TMCI · Treace Medical Concepts, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | FY 2025 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.20M | - | - | $50.21M | $47.39M | $52.57M | - | - | $45.09M | $44.45M |
| Cost of Revenue | $9.79M | - | - | $10.51M | $9.63M | $10.68M | - | - | $8.95M | $8.78M |
| Gross Profit | $37.41M | - | - | $39.71M | $37.75M | $41.89M | - | - | $36.13M | $35.67M |
| R&D | $4.62M | - | - | $4.68M | $5.50M | $5.56M | - | - | $4.96M | $5.16M |
| SG&A | $16.18M | - | - | $16.28M | $16.14M | $15.79M | - | - | $13.53M | $14.22M |
| Total Operating Expenses | $54.57M | - | - | $55.38M | $54.73M | $57.48M | - | - | $51.27M | $57.06M |
| D&A | $899.0K | - | $2.81M | - | - | $2.46M | - | $2.24M | - | - |
| Operating Income | ($17.17M) | - | - | ($15.68M) | ($16.97M) | ($15.58M) | - | - | ($15.13M) | ($21.38M) |
| Interest Expense | $1.57M | - | $1.35M | $1.34M | $1.32M | $1.31M | - | $1.31M | $1.31M | $1.31M |
| Income Tax | - | - | $0 | - | - | - | - | $0 | - | - |
| Net Income | ($17.96M) | - | ($9.39M) | ($16.29M) | ($17.40M) | ($15.92M) | - | ($501.0K) | ($15.36M) | ($21.21M) |
| EPS - Basic | ($0.28) | - | - | ($0.26) | ($0.28) | ($0.25) | - | - | ($0.25) | ($0.34) |
| EPS - Diluted | ($0.28) | - | - | ($0.26) | ($0.28) | ($0.25) | - | - | ($0.25) | ($0.34) |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | FY 2025 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.54M | $10.71M | - | $7.69M | $8.05M | $13.37M | $11.35M | - | $12.11M | $18.18M |
| Accounts Receivable | $30.36M | $42.16M | - | $32.96M | $30.33M | $31.11M | $40.80M | - | $24.18M | $25.56M |
| Inventory | $36.37M | $36.03M | - | $41.42M | $42.40M | $37.94M | $39.26M | - | $43.61M | $41.28M |
| Accounts Payable | $13.54M | $6.73M | - | $16.10M | $19.96M | $13.22M | $10.52M | - | $18.65M | $18.07M |
| Current Assets | $123.47M | $132.05M | - | $138.00M | $147.60M | $149.44M | $161.40M | - | $157.60M | $171.55M |
| Total Assets | $184.10M | $190.58M | - | $196.59M | $206.44M | $205.85M | $217.09M | - | $212.92M | $226.08M |
| Current Liabilities | $34.49M | $30.64M | - | $40.91M | $41.90M | $33.18M | $34.92M | - | $38.26M | $44.45M |
| Long-term Debt | $55.82M | $55.58M | - | $53.53M | $53.45M | $53.38M | $53.31M | - | $53.23M | $53.16M |
| Total Liabilities | $106.91M | $103.25M | - | $107.40M | $108.83M | $100.50M | $104.20M | - | $108.02M | $113.94M |
| Stockholders' Equity | $77.19M | $87.33M | - | $89.19M | $97.61M | $105.34M | $112.89M | - | $104.91M | $112.14M |
| Retained Earnings | ($266.95M) | ($248.99M) | - | ($239.60M) | ($223.31M) | ($205.91M) | ($189.99M) | - | ($189.49M) | ($174.13M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | FY 2025 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.24M | - | - | - | - | $4.20M | - | - | - | - |
| Investing Cash Flow | ($7.82M) | - | - | - | - | ($1.89M) | - | - | - | - |
| Financing Cash Flow | ($588.0K) | - | - | - | - | ($282.0K) | - | - | - | - |
| CapEx | $3.06M | - | - | - | - | $3.54M | - | - | - | - |
| Free Cash Flow | $4.18M | - | - | - | - | $655.0K | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | FY 2025 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 79.3% | - | - | 79.1% | 79.7% | 79.7% | - | - | 80.1% | 80.2% |
| Operating margin | -36.4% | - | - | -31.2% | -35.8% | -29.6% | - | - | -33.6% | -48.1% |
| EBITDA margin | -34.5% | - | - | - | - | -25.0% | - | - | - | - |
| Net margin | -38.1% | - | - | -32.4% | -36.7% | -30.3% | - | - | -34.1% | -47.7% |
| Free cash flow margin | 8.9% | - | - | - | - | 1.2% | - | - | - | - |
| FCF / Net income | -0.23 | - | - | - | - | -0.04 | - | - | - | - |
| R&D / Revenue | 9.8% | - | - | 9.3% | 11.6% | 10.6% | - | - | 11.0% | 11.6% |
| SG&A / Revenue | 34.3% | - | - | 32.4% | 34.1% | 30.0% | - | - | 30.0% | 32.0% |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -9.8% | - | - | -8.3% | -8.4% | -7.7% | - | - | -7.2% | -9.4% |
| Return on equity | -23.3% | - | - | -18.3% | -17.8% | -15.1% | - | - | -14.6% | -18.9% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.58 | 4.31 | - | 3.37 | 3.52 | 4.50 | 4.62 | - | 4.12 | 3.86 |
| Quick ratio | 2.53 | 3.13 | - | 2.36 | 2.51 | 3.36 | 3.50 | - | 2.98 | 2.93 |
| Cash ratio | 0.28 | 0.35 | - | 0.19 | 0.19 | 0.40 | 0.32 | - | 0.32 | 0.41 |
| Leverage | ||||||||||
| Debt / Equity | 0.72 | 0.64 | - | 0.60 | 0.55 | 0.51 | 0.47 | - | 0.51 | 0.47 |
| Debt / Assets | 0.30 | 0.29 | - | 0.27 | 0.26 | 0.26 | 0.25 | - | 0.25 | 0.24 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -10.9x | - | - | -11.7x | -12.8x | -11.9x | - | - | -11.5x | -16.3x |
| Equity multiplier | 2.39 | 2.18 | - | 2.20 | 2.11 | 1.95 | 1.92 | - | 2.03 | 2.02 |
| Liabilities / Assets | 0.58 | 0.54 | - | 0.55 | 0.53 | 0.49 | 0.48 | - | 0.51 | 0.50 |
| Efficiency | ||||||||||
| Asset turnover | 0.26 | - | - | 0.26 | 0.23 | 0.26 | - | - | 0.21 | 0.20 |
| Inventory turnover | 0.27 | - | - | 0.25 | 0.23 | 0.28 | - | - | 0.21 | 0.21 |
| Days sales outstanding | 235d | - | - | 240d | 234d | 216d | - | - | 196d | 210d |
| Days inventory outstanding | 1356d | - | - | 1439d | 1606d | 1297d | - | - | 1778d | 1716d |
| Days payable outstanding | 505d | - | - | 559d | 756d | 452d | - | - | 760d | 751d |
| Cash conversion cycle | 1086d | - | - | 1119d | 1084d | 1061d | - | - | 1213d | 1174d |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 1.1x | - | - | 4.8x | 3.8x | 5.0x | - | - | 3.4x | 3.7x |
| P / S | 1.8x | - | - | 8.5x | 7.8x | 10.0x | - | - | 8.0x | 9.3x |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -10.2% | - | - | 11.4% | 6.6% | 2.9% | - | - | 10.6% | 6.0% |
| Revenue CAGR (3y) | 3.8% | - | - | 15.0% | 16.5% | 21.9% | - | - | 27.8% | 29.1% |
| Revenue CAGR (5y) | 33.2% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -10.7% | - | - | 9.9% | 5.8% | 2.2% | - | - | 10.3% | 4.1% |
| Operating income growth (YoY) | -10.2% | - | - | -3.6% | 20.6% | 17.9% | - | - | 15.1% | -63.8% |
| Net income growth (YoY) | -12.8% | - | -1775.0% | -6.0% | 18.0% | 14.7% | - | - | 12.3% | -72.8% |
| EPS growth (YoY) | -12.0% | - | - | -4.0% | 17.6% | 16.7% | - | - | 10.7% | -70.0% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 537.9% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -26.7% | -22.6% | - | -15.0% | -13.0% | -16.7% | -18.2% | - | -23.9% | -25.2% |
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing TREACE MEDICAL CONCEPTS against the 5 most active filers in the same SIC group.