Treace Medical Concepts Inc (TMCI)
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Treace Medical re-measured bunion surgery with its Lapiplasty system — and still trades almost 90 percent below its 2021 high (as of July 2026). Now the founder-CEO is buying roughly $1.1 million of his own shares, operating cash flow is turning positive — and at the same time quarterly revenue is shrinking for the second time in a row while a patent war runs against giants like Stryker and Zimmer Biomet. We read the annual report (10-K), the quarterly reports (10-Q) and the insider filings (Form 4). Not investment advice — just the documents the buyer himself had to sign.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralIn den letzten 4 Quartalsberichten (10-Q) und 2 Jahresberichten (10-K) von Treace Medical findet sich kein wesentlicher KI-Bezug — die 10-Q enthalten gar keine KI-Erwähnung, und im 10-K 2025 (wie im 10-K 2024) taucht „artificial intelligence“ nur als generische Floskel auf: als Werkzeug von Cyber-Angreifern in Item 1A/1C („threat actors are becoming increasingly sophisticated in using techniques and tools—including generative and other artificial intelligence“) und als regulatorisches Zukunftsthema („the legal, regulatory and ethical landscape around the use of artificial intelligence and machine learning is rapidly evolving, and our obligations to comply … could entail significant costs or limit our ability to incorporate certain artificial intelligence capabilities into our products“); weder KI-Umsatzquelle noch belegter operativer Einsatz noch konkretes Geschäftsmodell-Risiko.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-27 · 10-K 2025-02-27
Rated on July 9, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.01 | – | 69 | 10.40 | -0.70 | -4 | -7 |
| 2025: Q1 | -0.25 | – | 53 | 2.90 | -30.30 | 4 | 1 |
| 2025: Q2 | -0.28 | – | 47 | 6.60 | -36.70 | -3 | -8 |
| 2025: Q3 | -0.26 | – | 50 | 11.40 | -32.40 | -9 | -12 |
| 2025: Q4 | -0.15 | – | 63 | -9.00 | -15.00 | -8 | -10 |
| 2026: Q1 | -0.28 | – | 47 | -10.20 | -38.10 | 7 | 4 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A 79.8 percent gross margin in 2025, patented surgical systems, an addressed market of more than $5 billion per the annual report (10-K) with only roughly 450,000 procedures per year so far — the substance of the business model is extraordinary.
Operating cash outflow more than halved from $37.2 to $16.0 million (2024 → 2025), +$7.2 million of inflow in the first quarter of 2026, liquidity up $3.5 million in the quarter — and practically without dilution (64.6 → 64.9 million shares, February to May 2026).
The founder-CEO with an 18.7 percent stake bought roughly 371,600 shares for about $1.1 million on the open market in May/June 2026 per insider filings (Form 4); more than 80 percent of the shares sit with professionals and insiders (data as of July 9, 2026).
The Lapiplasty flagship carries the majority of revenue and is losing out to minimally invasive procedures; revenue −9.0 percent in the fourth quarter of 2025, −10.2 percent in the first quarter of 2026; company guidance for 2026 ($202–212 million) sits just below the 2025 figure even at the upper end.
Stryker, Zimmer Biomet/Paragon 28, Arthrex and DePuy Synthes counter with bundle discounts and group contracts; add a multi-front patent war including countersuits, administrative review of four of the five asserted patents and a shareholder class action — legal costs +$5.4 million in 2025, partly deferred with the company's own law firm at 10 percent interest.
A $60 million loan (maturing 2030, SOFR + 5.05 percentage points, lien on essentially all assets including the patents) stands against $51.9 million of liquid funds; the liquidity covenant was met as of March 31, 2026, no going-concern warning. Technically overheated after roughly +250 percent in three months: Weinstein Stage 3 and bankruptcy-risk-scanner hits next to the momentum shelf (data as of July 9, 2026).
Treace Medical is a specialist with a dream margin and a real cost turnaround whose flagship product is at the same time losing its market to minimally invasive procedures and discount-heavy giants. The founder is buying against it with his own money, the balance sheet holds — but two down quarters in a row and a patent war with an open outcome make the turnaround a question of proof. Not investment advice.
- No going-concern warning in the annual report (10-K) for 2025; the company expects sufficient funds for at least twelve months. The hit in the bankruptcy-risk screen "Thomas Inso Kandidat" feeds on the weak balance-sheet history and falling revenue — it is a smoke detector, not an insolvency verdict.
- Fiscal year = calendar year; "2025" means January through December 2025. Q4 2025 revenue derived as full year minus nine-month value. The quarterly report (10-Q) as of June 30, 2026 has historically appeared in early August.
- A very volatile stock: daily swings around 9.6 percent, roughly 88 percent below the all-time high despite roughly +250 percent in three months (data as of July 9, 2026). Shareholder class action (McCluney v. Treace, class period May 2023 through May 2024) in an early procedural stage.
About the Company
Treace Medical Concepts, Inc., ein Medizintechnikunternehmen, entwirft, fertigt und vermarktet Medizinprodukte in den USA.
| Employees | 450 |
|---|---|
| Headquarters | Ponte Vedra, FL |
| Website | treace.com |
| IPO Date | 23. Apr 2021 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| John T. Treace | Founder, Chairman & CEO | 1972 |
| Mark L. Hair CPA | Chief Financial Officer | 1970 |
| Scot M. Elder J.D. | Chief Legal & Compliance Officer and Corporate Secretary | 1975 |
| Sean F. Scanlan Ph.D. | Chief Innovation & Marketing Officer | 1982 |
| Terry W. Lubben | Chief Operations & Supply Chain Officer | 1965 |
| Zac Potter | Senior VP & Chief Accounting Officer | – |
| Taylor Erickson | Chief Information & Cybersecurity Officer | – |
| Brad Barr | Senior Vice President of Sales | – |
| Daniel E. Owens | Chief Human Resources Officer | 1972 |
| Shana Zink | Senior Vice President of Clinical Affairs & Reimbursement | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.