Business
Treace Medical Concepts Reports Second Quarter 2022 Financial Results
PONTE VEDRA, Fla., Aug. 09, 2022 (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., Aug. 09, 2022 (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 second quarter ended June 30, 2022. Recent Highlights: Revenue of $30.0 million in the second quarter 2022, a 45% increase over the same period last year. Blended average revenue per case increased 5% to over $5,700 from the same period last year.Gross margin of 81.1% in the second quarter 2022, an increase of 20 basis points from the same period last year.Second quarter revenue contribution from direct sales channel, the industry’s only direct bunion-focused salesforce, was 68% of sales, an increase from 51% during the second quarter 2021.Full commercial release of several new technologies for bunion and related midfoot surgery previewed at the February 2022 American College of Foot and Ankle Surgeons Annual Scientific Conference.Cash and cash equivalents of $101.5 million and a new five-year $150 million loan arrangement are expected to provide sufficient cash to fund planned commercial, market and product development initiatives into profitability.Peer-reviewed publication of interim data from the landmark ALIGN3D™ clinical study in the Journal of Foot & Ankle Surgery. The data demonstrated continued positive radiographic and Patient-Reported Outcome (PRO) scores at 12- and 24-months following the Lapiplasty® procedure. This represents the 21st peer-reviewed article supporting the Company’s Lapiplasty® technology.Granted two additional U.S. patents in the second quarter on instrumented bunion correction techniques. Patent portfolio expands to 36 granted U.S. patents and over 40 pending U.S. patent applications as of the end of the second quarter. “We are pleased to report annual revenue growth of 45% in the second quarter and 50% growth through the first half of 2022, with continued gains in key operating metrics, driven by the underlying strength of our business and solid execution of our commercial strategies,” said John T. Treace, CEO, Founder and Board Member of Treace. “We are confident our increased investments in our bunion-focused direct sales channel, focused R&D initiatives and direct-to-consumer programs are driving posit...