Treace Medical Concepts, Inc. reported a revenue of $209.4 million for the fiscal year ended December 31, 2024, marking an increase of 11.9% from $187.1 million in 2023. The growth was primarily attributed to a shift in product mix, increased adoption of newer technologies, and a rise in the number of bunion procedure kits sold. Despite the revenue increase, the company incurred a net loss of $55.7 million, compared to a loss of $49.5 million in the previous year, reflecting a 12.6% increase in losses. The company's gross profit also rose to $168.3 million, although the gross margin slightly decreased from 81.2% to 80.4%, influenced by higher inventory provisions and a shift in product mix.
In terms of operational developments, Treace Medical Concepts expanded its product offerings, launching several new systems including the Nanoplasty and Percuplasty Procedures, which are designed for minimally invasive bunion correction. The company also acquired assets from RPM-3D, enhancing its capabilities in pre-operative planning and patient-specific guides. As of December 31, 2024, the company had 3,135 active surgeons using its products, an increase of 10% from the previous year, and a field sales team of 329 members, which generated approximately 82% of total revenue.
The company’s financial position as of December 31, 2024, included cash and cash equivalents of $11.4 million and marketable securities of $64.3 million. However, it also reported an accumulated deficit of $190 million and $54 million in outstanding principal under its term and revolving loan agreements. The company anticipates that its existing cash, cash equivalents, marketable securities, and expected revenues will be sufficient to fund operations for at least the next twelve months, although it may seek additional capital through debt or equity financing to support growth initiatives.
Looking ahead, Treace Medical Concepts aims to continue its focus on innovation and market penetration in the bunion correction space. The company plans to invest in its sales force and marketing efforts while navigating macroeconomic challenges such as inflation and competition from other medical device manufacturers. The ongoing development of clinical evidence supporting its products and the expansion of its product portfolio are seen as critical to achieving future revenue growth and market share.
About TREACE MEDICAL CONCEPTS, INC.
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