Business
Treace Medical Concepts Reports Third Quarter 2021 Financial Results
PONTE VEDRA, Fla., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. (“Treace” or the “Company”) (NasdaqGS: TMCI), a commercial-stage
About this update from Treace Medical Concepts, Inc.
[{"type":"text","content":"PONTE VEDRA, Fla., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. (“Treace” or the “Company”) (NasdaqGS: TMCI), a commercial-stage orthopaedic medical device company driving a paradigm shift in the surgical treatment of hallux valgus (commonly known as bunions), today reported financial results for the third quarter ended September 30, 2021. Recent Highlights: Revenue of $21.6 million, a 52% increase over the same period last year and a 4.7% increase sequentiallyGross margin of 80.4%, an increase of 80 basis points from the same period last yearCommercial launch of AdductoplastyTM System, a comprehensive set of implants and instrumentation designed for reproducible midfoot correctionAdditional U.S. patent grant on instrumented bunion correction, directed generally to methods of performing a bunion surgery to correct a first metatarsal alignmentNew interim data from ALIGN3D™ clinical study, presented at 2021 American Orthopaedic Foot & Ankle Society annual meeting, demonstrating continued positive radiographic and patient-reported outcomes starting at 6 weeks and maintained at 24 months following the Lapiplasty® procedure. Low recurrence rate also maintained, with 0.9% (1 out of 104 patients) observed at 12 months post surgeryFirst patient treated in Mini3D™ Lapiplasty® clinical study evaluating patient outcomes using the Lapiplasty® Mini-Incision™ SystemAppointed two new members to the Board of Directors “In the third quarter we saw steady and encouraging progress across multiple initiatives. Despite pandemic-related headwinds, we posted a 52% revenue increase compared to year ago levels, launched a new and complementary midfoot correction Adductoplasty™ System, and treated our first patient in our Mini3D™ clinical study using our Lapiplasty® Mini-Incision™ System. Further, key business metrics, including surgeon utilization, customer engagement, and direct sales channel contributions, continue to trend favorably,” said John T. Treace, CEO, Founder and Board Member of Treace. “We are focused on our execution and believe we are well-positioned to drive market penetration of our Lapiplasty® System, supported by a comprehensive set of strategies and offerings, including a growing body of clinical evidence demonstrating reproducible outcomes with low recurrence rates.” Third Quarter 2021 Financial Results Revenue fo...