Treace Announces Preliminary, Unaudited Fourth Quarter and Full-Year 2023 Revenue
08 1월 2024 - 9:00PM
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 announced its preliminary,
unaudited fourth quarter and full-year 2023 revenue results.
Highlights:
- Preliminary revenue of $61.8
million to $62.2 million in the fourth quarter of 2023, an
approximate 25% increase at the midpoint over the same period in
2022.
- Preliminary revenue of $186.7 million to $187.1 million for the
full-year 2023, an approximate increase of 32% at the midpoint
compared to the prior year and above the high end of the previously
provided revenue guidance range of $182 million to $186
million.
- Preliminary blended average revenue per Lapiplasty® procedure
kit sold in the fourth quarter of 2023 was approximately $6,437, a
record high and 9% increase over the same period in 2022.
- Substantial new active surgeon additions of approximately 164
in the fourth quarter of 2023 and approximately 468 for full-year
2023; Ended the year with approximately 2,855 active surgeons, a
20% increase compared to the prior year and approximately 29% of
the estimated 10,000 U.S. surgeons performing bunion surgery.
- Ended the fourth quarter of 2023
with 227 direct quota carrying sales representatives, a 35%
increase over year-end 2022 and 82% revenue contribution in the
fourth quarter of 2023.
“We delivered another year of significant
progress in 2023 and expect to remain on track to drive strong
growth and profitably scale our business in the years ahead,” said
John T. Treace, CEO, Founder and Board Member of Treace. “We
believe we are driving a market conversion in a large, underserved
market as the fastest-growing, publicly-traded company in foot and
ankle with differentiated bunion, midfoot, and related
complementary technologies. We also believe we are in a great
position strategically with an expanding addressable market
opportunity with new technologies, such as our Adductoplasty®,
Hammertoe and SpeedPlate™ products, and more innovations to come,
supported by differentiating clinical studies, continued strong
additions to our surgeon base and a powerful, focused commercial
organization. We look forward to aggressively pursuing these
significant opportunities to drive the performance of the business
and believe we have all the elements in place to deliver strong
growth and sustained market penetration in 2024 and beyond.”
2024 Outlook
Treace plans to provide 2024 financial guidance
during its fourth quarter 2023 earnings conference call, which is
currently scheduled for Tuesday, February 27, 2024 at 4:30 p.m.
Eastern Time.
The preliminary unaudited financial information
in this press release has not been subject to the more rigorous
standards of review for Treace’s filed financial statements, may be
adjusted, including as a result of its internal closing processes
and the external auditing procedures of its independent registered
public accounting firm, and remains subject to change until the
Company files its full financial statements for 2023.
Treace to Present at J.P. Morgan
Healthcare Conference on Tuesday, January 9, 2024
John T. Treace, CEO, Founder and Board Member of
Treace, will present at the J.P. Morgan Healthcare Conference on
Tuesday, January 9, 2024 at 3:45 pm Pacific Time / 6:45 pm Eastern
Time. Following this presentation, Mr. Treace will be joined by
Mark Hair, CFO of Treace, for a question-and-answer session. A live
webcast of this event, as well as an archived recording and
presentation, will be available in the Investors section of
Treace’s website at
https://investors.treace.com/news-events/events-presentations.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are forward-looking statements, including, but not
limited to the Company’s anticipated fourth quarter and full-year
2023 revenue and fourth quarter 2023 blended average revenue per
Lapiplasty® procedure kit sold, as well as its belief that the
Company remains on track to drive strong growth and profitably
scale its business in the years ahead, is driving a market
conversion in a large, underserved market as the fastest-growing
company in foot and ankle, is in a great position strategically
with an expanding addressable market opportunity with new
technologies and more innovations to come, and that it has all the
elements in place to deliver strong growth and sustained market
penetration in 2024 and beyond. Forward-looking statements are
based on management’s current assumptions and expectations of
future events and trends, which affect or may affect the Company’s
business, strategy, operations or financial performance, and actual
results and other events may differ materially from those expressed
or implied in such statements due to numerous risks and
uncertainties. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified. Factors that could cause actual results or other events
to differ materially from those contemplated in this press release
can be found in the Risk Factors section of Treace’s public filings
with the Securities and Exchange Commission (SEC), including its
Annual Report on Form 10-K for the year ended December 31, 2022,
and any subsequent Quarterly Report on Form 10-Q or Current Report
on Form 8-K. Because forward-looking statements are inherently
subject to risks and uncertainties, you should not rely on these
forward-looking statements as predictions of future events. These
forward-looking statements speak only as of their date and, except
to the extent required by law, the Company undertakes no obligation
to update these statements, whether as a result of any new
information, future developments or otherwise. The Company’s
preliminary, unaudited results for the fourth quarter and full year
ended December 31, 2023 reflect the Company’s current estimates
based on information available as of the date of this press release
and are subject to change, including as a result of the completion
of the Company’s financial and operating closing procedures,
customary audit procedures, and other developments that may occur
before the completion of these procedures. Accordingly, you should
not place undue reliance on these preliminary, unaudited results,
which may differ materially from actual results and are not
necessarily indicative of its operating results for any future
periods.
Internet Posting of
Information
Treace routinely posts information that may be
important to investors in the “Investor” section of its website at
www.treace.com. The Company encourages investors and potential
investors to consult the Treace website regularly for important
information about Treace.
About Treace Medical
Concepts
Treace Medical Concepts, Inc. is a medical
technology company with the goal of advancing the standard of care
for the surgical management of bunion and related midfoot
deformities. Bunions are complex 3-dimensional deformities that
originate from an unstable joint in the middle of the foot and
affect approximately 65 million Americans, of which Treace
estimates 1.1 million are annual surgical candidates. Treace has
pioneered and patented the Lapiplasty® 3D Bunion Correction® System
– a combination of instruments, implants, and surgical methods
designed to surgically correct all 3 planes of the bunion deformity
and address the root cause of the bunion, helping patients get back
to their active lifestyles. Treace expanded its offering with the
Adductoplasty® Midfoot Correction System, designed for reproducible
correction of midfoot deformities, as well as its PEEK Hammertoe
arthrodesis system, to further support the needs of bunion
patients. The company continues to expand its footprint in the foot
and ankle market with the introduction of its SpeedPlate™ Rapid
Compression Implants, an innovative fixation platform with broad
versatility across Lapiplasty® and Adductoplasty® procedures, as
well as other common bone fusion procedures of the foot. For more
information, please visit www.treace.com.
To learn more about Treace, connect with us
on LinkedIn, Twitter, Facebook and Instagram.
Contacts:
Treace Medical Concepts,
Inc.Julie Dewey, IRCChief Communications & Investor
Relations Officerjddewey@treace.com | 209-613-6945
Treace Medical Concepts (NASDAQ:TMCI)
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Treace Medical Concepts (NASDAQ:TMCI)
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