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

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

Treace Medical Concepts Trading Down 60.3 %

Treace Medical Concepts stock opened at $4.42 on Wednesday. Treace Medical Concepts has a 12 month low of $4.42 and a 12 month high of $27.70. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38. The stock has a market cap of $272.98 million, a P/E ratio of -13.73 and a beta of 0.37. The company’s fifty day simple moving average is $12.00 and its 200-day simple moving average is $11.73.

Analyst Upgrades and Downgrades

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