Business
Treace Medical Concepts Reports Fourth Quarter and Full Year 2022 Financial Results
PONTE VEDRA, Fla., March 07, 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., March 07, 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 fourth quarter and full year ended December 31, 2022. Recent Highlights: Revenue of $49.8 million in the fourth quarter of 2022, a 49% increase over the same period last year and a 51% increase sequentially. Full year 2022 revenue of $141.8 million increased 50% over 2021.Blended average revenue per Lapiplasty® procedure kit sold was $5,907, a 10% increase over the same period last year and a 2% increase sequentially. Full year 2022 blended average revenue per Lapiplasty® procedure kit sold of $5,753 increased 7% over 2021.Gross margin of 80.4% in the fourth quarter 2022. Full year 2022 gross margin of 80.6%.Fourth quarter revenue contribution from direct sales channel, the industry’s only direct bunion-focused salesforce, increased to 77% of sales compared to 58% during the fourth quarter 2021.New interim data1 from ALIGN3D™ clinical study highlighted at the 2023 American College of Foot and Ankle Surgeons (ACFAS) Annual Scientific Conference demonstrating 97% 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; and a low recurrence rate of 0.9% (1 out of 114 patients) observed at 24 months post-surgery2.Granted two additional U.S. patents in the fourth quarter on novel methods of performing bunion surgery utilizing a bone positioning device. Patent portfolio expands to 40 granted U.S. patents and 46 pending U.S. patent applications as of the end of the fourth quarter.Completed a follow-on offering of common stock which raised net proceeds of $107.5 million. “Our 2022 revenue growth was driven by strong execution and focused investments that fueled our commercial momentum. Early in the year, we increased strategic investments into our direct sales channel, direct-to-consumer programs, and R&D initiatives that led to accelerating revenue growth and market penetration in the back half of the year, with steady gains in key operating metrics,” said John T. Treace, CEO, Founder and Boa...