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

Treace Medical Concepts (NASDAQ:TMCI) posted its earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.30), Briefing.com reports. The company had revenue of $51.11 million during the quarter, compared to analysts’ expectations 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 firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share.

Treace Medical Concepts Trading Down 59.7 %

Shares of Treace Medical Concepts stock opened at $4.48 on Wednesday. The company has a fifty day simple moving average of $12.00 and a 200-day simple moving average of $11.73. Treace Medical Concepts has a 12-month low of $4.30 and a 12-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. The stock has a market cap of $276.68 million, a price-to-earnings ratio of -13.73 and a beta of 0.37.

Wall Street Analyst Weigh In

A number of research analysts have commented on TMCI shares. Truist Financial cut Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price target for the stock from $17.00 to $7.00 in a research note on Wednesday. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $8.00 in a report on Wednesday. Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price target for the company from $15.00 to $6.00 in a research report on Wednesday. Finally, BTIG Research downgraded Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.93.

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.