Treace Medical Concepts Inc TMCI shares are trading lower after the company reported worse-than-expected third-quarter financial results and lowered full-year 2023 revenue guidance below estimates.
What To Know: Treace Medical Concepts reported earnings losses of 28 cents per share which missed the analyst consensus estimate of losses of 26 cents, a 27.27% decrease over losses of 22 cents per share from the same period last year.
The company reported quarterly sales of $40.76 million which missed the analyst consensus estimate of $42.05 million, a 23.30% increase over sales of $33.05 million in the same period last year.
Cash, cash equivalents, marketable securities and investments receivable totaled $128.2 million as of Sept. 30.
The company lowered full-year revenue guidance from between $191 million and $197 million to between $182 million and $186 million, versus the $194.32 million estimate.
"We're pleased to report substantial gains in our key performance metrics during the third quarter, including 36% year-to-date revenue growth and a significant increase in our surgeon base, which now totals 2,691, a 21% increase over the prior year," said John T. Treace, CEO, founder and board member of Treace Medical Concepts.
"We also achieved a record blended average selling price of $6,311, driven by the early impact of our new technologies, and we are particularly excited about the opportunity for our SpeedPlate fixation platform."
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TMCI Price Action: Shares of TMCI were down 16.50% at $8.35 in the after-hours session at the time of publication Thursday, according to Benzinga Pro.
Photo: Darko Stojanovic from Pixabay
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