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Treace Medical Concepts Reports First Quarter 2023 Financial Results
PONTE VEDRA, Fla., May 08, 2023 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. (“Treace” or the “Company”) (NasdaqGS: TMCI), a medical technology company
About this update from Treace Medical Concepts, Inc.
[{"type":"text","content":"PONTE VEDRA, Fla., May 08, 2023 (GLOBE NEWSWIRE) -- 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), today reported financial results for the first quarter ended March 31, 2023. Recent Highlights: Revenue of $42.2 million in the first quarter of 2023, a 45% increase over the same period last year.Blended average revenue per Lapiplasty® procedure kit sold was $6,244, a 13% increase over the same period last year and a 6% increase sequentially.Gross margin of 80.9% in the first quarter 2023.First quarter revenue contribution from direct sales channel, the industry’s only direct bunion-focused salesforce, increased to 79% of sales compared to 63% during the first quarter 2022.New interim data1 from ALIGN3D™ clinical study highlighted at the 2023 American College of Foot and Ankle Surgeons (ACFAS) Annual Scientific Conference demonstrating 97.3% patient satisfaction rating at 36 months (n=37), with 92% and 90% improvement in walking/standing and social interaction scores, respectively, through 36 months (n=41); an 80.8% decrease in pain at 24 months (n=128); and a low recurrence rate of 0.9% (1 out of 114 patients) observed at 24 months post-surgery2.Granted seven additional U.S. patents year-to-date on innovative systems, devices, and methods for performing instrumented surgery for bunions and related deformities. Patent portfolio expands to 47 granted U.S. patents and 51 pending U.S. patent applications. “First quarter revenue grew 45% with steady execution of our growth strategies and gains across our key operating metrics,” said John T. Treace, CEO, Founder and Board Member of Treace. “With increasing strategic investments into our direct sales channel, R&D initiatives, and direct-to-consumer programs, we continue to drive strong revenue growth and expand our market penetration. These proven commercial programs coupled with our differentiated technologies well-position us to advance our mission to improve surgical outcomes for bunion patients.” First Quarter 2023 Financial Results Revenue for the first quarter of 2023 was $42.2 million, representing an increase of 45% compared to $29.0 million in the first quarter of 2022. The increase was driven by an increased number of Lap...