Treace Medical Concepts (NASDAQ:TMCI) stock is falling hard on Wednesday following the release of the medical technology company’s Q1 2024 earnings report.
The problem comes from the company’s guidance for the full year of 2024 in this report. This has it expecting revenue for the year to range from $201 million to $211 million. That’s a drop from its prior revenue outlook of $220 million to $225 million. It would also see it miss Wall Street’s estimate of $222.81 million for the period.
The lowered revenue outlook comes with the following warning from Treace Medical Concepts CEO John Treace.
“Despite our strong start to the year, we have revised our guidance for fiscal 2024 to reflect a quickly evolving market environment with increased use of MIS Osteotomy solutions and more competition from knockoffs of our Lapiplasty® products.”
https://investorplace.com/2024/05/why-is-treace-medical-concepts-tmci-stock-down-59-today/
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