TREACE MEDICAL CONCEPTS, INC.
TMCI · Surgical & Medical Instruments & Apparatus · 64.9M shares · +18%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.04 · est. market cap ~$262M — last insider purchase, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Medical-device company (Lapiplasty bunion-correction systems) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 4.3 (65th)
Risks
- Operating/net losses & cash burn — per metrics
- ongoing operating losses and negative coverage — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- No interest coverageInterest coverage -10.18 (cannot cover interest)
- Net lossNet loss (net margin -27.7%)
- Cash burnNegative free cash flow (-29.5M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +18%/yr over 3y (dilution, book value/share -12%)
- FDA approvalFDA clearance/approval — Treace Medical Concepts (TMC) Screw Fixation System (2026-03-06)
- Insider buyingInsider buying — 11 open-market buy(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Revenue declineRevenue -24.5% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
79.8%
Operating margin
-25.5%
Net margin
-27.7%
Return on equity
-67.6%
Return on assets
-31.0%
ROIC
-29.9%
Revenue growth (QoQ)
-24.5%
Debt / equity
0.6×
Interest coverage
-10.2×
Current ratio
4.3×
Free cash flow
-$29M
EBITDA
-$44M
Tangible book value
$67M
Cash & investments
$48M
Cash runway
7q
Stock comp / revenue
15.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Treace John T. | Buy | 9.9K | $4.04 |
| 2026-06-11 | Treace John T. | Buy | 23K | $4.04 |
| 2026-06-10 | Treace John T. | Buy | 15K | $4.02 |
| 2026-06-10 | Treace John T. | Buy | 29K | $4.02 |
| 2026-06-01 | Treace John T. | Buy | 50K | $3.56 |
| 2026-05-28 | Treace John T. | Buy | 61K | $3.02 |
| 2026-05-27 | Treace John T. | Buy | 50K | $2.87 |
| 2026-05-26 | Treace John T. | Buy | 4.5K | $2.79 |
| 2026-05-19 | Kiernan Jane E | Grant | 30K | — |
| 2026-05-19 | BAKEWELL JOHN K | Grant | 30K | — |
| 2026-05-19 | Jain Deepti | Grant | 30K | — |
| 2026-05-19 | Berry Lance A | Grant | 30K | — |
| 2026-05-19 | HAMILTON LAWRENCE W | Grant | 30K | — |
| 2026-05-19 | Hanna Betsy | Grant | 30K | — |
| 2026-05-14 | Treace John T. | Buy | 62K | $2.62 |
| 2026-05-13 | Treace John T. | Buy | 49K | $2.46 |
| 2026-05-12 | Treace John T. | Buy | 43K | $2.17 |
| 2026-04-17 | Hair Mark | Tax withheld | 12K | — |
| 2026-04-01 | Hair Mark | Grant | 100K | — |
| 2026-03-10 | Elder Scot Michael | Tax withheld | 1.7K | — |
| 2026-03-10 | Scanlan Sean F. | Tax withheld | 1.4K | — |
| 2026-03-10 | Treace John T. | Tax withheld | 5.0K | — |
| 2026-03-10 | Hair Mark | Tax withheld | 3.7K | — |
| 2026-03-08 | Scanlan Sean F. | Tax withheld | 401 | — |
| 2026-03-08 | Hair Mark | Tax withheld | 964 | — |
| 2026-03-08 | Elder Scot Michael | Tax withheld | 175 | — |
| 2026-03-08 | Treace John T. | Tax withheld | 2.1K | — |
| 2026-02-10 | Scanlan Sean F. | Option exercise | 17K | $1.05 |
| 2026-01-22 | Hair Mark | Tax withheld | 17K | — |
| 2026-01-22 | Guglielmino Gaetano | Grant | 150K | — |
| 2026-01-22 | Elder Scot Michael | Tax withheld | 9.5K | — |
| 2026-01-22 | Elder Scot Michael | Grant | 262K | — |
| 2026-01-22 | Hair Mark | Grant | 375K | — |
| 2026-01-22 | Scanlan Sean F. | Grant | 262K | — |
| 2026-01-22 | Treace John T. | Tax withheld | 14K | — |
| 2026-01-22 | Treace John T. | Grant | 250K | — |
| 2026-01-21 | Scanlan Sean F. | Option exercise | 54K | $0.72 |
| 2026-01-10 | Hair Mark | Tax withheld | 8.7K | — |
| 2026-01-10 | Treace John T. | Tax withheld | 13K | — |
| 2026-01-10 | Elder Scot Michael | Tax withheld | 4.5K | — |
| 2025-12-01 | Guglielmino Guy | Tax withheld | 2.0K | — |
| 2025-12-01 | Guglielmino Guy | Tax withheld | 20K | — |
| 2025-10-25 | Elder Scot Michael | Tax withheld | 984 | — |
| 2025-10-24 | Scanlan Sean F. | Tax withheld | 208 | — |
| 2025-10-02 | Elder Scot Michael | Tax withheld | 650 | — |
| 2025-09-30 | Elder Scot Michael | Tax withheld | 16K | — |
| 2025-08-09 | Elder Scot Michael | Tax withheld | 11K | — |
| 2025-08-09 | Hair Mark | Tax withheld | 22K | — |
| 2025-08-09 | Scanlan Sean F. | Tax withheld | 9.8K | — |
| 2025-08-09 | Berutti Aaron | Tax withheld | 4.9K | — |
| 2025-07-18 | Scanlan Sean F. | Option exercise | 33K | $0.72 |
| 2025-05-20 | Berry Lance A | Grant | 24K | — |
| 2025-05-20 | Jain Deepti | Grant | 24K | — |
| 2025-05-20 | HAMILTON LAWRENCE W | Grant | 24K | — |
| 2025-05-20 | Kiernan Jane E | Grant | 24K | — |
| 2025-05-20 | Hanna Betsy | Grant | 24K | — |
| 2025-05-20 | MOTT RICHARD W | Grant | 24K | — |
| 2025-05-20 | BAKEWELL JOHN K | Grant | 24K | — |
| 2025-05-08 | Elder Scot Michael | Grant | 7.8K | — |
| 2025-05-08 | Elder Scot Michael | Tax withheld | 1.9K | $7.54 |
| 2025-03-17 | Scanlan Sean F. | Option exercise | 50K | $1.05 |
| 2025-03-17 | Scanlan Sean F. | Sell | 50K | $7.97 |
| 2025-03-10 | Scanlan Sean F. | Tax withheld | 1.4K | — |
| 2025-03-10 | Berutti Aaron | Tax withheld | 1.8K | — |
| 2025-03-10 | Treace John T. | Tax withheld | 5.0K | — |
| 2025-03-10 | Elder Scot Michael | Tax withheld | 1.7K | — |
| 2025-03-10 | Hair Mark | Tax withheld | 3.7K | — |
| 2025-03-08 | Berutti Aaron | Tax withheld | 728 | — |
| 2025-03-08 | Elder Scot Michael | Tax withheld | 176 | — |
| 2025-03-08 | Hair Mark | Tax withheld | 961 | — |
| 2025-03-08 | Treace John T. | Tax withheld | 2.1K | — |
| 2025-03-08 | Scanlan Sean F. | Tax withheld | 401 | — |
| 2025-03-04 | Treace John T. | Buy | 60K | $8.73 |
| 2025-01-22 | Berutti Aaron | Grant | 75K | — |
| 2025-01-22 | Scanlan Sean F. | Grant | 141K | — |
| 2025-01-22 | Elder Scot Michael | Grant | 128K | — |
| 2025-01-22 | Treace John T. | Grant | 225K | — |
| 2025-01-22 | Hair Mark | Grant | 188K | — |
| 2025-01-10 | Hair Mark | Tax withheld | 8.6K | — |
| 2025-01-10 | Scanlan Sean F. | Tax withheld | 4.8K | — |
| 2025-01-10 | Berutti Aaron | Tax withheld | 4.8K | — |
| 2025-01-10 | Elder Scot Michael | Tax withheld | 4.5K | — |
| 2025-01-10 | Treace John T. | Tax withheld | 12K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05587569 ↗ | Outcomes Following Combined Adductoplasty™ and Lapiplasty® (MTA3D) Metatarsus Adductus, Hallux Valgus | NA | Recruiting | 2026-12-31 |
| NCT06548581 ↗ | The SpeedPlate™ Rapid Compression Implant Study (The SPRINT™ Study) Joint Arthrodesis, Joint Fixation | — | Active Not Recruiting | 2026-03-01 |
| NCT03740282 ↗ | Early Weight-Bearing After the Lapiplasty Procedure Hallux Valgus, Bunion | NA | Active Not Recruiting | 2023-05-01 |
| NCT05082012 ↗ | Early Weight-Bearing After the Lapiplasty Mini-Incision Procedure (Mini3D) Hallux Valgus, Bunion | NA | Terminated | 2024-05-09 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | Shareholder voteExhibits | filing ↗ |
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-04-09 | ResultsExec/director changeReg FD | filing ↗ |
| 2026-02-27 | ResultsExhibits | filing ↗ |
| 2026-01-13 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-18 | Material agreement1.02Debt obligation3.03Reg FDOtherExhibits | filing ↗ |
| 2025-11-06 | ResultsExec/director changeExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-19 | 0001630627-26-000014 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001193125-26-213267 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-213322 ↗ |
| 8-K | 2026-04-09 | 2026-04-08 | 0001630627-26-000010 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001193125-26-079167 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001193125-26-079163 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001193125-26-011177 ↗ |
| 8-K | 2025-12-18 | 2025-12-16 | 0001193125-25-323802 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269481 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269556 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0000950170-25-105039 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-105059 ↗ |