Treace Medical Concepts (NASDAQ:TMCI) Releases Quarterly Earnings Results, Hits Expectations

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.30), Briefing.com reports. The business had revenue of $51.11 million for the quarter, compared to analysts' expectations of $49.07 million. Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The business's revenue for the quarter was up 21.1% on a year-over-year basis. During the same period last year, the firm posted ($0.23) earnings per share.

Treace Medical Concepts Stock Down 62.5 %

TMCI stock traded down $6.95 on Wednesday, hitting $4.17. 15,575,938 shares of the company's stock were exchanged, compared to its average volume of 642,318. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $27.70. The stock has a market cap of $257.54 million, a P/E ratio of -5.15 and a beta of 0.37. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.76 and a current ratio of 4.40. The firm has a 50 day moving average price of $12.00 and a two-hundred day moving average price of $11.73.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TMCI. BTIG Research cut Treace Medical Concepts from a "buy" rating to a "neutral" rating in a report on Wednesday. Stifel Nicolaus cut Treace Medical Concepts from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $15.00 to $6.00 in a report on Wednesday. JPMorgan Chase & Co. downgraded Treace Medical Concepts from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $15.00 to $8.00 in a research report on Wednesday. Truist Financial lowered Treace Medical Concepts from a "buy" rating to a "hold" rating and lowered their target price for the stock from $17.00 to $7.00 in a report on Wednesday. Finally, Morgan Stanley downgraded Treace Medical Concepts from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $15.00 to $5.50 in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $13.57.

About Treace Medical Concepts

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.