TMCI on Nasdaq
TREACE MEDICAL CONCEPTS, INC.
American surgical and medical instruments and apparatus company.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with SI-Bone (United States), CERUS CORP or ORTHOPEDIATRICS CORP, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
79.8%Gross margin3
-25.5%Operating margin3
-27.7%Net margin3
1.6%Revenue growth, 20253
-67.6%Return on equity3
0.64×Debt to equity3
-$29.5MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue20¢$42.9M
- Research and development10¢$20.3M
- Other costs68¢$144.2M
- Interest3¢$5.3M
Out of $212.7M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $212.7M | $209.4M | $187.1M |
| Cost of goods sold | $42.9M | $41.1M | $35.2M |
| Gross profit | $169.8M | $168.3M | $151.9M |
| Sales and marketing | $140.9M | $147.6M | $140.9M |
| Research and development | $20.3M | $20.6M | $15.4M |
| General and administrative | $62.7M | $55.7M | $47.0M |
| Total operating expenses | $223.9M | $224.0M | $203.4M |
| Loss from operations | -$54.2M | -$55.7M | -$51.4M |
| Interest income | $2.8M | $4.9M | $6.7M |
| Interest expense | -$5.3M | -$5.3M | -$5.2M |
| Debt extinguishment loss | -$2.7M | $0 | $0 |
| Other income, net | $432.0K | $324.0K | $342.0K |
| Other non-operating income (expense), net | -$4.8M | -$55.0K | $1.9M |
| Net loss | -$59.0M | -$55.7M | -$49.5M |
| Unrealized gain (loss) on marketable securities | -$25.0K | -$66.0K | $190.0K |
| Comprehensive loss | -$59.0M | -$55.8M | -$49.3M |
| Net loss per share, basic | -$0.93 | -$0.90 | -$0.81 |
| Net loss per share, diluted | -$0.93 | -$0.90 | -$0.81 |
| Weighted-average shares used in computing net loss per share, basic | 63.3M shares | 62.1M shares | 60.9M shares |
| Weighted-average shares used in computing net loss per share, diluted | 63.3M shares | 62.1M shares | 60.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-04-30 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $10.7M | $11.3M | |||
| Marketable securities, short-term | $37.7M | $64.3M | |||
| Accounts receivable, net of allowance for credit losses of $1,824 and $1,326 as of December 31, 2025 and December 31, 2024, respectively | $42.2M | $40.8M | $38.1M | ||
| Inventories | $36.0M | $39.3M | |||
| Prepaid expenses and other current assets | $5.5M | $5.7M | |||
| Total current assets | $132.1M | $161.4M | |||
| Property and equipment, net | $29.8M | $26.0M | |||
| IIntangible assets, net of accumulated amortization of $2,375 and $1,425 as of December 31, 2025 and December 31, 2024, respectively | $7.1M | $8.1M | |||
| Goodwill | $12.8M | $12.8M | |||
| Operating lease right-of-use assets | $7.6M | $8.4M | |||
| Other non-current assets, net of allowance for credit losses of $69 and $69 as of December 31, 2025 and December 31, 2024, respectively | $1.2M | $407.0K | |||
| Total assets | $190.6M | $217.1M | |||
| Accounts payable | $6.7M | $10.5M | |||
| Accrued liabilities | $5.8M | $7.2M | |||
| Accrued commissions | $9.4M | $10.1M | |||
| Accrued compensation | $6.3M | $6.6M | |||
| Other liabilities | $2.4M | $510.0K | |||
| Total current liabilities | $30.6M | $34.9M | |||
| Long-term debt, net | $55.6M | $53.3M | |||
| Operating lease liabilities, net of current portion | $14.0M | $15.9M | |||
| Other long-term liabilities | $3.0M | $37.0K | |||
| Total liabilities | $103.2M | $104.2M | |||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 0 shares issued as of December 31, 2025 and December 31, 2024 | $0 | $0 | |||
| Common stock, $0.001 par value, 300,000,000 shares authorized; 64,029,378 and 62,385,101 shares issued as of December 31, 2025 and December 31, 2024, respectively | $64.0K | $62.0K | |||
| Additional paid-in capital | $337.4M | $303.0M | |||
| Accumulated deficit | -$249.0M | -$190.0M | |||
| Accumulated other comprehensive income (loss) | $72.0K | $97.0K | |||
| Treasury stock, at cost; 165,513 and 23,391 shares as of December 31, 2025 and December 31, 2024, respectively | -$1.2M | -$281.0K | |||
| Total stockholders equity | $87.3M | $112.9M | $137.9M | $60.5M | |
| Total liabilities and stockholders equity | $190.6M | $217.1M | |||
| Allowance for credit losses current | $1.8M | $1.3M | |||
| Intangible assets, accumulated amortization | $2.4M | $1.4M | |||
| Allowance for credit losses noncurrent | $69.0K | $69.0K | |||
| Preferred stock, par or stated value per share | $0.00 | $0.00 | |||
| Preferred stock shares authorized | 5.0M shares | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | |||
| Common stock, par or stated value per share | $0.00 | $0.00 | |||
| Common stock shares authorized | 300.0M shares | 300.0M shares | 300.0M shares | ||
| Common stock share issued | 64.0M shares | 62.4M shares | |||
| Treasury stock (in shares) | 165.5K shares | 23.4K shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-04-30 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $10.7M | $11.3M | |||
| Marketable securities, short-term | $37.7M | $64.3M | |||
| Accounts receivable, net of allowance for credit losses of $1,824 and $1,326 as of December 31, 2025 and December 31, 2024, respectively | $42.2M | $40.8M | $38.1M | ||
| Inventories | $36.0M | $39.3M | |||
| Prepaid expenses and other current assets | $5.5M | $5.7M | |||
| Total current assets | $132.1M | $161.4M | |||
| Property and equipment, net | $29.8M | $26.0M | |||
| IIntangible assets, net of accumulated amortization of $2,375 and $1,425 as of December 31, 2025 and December 31, 2024, respectively | $7.1M | $8.1M | |||
| Goodwill | $12.8M | $12.8M | |||
| Operating lease right-of-use assets | $7.6M | $8.4M | |||
| Other non-current assets, net of allowance for credit losses of $69 and $69 as of December 31, 2025 and December 31, 2024, respectively | $1.2M | $407.0K | |||
| Total assets | $190.6M | $217.1M | |||
| Accounts payable | $6.7M | $10.5M | |||
| Accrued liabilities | $5.8M | $7.2M | |||
| Accrued commissions | $9.4M | $10.1M | |||
| Accrued compensation | $6.3M | $6.6M | |||
| Other liabilities | $2.4M | $510.0K | |||
| Total current liabilities | $30.6M | $34.9M | |||
| Long-term debt, net | $55.6M | $53.3M | |||
| Operating lease liabilities, net of current portion | $14.0M | $15.9M | |||
| Other long-term liabilities | $3.0M | $37.0K | |||
| Total liabilities | $103.2M | $104.2M | |||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 0 shares issued as of December 31, 2025 and December 31, 2024 | $0 | $0 | |||
| Common stock, $0.001 par value, 300,000,000 shares authorized; 64,029,378 and 62,385,101 shares issued as of December 31, 2025 and December 31, 2024, respectively | $64.0K | $62.0K | |||
| Additional paid-in capital | $337.4M | $303.0M | |||
| Accumulated deficit | -$249.0M | -$190.0M | |||
| Accumulated other comprehensive income (loss) | $72.0K | $97.0K | |||
| Treasury stock, at cost; 165,513 and 23,391 shares as of December 31, 2025 and December 31, 2024, respectively | -$1.2M | -$281.0K | |||
| Total stockholders equity | $87.3M | $112.9M | $137.9M | $60.5M | |
| Total liabilities and stockholders equity | $190.6M | $217.1M | |||
| Allowance for credit losses current | $1.8M | $1.3M | |||
| Intangible assets, accumulated amortization | $2.4M | $1.4M | |||
| Allowance for credit losses noncurrent | $69.0K | $69.0K | |||
| Preferred stock, par or stated value per share | $0.00 | $0.00 | |||
| Preferred stock shares authorized | 5.0M shares | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | |||
| Common stock, par or stated value per share | $0.00 | $0.00 | |||
| Common stock shares authorized | 300.0M shares | 300.0M shares | 300.0M shares | ||
| Common stock share issued | 64.0M shares | 62.4M shares | |||
| Treasury stock (in shares) | 165.5K shares | 23.4K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$59.0M | -$55.7M | -$49.5M |
| Depreciation and amortization expense | $10.6M | $8.4M | $5.4M |
| Provision for allowance for credit losses | $834.0K | $2.9M | $434.0K |
| Share-based compensation expense | $33.8M | $30.6M | $17.4M |
| Non-cash lease expense | $2.2M | $2.3M | $2.5M |
| Amortization of debt issuance costs | $292.0K | $298.0K | $297.0K |
| Debt extinguishment loss | $2.7M | $0 | $0 |
| Amortization (accretion) of premium (discount) on marketable securities, net | -$123.0K | -$1.1M | -$1.4M |
| Other, net | $1.2M | $538.0K | $205.0K |
| Accounts receivable | -$2.1M | -$5.7M | -$9.3M |
| Inventory | $3.2M | -$10.0M | -$9.8M |
| Prepaid expenses and other assets | $166.0K | $2.2M | -$1.2M |
| Other non-current assets | -$503.0K | -$330.0K | $0 |
| Operating lease liabilities | -$3.2M | -$2.5M | -$119.0K |
| Accounts payable | -$3.8M | -$1.3M | $3.2M |
| Accrued liabilities | -$2.4M | -$7.9M | $7.5M |
| Other, net | $35.0K | $97.0K | $40.0K |
| Net cash provided by (used in) operating activities | -$16.0M | -$37.2M | -$34.6M |
| Purchases of available-for-sale marketable securities | -$40.6M | -$71.6M | -$169.9M |
| Sales and maturities of available-for-sale marketable securities | $67.3M | $118.5M | $120.0M |
| Purchases of property and equipment | -$13.5M | -$11.6M | -$11.5M |
| Acquisition, net of cash acquired | $0 | $0 | -$20.0M |
| Net cash provided by (used in) investing activities | $13.3M | $35.4M | -$81.3M |
| Proceeds from interest bearing term debt | $59.3M | $0 | $0 |
| Proceeds from insurance premium financing | $1.6M | $0 | $0 |
| Debt issuance costs | -$1.2M | $0 | $0 |
| Payments on interest bearing term and revolving debt | -$56.3M | $0 | $0 |
| Payments on insurance premium financing | -$916.0K | $0 | $0 |
| Proceeds from issuance of common stock from public offering, net of issuance costs and underwriting discount of $7.5 million | $0 | $0 | $107.5M |
| Proceeds from exercise of employee stock options | $546.0K | $428.0K | $1.9M |
| Taxes from withheld shares | -$902.0K | -$268.0K | -$13.0K |
| Net cash provided by (used in) financing activities | $2.1M | $160.0K | $109.4M |
| Net increase (decrease) in cash and cash equivalents | -$642.0K | -$1.6M | -$6.5M |
| Cash paid for interest | $5.0M | $5.0M | $5.2M |
| Operating lease right-of-use asset and lease liability adjustment due to lease incentive | $0 | $8.0K | -$22.0K |
| Unrealized (gains) losses, net on marketable securities | $25.0K | $66.0K | -$190.0K |
| Unsettled matured marketable security and receivable from broker | $0 | $0 | $3.0M |
| Noncash portion of internally developed software | $0 | $0 | -$11.0K |
| Legal cost financing | $1.1M | $0 | $0 |
| Issuance costs and underwriting fees, net | $7.5M | $7.5M | $7.5M |
No quarter-by-quarter statement was filed.
Leadership
Who has led TREACE MEDICAL CONCEPTS, INC., and when. Pick a name to see everywhere that person has worked.
- Chief executive officerJohn T. Treace Apr 22, 2021 to now10
- Chief financial officerMark Hair Apr 22, 2021 to now11
Board members and other officers (20)
- Chief Commercial OfficerGuy Guglielmino Dec 5, 2024 to now12
- Chief Compliance OfficerScot Michael Elder Mar 14, 2022 to now13
- Chief HR OfficerDaniel E. Owens Apr 22, 2021 to Dec 2, 202214
- SVP, SalesDipak Rajhansa Apr 22, 2021 to Apr 26, 202115
- OfficerJaime A. Frias Apr 22, 2021 to Apr 29, 202116
- SVP, Research & DevelopmentJoe W. Ferguson Apr 22, 2021 to Oct 8, 202117
- OfficerSean F. Scanlan Apr 22, 2021 to now18
- SVP, SalesAaron Berutti Aug 5, 2021 to now19
- SVP, OperationsTerry W. Lubben Sep 21, 2021 to Mar 10, 202220
- Board memberJane E. Kiernan Oct 4, 2022 to now21
- Board memberLance A. Berry Oct 4, 2022 to now22
- Board memberF. Barry Bays Apr 22, 2021 to Apr 28, 202323
- Board memberJames T. Treace Apr 22, 2021 to Aug 19, 202424
- Board memberJohn R. Treace Apr 22, 2021 to May 11, 202225
- Board memberJohn T. Treace Apr 22, 2021 to now10
- Board memberRichard W. Mott Apr 22, 2021 to now26
- Board memberThomas E. Timbie Apr 22, 2021 to Mar 17, 202327
- Board memberBetsy Hanna Oct 4, 2021 to now28
- Board memberDeepti Jain Oct 4, 2021 to now29
- General counselJaime A. Frias Mar 10, 2022 to Mar 10, 202230
Timeline
- Apr 22, 2021New chief executive John T. Treace becomes CEO10
Filings
376 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 251 insider forms, 32 large holders, 29 other. The latest 20:
- Oct 2, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 20264 EDGAR
- Aug 12, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 20264 EDGAR
- Aug 12, 20264 EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Jul 30, 2026SCHEDULE 13G/A EDGAR
- Jun 12, 20264/A EDGAR
- Jun 11, 20264 EDGAR
- Jun 1, 20264 EDGAR
- May 28, 20264 EDGAR
- May 20, 20268-K EDGAR
- May 19, 20264 EDGAR
- May 19, 20264 EDGAR
- May 19, 20264 EDGAR
- May 19, 20264 EDGAR
- May 19, 20264 EDGAR
The 376 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 32 such filings since October 2021, the latest 10:
- Aug 14, 2026SCHEDULE 13G/A
- Aug 12, 2026SCHEDULE 13G/A
- Jul 30, 2026SCHEDULE 13G/A
- May 15, 2026SCHEDULE 13G/A
- May 14, 2026SCHEDULE 13G
- Feb 17, 2026SCHEDULE 13G/A
- Feb 12, 2026SCHEDULE 13G/A
- Feb 9, 2026SCHEDULE 13G/A
- Nov 14, 2025SCHEDULE 13G/A
- Nov 12, 2025SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Armistice Capital, LLC | 6,364,000 | $25.3M | 0.7% | No change |
| Bank Of America Corp /de/ | 3,305,100 | $13.2M | 0.0% | +90,807 |
| Gagnon Securities LLC | 3,029,543 | $12.1M | 2.3% | −2,172,343 |
| Vanguard Capital Management LLC | 2,028,479 | $8.1M | 0.0% | +566,972 |
| Gagnon Advisors, LLC | 1,534,034 | $6.1M | 3.9% | New |
| Aqr Capital Management LLC | 1,497,673 | $6.0M | 0.0% | +435,833 |
| BlackRock, Inc. | 1,380,021 | $5.5M | 0.0% | −1,960,002 |
| Marshall Wace, Llp | 1,328,592 | $5.3M | 0.0% | +1,063,659 |
| CIBC Bancorp USA Inc. | 1,216,044 | $4.8M | 0.0% | −2,309 |
| Millennium Management LLC | 738,628 | $2.9M | 0.0% | −409,487 |
| Weber Capital Management LLC /adv | 589,617 | $2.3M | 2.0% | No change |
| D. E. Shaw & Co., Inc. | 583,277 | $2.3M | 0.0% | −257,992 |
| Geode Capital Management, LLC | 573,796 | $2.3M | 0.0% | −437,047 |
| Citadel Advisors LLC | 516,994 | $2.1M | 0.0% | −308,581 |
| Goldman Sachs Group Inc | 492,116 | $2.0M | 0.0% | +104,431 |
| Stifel Financial Corp | 435,009 | $1.7M | 0.0% | +258,917 |
| UBS Group AG | 366,445 | $1.5M | 0.0% | −176,460 |
| Jacobs Levy Equity Management, Inc | 363,729 | $1.4M | 0.0% | +99,995 |
| Raymond James Financial Inc | 331,110 | $1.3M | 0.0% | −26,446 |
| Morgan Stanley | 320,026 | $1.3M | 0.0% | +100,319 |
| Vanguard Fiduciary Trust Co | 292,504 | $1.2M | 0.0% | −25,500 |
| Charles Schwab Investment Management Inc | 282,538 | $1.1M | 0.0% | −46,301 |
| State Street Corp | 234,271 | $932.4K | 0.0% | −1,001,247 |
| Susquehanna International Group, Llp | 214,219 | $852.6K | 0.0% | +197,170 |
| Jain Global LLC | 210,987 | $839.7K | 0.0% | +168,949 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11SEC EDGARMark Hair, Chief financial officer
- 12
- 13
- 14SEC EDGARDaniel E. Owens, Chief HR Officer
- 15SEC EDGARDipak Rajhansa, SVP, Sales
- 16SEC EDGARJaime A. Frias, Officer
- 17
- 18SEC EDGARSean F. Scanlan, Officer
- 19SEC EDGARAaron Berutti, SVP, Sales
- 20SEC EDGARTerry W. Lubben, SVP, Operations
- 21SEC EDGARJane E. Kiernan, Board member
- 22SEC EDGARLance A. Berry, Board member
- 23SEC EDGARF. Barry Bays, Board member
- 24SEC EDGARJames T. Treace, Board member
- 25SEC EDGARJohn R. Treace, Board member
- 26SEC EDGARRichard W. Mott, Board member
- 27SEC EDGARThomas E. Timbie, Board member
- 28SEC EDGARBetsy Hanna, Board member
- 29SEC EDGARDeepti Jain, Board member
- 30SEC EDGARJaime A. Frias, General counsel