Business
Treace Medical Concepts Reports Second Quarter 2024 Financial Results
PONTE VEDRA, Fla., Aug. 06, 2024 (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. 06, 2024 (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 bunions and related midfoot deformities through its flagship Lapiplasty® and Adductoplasty® Procedures, today reported financial results for the second quarter ended June 30, 2024. Recent Highlights Revenue of $44.5 million in second quarter 2024 increased 6% over same period in 2023Gross margin of 80.2% in second quarter 2024Patent portfolio expands to 65 granted U.S. patents, with an additional 22 granted patents worldwide and 84 pending U.S. patent applications John T. Treace, CEO and Founder of Treace, said, \"Second quarter results came in as expected. We remain focused on capturing an even larger share of procedure volumes from our base of over 3,000 active surgeons with several new planned product launches in the second half of 2024, including our entry into the relatively nascent minimally invasive metatarsal osteotomy market in Q4. We are confident in our strategic investments in our growing portfolio of innovative, reproducible solutions for a dynamic bunion market, supporting our market position and long-term outlook.” Second Quarter 2024 Financial Results Revenue for the second quarter of 2024 was $44.5 million, representing an increase of 6% compared to $42.0 million in the second quarter of 2023. The increase was driven by product mix shift that resulted from increased adoption of newer technologies and increased sales of complementary products used in bunion and related midfoot procedures as well as increases in our active surgeon base. Gross profit for the second quarter of 2024 was $35.7 million compared to a gross profit of $34.3 million in the second quarter of 2023. Gross margin totaled 80.2% in the second quarter of 2024, compared to 81.7% in the second quarter of 2023, primarily due to a shift in product mix, increases in payroll and inventory provisions, partially offset by lower royalty rates. Total operating expenses were $57.1 million in the second quarter of 2024, compared to total operating expenses of $47.3 million in the second quarter of 2023. Increased operating expenses in the second quarter of 2024, including share-based compensation expense, reflect strategic investments in the C...