olivLaw · US equity research
Treace Medical Concepts, Inc. TMCI
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Treace Medical Concepts is a medical technology company that develops surgical systems for the three-dimensional correction of bunions and midfoot deformities. The company is trying to become a comprehensive bunion solutions provider as growth of its flagship Lapiplasty system slows and competition intensifies, and revenue in the first half of 2026 remained below the prior year, with full-year guidance raised slightly.
At the close of 04 Nov 2026, Treace Medical Concepts, Inc. (TMCI) stock was 4.50 USD (+5.14% on the day), with market capitalisation 292.7 m USD, beta 1.35, 52-week range 1.20–6.25 USD. Latest reported quarter (Q2 2026): revenue of 45.4 m USD (−4.2% YoY), net income of -15.9 m USD, diluted EPS -0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.4
- neutral
- Bollinger (20, 2)
- 3.64 – 4.86
- in the upper half of the band · %B 0.70 · band width 28.8%
- SMA 50 / 200
- 4.42 / 3.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −1.1% | +1.5 pp | — |
| 3 months | −5.9% | −0.5% | −5.4 pp | — |
| 6 months | +133.2% | +4.4% | +128.8 pp | — |
| Year to date | +83.7% | +12.3% | +71.4 pp | — |
| 1 year | −31.0% | +13.5% | −44.5 pp | −43.3% |
| 3 years | −59.2% | +76.4% | −135.7 pp | −7.7% |
| 5 years | −81.1% | +63.7% | −144.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45.1 m | 68.7 m | 52.6 m | 47.4 m | 50.2 m | 62.5 m | 47.2 m | 45.4 m |
| Cost of revenue | 9.0 m | 13.2 m | 10.7 m | 9.6 m | 10.5 m | 12.1 m | 9.8 m | 9.8 m |
| Gross profit | 36.1 m | 55.5 m | 41.9 m | 37.8 m | 39.7 m | 50.4 m | 37.4 m | 35.6 m |
| Research & development | 5.0 m | 5.2 m | 5.6 m | 5.5 m | 4.7 m | 4.5 m | 4.6 m | 4.4 m |
| Operating income | -15.1 m | -204.0 k | -15.6 m | -17.0 m | -15.7 m | -5.9 m | -17.2 m | -15.0 m |
| Depreciation & amortisation | 2.2 m ≈ | 2.2 m | 2.5 m | 2.6 m ≈ | 2.8 m ≈ | 2.8 m | 899.0 k | 1.9 m ≈ |
| Interest expense | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.4 m | 1.6 m | 1.6 m |
| Net income | -15.4 m | -501.0 k | -15.9 m | -17.4 m | -16.3 m | -9.4 m | -18.0 m | -15.9 m |
| Diluted EPS | -0.25 | -0.01 ≈ | -0.25 | -0.28 | -0.26 | -0.15 ≈ | -0.28 | -0.24 |
| Operating cash flow | -11.8 m ≈ | -4.2 m | 4.2 m | -3.1 m ≈ | -9.1 m ≈ | -8.0 m | 7.2 m | -4.7 m ≈ |
| Capex | 2.9 m ≈ | 3.1 m | 3.5 m | 4.8 m ≈ | 2.8 m ≈ | 2.4 m | 3.1 m | 2.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 39.4 m | 57.4 m | 94.4 m | 141.8 m | 187.1 m | 209.4 m | 212.7 m |
| Revenue YoY | unavailable | +45.5% | +64.6% | +50.2% | +31.9% | +11.9% | +1.6% |
| Net income | -4.3 m | -3.7 m | -20.6 m | -42.8 m | -49.5 m | -55.7 m | -59.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.12 | -0.43 | -0.77 | -0.81 | -0.90 | -0.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -10.8% | -6.4% | -21.8% | -30.2% | -26.5% | -26.6% | -27.7% |
| Free cash flow | -8.9 m | -5.6 m | -19.9 m | -45.5 m | -46.0 m | -48.8 m | -29.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.7 m USD
- Financial debt
- 57.3 m USD
- Net debt
- 46.6 m USD
- Equity
- 87.3 m USD
- Total assets
- 190.6 m USD
- Debt / equity
- 0.66x
- Current ratio
- 4.31x
- ROE
- -58.9%
- ROA
- -28.9%
- FCF margin
- -13.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 57.4 m | 94.4 m | 141.8 m | 187.1 m | 209.4 m | 212.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 12.5 m | 16.9 m | 25.5 m | 35.2 m | 41.1 m | 42.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 44.9 m | 77.5 m | 116.3 m | 151.9 m | 168.3 m | 169.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 5.8 m | 10.2 m | 13.6 m | 15.4 m | 20.6 m | 20.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 855.0 k | -16.5 m | -34.8 m | -51.4 m | -55.7 m | -54.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 1.2 m | 685.0 k | 2.1 m | 5.4 m | 8.4 m | 10.6 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 2.1 m ≈ | -15.8 m ≈ | -32.7 m ≈ | -46.1 m ≈ | -47.3 m ≈ | -43.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 2.8 m | 4.1 m | 4.4 m | 5.2 m | 5.3 m | 5.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -3.7 m | -20.6 m | -42.8 m | -49.5 m | -55.7 m | -59.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -0.12 | -0.43 | -0.77 | -0.81 | -0.90 | -0.93 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 37.1 m | 48.4 m | 55.3 m | 60.9 m | 62.1 m | 63.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 18.1 m | 105.8 m | 19.5 m | 13.0 m | 11.4 m | 10.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 14.5 m | 18.6 m | 29.2 m | 38.1 m | 40.8 m | 42.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 7.8 m | 10.6 m | 19.3 m | 29.2 m | 39.3 m | 36.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 41.0 m | 138.0 m | 133.4 m | 198.4 m | 161.4 m | 132.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 829.0 k | 2.8 m | 15.3 m | 22.3 m | 26.0 m | 29.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | — | — | 0 | 12.8 m | 12.8 m | 12.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 9.0 m | 8.1 m | 7.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 41.8 m | 140.8 m | 159.0 m | 251.9 m | 217.1 m | 190.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 2.3 m | 4.1 m | 8.7 m | 11.8 m | 10.5 m | 6.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 1.8 m | — | — | — | 0 | 1.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 29.2 m | 29.4 m | 52.7 m | 53.0 m | 53.3 m | 55.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 11.6 m | 18.2 m | 30.2 m | 45.0 m | 34.9 m | 30.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 41.0 m | 47.7 m | 98.5 m | 114.0 m | 104.2 m | 103.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 776.0 k † | 93.1 m † | 60.5 m † | 137.9 m † | 112.9 m † | 87.3 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.5 m | -17.2 m | -30.6 m | -34.6 m | -37.2 m | -16.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 1.1 m | 2.7 m | 14.8 m | 11.5 m | 11.6 m | 13.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -5.6 m ≈ | -19.9 m ≈ | -45.5 m ≈ | -46.0 m ≈ | -48.8 m ≈ | -29.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -1.1 m | -2.7 m | -76.5 m | -81.3 m | 35.4 m | 13.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 11.5 m | 107.7 m | 20.8 m | 109.4 m | 160.0 k | 2.1 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 292.7 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -34.9% | 16 (vs peers) | 24% |
| Net margin · Quality | -29.0% | 43 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 14.5% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.2x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Treace Medical Concepts, Inc. (TMCI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 212.7 m USD in 2025; YoY growth 1.6%; net margin -29.0%; ROE -72.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 14.5%
- Current ratio: 2.9x
What contradicts it
- ROIC: -34.9%
- Interest coverage: -9.2x
- FCF yield: -8.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| BAXBaxter International Inc. | 13.7 bn | — | -10.5% | -6.2% | +5.7% | +41% / −27% |
| KMTSKestra Medical Technologies, Ltd. | 1.8 bn | — | -73.7% | -140.4% | +59.0% | +13% / unavailable |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| AORTArtivion, Inc. | 1.3 bn | — | -0.7% | -0.7% | +13.6% | −43% / +49% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +28% / +32% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| KIDSOrthoPediatrics Corp | 875.0 m | — | -9.8% | -12.8% | +15.4% | +81% / +9% |
| TCMDTactile Systems Technology, Inc. | 608.9 m | 26.5 | 11.0% | 6.7% | +12.5% | +6% / +104% |
| DCTHDelcath Systems, Inc. | 514.2 m | 1,195.5 | 0.5% | 0.6% | +129.1% | +53% / +439% |
| MDXGMimedx Group, Inc. | 467.0 m | — | -8.5% | -6.3% | +20.0% | −53% / −59% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| TMCITreace Medical Concepts, Inc. | 292.7 m | — | -72.0% | -29.0% | +1.6% | −31% / −59% |
| INFUInfusystem Holdings, Inc | 261.9 m | 32.3 | 15.0% | 6.0% | +6.4% | +42% / +31% |
| TLSITriSalus Life Sciences, Inc. | 239.5 m | — | — | -62.6% | +53.4% | −43% / −3% |
| STIMNeuronetics, Inc. | 210.3 m | — | -100.2% | -14.4% | +99.2% | +82% / +49% |
| GUTSFractyl Health, Inc. | 154.8 m | — | — | — | −100.0% | −95% / unavailable |
| MBOTMicrobot Medical Inc. | 76.6 m | — | -32.9% | — | unavailable | −53% / −10% |
| ICCMIceCure Medical Ltd. | 57.8 m | 3.3 | -188.8% | -445.6% | +2.7% | −96% / −98% |
1- and 3-year price returns: for TMCI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Treace Medical Concepts is a medical technology company that develops surgical systems for the three-dimensional correction of bunions and midfoot deformities. The company is trying to become a comprehensive bunion solutions provider as growth of its flagship Lapiplasty system slows and competition intensifies, and revenue in the first half of 2026 remained below the prior year, with full-year guidance raised slightly.
SWOT
Strengths
- The company pioneered three-dimensional bunion correction and holds a patented portfolio of systems and implants 1. Its direct sales force generates most of the revenue and supports surgeon education 1.
- Gross margin remains high, showing that products can be sold at a good margin per unit 3. The company cut operating expenses and slowed cash use in 2026 3.
- The portfolio has expanded with minimally invasive systems, the SpeedPlate platform and IntelliGuide digital tools, giving surgeons more options 13.
Weaknesses
- The company has posted net losses in every period since it began operations and has not yet achieved durable profitability 13.
- Sales of Lapiplasty, the main revenue source, have declined, and the new systems are usually sold at lower prices 12.
- The company depends on a relatively small base of active surgeons and on a direct sales force that must be maintained and expanded 1.
Opportunities
- If adoption of the new systems continues, the wider portfolio could raise procedures per surgeon and help offset the Lapiplasty decline 3.
- Planned launches such as Lapiplasty Lightning and SpeedTMT could open new segments if surgeons adopt them well 12.
- The bunion market is large and many surgical candidates are still untreated, leaving room for growth if the company can extend its reach 1.
Threats
- Competition from large companies offering discounts and multi-product contracts could limit access to hospitals and networks 2.
- The shift toward ambulatory surgery centers with lower reimbursement could pressure prices and margins 12.
- Economic uncertainty and lower demand for elective surgery could further weigh on revenue 2.
Risks
- Repeated losses and uncertain profitabilityhigh
The company has not been profitable since it was founded and may not reach or sustain profitability 1. If revenue growth stays weak, losses could continue 13.
- Dependence on Lapiplastyhigh
Revenue comes mainly from the Lapiplasty system, and the decline in its sales has not been fully offset by new products 12. If the decline continues, revenue and financial results could be affected 2.
- Loan covenants and default riskmedium
The loans include financial covenants on minimum revenue and minimum liquidity 1. If a covenant is not met, lenders could declare default and enforce on collateral 1.
- Patent litigation and intellectual propertymedium
The company is involved in patent suits against large competitors, and the outcome is uncertain and costly 1. If it loses these cases, its patent protection could be weakened 1.
- Pricing and reimbursement pressuremedium
Hospitals and integrated networks demand price concessions, and reimbursement for procedures in ambulatory centers is lower 12. If prices fall, the company could be forced to reduce its prices 1.
Investment thesis
What would need to be true (bull case)
- Adoption of the new systems by surgeons could offset the decline in Lapiplasty and bring revenue growth back in the second half of the year 3.
- High gross margin and lower operating expenses could improve results if case volume grows 3.
- The bunion market is large, and a wider portfolio could allow the company to win a larger share of a market with growth potential 1.
What would break the thesis
- Revenue in the first half of 2026 stayed below the level of 2025, and full-year guidance implies a decline or roughly flat result 3.
- Competition from large companies and price cuts could limit growth and reduce margins 2.
- The company has not yet been profitable, and if demand stays weak, losses could continue and additional capital might be needed 13.
What to watch
- Full-year 2026 revenue guidance and its delivery in the second half of the year2026
- Adoption of the new bunion systems and growth in case volumeQ3 2026
- Trend in gross margin and operating expensesQ3 2026
- Outcome of patent suits against Stryker and Zimmer Biomet2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Treace Medical Concepts, Inc. (TMCI) presents itself as a medical technology company that aims to advance the standard of care for surgical treatment of bunions and related midfoot deformities 1. Its flagship product is the Lapiplasty 3D Bunion Correction System, which corrects all three planes of the deformity and secures the unstable joint 1. The company sells in the United States through a direct employee sales force supplemented by independent agencies, targeting surgical podiatrists and orthopaedic foot and ankle surgeons 1. According to the August 2026 release, the company is listed on NasdaqGS under the symbol TMCI 3.
The company has grown by widening its product line around Lapiplasty, with minimally invasive osteotomy systems (Nanoplasty and Percuplasty), the Adductoplasty midfoot system, SpeedMTP for great toe fusions, and the SpeedPlate implant platform 1. Its IntelliGuide patient-specific cut guides, 3D-printed from patient scan data, add a digital offering 1. Management describes this as a transition from a Lapiplasty company to a comprehensive bunion solutions company 1.
Segments
Lapiplasty and the core 3D system
The Lapiplasty system remains the main revenue source, and the 2026 release shows its sales declining while adoption of the new bunion lineup rises 13. The company notes that about 40% of its Lapiplasty surgeon users now use one or more of its three new bunion systems launched in the third quarter of 2025 3.
Minimally invasive systems and great toe fusions
The Nanoplasty and Percuplasty systems, fully launched in the third quarter of 2025, and the SpeedMTP system for MTP fusions target milder bunions, where surgeons increasingly prefer minimally invasive techniques 1. These products are usually sold at lower average prices than Lapiplasty, which can limit their effect on total revenue 2.
SpeedPlate platform and digital solutions
The SpeedPlate rapid compression implant platform is being extended to new uses, including SpeedTMT and HyperPlate XM, and IntelliGuide adds patient-specific pre-operative planning 23. The limited release of SuperBite and the first surgical case with HyperPlate XM are cited as progress in the second quarter of 2026 3.
Market context
The company estimates that about 67 million Americans are affected by bunions, of whom about 1.1 million are annual surgical candidates 1. The bunion market may be smaller than the company estimates, and its size and growth have not been established precisely 1. Management says more procedures are moving from hospitals to ambulatory surgery centers, which receive lower reimbursement 12.
Guidance for 2026 calls for revenue between 204 and 212 million USD, a decline of 4% to 0% from 2025, which shows the market is still difficult 3. Macroeconomic uncertainty, inflation and lower demand for elective surgery could slow growth further 2.
Trends
- Shift to minimally invasive proceduresmixed
Surgeons and patients increasingly prefer minimally invasive treatments for mild and moderate bunions, which could favour the company's new systems 12. At the same time, these systems are usually sold at lower prices than Lapiplasty 2.
- Move of procedures to ambulatory surgery centersheadwind
Surgeries are shifting from hospitals to ambulatory surgery centers, which receive lower reimbursement and may belong to integrated networks with large orthopaedic companies 12. This could reduce the prices the company obtains.
- Macroeconomic uncertaintyheadwind
Inflation, recession fears, weaker consumer confidence and higher insurance costs may reduce demand for elective foot and ankle surgery 2. Management expects these conditions to continue for some time 2.
- Adoption of new bunion systemstailwind
About 40% of Lapiplasty surgeon users now also adopt the new systems, which shows room for the portfolio to expand 3. If this adoption continues, it could offset part of the decline in Lapiplasty sales 3.
Competitive position
The company says that since the Lapiplasty launch, it has faced competition from large, mid-sized and small companies that have introduced their own Lapidus products 12. Large companies with multiple product lines can offer volume discounts and multi-year contracts, which has limited Treace's access to some customers 2.
The company currently has patent litigation against Stryker, filed in October 2024, and against Zimmer Biomet and Paragon 28, filed in May 2025, to protect its technology 1. The outcomes of these cases are uncertain and may be costly 1.
- Stryker (Wright Medical)SYK
Large orthopaedic device maker, sued by Treace for alleged infringement of Lapiplasty patents 1.
- Zimmer Biomet and Paragon 28ZBH
Large orthopaedic company and its subsidiary, sued by Treace over alleged infringement of its three-dimensional bunion correction patents 1.
- Makers of Lidus and minimally invasive osteotomy systems
Several small and mid-sized makers have launched competing products for Lapidus fusion and minimally invasive osteotomy 12.
- Orthopaedic companies with multi-product contracts
Companies with several product lines use broad contracts and discounts to gain an advantage with hospitals and surgery centers 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Treace Medical (TMCI) Reports Five-Year Bunion Results. Can Evidence Drive Adoption?Yahoo Finance — News · 23 Sept 2026 · EN
SEC filings
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Current report09 Apr 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure
- Proxy statement06 Apr 2026
- Annual report27 Feb 2026
- Current report27 Feb 2026Results of operations · Financial statements and exhibits
- Current report13 Jan 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Treace Medical Concepts, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Treace Medical Concepts, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Treace Medical Concepts, Inc. · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.