$TMCI reports 141% YoY revenue growth in 2022, driven by strong execution and focused investments.
Mar 7th 2023, 9:08 pm
Analyst Summary: Treace Medical Concepts, Inc. (TMCI), a medical technology company specializing in the surgical treatment of bunions, has reported its financial results for Q4 and full year ended December 31, 2022. TMCI generated $107.5 million in revenue for 2022, up 49.1% sequentially and 141% YoY. The company's gross margin for Q4 2022 was 80%, compared to 81% in the same period in 2021. TMCI sold 114k procedure kits in 2022, up from 76.6k in 2021. The company also recorded two additional U.S patents for novel methods of performing bunion surgery during Q4, expanding its existing patent portfolio to 40 granted U.S patents and 46 U.S patent applications pending. TMCI's CEO, John T. Treace, stated that "Our 2022 revenue growth was driven by strong execution and focused investments that fueled our commercial momentum." However, TMCI's net loss widened to $23.1 million in 2022 from $12.4 million in 2021, primarily due to payroll costs and depreciation-related to supporting the company's expanded salesforce. Investors may note that TMCI estimates 1.1 million Americans are annual surgical candidates for bunion surgery, and nearly 1-in-4 of the estimated 10,000 U.S. bunion surgeries in 2022 were Lapiplasty Procedure, demonstrating the growing adoption of Lapiplasty technologies. Investors can also attend a conference call today, March 7, 2023, at 4:30 p.m. ET, to discuss TMCI's fourth-quarter and full-year 2022 financial results. Finally, investors should be reminded that forward-looking statements contained in this press release are subject to risks and uncertainties, and investors are advised to refer to TMCI's public filings with the SEC for more details.