Treace Medical Concepts (NASDAQ:TMCI) Releases Earnings Results, Hits Expectations

Treace Medical Concepts (NASDAQ:TMCI) posted its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.30), Briefing.com reports. The business had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The company’s revenue was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) earnings per share.

Treace Medical Concepts Price Performance

Shares of TMCI stock traded up $0.11 during trading hours on Thursday, hitting $4.28. The company’s stock had a trading volume of 1,479,124 shares, compared to its average volume of 651,084. The business has a fifty day moving average of $11.82 and a 200-day moving average of $11.67. The stock has a market cap of $264.33 million, a price-to-earnings ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $27.70. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Analyst Upgrades and Downgrades

TMCI has been the subject of a number of analyst reports. Stifel Nicolaus downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their target price for the stock from $15.00 to $6.00 in a research note on Wednesday. Truist Financial downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price objective for the company from $17.00 to $7.00 in a research note on Wednesday. JPMorgan Chase & Co. downgraded shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $8.00 in a research note on Wednesday. UBS Group decreased their price objective on shares of Treace Medical Concepts from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, BTIG Research cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.57.

Treace Medical Concepts Company Profile

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.