Treace Medical Concepts, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Treace Medical Concepts, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial and operational status.</b>

AI Summary

TREACE MEDICAL CONCEPTS, INC. (TMCI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Filed a 10-Q report for the period ending March 31, 2024. The company is incorporated in Florida (FL) and has a fiscal year end of December 31. Business and mailing address is 100 Palmetto Park Place, Ponte Vedra, FL 32081. Contact phone number is (904) 373-5940. Standard Industrial Classification is Surgical & Medical Instruments & Apparatus [3841].

Why It Matters

For investors and stakeholders tracking TREACE MEDICAL CONCEPTS, INC., this filing contains several important signals. This filing provides investors with an updated view of the company's financial health and performance in the first quarter of 2024. Key financial data and disclosures within the 10-Q will inform investment decisions and analyst assessments of Treace Medical Concepts' market position.

Risk Assessment

Risk Level: medium — TREACE MEDICAL CONCEPTS, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information. However, the medical device industry is subject to regulatory scrutiny and market volatility, which could present medium-level risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to assess Treace Medical Concepts' performance and potential risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• 3841 — SIC Code (Standard Industrial Classification)
• FL — State of Incorporation (State of Incorporation)

Key Players & Entities

• TREACE MEDICAL CONCEPTS, INC. (company) — Filer name
• 0000950170-24-054480 (filing_id) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240507 (date) — Filed as of Date
• FL (location) — State of Incorporation
• 3841 (industry_code) — Standard Industrial Classification
• 100 Palmetto Park Place (address) — Business Address Street 1
• Ponte Vedra (city) — Business Address City

FAQ

Industry Context

Treace Medical Concepts operates within the surgical and medical instruments and apparatus industry.

Regulatory Implications

As a publicly traded company, Treace Medical Concepts is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review any disclosed risk factors and management's discussion and analysis.
3. Compare current quarter performance to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending March 31, 2024. Comparative data from previous filings is not yet available in this extract.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value TMCI The Nasdaq Global Se

Filing Documents

• tmci-20240331.htm (10-Q) — 1328KB
• tmci-ex31_1.htm (EX-31.1) — 12KB
• tmci-ex31_2.htm (EX-31.2) — 13KB
• tmci-ex32_1.htm (EX-32.1) — 8KB
• tmci-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-054480.txt (&nbsp;) — 6481KB
• tmci-20240331.xsd (EX-101.SCH) — 1072KB
• tmci-20240331_htm.xml (XML) — 1093KB

: Financial Information

Part I: Financial Information Item 1. Condensed Financial Statements 3 Condensed Balance Sheets 3 Condensed Statements of Operations and Comprehensive Loss 4 Condensed Statements of Stockholders' Equity (Deficit) 5 Condensed Statements of Cash Flows 6 Notes to Condensed Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3. Quantitative and Qualitative Disclosure About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

: Other Information

Part II: Other Information Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26

Signatures

Signatures 28 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS As used in this Quarterly Report on Form 10-Q ("Quarterly Report"), unless expressly indicated or the context otherwise requires, references to "Treace Medical Concepts," "we," "us," "our," or the "Company," refer to Treace Medical Concepts, Inc. This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: the expected use of our products by physicians; the expected growth of our business and our organization; the extensive competition in our industry and new product introductions from other industry participants, both in the Lapidus market and the minimally invasive osteotomy market; our ability to effectively respond to and mitigate the impact of challenges in the current market environment, including in response to increased competition; the anticipated pace of growth in t

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Condensed Financial Sta tements

Item 1. Condensed Financial Sta tements. TREACE MEDICAL CONCEPTS, INC. Condensed Bal ance Sheets (in thousands, except share and per share amounts) (unaudited) March 31, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 9,334 $ 12,982 Marketable securities, short-term 100,672 110,216 Accounts receivable, net of allowance for doubtful accounts of $ 1,076 and $ 980 as of March 31, 2024 and December 31, 2023, respectively 30,083 38,063 Inventories 35,860 29,245 Prepaid expenses and other current assets 11,448 7,853 Total current assets 187,397 198,359 Property and equipment, net 24,517 22,298 Intangible assets, net of accumulated amortization of $ 713 and $ 475 as of March 31, 2024 and December 31, 2023, respectively 8,787 9,025 Goodwill 12,815 12,815 Operating lease right-of-use assets 9,064 9,264 Other non-current assets 146 146 Total assets $ 242,726 $ 251,907 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 21,149 $ 11,835 Accrued liabilities 15,155 10,458 Accrued commissions 5,527 10,759 Accrued compensation 4,196 7,549 Other liabilities 1,022 4,432 Total current liabilities 47,049 45,033 Long-term debt, net of discount of $ 917 and $ 992 as of March 31, 2024 and December 31, 2023, respectively 53,083 53,008 Operating lease liabilities, net of current portion 16,166 15,891 Other long-term liabilities 37 37 Total liabilities 116,335 113,969 Commitments and contingencies (Note 7) Stockholders' equity Preferred stock, $ 0.001 par value, 5,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 300,000,000 shares authorized; 61,948,776 and 61,749,654 issued, and 61,929,172 and 61,749,654 outstanding as of March 31, 202