Treace Medical Concepts (TMCI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Treace Medical Concepts

NasdaqGS•Healthcare•Medical Devices

$4.81-0.07(-0.01%)Market closed

Market Cap

$294.68M

P/S

1.4x

P/B

4.4x

Treace Medical Concepts, Inc., a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty System, enables surgeons to correct all three dimensions of the bunion deformity, stabilize the first TMT joint, and allow return to weight-bearing in a walking boot; minimally invasive products for four bunion classes; Nanoplasty 3D Minimally Invasive Bunion Correction System delivers a reproducible 3D correction of the bunion deformity through a cosmetically appealing; and Percuplasty Percutaneous 3D Bunion Correction System that provides 3D correction of the bunion deformity through percutaneous incisions. It also provides Adductoplasty System, a system designed for the correction of metatarsus adductus deformities and osteoarthritis of the midfoot; SpeedMTP Rapid Compression Implant; SpeedPlate Implant Fixation Platform to address the fusion of larger bones of the midfoot and rearfoot; SpeedPlate Micro-Quad implant, an implant designed for stability and fit in small incision surgical approaches; and SpeedAkin Anatomic Compression Implant. In addition, the company offers The IntelliGuide patient specific instrumentation provides patient-specific, 3D-printed cut guides, and a pre-operative plan for a complete picture of the deformity and correction. Further, it provides FastGrafter Autografter Harvesting System; SpeedRelease Guided Release Instrument; TriTome Triple-Edge Release Instrument; RazorTome 7mm Precision Osteotome; LapiTome Hooked Bone Removal Osteotome; GreatRelease Rapid MTP Release Instrument; CornerChisel Release Tool; NanoRasp MIS Bone Contouring Tool; FeatherRasp Rapid Bone Contouring Instrument; and Akinator Single-cut Akin Wedge Osteotomy tool. Additionally, the company offers biologics and wedges, such as Treace Allograft Wedges; and CortiFuse Flowable Cortical Fibers. Treace Medical Concepts, Inc. was founded in 2013 and is headquartered in Ponte Vedra, Florida.

How this company scores

WeakMetricSide Score: 29/100

Grade capped at D — Interest coverage below 1× (-8.6x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (8/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability7/25

Growth7/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality8/25

Strengths

Improving margins

Grade capped at D

Interest coverage below 1× (-8.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 1.4x5y range 0.4x – 10.0x

Currently below its 19-quarter median.

P/B · 4.4x5y range 1.0x – 21.1x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $294.68M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $205.31M
Q. Revenue: $45.38M
TTM EBITDA: $-40.38M
TTM Op. Income: $-53.72M
Q. Op. Income: $-14.96M
TTM Net Income: $-59.52M
Q. Net Income: $-15.87M
EPS: $-0.24
Shares Out.: $65.05M

$205.31M in TTM revenue declined 4.0% YoY, reaching $45.38M last quarter. TTM EBITDA of $-40.38M and TTM operating income of $-53.72M show growth is flowing through to the bottom line. However, net income is negative at $59.52M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 78.5%
EBITDA Margin: -29.7%
Op. Margin: -33.0%
Net Margin: -35.0%

Op. margin of -33.0% is up 2.9% YoY — cost efficiency is improving. Net margin at -35.0% and gross margin of 78.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 8% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.4x
P/B Ratio: 4.4x

P/S of 1.4x and P/B of 4.4x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $181.06M
Cash: $12.61M
Long-Term Debt: $56.04M
Book Value: $67.74M
D/E Ratio: 0.8
Debt/EBITDA: N/A

With $181.06M in assets and $56.04M in long-term debt, D/E is 0.8and book value is $67.74M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 6 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-4.70M
TTM Free Cash Flow: $-25.05M
FCF Margin: -12.2%
FCF / Net Income: 0.4

TTM FCF of $-25.05M on $-4.70M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.