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

Treace Medical Concepts (NASDAQ:TMCI) announced 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. The company had revenue of $45.09 million for 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%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.28) earnings per share. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Price Performance

TMCI stock traded up $1.89 during mid-day trading on Wednesday, hitting $7.65. The stock had a trading volume of 2,232,311 shares, compared to its average volume of 824,321. The firm has a fifty day simple moving average of $5.35 and a 200 day simple moving average of $6.37. The firm has a market capitalization of $475.75 million, a P/E ratio of -7.41 and a beta of 0.24. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $15.98.

Insider Transactions at Treace Medical Concepts

In other news, Director James T. Treace acquired 84,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $5.96 per share, with a total value of $500,640.00. Following the completion of the purchase, the director now directly owns 1,223,441 shares of the company’s stock, valued at $7,291,708.36. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Treace Medical Concepts news, CEO John T. Treace purchased 85,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were purchased at an average cost of $6.00 per share, with a total value of $510,000.00. Following the completion of the purchase, the chief executive officer now owns 6,473,095 shares in the company, valued at $38,838,570. This 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 available at the SEC website. Also, Director James T. Treace acquired 84,000 shares of Treace Medical Concepts stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $5.96 per share, with a total value of $500,640.00. Following the transaction, the director now owns 1,223,441 shares in the company, valued at approximately $7,291,708.36. 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 90 days, insiders bought 219,000 shares of company stock valued at $1,276,140. Company insiders own 24.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TMCI shares. Truist Financial lowered their price objective on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Stifel Nicolaus raised their price target 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. Morgan Stanley boosted 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. Finally, UBS Group lifted 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 report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.