Treace Medical Concepts
Builds surgical systems for bunion and related midfoot deformity procedures.
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Profile
Sells implant kits, sterile instruments, and complementary products for surgeons, hospitals, ASCs, and distributors in the United States. Lapiplasty remains the core system while newer minimally invasive and fixation products broaden the bunion and midfoot portfolio.
Designs and markets surgical systems for bunion and related midfoot deformity procedures. Lapiplasty anchors the portfolio, with Adductoplasty, Nanoplasty, Percuplasty, SpeedMTP, SpeedPlate, IntelliGuide PSI, sterile instruments, and other complementary products extending the case toolkit.
Sells mainly in the United States through direct employee representatives, independent agencies, and stocking distributors serving surgeons, hospitals, and ambulatory surgery centers. The operating model depends on specialized field support, surgeon education, hospital and ASC product approval, and procedure-kit adoption.
Current demand is shaped by elective bunion procedure volume, FDA-cleared device compliance, reimbursement-code usage, supplier continuity, and competition from larger foot-and-ankle portfolios. Lapiplasty remains the majority revenue contributor while newer minimally invasive osteotomy systems are still early in commercial adoption.
Company facts
Key statistics
Year to date +86.4% · Average volume (30d) 381.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jan 7, 2026 | Stifel Nicolaus | Target | $27 | $3 | ||
| Dec 18, 2025 | Truist Financial | Target | $4 | $3 | ||
| Nov 10, 2025 | Truist Financial | Target | $7 | $4 | ||
| Nov 7, 2025 | BTIG | Downgrade | Buy | Neutral | ||
| Nov 7, 2025 | JP Morgan | Downgrade | Neutral | Underweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | −$0.30 | −$0.24 | +19.5% | $44.0M | $45.4M | +3.1% | +8.68% |
| May 8, 2026Q1 FY26 | −$0.31 | −$0.28 | +9.7% | $46.0M | $47.2M | +2.7% | −3.48% |
| Feb 27, 2026Q4 FY25 | −$0.15 | −$0.12 | +21.0% | $61.8M | $62.5M | +1.1% | −10.75% |
| Nov 6, 2025Q3 FY25 | −$0.28 | −$0.26 | +7.1% | $61.8M | $50.2M | −18.7% | −28.25% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $52.6M | $47.4M | $50.2M | $62.5M | $47.2M | $45.4M | |
| Gross profit | $41.9M | $37.8M | $39.7M | $50.4M | $37.4M | $35.6M | |
| Operating income | −$15.6M | −$17.0M | −$15.7M | −$5.9M | −$17.2M | −$15.0M | |
| Net income | −$15.9M | −$17.4M | −$16.3M | −$9.4M | −$18.0M | −$15.9M | |
| Diluted EPS | −$0.25 | −$0.28 | −$0.26 | −$0.15 | −$0.28 | −$0.24 | |
| Gross margin | 79.7% | 79.7% | 79.1% | 80.6% | 79.3% | 78.5% | |
| Operating margin | -29.6% | -35.8% | -31.2% | -9.5% | -36.4% | -33.0% |
Fiscal years (4-quarter sums)FY21 $94.4M · FY22 $141.8M · FY23 $187.1M · FY24 $209.4M · FY25 $212.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $45.6M · Total debt $72.7M · Total assets $181.1M · Shareholders' equity $67.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 64.87M · Float 47.81M · 73.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| John T. Treace · director, 10 percent owner, officer: Chief Executive Officer | 7.40M | 11.41% | Form 4 | Aug 24, 2026 |
| Armistice Capital, LLC | 6.26M | 9.91% | 13G | Aug 15, 2025 |
| Gagnon Securities LLC | 3.93M | 6.20% | 13G | Feb 12, 2026 |
| Bank of America Corp /DE/ | 3.53M | 5.50% | 13G | May 14, 2026 |
| Vanguard Capital Management LLC | 2.03M | 3.13% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +11,000 | $4.34 |
| Aug 21, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +5,000 | $4.35 |
| Aug 20, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +39,944 | $4.44 |
| Jun 10, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +44,145 | $4.02 |
| Jun 11, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +32,778 | $4.04 |
Peers
- Stryker
Leader-scale foot-and-ankle rival with PROstep MIS bunion systems
- Zimmer Biomet
Paragon 28 gives Zimmer Biomet a direct foot-and-ankle platform
- Enovis
Novastep adds direct MIS bunion and foot-and-ankle overlap
- Johnson & Johnson
DePuy Synthes/CrossRoads targets bunion correction under J&J
- CONMED
Foot-and-ankle fixation and plating overlap in selected procedures
- Medifast
Swiss osteosynthesis platform with foot and bunion-adjacent systems
- Henry Schein
TriMed adds lower-extremity orthopedic products to Henry Schein's channel
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Treace Medical Concepts | $4.65 | −0.21% | $301.7M | — | — | 1.5 | −4.2% |
| Stryker | $334.18 | +1.06% | $126.77B | 34.3 | 20.6 | 4.9 | +9.4% |
| Zimmer Biomet | $100.91 | −0.00% | $19.52B | 24.6 | 11.5 | 2.3 | +4.8% |
| Enovis | $24.90 | +0.08% | $1.43B | — | 6.6 | 0.6 | +3.2% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| CONMED | $49.53 | −1.06% | $1.50B | 27.0 | 11.2 | 1.1 | +0.3% |
| Medifast | $12.18 | +0.16% | $135.4M | — | — | 0.4 | −27.6% |
| Henry Schein | $89.52 | +0.01% | $10.20B | 26.1 | 15.8 | 0.7 | +6.7% |
| Median | 27.0 | 13.7 | 1.1 | +4.8% |