were acquired at an average cost of $5.88 per share, for a total transaction of $264,600.00. Following the purchase, the chief executive officer now owns 6,388,095 shares in the company, valued at $37,561,998.60. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 418,902 shares of company stock valued at $2,130,922. 24.43% of the stock is owned by company 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.