Treace Medical Concepts Files Q3 2024 10-Q

TL;DR

Treace Medical Concepts dropped its Q3 10-Q. Check financials.

AI Summary

Treace Medical Concepts, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which is involved in surgical and medical instruments. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Treace Medical Concepts, Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — As a medical device company, Treace Medical Concepts is subject to regulatory, market, and financial risks inherent in the healthcare industry.

Key Players & Entities

• TREACE MEDICAL CONCEPTS, INC. (company) — Filer
• 0000950170-24-121460 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date
• 3841 (other) — Standard Industrial Classification
• FL (other) — State of Incorporation
• 471052611 (other) — IRS Number
• PONTE VEDRA (other) — City

FAQ

Key Financial Figures

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

Filing Documents

• tmci-20240930.htm (10-Q) — 1668KB
• tmci-ex31_1.htm (EX-31.1) — 13KB
• tmci-ex31_2.htm (EX-31.2) — 13KB
• tmci-ex32_1.htm (EX-32.1) — 8KB
• tmci-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-121460.txt ( ) — 6970KB
• tmci-20240930.xsd (EX-101.SCH) — 1047KB
• tmci-20240930_htm.xml (XML) — 1203KB

: 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 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 Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

: Other Information

Part II: Other Information Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27

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," "slated," "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; our anticipated future product launches and the timing and market acceptance of such product launches; 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 th

—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) September 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 12,110 $ 12,982 Marketable securities, short-term 70,689 110,216 Accounts receivable, net of allowance for credit losses of $ 743 and $ 980 as of September 30, 2024 and December 31, 2023, respectively 24,177 38,063 Inventories 43,611 29,245 Prepaid expenses and other current assets 7,015 7,853 Total current assets 157,602 198,359 Property and equipment, net 25,168 22,298 Intangible assets, net of accumulated amortization of $ 1,188 and $ 475 as of September 30, 2024 and December 31, 2023, respectively 8,312 9,025 Goodwill 12,815 12,815 Operating lease right-of-use assets 8,569 9,264 Other non-current assets 458 146 Total assets $ 212,924 $ 251,907 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 18,649 $ 11,835 Accrued liabilities 8,098 10,458 Accrued commissions 5,347 10,759 Accrued compensation 5,598 7,549 Other liabilities 571 4,432 Total current liabilities 38,263 45,033 Long-term debt, net of discount of $ 769 and $ 992 as of September 30, 2024 and December 31, 2023, respectively 53,231 53,008 Operating lease liabilities, net of current portion 16,487 15,891 Other long-term liabilities 37 37 Total liabilities 108,018 113,969 Commitments and contingencies (Note 7) Stockholders' equity Preferred stock, $ 0.001 par value, 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 300,000,000 shares authorized; 62,294,975 and 61,749,654 issued, and 62,275,371 and 61,749,654 outstanding as