Treace Medical Concepts (NASDAQ:TMCI) Posts Earnings Results, Misses Expectations By $0.05 EPS

Treace Medical Concepts (NASDAQ:TMCI) posted its quarterly 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. The company had revenue of $44.46 million during the quarter, compared to analyst estimates of $43.00 million. Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. Treace Medical Concepts’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.20) EPS. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Stock Performance

NASDAQ TMCI traded down $0.04 during trading on Wednesday, reaching $6.62. The company’s stock had a trading volume of 2,822,535 shares, compared to its average volume of 919,963. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $20.77. The firm has a market cap of $410.49 million, a price-to-earnings ratio of -7.35 and a beta of 0.23. The business’s fifty day moving average price is $6.71 and its 200-day moving average price is $9.89. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.22 and a current ratio of 3.98.

Insider Buying and Selling

In related news, CEO John T. Treace acquired 45,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was bought at an average cost of $5.88 per share, with a total value of $264,600.00. Following the transaction, the chief executive officer now owns 6,388,095 shares of the company’s stock, valued at $37,561,998.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Treace Medical Concepts news, Director Richard W. Mott acquired 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 acquisition, the director now owns 1,027,753 shares of the company’s stock, valued at $4,501,558.14. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John T. Treace bought 45,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were acquired at an average price of $5.88 per share, for a total transaction of $264,600.00. Following the transaction, the chief executive officer now directly owns 6,388,095 shares in the company, valued at approximately $37,561,998.60. The disclosure for this purchase can be found here. Insiders have purchased a total of 593,902 shares of company stock valued at $2,930,422 over the last quarter. 24.43% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TMCI has been the topic of several analyst reports. UBS Group lifted their price target on Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a report on Wednesday. BTIG Research cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Stifel Nicolaus cut Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their price target for the company from $15.00 to $6.00 in a research note on Wednesday, May 8th. Truist Financial lowered their price objective on Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating for the company in a research report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.71.

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.