Business
Treace Medical Concepts Reports Third Quarter 2022 Financial Results
PONTE VEDRA, Fla., Nov. 08, 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., Nov. 08, 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 third quarter ended September 30, 2022. Recent Highlights: Revenue of $33.1 million in the third quarter of 2022, a 53% increase over the same period last year. Blended average revenue per Lapiplasty® procedure kit sold was $5,794, a 6% increase over the same period last year.Gross margin of 80.0% in the third quarter 2022.Third quarter revenue contribution from direct sales channel, the industry’s only direct bunion-focused salesforce, increased to 74% of sales compared to 53% during the third quarter 2021.Showcased next generation Lapiplasty® Micro-Incision instrumentation and complementary SpeedPlate™ fixation implant platform at the September 2022 American Orthopaedic Foot & Ankle Society Annual Meeting. The SpeedPlate™ System is pending FDA 510(k) clearance and not yet available for sale in the United States.Presented new interim ALIGN3D™ Lapiplasty® patient data demonstrating an 81% decrease in pain; 82% and 84% improvement in walking/standing and social interaction scores, respectively, at 24 months (n=107); and a low recurrence rate of 1.4% (2 out of 144 patients) observed post-surgery.Announced the appointment of two new independent members to the Board of Directors; Lance A. Berry and Jane E. Kiernan.Granted two additional U.S. patents in the third quarter on instrumented bunion correction techniques. Patent portfolio expands to 38 granted U.S. patents and over 45 pending U.S. patent applications as of the end of the third quarter. “We are pleased with the continued momentum of our business as revenue increased 53% in the third quarter and 51% for the first nine months of 2022. Our strong results benefited from our strategic investments in the industry’s only bunion-focused direct sales channel, targeted R&D initiatives and direct-to-consumer programs which we believe continues to position us for sustained growth as we scale our operations,” said John T. Treace, CEO, Founder and Board Member of Treace. Third Quarter 2022 Financial Results Revenue for the third quarter of 2022 was $33.1 million, representing an increase of 53%...