Business
Treace Medical Concepts Reports Second Quarter 2023 Financial Results
PONTE VEDRA, Fla., Aug. 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., Aug. 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) through its Lapiplasty® 3D Bunion Correction™ Procedure, today reported financial results for the second quarter ended June 30, 2023. Recent Highlights: Revenue of $42.0 million in the second quarter of 2023, a 40% increase over same period last yearBlended average revenue per Lapiplasty® procedure kit sold was $6,176, an 8% increase over same period last yearGross margin of 81.7% in the second quarter 2023Second quarter revenue contribution from direct sales channel, the industry’s only direct bunion-focused salesforce, increased to 79% of sales compared to 68% during the second quarter 2022Completed acquisition of certain assets from RedPoint Medical3D (RPM-3D) to enable patient specific instrumentation for bunion and related mid-foot surgical proceduresGranted nine additional U.S. patents year-to-date; Patent portfolio expands to 49 granted U.S. patents and 72 pending U.S. patent applicationsAnnounced appointment of Julie Dewey as Chief Communications and Investor Relations Officer “Second quarter revenue grew 40% with solid execution of our growth strategies, encouraging adjusted EBITDA progress and continued gains across our key operating metrics,” said John T. Treace, CEO, Founder and Board Member of Treace. “I’m especially pleased that we reached our stated year-end target of 200 quota carrying direct sales reps by the end of the second quarter. We expect this expansion, along with our proven commercial programs and differentiated technologies, will drive continued market penetration and position us well for the remainder of 2023 and beyond.” Second Quarter 2023 Financial ResultsRevenue for the second quarter of 2023 was $42.0 million, representing an increase of 40% compared to $30.0 million in the second quarter of 2022. The increase was driven by an increased number of Lapiplasty® procedure kits sold as a result of an expanded surgeon customer base, increased utilization and increased blended average selling prices due to increased adoption of the Company’s newer technologies and expanding portfolio of complementary products. Gross profit for the second quarter of 20...