TMCI · TREACE MEDICAL CONCEPTS, INC.

Treace Medical Concepts, Inc., a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty System, enables surgeons to correct all three dimensions of the bunion deformity, stabilize the first TMT joint, and allow return to weight-bearing in a walking boot; minimally invasive products for four bunion classes; Nanoplasty 3D Minimally Invasive Bunion Correction System delivers a reproducible 3D correction of the bunion deformity through a cosmetically appealing; and Percuplasty Percutaneous 3D Bunion Correction System that provides 3D correction of the bunion deformity through percutaneous incisions. It also provides Adductoplasty System, a system designed for the correction of metatarsus adductus deformities and osteoarthritis of the midfoot; SpeedMTP Rapid Compression Implant; SpeedPlate Implant Fixation Platform to address the fusion of larger bones of the midfoot and rearfoot; SpeedPlate Micro-Quad implant, an implant designed for stability and fit in small incision surgical approaches; and SpeedAkin Anatomic Compression Implant. In addition, the company offers The IntelliGuide patient specific instrumentation provides patient-specific, 3D-printed cut guides, and a pre-operative plan for a complete picture of the deformity and correction. Further, it provides FastGrafter Autografter Harvesting System; SpeedRelease Guided Release Instrument; TriTome Triple-Edge Release Instrument; RazorTome 7mm Precision Osteotome; LapiTome Hooked Bone Removal Osteotome; GreatRelease Rapid MTP Release Instrument; CornerChisel Release Tool; NanoRasp MIS Bone Contouring Tool; FeatherRasp Rapid Bone Contouring Instrument; and Akinator Single-cut Akin Wedge Osteotomy tool. Additionally, the company offers biologics and wedges, such as Treace Allograft Wedges; and CortiFuse Flowable Cortical Fibers. Treace Medical Concepts, Inc. was founded in 2013 and is headquartered in Ponte Vedra, Florida.

Cap structure and valuation

Cap structure
SP	$2.77
SO	64.9M
Options	7.2M
Warrants	0.0M
FD SO	72.0M
MC	$199.5M

Cash	$9.5M
Total debt	$55.8M
EV	$245.8M

TTM Multiples
EV / Revenue	1.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-30. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	47.20	62.52	50.21	47.39
Revenue YoY %	(10.2%)	(9.0%)	11.4%	6.6%
Cost of Revenue	9.79	12.12	10.51	9.63
Gross Profit	37.41	50.40	39.71	37.75
Gross Profit YoY %	(10.7%)	(9.1%)	9.9%	5.8%
Gross Margin %	79.3%	80.6%	79.1%	79.7%

SG&A	49.95	51.78	50.70	49.23
R&D	4.62	4.54	4.68	5.50
Operating Expense	54.57	56.32	55.38	54.73

Operating Income	(17.17)	(5.92)	(15.68)	(16.97)
Operating Income YoY %	(10.2%)	(2802.9%)	(3.6%)	20.6%
Operating Margin %	(36.4%)	(9.5%)	(31.2%)	(35.8%)
EBITDA	(16.27)	(3.11)	(12.90)	(14.40)
EBITDA Margin %	(34.5%)	(5.0%)	(25.7%)	(30.4%)

Interest Expense	1.57	1.35	1.34	1.32
Pretax Income	(17.96)	(9.39)	(16.29)	(17.40)
Tax Provision	—	0.00	—	—
Net Income	(17.96)	(9.39)	(16.29)	(17.40)
Net Margin %	(38.1%)	(15.0%)	(32.4%)	(36.7%)

Diluted EPS	-$0.28	-$0.14	-$0.26	-$0.28
Basic EPS	-$0.28	-$0.14	-$0.26	-$0.28
Diluted Avg Shares	64.6	0.2	63.5	63.0
Basic Avg Shares	64.6	0.2	63.5	63.0

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	207.32	212.69	209.36	187.12	141.84
Revenue YoY %	(2.5%)	1.6%	11.9%	31.9%	—
Cost of Revenue	42.05	42.94	41.09	35.18	25.53
Gross Profit	165.27	169.75	168.26	151.94	116.31
Gross Profit YoY %	(2.6%)	0.9%	10.7%	30.6%	—
Gross Margin %	79.7%	79.8%	80.4%	81.2%	82.0%

SG&A	201.66	203.62	203.36	187.93	137.57
R&D	19.34	20.28	20.59	15.44	13.58
Operating Expense	221.00	223.91	223.95	203.37	151.15

Operating Income	(55.74)	(54.15)	(55.69)	(51.43)	(34.84)
Operating Income YoY %	(2.9%)	2.8%	(8.3%)	(47.6%)	—
Operating Margin %	(26.9%)	(25.5%)	(26.6%)	(27.5%)	(24.6%)
EBITDA	(46.68)	(43.53)	(47.27)	(46.08)	(32.71)
EBITDA Margin %	(22.5%)	(20.5%)	(22.6%)	(24.6%)	(23.1%)

Interest Expense	5.58	5.32	5.26	5.17	4.40
Pretax Income	(61.04)	(59.00)	(55.74)	(49.53)	(42.81)
Tax Provision	—	0.00	0.00	0.00	0.00
Net Income	(61.04)	(59.00)	(55.74)	(49.53)	(42.81)
Net Income to Common	(61.04)	(59.00)	(55.74)	(50.00)	(43.00)
Net Margin %	(29.4%)	(27.7%)	(26.6%)	(26.5%)	(30.2%)

Diluted EPS	-$0.96	-$0.93	-$0.90	-$0.81	-$0.77
Basic EPS	-$0.96	-$0.93	-$0.90	-$0.81	-$0.77
Diluted Avg Shares	64.6	63.3	62.1	60.9	55.3
Basic Avg Shares	64.6	63.3	62.1	60.9	55.3

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	9.54	10.71	7.69	8.05
Receivables	30.36	42.16	32.96	30.33
Inventory	36.37	36.03	41.42	42.40
Total Current Assets	123.47	132.05	138.00	147.60

Net PPE	32.06	29.75	29.97	29.71
Goodwill	12.81	12.81	12.81	12.81
Total Assets	184.10	190.58	196.59	206.44

Accounts Payable	13.54	6.73	16.10	19.96
Total Current Liabilities	34.49	30.64	40.91	41.90
Long-term Debt	55.82	55.58	53.53	53.45
Total Liabilities	106.91	103.25	107.40	108.83

Retained Earnings	(266.95)	(248.99)	(239.60)	(223.31)
Total Equity	77.19	87.33	89.19	97.61

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	9.54	10.71	11.35	12.98	19.47
Receivables	30.36	42.16	40.80	38.10	29.20
Inventory	36.37	36.03	39.26	29.25	19.33
Total Current Assets	123.47	132.05	161.40	198.36	133.40

Net PPE	32.06	29.75	25.95	22.30	15.34
Goodwill	12.81	12.81	12.81	12.81	0.00
Total Assets	184.10	190.58	217.09	251.91	159.02

Accounts Payable	13.54	6.73	10.52	11.84	8.67
Total Current Liabilities	34.49	30.64	34.92	45.03	30.25
Long-term Debt	55.82	55.58	53.31	53.01	52.71
Total Liabilities	106.91	103.25	104.20	113.97	98.50

Retained Earnings	(266.95)	(248.99)	(189.99)	(134.25)	(84.72)
Total Equity	77.19	87.33	112.89	137.94	60.53

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(17.96)	(9.39)	(16.29)	(17.40)
D&A	0.90	2.81	2.78	2.58
Stock-Based Comp	8.03	7.55	8.00	9.58
Operating Cash Flow	7.24	(8.03)	(9.09)	(3.05)

CapEx	(3.06)	(2.40)	(2.81)	(4.77)
Investing Cash Flow	(7.82)	9.67	8.74	(3.26)

Financing Cash Flow	(0.59)	1.38	(0.01)	0.99

Free Cash Flow	4.18	(10.42)	(11.90)	(7.82)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(61.04)	(59.00)	(55.74)	(50.00)	(43.00)
D&A	9.06	10.62	8.42	5.35	2.13
Stock-Based Comp	33.16	33.82	30.60	17.35	8.11
Operating Cash Flow	(12.93)	(15.97)	(37.17)	(34.58)	(30.65)

CapEx	(13.04)	(13.52)	(11.59)	(11.46)	(14.84)
Investing Cash Flow	7.33	13.25	35.38	(81.30)	(76.52)

Debt Issuance	—	—	—	—	0.00
Debt Repayment	—	—	—	0.00	0.00
Financing Cash Flow	1.77	2.08	0.16	109.38	20.81

Free Cash Flow	(25.96)	(29.49)	(48.76)	(46.03)	(45.49)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	3.58	4.31	3.37	3.52
Quick Ratio	2.53	3.13	2.36	2.51
Debt / Equity	1.39	1.18	1.20	1.11
EBITDA Margin %	(34.5%)	(5.0%)	(25.7%)	(30.4%)
Working Capital	88.98	101.42	97.09	105.70
Net Debt	46.28	44.88	45.84	45.40
ROE %	(23.3%)	(10.8%)	(18.3%)	(17.8%)
ROA %	(9.8%)	(4.9%)	(8.3%)	(8.4%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	3.58	4.31	4.62	4.40	4.41
Quick Ratio	2.53	3.13	3.50	3.76	3.77
Debt / Equity	1.39	1.18	0.92	0.83	1.63
EBITDA Margin %	(22.5%)	(20.5%)	(22.6%)	(24.6%)	(23.1%)
Working Capital	88.98	101.42	126.48	153.33	103.16
Net Debt	46.28	44.88	41.96	40.03	33.24
ROE %	(79.1%)	(67.6%)	(49.4%)	(35.9%)	(70.7%)
ROA %	(33.2%)	(31.0%)	(25.7%)	(19.7%)	(26.9%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-14	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-05-14	P	61,750	$2.62	$161,495
2026-05-14	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-05-13	P	49,013	$2.46	$120,533
2026-05-14	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-05-12	P	43,000	$2.17	$93,478
2026-04-20	Hair Mark	Officer (Chief Financial Officer)	2026-04-17	F	(11,547)	—	$-0
2026-04-03	Hair Mark	Officer (Chief Financial Officer)	2026-04-01	A	100,000	—	$0
2026-03-11	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2026-03-10	F	(1,675)	—	$-0
2026-03-11	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-03-10	F	(1,396)	—	$-0
2026-03-11	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-03-10	F	(5,021)	—	$-0
2026-03-11	Hair Mark	Officer (Chief Financial Officer)	2026-03-10	F	(3,695)	—	$-0
2026-03-11	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2026-03-08	F	(175)	—	$-0
2026-03-11	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-03-08	F	(401)	—	$-0
2026-03-11	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-03-08	F	(2,062)	—	$-0
2026-03-11	Hair Mark	Officer (Chief Financial Officer)	2026-03-08	F	(964)	—	$-0
2026-02-11	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-02-10	M	16,875	$1.05	$17,719
2026-02-11	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-02-10	M	(16,875)	—	$-0
2026-01-23	Guglielmino Gaetano	Officer (Chief Commercial Officer)	2026-01-22	A	150,000	—	$0
2026-01-23	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2026-01-22	F	(9,451)	—	$-0
2026-01-23	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2026-01-22	A	262,500	—	$0
2026-01-23	Hair Mark	Officer (Chief Financial Officer)	2026-01-22	F	(17,037)	—	$-0
2026-01-23	Hair Mark	Officer (Chief Financial Officer)	2026-01-22	A	375,000	—	$0
2026-01-23	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-01-22	A	262,500	—	$0
2026-01-23	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-01-22	F	(14,254)	—	$-0
2026-01-23	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-01-22	A	250,000	—	$0
2026-01-23	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-01-21	M	53,500	$0.72	$38,520
2026-01-23	Scanlan Sean F.	Officer (Chief Innovation Officer)	2026-01-21	M	53,500	—	$0
2026-01-13	Hair Mark	Officer (Chief Financial Officer)	2026-01-10	F	(8,719)	—	$-0
2026-01-13	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2026-01-10	F	(4,544)	—	$-0
2026-01-13	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2026-01-10	F	(13,219)	—	$-0
2025-12-03	Guglielmino Guy	Officer (Chief Commercial Officer)	2025-12-01	F	(20,090)	—	$-0
2025-12-03	Guglielmino Guy	Officer (Chief Commercial Officer)	2025-12-01	F	(2,009)	—	$-0
2025-10-28	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-10-25	F	(984)	—	$-0
2025-10-28	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-10-24	F	(208)	—	$-0
2025-10-02	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-10-02	F	(650)	—	$-0
2025-10-02	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-09-30	F	(16,234)	—	$-0
2025-08-12	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-08-09	F	(10,515)	—	$-0
2025-08-12	Hair Mark	Officer (Chief Financial Officer)	2025-08-09	F	(22,212)	—	$-0
2025-08-12	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-08-09	F	(9,814)	—	$-0
2025-08-12	Berutti Aaron	Officer (SVP, Sales)	2025-08-09	F	(4,907)	—	$-0
2025-07-22	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-07-18	M	33,437	$0.72	$24,001
2025-07-22	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-07-18	M	(33,437)	—	$-0
2025-05-21	Jain Deepti	Director	2025-05-20	A	23,917	—	$0
2025-05-21	Berry Lance A	Director	2025-05-20	A	23,917	—	$0
2025-05-21	HAMILTON LAWRENCE W	Director	2025-05-20	A	23,917	—	$0
2025-05-21	Kiernan Jane E	Director	2025-05-20	A	23,917	—	$0
2025-05-21	Hanna Betsy	Director	2025-05-20	A	23,917	—	$0
2025-05-21	MOTT RICHARD W	Director	2025-05-20	A	23,917	—	$0
2025-05-21	BAKEWELL JOHN K	Director	2025-05-20	A	23,917	—	$0
2025-05-12	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-05-08	A	7,775	—	$0
2025-05-12	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-05-08	F	(1,894)	$7.54	-$14,281
2025-03-19	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-03-17	M	50,000	$1.05	$52,500
2025-03-19	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-03-17	S	(50,000)	$7.97	-$398,460
2025-03-19	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-03-17	M	(50,000)	—	$-0
2025-03-11	Berutti Aaron	Officer (SVP, Sales)	2025-03-10	F	(1,815)	—	$-0
2025-03-11	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2025-03-10	F	(5,021)	—	$-0
2025-03-11	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-03-10	F	(1,396)	—	$-0
2025-03-11	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-03-10	F	(1,675)	—	$-0
2025-03-11	Hair Mark	Officer (Chief Financial Officer)	2025-03-10	F	(3,684)	—	$-0
2025-03-11	Berutti Aaron	Officer (SVP, Sales)	2025-03-08	F	(728)	—	$-0
2025-03-11	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2025-03-08	F	(2,063)	—	$-0
2025-03-11	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-03-08	F	(401)	—	$-0
2025-03-11	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-03-08	F	(176)	—	$-0
2025-03-11	Hair Mark	Officer (Chief Financial Officer)	2025-03-08	F	(961)	—	$-0
2025-03-04	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2025-03-04	P	60,000	$8.73	$524,064
2025-01-24	Berutti Aaron	Officer (SVP, Sales)	2025-01-22	A	75,000	—	$0
2025-01-24	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-01-22	A	140,625	—	$0
2025-01-24	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-01-22	A	127,500	—	$0
2025-01-24	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2025-01-22	A	225,000	—	$0
2025-01-24	Hair Mark	Officer (Chief Financial Officer)	2025-01-22	A	187,500	—	$0
2025-01-14	Hair Mark	Officer (Chief Financial Officer)	2025-01-10	F	(8,594)	—	$-0
2025-01-14	Scanlan Sean F.	Officer (Chief Innovation Officer)	2025-01-10	F	(4,821)	—	$-0
2025-01-14	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2025-01-10	F	(4,544)	—	$-0
2025-01-14	Berutti Aaron	Officer (SVP, Sales)	2025-01-10	F	(4,821)	—	$-0
2025-01-14	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2025-01-10	F	(11,905)	—	$-0
2024-12-05	Guglielmino Guy	Officer (Chief Commercial Officer)	2024-12-01	A	330,000	—	$0
2024-12-05	Guglielmino Guy	Officer (Chief Commercial Officer)	2024-12-01	A	33,000	—	$0
2024-11-13	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2024-11-11	A	15,550	—	$0
2024-11-13	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2024-11-11	F	(3,787)	$8.29	-$31,394
2024-10-02	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2024-09-30	A	200,000	—	$0
2024-09-17	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2024-09-16	P	50,000	$5.31	$265,630
2024-09-16	Scanlan Sean F.	Officer (Chief Innovation Officer)	2024-09-12	M	33,750	$0.10	$3,280
2024-09-16	Scanlan Sean F.	Officer (Chief Innovation Officer)	2024-09-12	M	(33,750)	—	$-0
2024-08-19	TREACE JAMES T	Director	2024-08-15	P	84,000	$5.96	$501,035
2024-08-15	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2024-08-14	P	85,000	$6.00	$510,314
2024-08-09	Berutti Aaron	Officer (SVP, Sales)	2024-08-09	A	60,450	—	$0
2024-08-09	Scanlan Sean F.	Officer (Chief Innovation Officer)	2024-08-09	A	120,900	—	$0
2024-08-09	Hair Mark	Officer (Chief Financial Officer)	2024-08-09	A	207,260	—	$0
2024-08-09	Elder Scot Michael	Officer (Chief Legl & Comp Off, CorpSec)	2024-08-09	A	129,540	—	$0
2024-06-11	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2024-06-11	P	45,000	$5.88	$264,600
2024-06-03	TREACE JAMES T	Director	2024-05-31	P	25,000	$6.05	$151,328
2024-05-30	TREACE JAMES T	Director	2024-05-29	P	25,000	$5.20	$130,062
2024-05-29	TREACE JAMES T	Director	2024-05-28	P	50,000	$5.07	$253,475
2024-05-28	MOTT RICHARD W	Director	2024-05-24	P	18,000	$5.19	$93,501
2024-05-23	MOTT RICHARD W	Director	2024-05-22	P	12,100	$4.99	$60,425
2024-05-22	MOTT RICHARD W	Director	2024-05-21	A	15,091	—	$0
2024-05-22	MOTT RICHARD W	Director	2024-05-21	A	33,260	—	$0
2024-05-22	Kiernan Jane E	Director	2024-05-21	A	15,091	—	$0
2024-05-22	Kiernan Jane E	Director	2024-05-21	A	33,260	—	$0
2024-05-22	Jain Deepti	Director	2024-05-21	A	15,091	—	$0
2024-05-22	Jain Deepti	Director	2024-05-21	A	33,260	—	$0
2024-05-22	BAKEWELL JOHN K	Director	2024-05-21	A	15,091	—	$0
2024-05-22	BAKEWELL JOHN K	Director	2024-05-21	A	33,260	—	$0
2024-05-22	Berry Lance A	Director	2024-05-21	A	15,091	—	$0
2024-05-22	Berry Lance A	Director	2024-05-21	A	33,260	—	$0
2024-05-22	Hanna Betsy	Director	2024-05-21	A	15,091	—	$0
2024-05-22	Hanna Betsy	Director	2024-05-21	A	33,260	—	$0
2024-05-22	HAMILTON LAWRENCE W	Director	2024-05-21	A	15,091	—	$0
2024-05-22	HAMILTON LAWRENCE W	Director	2024-05-21	A	33,260	—	$0
2024-05-20	Treace John T.	Director, Officer (Chief Executive Officer), 10% Owner	2024-05-17	P	100,000	$5.56	$556,170