Treace Medical Concepts, Inc. (“Treace” or the “Company”)
(NasdaqGS: TMCI), a medical technology company driving a
fundamental shift in the surgical treatment of bunions and related
midfoot deformities through its flagship Lapiplasty® and
Adductoplasty® Procedures, today reported financial results for the
fourth quarter and full year ended December 31, 2023 and provided
2024 guidance.
Recent Highlights
- Revenue of $62.2 million in fourth
quarter 2023 increased 25% over the same period in 2022; Revenue of
$187.1 million for full-year 2023 increased 32% compared to prior
year and was above the high end of previously provided revenue
guidance range of $182 million to $186 million
- Blended average revenue per
Lapiplasty® procedure kit sold in fourth quarter 2023 was $6,437, a
record high and 9% increase over the same period in 2022; Full-year
2023 blended average revenue per Lapiplasty® procedure kit of
$6,306 increased 10% over 2022
- Gross margin of 81.6% in fourth
quarter 2023 and 81.2% for full-year 2023
- Substantial new active surgeon
additions of 164 in fourth quarter 2023 and 468 for the full-year
2023 – ended the year with 2,855 active surgeons, a 20% increase
compared to the prior year and 29% of the estimated 10,000 U.S.
surgeons performing bunion surgery
- Ended fourth quarter 2023 with 227
direct quota carrying sales representatives, a 35% increase over
year-end 2022 and 82% revenue contribution in fourth quarter
2023
- Initiated commercialization of
several new technologies, including the SpeedPlate™ fixation
platform, Micro-Lapiplasty™ System and Hammertoe Fixation
System
- Presented three-year interim data
from ALIGN3D™ clinical study at the 2024 American College of Foot
and Ankle Surgeons Annual Scientific Conference demonstrating
sustained, positive results post-Lapiplasty® 3D correction
- Patent portfolio expands to 57
granted U.S. patents, with an additional 16 patents worldwide and
80 pending U.S. patent applications
“I am very pleased with the significant efforts
of the Treace team to serve our customers and patients and
successfully execute our plans throughout 2023,” said John T.
Treace, CEO, Founder and Board Member of Treace. “Our results
demonstrate the underlying strength and effectiveness of our
strategic investments into our direct sales channel, targeted
R&D initiatives, and direct-to-consumer programs. As the
fastest growing company in foot and ankle, and with continued
strong additions to our surgeon base, increasing productivity of
our direct sales channel and a robust pipeline of new technologies
fueling our commercial momentum, I’m confident that we have the
right strategies in place to continue to deliver industry-leading
growth and profitably scale our business in 2024 and beyond.”
Fourth Quarter 2023 Financial
Results
Revenue for the fourth quarter of 2023 was $62.2
million, representing an increase of 25% compared to $49.8 million
in the fourth quarter of 2022. The increase was driven by an
increased number of Lapiplasty® procedure kits sold as a result of
an expanded surgeon customer base, increased utilization and higher
blended average selling prices due to increased adoption of the
Company’s newer technologies and expanding portfolio of
complementary products.
Gross profit for the fourth quarter of 2023 was
$50.7 million, representing an increase of 25% compared to a gross
profit of $40.7 million in the fourth quarter of 2022. Gross margin
totaled 81.6% in the fourth quarter of 2023, compared to 81.9% in
fourth quarter of 2022, primarily due to changes in product mix and
an increase in overhead costs due to headcount to support the
growing business, partially offset by lower royalty rates and a
decrease in inventory provisions.
Total operating expenses were $57.5 million in
the fourth quarter of 2023, compared to total operating expenses of
$44.2 million in the fourth quarter of 2022. Increased operating
expenses in the fourth quarter of 2023 reflect strategic
investments in the Company’s expanding direct sales channel,
investments in product innovation, increased capacity requirements,
as well as support for other commercial initiatives.
Fourth quarter 2023 net loss attributable to
common stockholders was ($6.3) million, or ($0.10) per share,
compared to ($4.4) million, or ($0.08) per share, for the same
period of 2022. Fourth quarter adjusted net loss was ($6.3)
million, or ($0.10) per share, compared to ($4.4) million, or
($0.08) per share for the same period of 2022. Adjusted EBITDA was
$2.6 million in the fourth quarter of 2023 compared to a loss of
($0.5) million for the same period in 2022. See below for
additional information and a reconciliation of non-GAAP financial
information.
Full-Year 2023 Financial
Results
Revenue for the full-year 2023 was $187.1
million, representing an increase of 32% compared to $141.8 million
in 2022. This increase was driven by an increased number of
Lapiplasty® procedure kits sold as a result of an expanded surgeon
customer base and higher blended average selling prices due to
increased adoption of the Company’s newer technologies and
expanding product line.
Gross profit for the full-year 2023 was $151.9
million, representing an increase of 31% compared to a gross profit
of $116.3 million in 2022. Gross margin was 81.2% in 2023, compared
to 82.0% in 2022. The decrease in gross margin was primarily due to
changes in product mix, an increase in inventory provisions, and an
increase in overhead costs due to headcount to support the growing
business, partially offset by lower royalty rates.
Total operating expenses were $203.4 million in
2023, compared to total operating expenses of $151.2 million in
2022. Increased operating expenses in 2023 reflect increased
investments in commercial initiatives as well as other G&A
investments supporting the growing business.
Full-year 2023 net loss attributable to common
stockholders was ($49.5) million, or ($0.81) per share, compared to
($42.8) million, or ($0.77) per share, in 2022. Full-year 2023
adjusted net loss was ($49.5) million, or ($0.81) per share,
compared to ($38.3) million, or ($0.69) per share for the same
period of 2022. Adjusted EBITDA was a loss of ($24.4) million in
2023, compared to a loss of ($25.0) million in 2022. See below for
additional information and a reconciliation of non-GAAP financial
information.
Cash, cash equivalents, marketable securities
and investment receivable totaled $126.2 million as of December 31,
2023. The Company believes it has sufficient balance sheet strength
and flexibility to continue aggressively executing on its strategic
investments and growth initiatives for the foreseeable future.
Financial Outlook
Treace expects revenue for the full-year 2024 to
be $220 million to $225 million, which represents approximately 18%
to 20% growth over full-year 2023 revenue.
The Company expects to make significant progress
towards Adjusted EBITDA breakeven for full-year 2024 and
anticipates Adjusted EBITDA to improve approximately 50% compared
to full-year 2023.
An investor presentation for the Company’s
fourth quarter and full-year 2023 financial results is available in
the "Investors" section of Treace's website at
investors.treace.com.
Webcast and Conference Call
Details
Treace will host a conference call today,
February 27, 2024, at 4:30 p.m. ET to discuss its fourth quarter
and full-year 2023 financial results. Investors interested in
listening to the conference call may do so by registering. Once
registered, participants will receive dial-in numbers and a unique
pin to join the call and ask questions. The live webcast of the
conference call will be available on the Investor Relations section
of the Company’s website at investors.treace.com. The webcast will
be archived on the website following the completion of the
call.
Use of Non-GAAP Financial
Measures
To supplement the financial results presented in
accordance with GAAP, this earnings release presents Adjusted
EBITDA, which the Company defines as net loss before depreciation
and amortization expense, interest income, interest expense, taxes,
share-based compensation expense, acquisition-related costs and
debt extinguishment loss. As of March 31, 2023, in its calculation
of Adjusted EBITDA, the Company began subtracting interest income
from net loss as interest income is significant for the full-year
2023. Prior period results for Adjusted EBITDA have been updated to
be consistent with the updated presentation as described above.
This earnings release also presents net loss attributable to common
stockholders excluding the debt extinguishment loss on an aggregate
and per share basis (“Adjusted Net Loss”). Non-GAAP financial
measures such as Adjusted EBITDA and Adjusted Net Loss are
presented in addition to, and not as a substitute for, or superior
to, financial measures calculated in accordance with GAAP.
Management uses these non-GAAP financial measures to evaluate the
Company’s operating performance and trends, as well as for making
planning decisions. The Company believes that Adjusted EBITDA and
Adjusted Net Loss helps to identify underlying trends in the
Company’s business that may otherwise be masked by the effect of
the income and expenses and other items that it excludes in its
calculation of Adjusted EBITDA and Adjusted Net Loss. Accordingly,
the Company believes these non-GAAP financial measures provide
useful information to investors and others in understanding and
evaluating the Company’s operating results, enhancing the overall
understanding of its past performance and future prospects, and
allowing for greater transparency with respect to key financial
metrics used by the Company’s management in their financial and
operational decision-making. The Company also presents these
non-GAAP financial measures because it believes investors, analysts
and rating agencies consider them to be a useful metrics in
measuring the Company’s performance against other companies and its
ability to meet its debt service obligations.
There are limitations related to the use of
non-GAAP financial measures such as Adjusted EBITDA and Adjusted
Net Loss because they are not prepared in accordance with GAAP, may
exclude significant income and expenses required by GAAP to be
recognized in the Company’s financial statements, and may not be
comparable to non-GAAP financial measures used by other companies.
The Company encourages investors to carefully consider its results
under GAAP, as well as its supplemental non-GAAP information and
the reconciliation between these presentations, to more fully
understand its business. Reconciliations between GAAP and non-GAAP
results are presented below.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are forward-looking statements, including, but not
limited to, the Company’s belief that it has the right strategies
in place to continue to deliver industry-leading foot and ankle
growth and profitably scale its business in 2024 and beyond; the
Company’s belief that it has sufficient balance sheet strength and
flexibility to continue aggressively executing on its strategic
investments and growth initiatives for the foreseeable future; the
Company’s revenue guidance and revenue growth rates for full-year
2024; and the Company’s expectation of significant progress in
Adjusted EBITDA for full-year 2024 compared to 2023 and expected
rate of Adjusted EBITDA improvement. Forward-looking statements are
based on management’s current assumptions and expectations of
future events and trends, which affect or may affect the Company’s
business, strategy, operations or financial performance, and actual
results and other events may differ materially from those expressed
or implied in such statements due to numerous risks and
uncertainties. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified. Factors that could cause actual results or other events
to differ materially from those contemplated in this press release
can be found in the Risk Factors section of Treace’s public filings
with the Securities and Exchange Commission (SEC), including its
Annual Report on Form 10-K for the year ended December 31, 2022,
which was filed with the SEC on March 8, 2023, and its Annual
Report on Form 10-K for the year ended December 31, 2023, which is
expected to be filed with the SEC on February 27, 2024, and its
subsequent SEC filings. Because forward-looking statements are
inherently subject to risks and uncertainties, you should not rely
on these forward-looking statements as predictions of future
events. These forward-looking statements speak only as of their
date and, except to the extent required by law, the Company
undertakes no obligation to update these statements, whether as a
result of any new information, future developments or otherwise.
The Company’s results for the quarter and year ended December 31,
2023 are not necessarily indicative of its operating results for
any future periods.
Internet Posting of
Information
Treace routinely posts information that may be
important to investors in the “Investor Relations” section of its
website at www.treace.com. The Company encourages investors and
potential investors to consult the Treace website regularly for
important information about Treace.
About Treace Medical Concepts
Treace Medical Concepts, Inc. is a medical
technology company with the goal of advancing the standard of care
for the surgical management of bunion and related midfoot
deformities. Bunions are complex 3-dimensional deformities that
originate from an unstable joint in the middle of the foot and
affect approximately 67 million Americans, of which Treace
estimates 1.1 million are annual surgical candidates. Treace has
pioneered and patented the Lapiplasty® 3D Bunion
Correction® System – a combination of instruments, implants,
and surgical methods designed to surgically correct all 3 planes of
the bunion deformity and secure the unstable joint, addressing the
root cause of the bunion and helping patients get back to their
active lifestyles. To further support the needs of bunion patients,
Treace has introduced its Adductoplasty® Midfoot Correction
System, designed for reproducible surgical correction of the
midfoot as well as its Hammertoe PEEK Fixation System designed to
address hammertoe, claw toe and mallet toe deformities. The Company
continues to expand its footprint in the foot and ankle market with
the introduction of its SpeedPlate™ Rapid Compression
Implants, an innovative fixation platform with broad versatility
across Lapiplasty® and Adductoplasty® procedures, as well
as other common bone fusion procedures of the foot. For more
information, please visit www.treace.com.
To learn more about Treace, connect with us on
LinkedIn, Twitter, Facebook and Instagram.
Contacts:
Treace Medical Concepts, Inc.
Julie Dewey, IRC Chief Communications & Investor Relations
Officer jddewey@treace.com | 209-613-6945
|
Treace
Medical Concepts, Inc. Statements of Operations
and Comprehensive Loss (in thousands, except share
and per share amounts) |
|
|
|
Three Months Ended
December 31, |
|
|
Twelve Months Ended
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
62,212 |
|
|
$ |
49,769 |
|
|
$ |
187,118 |
|
|
$ |
141,838 |
|
Cost of goods sold |
|
|
11,469 |
|
|
|
9,021 |
|
|
|
35,181 |
|
|
|
25,532 |
|
Gross profit |
|
|
50,743 |
|
|
|
40,748 |
|
|
|
151,937 |
|
|
|
116,306 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
39,924 |
|
|
|
30,090 |
|
|
|
140,894 |
|
|
|
104,567 |
|
Research and development |
|
|
4,152 |
|
|
|
3,749 |
|
|
|
15,440 |
|
|
|
13,584 |
|
General and administrative |
|
|
13,449 |
|
|
|
10,406 |
|
|
|
47,031 |
|
|
|
32,999 |
|
Total operating expenses |
|
|
57,525 |
|
|
|
44,245 |
|
|
|
203,365 |
|
|
|
151,150 |
|
Loss from operations |
|
|
(6,782 |
) |
|
|
(3,497 |
) |
|
|
(51,428 |
) |
|
|
(34,844 |
) |
Interest income |
|
|
1,709 |
|
|
|
753 |
|
|
|
6,726 |
|
|
|
1,313 |
|
Interest expense |
|
|
(1,304 |
) |
|
|
(1,311 |
) |
|
|
(5,167 |
) |
|
|
(4,398 |
) |
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,483 |
) |
Other income, net |
|
|
96 |
|
|
|
(357 |
) |
|
|
342 |
|
|
|
(403 |
) |
Other non-operating income (expense), net |
|
|
501 |
|
|
|
(915 |
) |
|
|
1,901 |
|
|
|
(7,971 |
) |
Net loss |
|
$ |
(6,281 |
) |
|
$ |
(4,412 |
) |
|
$ |
(49,527 |
) |
|
$ |
(42,815 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on marketable securities |
|
$ |
311 |
|
|
$ |
(27 |
) |
|
$ |
190 |
|
|
$ |
(27 |
) |
Comprehensive loss |
|
$ |
(5,970 |
) |
|
$ |
(4,439 |
) |
|
$ |
(49,337 |
) |
|
$ |
(42,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.81 |
) |
|
$ |
(0.77 |
) |
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted |
|
|
61,699,336 |
|
|
|
55,558,364 |
|
|
|
60,852,153 |
|
|
|
55,276,834 |
|
|
Note: A change in presentation has been made within the Statement
of Operations and Comprehensive Loss for the three months and
twelve months ended December 31, 2022, reclassifying $0.7 million
and $2.0 million of surgical instrument expense from cost of goods
sold to sales and marketing expense to conform with the current
year’s presentation. Please refer to supplemental materials related
to quarterly 2022 results available on the Company’s investor
relations website. |
|
Treace
Medical Concepts, Inc. Balance Sheets
(in thousands, except share and per share
amounts) |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,982 |
|
|
$ |
19,473 |
|
Marketable securities, short-term |
|
|
110,216 |
|
|
|
61,779 |
|
Accounts receivable, net of allowance for doubtful accounts of $980
and $735 as of December 31, 2023 and December 31, 2022,
respectively |
|
|
38,063 |
|
|
|
29,196 |
|
Inventories |
|
|
29,245 |
|
|
|
19,330 |
|
Prepaid expenses and other current assets |
|
|
7,853 |
|
|
|
3,624 |
|
Total current assets |
|
|
198,359 |
|
|
|
133,402 |
|
Property and equipment, net |
|
|
22,298 |
|
|
|
15,338 |
|
Intangible assets, net of accumulated amortization of $475 and $0
as of December 31, 2023 and December 31, 2022,
respectively |
|
|
9,025 |
|
|
|
— |
|
Goodwill |
|
|
12,815 |
|
|
|
— |
|
Operating lease right-of-use assets |
|
|
9,264 |
|
|
|
10,138 |
|
Other non-current assets |
|
|
146 |
|
|
|
146 |
|
Total assets |
|
$ |
251,907 |
|
|
$ |
159,024 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
11,835 |
|
|
$ |
8,668 |
|
Accrued liabilities |
|
|
10,458 |
|
|
|
6,216 |
|
Accrued commissions |
|
|
10,759 |
|
|
|
7,356 |
|
Accrued compensation |
|
|
7,549 |
|
|
|
7,666 |
|
Other liabilities |
|
|
4,432 |
|
|
|
339 |
|
Total current liabilities |
|
|
45,033 |
|
|
|
30,245 |
|
Long-term debt, net of discount of $992 and $1,289 as of
December 31, 2023 and December 31, 2022,
respectively |
|
|
53,008 |
|
|
|
52,711 |
|
Operating lease liabilities, net of current portion |
|
|
15,891 |
|
|
|
15,539 |
|
Other long-term liabilities |
|
|
37 |
|
|
|
— |
|
Total liabilities |
|
|
113,969 |
|
|
|
98,495 |
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 5,000,000 shares authorized as
of December 31, 2023 and December 31, 2022; 0 shares
issued and outstanding as of December 31, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 300,000,000 shares authorized;
61,749,654 issued and outstanding as of December 31, 2023;
300,000,000 shares authorized; 55,628,208 issued and outstanding as
of December 31, 2022 |
|
|
62 |
|
|
55 |
|
Additional paid-in capital |
|
|
271,973 |
|
|
|
145,221 |
|
Accumulated deficit |
|
|
(134,247 |
) |
|
|
(84,720 |
) |
Accumulated other comprehensive (loss) income |
|
|
163 |
|
|
|
(27 |
) |
Treasury stock, at cost; 1,218 and 0 shares as of December 31,
2023 and December 31, 2022 |
|
|
(13 |
) |
|
|
— |
|
Total stockholders’ equity |
|
|
137,938 |
|
|
|
60,529 |
|
Total liabilities and stockholders’ equity |
|
$ |
251,907 |
|
|
$ |
159,024 |
|
|
Treace
Medical Concepts, Inc. Statements of Cash
Flows (in thousands) |
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(49,527 |
) |
|
$ |
(42,815 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities |
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
5,352 |
|
|
|
2,133 |
|
Provision for allowance for doubtful accounts |
|
|
434 |
|
|
|
411 |
|
Share-based compensation expense |
|
|
17,352 |
|
|
|
8,111 |
|
Non-cash lease expense |
|
|
2,461 |
|
|
|
2,522 |
|
Amortization of debt issuance costs |
|
|
297 |
|
|
|
244 |
|
Gain on fair value adjustment to derivative liability |
|
|
— |
|
|
|
(173 |
) |
Debt extinguishment loss |
|
|
— |
|
|
|
4,483 |
|
Loss on impairment of long-lived assets |
|
|
— |
|
|
|
346 |
|
Accretion (amortization) of discount (premium) on marketable
securities, net |
|
|
(1,406 |
) |
|
|
(126 |
) |
Other, net |
|
|
205 |
|
|
|
25 |
|
Net changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
|
|
Accounts Receivable |
|
|
(9,301 |
) |
|
|
(11,039 |
) |
Inventory |
|
|
(9,848 |
) |
|
|
(8,769 |
) |
Prepaid expenses and other assets |
|
|
(1,210 |
) |
|
|
(668 |
) |
Other non-current assets |
|
|
— |
|
|
|
(146 |
) |
Other liabilities |
|
|
(119 |
) |
|
|
3,076 |
|
Accounts payable |
|
|
3,167 |
|
|
|
4,612 |
|
Accrued liabilities |
|
|
7,528 |
|
|
|
7,125 |
|
Other, net |
|
|
40 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(34,575 |
) |
|
|
(30,648 |
) |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchases of available-for-sale marketable securities |
|
|
(169,865 |
) |
|
|
(63,409 |
) |
Sales and maturities of available-for-sale marketable
securities |
|
|
120,024 |
|
|
|
1,729 |
|
Purchases of property and equipment |
|
|
(11,458 |
) |
|
|
(14,838 |
) |
Acquisition, net of cash acquired |
|
|
(20,000 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(81,299 |
) |
|
|
(76,518 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from interest bearing term debt |
|
|
— |
|
|
|
49,651 |
|
Proceeds from interest bearing revolving debt |
|
|
— |
|
|
|
3,850 |
|
Debt issuance costs |
|
|
— |
|
|
|
(989 |
) |
Payments on interest bearing debt |
|
|
— |
|
|
|
(33,893 |
) |
Proceeds from issuance of common stock from public offering, net of
issuance costs and underwriting discount of $7.5 million and $10.6
million |
|
|
107,527 |
|
|
|
— |
|
Proceeds from exercise of employee stock options |
|
|
1,869 |
|
|
|
2,187 |
|
Taxes from withheld shares |
|
|
(13 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
109,383 |
|
|
|
20,806 |
|
Net decrease in cash and cash equivalents |
|
|
(6,491 |
) |
|
|
(86,360 |
) |
Cash and cash equivalents at beginning of period |
|
|
19,473 |
|
|
|
105,833 |
|
Cash and cash equivalents at end of period |
|
$ |
12,982 |
|
|
$ |
19,473 |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
5,167 |
|
|
$ |
4,398 |
|
Operating lease right-of-use assets obtained in exchange for new
lease liabilities |
|
$ |
— |
|
|
$ |
15,300 |
|
Operating lease right-of-use asset and lease liability adjustment
due to lease incentive |
|
$ |
(22 |
) |
|
$ |
3,615 |
|
Noncash investing activities: |
|
|
|
|
|
|
Unrealized (gains) losses on marketable securities |
|
$ |
(190 |
) |
|
$ |
27 |
|
Unsettled matured marketable security and receivable from
broker |
|
$ |
3,000 |
|
|
$ |
— |
|
Noncash portion of internally developed software |
|
$ |
(11 |
) |
|
$ |
— |
|
|
Treace
Medical Concepts, Inc. Reconciliation of GAAP Net
Loss to Adjusted Net Loss (in thousands, except
share and per share amounts)
(unaudited) |
|
|
|
Three Months Ended
December 31, |
|
|
Twelve Months Ended
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(6,281 |
) |
|
$ |
(4,412 |
) |
|
$ |
(49,527 |
) |
|
$ |
(42,815 |
) |
Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,483 |
|
Adjusted net loss |
|
$ |
(6,281 |
) |
|
$ |
(4,412 |
) |
|
$ |
(49,527 |
) |
|
$ |
(38,332 |
) |
Per share |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(0.10 |
) |
|
|
(0.08 |
) |
|
|
(0.81 |
) |
|
|
(0.77 |
) |
Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.08 |
|
Adjusted net loss |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.81 |
) |
|
$ |
(0.69 |
) |
Weighted average common shares outstanding per share attributable
to common stockholders, basic and diluted |
|
|
61,699,336 |
|
|
|
55,558,364 |
|
|
|
60,852,153 |
|
|
|
55,276,834 |
|
|
Treace
Medical Concepts, Inc. Reconciliation of GAAP Net
Loss to EBITDA & Adjusted EBITDA (in
thousands) (unaudited) |
|
|
Three Months Ended
December 31, |
|
|
Twelve Months Ended
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
$ |
(6,281 |
) |
|
$ |
(4,412 |
) |
|
$ |
(49,527 |
) |
|
$ |
(42,815 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(1,709 |
) |
|
|
(753 |
) |
|
|
(6,726 |
) |
|
|
(1,313 |
) |
Interest expense |
|
1,304 |
|
|
|
1,311 |
|
|
|
5,167 |
|
|
|
4,398 |
|
Taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization |
|
1,769 |
|
|
|
917 |
|
|
|
5,352 |
|
|
|
2,133 |
|
EBITDA |
$ |
(4,917 |
) |
|
$ |
(2,937 |
) |
|
$ |
(45,734 |
) |
|
$ |
(37,597 |
) |
Share-based compensation expense |
|
5,872 |
|
|
|
2,470 |
|
|
|
17,352 |
|
|
|
8,111 |
|
Acquisition-related costs |
|
1,674 |
|
|
|
— |
|
|
|
3,996 |
|
|
|
— |
|
Debt extinguishment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,483 |
|
Adjusted EBITDA |
$ |
2,629 |
|
|
$ |
(467 |
) |
|
$ |
(24,386 |
) |
|
$ |
(25,003 |
) |
Treace Medical Concepts (NASDAQ:TMCI)
過去 株価チャート
から 8 2024 まで 9 2024
Treace Medical Concepts (NASDAQ:TMCI)
過去 株価チャート
から 9 2023 まで 9 2024