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 announced its preliminary, unaudited fourth quarter and full-year 2023 revenue results.
Highlights:
Preliminary revenue of $61.8 million to $62.2 million in the fourth quarter of 2023, an approximate 25% increase at the midpoint over the same period in 2022.
Preliminary revenue of $186.7 million to $187.1 million for the full-year 2023, an approximate increase of 32% at the midpoint compared to the prior year and above the high end of the previously provided revenue guidance range of $182 million to $186 million.
Preliminary blended average revenue per Lapiplasty® procedure kit sold in the fourth quarter of 2023 was approximately $6,437, a record high and 9% increase over the same period in 2022.
Substantial new active surgeon additions of approximately 164 in the fourth quarter of 2023 and approximately 468 for full-year 2023; Ended the year with approximately 2,855 active surgeons, a 20% increase compared to the prior year and approximately 29% of the estimated 10,000 U.S. surgeons performing bunion surgery.
Ended the fourth quarter of 2023 with 227 direct quota carrying sales representatives, a 35% increase over year-end 2022 and 82% revenue contribution in the fourth quarter of 2023.
“We delivered another year of significant progress in 2023 and expect to remain on track to drive strong growth and profitably scale our business in the years ahead,” said John T. Treace, CEO, Founder and Board Member of Treace. “We believe we are driving a market conversion in a large, underserved market as the fastest-growing, publicly-traded company in foot and ankle with differentiated bunion, midfoot, and related complementary technologies. We also believe we are in a great position strategically with an expanding addressable market opportunity with new technologies, such as our Adductoplasty®, Hammertoe and SpeedPlate™ products, and more innovations to come, supported by differentiating clinical studies, continued strong additions to our surgeon base and a powerful, focused commercial organization. We look forward to aggressively pursuing these significant opportunities to drive the performance of the business and believe we have all the elements in place to deliver strong growth and sustained market penetration in 2024 and beyond.”
2024 Outlook
Treace plans to provide 2024 financial guidance during its fourth quarter 2023 earnings conference call, which is currently scheduled for Tuesday, February 27, 2024 at 4:30 p.m. Eastern Time.
The preliminary unaudited financial information in this press release has not been subject to the more rigorous standards of review for Treace’s filed financial statements, may be adjusted, including as a result of its internal closing processes and the external auditing procedures of its independent registered public accounting firm, and remains subject to change until the Company files its full financial statements for 2023.
Treace to Present at J.P. Morgan Healthcare Conference on Tuesday, January 9, 2024
John T. Treace, CEO, Founder and Board Member of Treace, will present at the J.P. Morgan Healthcare Conference on Tuesday, January 9, 2024 at 3:45 pm Pacific Time / 6:45 pm Eastern Time. Following this presentation, Mr. Treace will be joined by Mark Hair, CFO of Treace, for a question-and-answer session. A live webcast of this event, as well as an archived recording and presentation, will be available in the Investors section of Treace’s website at https://investors.treace.com/news-events/events-presentations.
https://finance.yahoo.com/news/treace-announces-preliminary-unaudited-fourth-120000447.html
