Treace Medical Concepts (NASDAQ:TMCI) Posts Quarterly Earnings Results, Hits Estimates

Treace Medical Concepts (NASDAQ:TMCI) released its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.30), Briefing.com reports. Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The business had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The firm’s revenue was up 21.1% compared to the same quarter last year.

Treace Medical Concepts Stock Down 59.7 %

TMCI stock opened at $4.48 on Wednesday. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. The firm has a market cap of $276.68 million, a PE ratio of -13.73 and a beta of 0.37. Treace Medical Concepts has a 1 year low of $4.30 and a 1 year high of $27.70. The company has a fifty day simple moving average of $12.00 and a 200 day simple moving average of $11.73.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TMCI shares. BTIG Research downgraded Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $8.00 in a research report on Wednesday. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price objective for the company from $17.00 to $7.00 in a research note on Wednesday. Finally, Stifel Nicolaus lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their target price for the company from $15.00 to $6.00 in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.93.

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.