Treace Medical Concepts, Inc. (“Treace” or the “Company”)
(NasdaqGS: TMCI), a medical technology company driving a
fundamental shift in the surgical treatment of hallux valgus
(commonly known as bunions) through its Lapiplasty® 3D Bunion
Correction® Procedure, today reported financial results for the
third quarter ended September 30, 2023.
Recent Highlights:
- Revenue of $40.8 million in the third quarter, a 23% increase
over same period last year and a 36% increase year to date over
prior year
- Blended average revenue per Lapiplasty® procedure kit sold was
record high $6,311, a 9% increase over same period last year
- Gross margin of 80.4% in the third quarter 2023 and 81.0% year
to date
- Third quarter 2023 revenue contribution from direct sales
channel, the industry’s only direct bunion-focused salesforce,
increased to 81% of sales compared to 74% during third quarter 2022
- Initiated commercialization of several new technologies,
including the 2nd generation SpeedPlate™ fixation platform, the
Micro-Lapiplasty™ System, Hammertoe PEEK Fixation System, and
LapiTome™ and RazorTome™ sterile instruments
- Patent portfolio expands to 52 granted U.S. patents, with an
additional 12 patents worldwide and 78 pending U.S. patent
applications
“We’re pleased to report substantial gains in
our key performance metrics during the third quarter, including 36%
year-to-date revenue growth and a significant increase in our
surgeon base, which now totals 2,691, a 21% increase over the prior
year,” said John T. Treace, CEO, Founder and Board Member of
Treace. “We also achieved a record blended average selling price of
$6,311, driven by the early impact of our new technologies, and we
are particularly excited about the opportunity for our SpeedPlate™
fixation platform.”
Mr. Treace stated, “Our updated guidance
reflects our year-to-date surgeon count, which was impacted by
prioritized travel and vacations for our patient demographic that
started in the second quarter and continued through most of the
third quarter. We also made the strategic decision to further
refine our SpeedPlate™ platform, extending our timeline to achieve
full commercial supply until the first quarter of 2024. This
decision has enabled us to make our Gen 2 SpeedPlate™ technology
more broadly applicable across a greater range of clinical
applications, which we believe will expand our footprint in the
foot and ankle market.”
Mr. Treace continued, “With accelerating
additions to our surgeon base, increasing productivity of our
direct sales channel and several new technologies that are already
starting to make a positive impact on customer demand, I’m
confident that we have the right strategy in place to outpace our
competitors, drive continued market penetration and deliver strong
growth for the remainder of this year and beyond.”
Third Quarter 2023 Financial
Results
Revenue for the second quarter of 2023 was $40.8
million, representing an increase of 23% compared to $33.1 million
in the third quarter of 2022. The increase was driven by an
increased number of Lapiplasty® procedure kits sold as a result of
an expanded surgeon customer base, increased utilization and
increased blended average selling prices due to increased adoption
of the Company’s newer technologies and expanding portfolio of
complementary products.
Gross profit for the third quarter of 2023 was
$32.8 million, representing an increase of 21% compared to a gross
profit of $27.0 million in the third quarter of 2022. Gross margin
totaled 80.4% in the third quarter of 2023, compared to 81.6% in
third quarter of 2022, primarily due to changes in product mix, an
increase in inventory provisions, and an increase in overhead costs
due to headcount to support the growing business, partially offset
by lower royalty rates.
Total operating expenses were $50.6 million in
the third quarter of 2023, compared to total operating expenses of
$38.3 million in the third quarter of 2022. Increased operating
expenses in the third quarter of 2023 reflect strategic investments
in its expanding direct sales channel, investments in product
innovation, increased capacity requirements, as well as support for
other commercial initiatives.
Third quarter net loss attributable to common
stockholders was ($17.5) million, or ($0.28) per share, compared to
($12.1) million, or ($0.22) per share, for the same period of 2022.
Third quarter adjusted net loss was ($17.5) million, or ($0.28) per
share, compared to ($12.1) million, or ($0.22) per share for the
same period of 2022. Adjusted EBITDA was a loss of ($9.2) million
in the third quarter of 2023 compared to a loss of ($8.6) million
for the same period in 2022. See below for additional information
and a reconciliation of non-GAAP financial information.
Cash, cash equivalents, marketable securities
and investment receivable totaled $128.2 million as of September
30, 2023. The Company believes it has sufficient balance sheet
strength and flexibility to continue aggressively executing on its
strategic investments and growth initiatives.
Financial Outlook
Treace is updating its full-year 2023 revenue
guidance to $182 million to $186 million, which represents
approximately 28% to 31% growth over the Company’s 2022 revenue.
This compares to the prior full-year 2023 revenue guidance of $191
million to $197 million.
The Company expects positive adjusted EBITDA in
the fourth quarter of 2023 and continues to expect to show modest
improvement in adjusted EBITDA for full-year 2023 compared to
2022.
An investor presentation for the Company’s third
quarter 2023 financial results is available in the "Investors"
section of Treace's website at investors.treace.com.
Webcast and Conference Call
Details
Treace will host a conference call today,
November 9, 2023, at 4:30 p.m. ET to discuss its third quarter 2023
financial results. Investors interested in listening to the
conference call may do so by registering. Once registered,
participants will receive dial-in numbers and a unique pin to join
the call and ask questions. The live webcast of the conference call
will be available on the Investor Relations section of the
Company’s website at https://investors.treace.com/. The webcast
will be archived on the website following the completion of the
call.
Use of Non-GAAP Financial
Measures
To supplement the financial results presented in
accordance with GAAP, this earnings release presents Adjusted
EBITDA, which the Company defines as net loss before depreciation
and amortization expense, interest income, interest expense, taxes,
share-based compensation expense, acquisition-related costs and
debt extinguishment loss. As of March 31, 2023, in its calculation
of Adjusted EBITDA, the Company began subtracting interest income
from net loss as interest income is expected to be significant for
the full-year 2023. Prior period results for Adjusted EBITDA have
been updated to be consistent with the updated presentation as
described above. This earning release also presents net loss
attributable to common stockholders excluding the debt
extinguishment loss on an aggregate and per share basis (“Adjusted
Net Loss”). Non-GAAP financial measures such as Adjusted EBITDA and
Adjusted Net Loss are presented in addition to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP. Management uses these non-GAAP financial
measures to evaluate the Company’s operating performance and
trends, as well as for making planning decisions. The Company
believes that Adjusted EBITDA and Adjusted Net Loss helps to
identify underlying trends in the Company’s business that may
otherwise be masked by the effect of the income and expenses and
other items that it excludes in its calculation of Adjusted EBITDA
and Adjusted Net Loss. Accordingly, the Company believes these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating the Company’s operating
results, enhancing the overall understanding of its past
performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by the
Company’s management in their financial and operational
decision-making. The Company also presents these non-GAAP financial
measures because it believes investors, analysts and rating
agencies consider them to be a useful metrics in measuring the
Company’s performance against other companies and its ability to
meet its debt service obligations.
There are limitations related to the use of
non-GAAP financial measures such as Adjusted EBITDA and Adjusted
Net Loss because they are not prepared in accordance with GAAP, may
exclude significant income and expenses required by GAAP to be
recognized in the Company’s financial statements, and may not be
comparable to non-GAAP financial measures used by other companies.
The Company encourages investors to carefully consider its results
under GAAP, as well as its supplemental non‐GAAP information and
the reconciliation between these presentations, to more fully
understand its business. Reconciliations between GAAP and non‐GAAP
results are presented below.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are forward-looking statements, including, but not
limited to the Company’s expectations about the opportunity for its
SpeedPlate™ fixation platform, including its expansion of the
Company’s footprint in the foot and ankle market and the timeline
to achieve full commercial supply of that product; the Company’s
confidence that it has the right strategy in place to outpace its
competitors, drive continued market penetration and deliver strong
growth for the remainder of 2023 and beyond; the Company’s belief
that it has sufficient balance sheet strength and flexibility to
continue aggressively executing on its strategic investments and
growth initiatives; the Company’s revenue guidance and revenue
growth rates for full-year 2023; and the Company’s expectation of
positive adjusted EBITDA in the fourth quarter of 2023 and modest
improvement in adjusted EBITDA for full-year 2023 compared to 2022.
Forward-looking statements are based on management’s current
assumptions and expectations of future events and trends, which
affect or may affect the Company’s business, strategy, operations
or financial performance, and actual results and other events may
differ materially from those expressed or implied in such
statements due to numerous risks and uncertainties. Forward-looking
statements are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. Factors that could
cause actual results or other events to differ materially from
those contemplated in this press release can be found in the Risk
Factors section of Treace’s public filings with the Securities and
Exchange Commission (SEC), including its Annual Report on Form 10-K
for the year ended December 31, 2022, and any subsequent Quarterly
Report on Form 10-Q or Current Report on Form 8-K. Because
forward-looking statements are inherently subject to risks and
uncertainties, you should not rely on these forward-looking
statements as predictions of future events. These forward-looking
statements speak only as of their date and, except to the extent
required by law, the Company undertakes no obligation to update
these statements, whether as a result of any new information,
future developments or otherwise. The Company’s results for the
quarter ended September 30, 2023 are not necessarily indicative of
its operating results for any future periods.
Internet Posting of
Information
Treace routinely posts information that may be
important to investors in the “Investor Relations” section of its
website at www.treace.com. The Company encourages investors and
potential investors to consult the Treace website regularly for
important information about Treace.
About Treace Medical
Concepts
Treace Medical Concepts, Inc. is a medical
technology company with the goal of advancing the standard of care
for the surgical management of bunion and related midfoot
deformities. Bunions are complex 3-dimensional deformities that
originate from an unstable joint in the middle of the foot and
affect approximately 65 million Americans, of which Treace
estimates 1.1 million are annual surgical candidates. Treace has
pioneered and patented the Lapiplasty® 3D Bunion Correction® System
– a combination of instruments, implants, and surgical methods
designed to surgically correct all 3 planes of the bunion deformity
and secure the unstable joint, addressing the root cause of the
bunion and helping patients get back to their active lifestyles.
Treace expanded its offering with the Adductoplasty® Midfoot
Correction System, designed for reproducible surgical correction of
the midfoot to provide further support to hallux valgus patients,
and the Hammertoe PEEK Fixation System, designed to address
hammertoe, claw toe and mallet toe deformities. For more
information, please visit www.treace.com.
To learn more about Treace, connect with us on
LinkedIn, Twitter, Facebook, and Instagram.
Contacts:
Treace Medical Concepts, Inc.
Julie Dewey, IRC Chief Communications & Investor Relations
Officer jddewey@treace.com | 209-613-6945
|
Treace Medical Concepts, Inc. Statements
of Operations and Comprehensive Loss (in
thousands, except share and per share amounts)
(unaudited) |
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
40,758 |
|
|
$ |
33,055 |
|
|
$ |
124,906 |
|
|
$ |
92,069 |
|
Cost of goods sold |
|
|
7,998 |
|
|
|
6,090 |
|
|
|
23,712 |
|
|
|
16,511 |
|
Gross profit |
|
|
32,760 |
|
|
|
26,965 |
|
|
|
101,194 |
|
|
|
75,558 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
33,542 |
|
|
|
25,568 |
|
|
|
100,970 |
|
|
|
74,477 |
|
Research and development |
|
|
4,350 |
|
|
|
3,799 |
|
|
|
11,288 |
|
|
|
9,835 |
|
General and administrative |
|
|
12,686 |
|
|
|
8,916 |
|
|
|
33,582 |
|
|
|
22,593 |
|
Total operating expenses |
|
|
50,578 |
|
|
|
38,283 |
|
|
|
145,840 |
|
|
|
106,905 |
|
Loss from operations |
|
|
(17,818 |
) |
|
|
(11,318 |
) |
|
|
(44,646 |
) |
|
|
(31,347 |
) |
Interest income |
|
|
1,570 |
|
|
|
420 |
|
|
|
5,017 |
|
|
|
560 |
|
Interest expense |
|
|
(1,296 |
) |
|
|
(1,190 |
) |
|
|
(3,863 |
) |
|
|
(3,087 |
) |
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,483 |
) |
Other income, net |
|
|
23 |
|
|
|
(45 |
) |
|
|
246 |
|
|
|
(46 |
) |
Other non-operating income (expense), net |
|
|
297 |
|
|
|
(815 |
) |
|
|
1,400 |
|
|
|
(7,056 |
) |
Net loss |
|
$ |
(17,521 |
) |
|
$ |
(12,133 |
) |
|
$ |
(43,246 |
) |
|
$ |
(38,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on marketable securities |
|
$ |
71 |
|
|
$ |
— |
|
|
$ |
(121 |
) |
|
$ |
— |
|
Comprehensive loss |
|
$ |
(17,450 |
) |
|
$ |
(12,133 |
) |
|
$ |
(43,367 |
) |
|
$ |
(38,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.70 |
) |
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted |
|
|
61,562,494 |
|
|
|
55,429,211 |
|
|
|
60,566,655 |
|
|
|
55,190,587 |
|
Note: A change in presentation has been made
within the Statement of Operations and Comprehensive Loss for the
three months and nine months ended September 30, 2022,
reclassifying $0.5 million and $1.3 million of surgical instrument
expense from cost of goods sold to sales and marketing expense to
conform with the current year’s presentation. Please refer to
supplemental materials related to quarterly 2022 results available
on our investor relations website.
|
Treace Medical Concepts, Inc. Balance
Sheets (in thousands, except share and per share
amounts) (unaudited) |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,278 |
|
|
$ |
19,473 |
|
Marketable securities, short-term |
|
|
114,885 |
|
|
|
61,779 |
|
Accounts receivable, net of allowance for doubtful accounts of $639
and $735 as of September 30, 2023 and December 31, 2022,
respectively |
|
|
24,996 |
|
|
|
29,196 |
|
Inventories |
|
|
29,312 |
|
|
|
19,330 |
|
Prepaid expenses and other current assets |
|
|
10,671 |
|
|
|
3,624 |
|
Total current assets |
|
|
187,142 |
|
|
|
133,402 |
|
Property and equipment, net |
|
|
21,536 |
|
|
|
15,338 |
|
Intangible assets, net of accumulated amortization of $238 and $0
as of September 30, 2023 and December 31, 2022,
respectively |
|
|
9,262 |
|
|
|
— |
|
Goodwill |
|
|
12,815 |
|
|
|
— |
|
Operating lease right-of-use assets |
|
|
9,459 |
|
|
|
10,138 |
|
Other non-current assets |
|
|
146 |
|
|
|
146 |
|
Total assets |
|
$ |
240,360 |
|
|
$ |
159,024 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
8,680 |
|
|
$ |
8,668 |
|
Accrued liabilities |
|
|
8,936 |
|
|
|
6,216 |
|
Accrued commissions |
|
|
5,278 |
|
|
|
7,356 |
|
Accrued compensation |
|
|
5,070 |
|
|
|
7,666 |
|
Other liabilities |
|
|
5,190 |
|
|
|
339 |
|
Total current liabilities |
|
|
33,154 |
|
|
|
30,245 |
|
Long-term debt, net of discount of $1,066 and $1,289 as of
September 30, 2023 and December 31, 2022,
respectively |
|
|
52,934 |
|
|
|
52,711 |
|
Operating lease liabilities, net of current portion |
|
|
16,375 |
|
|
|
15,539 |
|
Other long-term liabilities |
|
|
37 |
|
|
|
— |
|
Total liabilities |
|
|
102,500 |
|
|
|
98,495 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 5,000,000 shares authorized as
of September 30, 2023 and December 31, 2022; 0 shares
issued and outstanding as of September 30, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 300,000,000 shares authorized;
61,606,926 issued and outstanding as of September 30, 2023;
300,000,000 shares authorized; 55,628,208 issued and outstanding as
of December 31, 2022 |
|
|
62 |
|
|
55 |
|
Additional paid-in capital |
|
|
265,912 |
|
|
|
145,221 |
|
Accumulated deficit |
|
|
(127,966 |
) |
|
|
(84,720 |
) |
Accumulated other comprehensive (loss) income |
|
|
(148 |
) |
|
|
(27 |
) |
Total stockholders’ equity |
|
|
137,860 |
|
|
|
60,529 |
|
Total liabilities and stockholders’ equity |
|
$ |
240,360 |
|
|
$ |
159,024 |
|
|
Treace Medical Concepts, Inc. Statements
of Cash Flows (in thousands)
(unaudited) |
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(43,246 |
) |
|
$ |
(38,403 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities |
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
3,583 |
|
|
|
1,216 |
|
(Recovery) provision for allowance for doubtful accounts |
|
|
79 |
|
|
|
(38 |
) |
Share-based compensation expense |
|
|
11,480 |
|
|
|
5,641 |
|
Non-cash lease expense |
|
|
1,868 |
|
|
|
2,010 |
|
Amortization of debt issuance costs |
|
|
223 |
|
|
|
169 |
|
Recovery of inventory obsolescence |
|
|
— |
|
|
|
(206 |
) |
Gain on fair value adjustment to derivative liability |
|
|
— |
|
|
|
(173 |
) |
Debt extinguishment loss |
|
|
— |
|
|
|
4,483 |
|
Accretion (amortization) of discount (premium) on marketable
securities, net |
|
|
(1,031 |
) |
|
|
— |
|
Other, net |
|
|
164 |
|
|
|
25 |
|
Net changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
|
|
Accounts Receivable |
|
|
4,121 |
|
|
|
58 |
|
Inventory |
|
|
(9,915 |
) |
|
|
(6,027 |
) |
Prepaid expenses and other assets |
|
|
(1,028 |
) |
|
|
(1,058 |
) |
Other non-current assets |
|
|
— |
|
|
|
(146 |
) |
Other liabilities |
|
|
497 |
|
|
|
3,112 |
|
Accounts payable |
|
|
12 |
|
|
|
3,825 |
|
Accrued liabilities |
|
|
(1,954 |
) |
|
|
222 |
|
Other, net |
|
|
40 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(35,107 |
) |
|
|
(25,290 |
) |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchases of available-for-sale marketable securities |
|
|
(140,075 |
) |
|
|
— |
|
Sales and maturities of available-for-sale marketable
securities |
|
|
82,979 |
|
|
|
— |
|
Purchases of property and equipment |
|
|
(9,210 |
) |
|
|
(12,506 |
) |
Acquisition, net of cash acquired |
|
|
(20,000 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(86,306 |
) |
|
|
(12,506 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from interest bearing term debt |
|
|
— |
|
|
|
49,651 |
|
Proceeds from interest bearing revolving debt |
|
|
— |
|
|
|
3,850 |
|
Debt issuance costs |
|
|
— |
|
|
|
(989 |
) |
Repayment of term loan |
|
|
— |
|
|
|
(33,893 |
) |
Proceeds from issuance of common stock from public offering, net of
issuance costs and underwriting discount of $7.5 million |
|
|
107,527 |
|
|
|
— |
|
Proceeds from exercise of employee stock options |
|
|
1,691 |
|
|
|
1,890 |
|
Net cash provided by financing activities |
|
|
109,218 |
|
|
|
20,509 |
|
Net decrease in cash and cash equivalents |
|
|
(12,195 |
) |
|
|
(17,287 |
) |
Cash and cash equivalents at beginning of period |
|
|
19,473 |
|
|
|
105,833 |
|
Cash and cash equivalents at end of period |
|
$ |
7,278 |
|
|
$ |
88,546 |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,863 |
|
|
$ |
3,087 |
|
Operating lease right-of-use assets obtained in exchange for new
lease liabilities |
|
$ |
— |
|
|
$ |
15,300 |
|
Operating lease right-of-use asset and lease liability adjustment
due to lease incentive |
|
$ |
(22 |
) |
|
$ |
— |
|
Noncash investing activities: |
|
|
|
|
|
|
Unrealized losses on marketable securities |
|
$ |
121 |
|
|
$ |
— |
|
Unsettled marketable security purchase and payable to broker |
|
$ |
(1,100 |
) |
|
$ |
— |
|
Unsettled matured marketable security and receivable from
broker |
|
$ |
6,000 |
|
|
$ |
— |
|
|
Treace Medical Concepts, Inc.
Reconciliation of GAAP Net Loss to Adjusted Net
Loss (in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(17,521 |
) |
|
$ |
(12,133 |
) |
|
$ |
(43,246 |
) |
|
$ |
(38,403 |
) |
Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,483 |
|
Adjusted net loss |
|
$ |
(17,521 |
) |
|
$ |
(12,133 |
) |
|
$ |
(43,246 |
) |
|
$ |
(33,920 |
) |
Per share |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(0.28 |
) |
|
|
(0.22 |
) |
|
|
(0.71 |
) |
|
|
(0.70 |
) |
Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.08 |
|
Adjusted net loss |
|
$ |
(0.28 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.62 |
) |
Weighted average common shares outstanding per share attributable
to common stockholders, basic and diluted |
|
|
61,562,494 |
|
|
|
55,429,211 |
|
|
|
60,566,655 |
|
|
|
55,190,587 |
|
|
Treace Medical Concepts, Inc.
Reconciliation of GAAP Net Loss to EBITDA & Adjusted
EBITDA (in thousands) |
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
$ |
(17,521 |
) |
|
$ |
(12,133 |
) |
|
$ |
(43,246 |
) |
|
$ |
(38,403 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(1,570 |
) |
|
|
(420 |
) |
|
|
(5,017 |
) |
|
|
(560 |
) |
Interest expense |
|
1,296 |
|
|
|
1,190 |
|
|
|
3,863 |
|
|
|
3,087 |
|
Taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization |
|
1,564 |
|
|
|
459 |
|
|
|
3,583 |
|
|
|
1,216 |
|
EBITDA |
$ |
(16,231 |
) |
|
$ |
(10,904 |
) |
|
$ |
(40,817 |
) |
|
$ |
(34,660 |
) |
Share-based compensation expense |
|
5,192 |
|
|
|
2,269 |
|
|
|
11,480 |
|
|
|
5,641 |
|
Acquisition-related costs |
|
1,802 |
|
|
|
— |
|
|
|
2,322 |
|
|
|
— |
|
Debt extinguishment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,483 |
|
Adjusted EBITDA |
$ |
(9,237 |
) |
|
$ |
(8,635 |
) |
|
$ |
(27,015 |
) |
|
$ |
(24,536 |
) |
Treace Medical Concepts (NASDAQ:TMCI)
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