TMCI - Orthopedic Devices Maker Treace Medical Concepts' Gloomy Forecast Cast Concerns Over Long-Term Viability | Benzinga
Orthopedic medical device company Treace Medical Concepts Inc (NASDAQ:TMCI) on Tuesday reported a first-quarter EPS loss of $(0.30), down from $(0.23) a year ago, better than the consensus of $(0.31).
The company reported sales of $51.11 million, up 21%, beating the consensus of $49.1 million.
The increase was driven by a higher volume of procedure kits sold due to an expanded surgeon customer base and a product mix shift that resulted from increased adoption of newer technologies and increased sales of complementary products used in bunion and related midfoot procedures.
Guidance: Treace Medical Concepts cut its fiscal year 2024 sales guidance to $201 million-$211 million, down from a prior guidance of $220 million-$225 million.
The company anticipates adjusted EBITDA to improve approximately 50% compared to full-year 2023.
Analyst Reaction:
Stifel downgrades Treace Medical Concepts from Buy to Hold and lowers the