PresentationJohn TreaceFounder, Chairman & CEO Good morning, everybody. We're going to go ahead and get started. Thanks for joining us today for Treace Medical's Investor Day Event. I'm John Treace, CEO and Chairman of the company. And it's really great to be here with all of you at the NASDAQ market site in beautiful New York City. Our disclosure is here for today's event. Here's our agenda. We've got an outstanding lineup of highly experienced foot and ankle surgeons here today. These are surgeons that al ...

Treace Medical Concepts (TMCI) 2025 Investor Day September 03, 2025 09:00 AM ET Company ParticipantsJohn Treace - CEO, Founder & ChairmanWilliam DeCarbo - Podiatric SurgeonMark Easley - Associate Professor - Orthopaedic SurgeryA. Holly Johnson - Orthopedic surgeonJonathan Kaplan - Associate Professor - Orthopaedic SurgerySean Scanlan - Chief Innovation OfficerJohn TreaceGood morning, everybody. We're going to go ahead and get started. Thanks for joining us today for Treace Medical Concepts' Investor Day eve ...

On solid footing for sustained growth Investor Day September 3, 2025 Forward-Looking Statements This presentation includes forward- looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, strategy and plans, industry environment, potential growth opportunities, and our expectations for future operations, are forward-looking statements. The words "believe," "may," "will ...

分组1 - Treace Medical Concepts reported a quarterly loss of $0.28 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.29, and an improvement from a loss of $0.34 per share a year ago, resulting in an earnings surprise of +3.45% [1] - The company achieved revenues of $47.39 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.79% and showing an increase from $44.46 million in the same quarter last year [2] - Treace Medical Concepts has consistently surpassed consensus EPS estimates over the last four quarters, indicating a positive trend in performance [2] 分组2 - The stock has underperformed the market, losing approximately 26.5% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.25 on revenues of $49.93 million, and for the current fiscal year, it is -$0.80 on revenues of $226.97 million [7] - The Zacks Industry Rank for Medical - Instruments is in the bottom 41% of over 250 Zacks industries, suggesting that the industry outlook may negatively impact stock performance [8]

Financial Data and Key Metrics Changes - Revenue in Q2 2025 was $47.4 million, representing a 7% increase compared to the same period in 2024 [7][19] - Gross margin decreased to 79.7% in 2025 from 80.2% in 2024 [19] - Total operating expenses were reduced by 4% to $54.7 million in 2025 from $57.1 million in 2024 [19] - Net loss improved to $17.4 million or $0.28 per share, an 18% improvement from a net loss of $21.2 million or $0.34 per share in Q2 2024 [20] - Adjusted EBITDA loss was $3.6 million, significantly improved by 58% compared to $8.7 million in 2024 [20] - Cash usage decreased by 55.78% in Q2 2025 compared to the prior year, supporting a projected 50% reduction in cash used for the full year [21] Business Line Data and Key Metrics Changes - The company expanded its portfolio to include three new bunion correction systems, enhancing its offerings alongside the flagship lapoplasty and adductoplasty systems [7][10] - The new systems are expected to drive procedure penetration and expand market leadership [8][10] Market Data and Key Metrics Changes - The total addressable market (TAM) for the company is estimated at over $5 billion, with approximately 1.1 million annual symptomatic surgical candidates in the U.S. [10] - Current market penetration is approximately 2.8%, indicating significant untapped opportunities [10] Company Strategy and Development Direction - The company's strategy focuses on increasing procedure volumes and expanding its customer base, aiming to penetrate the remaining 70% of bunion-related cases among existing customers [11][12] - The company is also targeting new surgeons who prefer metatarsal osteotomy procedures, leveraging its expanded portfolio to attract this audience [12][13] - The company plans to launch additional products and technologies, including the next-generation Lapaplasty system, to further enhance its market position [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue growth of 7% to 10% for the full year 2025, with expectations for sequential growth in the remaining quarters [15][21] - The company anticipates a strong performance in Q3 and Q4, traditionally the strongest quarters, driven by new product launches and increased surgeon engagement [35][41] Other Important Information - The company will host an Investor Day on September 3, 2025, to present its expanded technology portfolio [22] - A recent peer-reviewed publication highlighted successful patient outcomes from the ALIGN3D lapoplasty clinical study, further differentiating the company's offerings in the marketplace [16] Q&A Session Summary Question: Can you provide more quantitative commentary on surgeon profiles for the new systems? - Management expects increasing volumes and revenue contributions from the new systems as they penetrate the market and serve the osteotomy segment [25] Question: What feedback has been received regarding the Lapoplasty Lightning System? - The Lapoplasty Lightning System is anticipated to significantly advance the procedure, with expectations for it to drive growth in 2026 [30] Question: How is the company viewing the foot and ankle market and procedure trends? - Management noted that while some procedures have been pushed out, they do not believe any cases are lost, and they anticipate growth to be back half-weighted [34][35] Question: What is the confidence level in achieving a strong ramp in Q4? - Management expressed confidence in a substantial step-up in revenue and procedure volume in Q4, supported by a full suite of bunion products [41][58] Question: Is there interest in inorganic growth opportunities? - The company is opportunistically looking for inorganic growth opportunities to drive expansion and is also exploring international markets [53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark one) Delaware 47-1052611 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___ to___ Commission file number: 001-40355 Treace Medical Concepts, Inc. (Exact name of registrant as specified in its charter) (State or o ...

Executive Summary & Recent Highlights Treace Medical Concepts reported solid Q2 2025 financial results with revenue growth and improved profitability, alongside significant strategic advancements in its 3D bunion solutions portfolio [Overview of Q2 2025 Performance](index=1&type=section&id=Overview%20of%20Q2%202025%20Performance) Treace Medical Concepts reported solid financial results for Q2 2025, with revenue growth and significant improvements in net loss and Adjusted EBITDA loss compared to the prior year, highlighting progress in addressing surgeon and patient needs with its expanded portfolio of 3D bunion solutions - The second quarter was marked by solid progress in expanding the portfolio of 3D bunion solutions and strong financial results[3](index=3&type=chunk) - Net loss per share improved to **$(0.28)** in Q2 2025 from $(0.34) in Q2 2024[6](index=6&type=chunk) Q2 2025 Key Financial Performance (YoY, in millions) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--------------------- | :------ | :------ | :--------- | | Revenue | $47.4 | $44.5 | 7% | | Net Loss | $(17.4)| $(21.2)| 18% Improvement | | Adjusted EBITDA Loss | $(3.6) | $(8.7) | 58% Improvement | [Strategic Developments and Product Portfolio Expansion](index=1&type=section&id=Strategic%20Developments%20and%20Product%20Portfolio%20Expansion) Treace achieved significant strategic milestones, including the full market release of three new bunion technologies, publication of four-year clinical data for Lapiplasty® demonstrating long-term positive patient outcomes, and expansion of its global patent portfolio - Full market release of Nanoplasty®, Percuplasty™ 3D MIS Osteotomy Systems, and SpeedMTP® MTP Fusion System in Q3 2025[6](index=6&type=chunk) - Align3D™ four-year clinical data published, distinguishing Lapiplasty® as the only commercial surgical bunion system with four-year multicenter, prospective published data[6](index=6&type=chunk) - Broadened global patent portfolio to **117 granted patents** and **163 pending patent applications**[6](index=6&type=chunk) - Total liquidity as of June 30, 2025, was **$90.7 million**, comprising **$69.3 million** in cash, cash equivalents, and marketable securities, and **$21.4 million** in revolving loan facility availability[7](index=7&type=chunk) - Cash usage decreased by **55% in Q2 2025** and **78% year-to-date** compared to the prior year, supporting an expected **50% reduction** in cash used for full-year 2025[7](index=7&type=chunk) Second Quarter 2025 Financial Review Treace Medical Concepts' Q2 2025 financial review highlights increased revenue, improved net loss, and reduced cash usage, supported by a strong liquidity position and better Adjusted EBITDA performance [Consolidated Statements of Operations](index=1&type=section&id=Consolidated%20Statements%20of%20Operations) Treace Medical Concepts reported a 7% increase in revenue for Q2 2025, reaching $47.4 million, with gross profit also increasing, though gross margin slightly decreased, contributing to an improved net loss and Adjusted EBITDA loss compared to the previous year Q2 2025 vs Q2 2024 Financial Highlights (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change (%) | | :--------------------- | :--------------------- | :--------------------- | :------------- | | Revenue | $47,387 | $44,455 | 7.0% | | Cost of goods sold | $9,635 | $8,781 | 9.7% | | Gross profit | $37,752 | $35,674 | 5.8% | | Gross margin | 79.7% | 80.2% | (0.5) pp | | Total operating expenses | $54,726 | $57,056 | (4.1)% | | Net loss | $(17,398) | $(21,206) | (18.0)% | | Net loss per share | $(0.28) | $(0.34) | (17.6)% | [Liquidity and Balance Sheet](index=2&type=section&id=Liquidity%20and%20Balance%20Sheet) As of June 30, 2025, Treace maintained a total liquidity of $90.7 million, comprising cash, cash equivalents, marketable securities, and available revolving loan facility, demonstrating improved cash management with a significant reduction in cash usage compared to the prior year Liquidity as of June 30, 2025 (in millions) | Component | Amount (in millions) | | :-------------------------------- | :------------------- | | Cash, cash equivalents & marketable securities | $69.3 | | Availability under revolving loan facility | $21.4 | | **Total Liquidity** | **$90.7** | - Cash usage decreased by **55% in Q2 2025** and **78% year-to-date** compared to the prior year, supporting an expected **50% reduction** in cash used for full-year 2025[7](index=7&type=chunk) [Cash Flow Activities](index=7&type=section&id=Cash%20Flow%20Activities) For the six months ended June 30, 2025, Treace reported positive net cash from operating activities, a significant improvement from a net cash outflow in the prior year, with investing activities resulting in a net cash outflow and financing activities providing a net cash inflow Six Months Ended June 30, 2025 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Net cash provided by (used in) operating activities | $1,148 | $(21,118) | | Net cash provided by (used in) investing activities | $(5,151) | $26,191 | | Net cash provided by (used in) financing activities | $705 | $126 | | Net increase (decrease) in cash and cash equivalents | $(3,298) | $5,199 | | Cash and cash equivalents at end of period | $8,052 | $18,181 | [Non-GAAP Financial Measures (Adjusted EBITDA)](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20%28Adjusted%20EBITDA%29) Treace utilizes Adjusted EBITDA as a non-GAAP financial measure to evaluate operating performance, excluding items such as depreciation, interest, taxes, share-based compensation, and specific non-recurring costs, reporting a significant reduction in Adjusted EBITDA loss for both the second quarter and year-to-date periods in 2025 - Adjusted EBITDA is defined as net loss before depreciation and amortization, interest income/expense, taxes, share-based compensation, acquisition-related costs, restructuring costs, customer credit loss, litigation costs, and debt extinguishment loss[10](index=10&type=chunk) - Adjusted EBITDA loss improved by **58% in Q2 2025** compared to Q2 2024[6](index=6&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------- | :------ | :------ | :------- | :------- | | Net loss | $(17,398)| $(21,206)| $(33,320)| $(39,882)| | EBITDA | $(14,276)| $(19,154)| $(27,267)| $(36,139)| | Share-based compensation expense | $9,577 | $6,740 | $18,270 | $14,148 | | Acquisition-related costs | — | $556 | — | $1,873 | | Restructuring costs | — | $964 | — | $964 | | Customer credit loss | — | $2,147 | — | $2,147 | | Litigation costs | $1,055 | — | $1,510 | — | | **Adjusted EBITDA** | **$(3,644)**| **$(8,747)**| **$(7,487)**| **$(17,007)**| Financial Outlook Treace Medical Concepts reaffirmed its full-year 2025 revenue guidance, projecting continued growth, and maintained its expectation for breakeven Adjusted EBITDA for the full year [Full-Year 2025 Guidance](index=2&type=section&id=Full-Year%202025%20Guidance) Treace Medical Concepts reaffirmed its full-year 2025 revenue guidance, projecting continued growth, and maintained its expectation for breakeven Adjusted EBITDA for the full year Full-Year 2025 Financial Guidance (in millions) | Metric | Guidance | | :---------------- | :------------------- | | Revenue | $224M to $230M | | Revenue Growth | 7% to 10% (YoY) | | Adjusted EBITDA | Breakeven | Company Information & Disclosures This section provides an overview of Treace Medical Concepts' focus on bunion and midfoot deformity solutions, along with investor relations details and forward-looking statement disclosures [About Treace Medical Concepts](index=3&type=section&id=About%20Treace%20Medical%20Concepts) Treace Medical Concepts is a medical technology company focused on advancing the surgical treatment of bunions and related midfoot deformities, known for its Lapiplasty® 3D Bunion Correction® System and expanded portfolio including Adductoplasty®, Nanoplasty®, Percuplasty™, and SpeedMTP® systems, along with digital solutions like IntelliGuide™ - Treace Medical Concepts is a medical technology company focused on surgical management of bunion and related midfoot deformities[15](index=15&type=chunk) - Pioneered the Lapiplasty® 3D Bunion Correction® System, designed to correct all three planes of bunion deformity and secure the unstable joint[15](index=15&type=chunk) - Expanded product portfolio includes Adductoplasty® Midfoot Correction System, Nanoplasty® 3D Minimally Invasive Bunion Correction System, Percuplasty™ Percutaneous 3D Bunion Correction System, and SpeedMTP® MTP Fusion System[15](index=15&type=chunk)[16](index=16&type=chunk) - Offers advanced digital solutions with its IntelliGuide™ patient-specific, pre-op planning and cut guide technology[16](index=16&type=chunk) [Investor Information and Forward-Looking Statements](index=2&type=section&id=Investor%20Information%20and%20Forward-Looking%20Statements) The company provides details for its upcoming conference call and investor day, and includes standard disclosures regarding the use of non-GAAP financial measures and forward-looking statements, advising investors on the inherent risks and uncertainties - Treace will host a conference call on **August 7, 2025, at 4:30 p.m. ET** to discuss Q2 2025 financial results[8](index=8&type=chunk) - An investor day is scheduled for **September 3, 2025**, in New York, NY, to highlight new products and feature presentations by management and surgeon users[9](index=9&type=chunk) - The press release contains forward-looking statements regarding 2025 guidance, liquidity, product adoptions, market position, and future product launches, which are subject to risks and uncertainties detailed in SEC filings[13](index=13&type=chunk) - Information important to investors is routinely posted in the 'Investor Relations' section of www.treace.com[14](index=14&type=chunk) Unaudited Financial Statements This section presents the unaudited consolidated financial statements, including statements of operations, balance sheets, cash flows, and reconciliation of GAAP net loss to Adjusted EBITDA for the specified periods [Statements of Operations and Comprehensive Loss](index=5&type=section&id=Statements%20of%20Operations%20and%20Comprehensive%20Loss) This section presents the unaudited consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025, and 2024, detailing revenue, cost of goods sold, gross profit, operating expenses, and net loss Statements of Operations and Comprehensive Loss (in thousands, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $47,387 | $44,455 | $99,957 | $95,563 | | Gross profit | $37,752 | $35,674 | $79,645 | $76,655 | | Total operating expenses | $54,726 | $57,056 | $112,201 | $117,005 | | Loss from operations | $(16,974) | $(21,382) | $(32,556) | $(40,350) | | Net loss | $(17,398) | $(21,206) | $(33,320) | $(39,882) | | Net loss per share, basic and diluted | $(0.28) | $(0.34) | $(0.53) | $(0.64) | [Balance Sheets](index=6&type=section&id=Balance%20Sheets) This section provides the unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024, outlining assets, liabilities, and stockholders' equity Balance Sheets (in thousands) | Asset/Liability/Equity | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :---------------- | | **Assets** | | | | Cash and cash equivalents | $8,052 | $11,350 | | Marketable securities, short-term | $61,237 | $64,327 | | Accounts receivable, net | $30,333 | $40,803 | | Inventories | $42,397 | $39,255 | | Total current assets | $147,602 | $161,402 | | Total assets | $206,443 | $217,094 | | **Liabilities** | | | | Accounts payable | $19,959 | $10,522 | | Total current liabilities | $41,900 | $34,925 | | Long-term debt, net | $53,454 | $53,306 | | Total liabilities | $108,828 | $104,202 | | **Stockholders' Equity** | | | | Total stockholders' equity | $97,615 | $112,892 | | Total liabilities and stockholders' equity | $206,443 | $217,094 | [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) This section details the unaudited consolidated statements of cash flows for the six months ended June 30, 2025, and 2024, categorizing cash flows from operating, investing, and financing activities Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by (used in) operating activities | $1,148 | $(21,118) | | Net cash provided by (used in) investing activities | $(5,151) | $26,191 | | Net cash provided by (used in) financing activities | $705 | $126 | | Net increase (decrease) in cash and cash equivalents | $(3,298) | $5,199 | | Cash and cash equivalents at end of period | $8,052 | $18,181 | [Reconciliation of GAAP Net Loss to EBITDA & Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20GAAP%20Net%20Loss%20to%20EBITDA%20%26%20Adjusted%20EBITDA) This section provides a detailed reconciliation of GAAP net loss to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2025, and 2024, highlighting the adjustments made for non-GAAP reporting Reconciliation of GAAP Net Loss to EBITDA & Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(17,398) | $(21,206) | $(33,320) | $(39,882) | | EBITDA | $(14,276) | $(19,154) | $(27,267) | $(36,139) | | Share-based compensation expense | $9,577 | $6,740 | $18,270 | $14,148 | | Acquisition-related costs | — | $556 | — | $1,873 | | Restructuring costs | — | $964 | — | $964 | | Customer credit loss | — | $2,147 | — | $2,147 | | Litigation costs | $1,055 | — | $1,510 | — | | Adjusted EBITDA | $(3,644) | $(8,747) | $(7,487) | $(17,007) |

Core Insights - Treace Medical Concepts, Inc. has announced the full market release of three new bunion technologies, aiming to enhance surgical treatment options for bunions and related midfoot deformities [1][3] - The company reported a revenue increase of 7% in Q2 2025 compared to the same period in 2024, indicating strong demand for its expanded portfolio of 3D bunion solutions [4][8] Financial Performance - Revenue for Q2 2025 was $47.4 million, up from $44.5 million in Q2 2024, reflecting a 7% growth [4] - Gross profit for Q2 2025 was $37.8 million, with a gross margin of 79.7%, slightly down from 80.2% in Q2 2024 [4] - Total operating expenses decreased by 4.1% to $54.7 million in Q2 2025 from $57.1 million in Q2 2024 [5] - The net loss for Q2 2025 was $(17.4) million, or $(0.28) per share, an improvement from $(21.2) million, or $(0.34) per share, in Q2 2024 [6] - Adjusted EBITDA loss improved by 58% to $(3.6) million in Q2 2025 compared to $(8.7) million in Q2 2024 [6][8] Liquidity and Outlook - As of June 30, 2025, the company had total liquidity of $90.7 million, consisting of $69.3 million in cash and marketable securities and $21.4 million available under a revolving loan facility [7] - The company reaffirmed its full-year 2025 revenue guidance of $224 million to $230 million, representing a growth of 7% to 10% compared to 2024 [8] Product Development and Market Position - The company has expanded its bunion technology portfolio with the full market release of the Nanoplasty and Percuplasty™ systems, as well as the SpeedMTP MTP Fusion System [8] - Treace's patent portfolio has grown to 117 granted patents and 163 pending applications, enhancing its competitive position in the market [8] Strategic Initiatives - The CEO expressed confidence that the new technologies, along with existing systems like Lapiplasty and Adductoplasty, will establish Treace as a leading provider of surgical bunion technology [3]

Core Insights - Treace Medical Concepts, Inc. announced positive four-year interim results from its ALIGN3D™ study, demonstrating the effectiveness of the Lapiplasty Procedure for bunion treatment [1][2][3] Company Overview - Treace Medical Concepts is focused on advancing surgical management standards for bunions and related midfoot deformities, with an estimated 1.1 million annual surgical candidates in the U.S. [5][6] - The company has developed the patented Lapiplasty 3D Bunion Correction System, which addresses the root cause of bunions by correcting deformities in three planes [6] Clinical Study Details - The ALIGN3D™ study is a multicenter, prospective clinical study evaluating the Lapiplasty Procedure's outcomes, with 173 patients enrolled across seven clinical sites [3] - Key findings from the study include: - Early return to protected weight-bearing at an average of 7.7 days and return to athletic shoes at 6.5 weeks [5] - Low radiographic recurrence rates of 0.8% for HVA>20° and 8.4% for HVA>15° at 48 months [5] - Significant improvements in pain and patient-reported outcomes, with an 81% improvement in pain and 89% improvement in walking/standing [5] Market Positioning - The publication of the ALIGN3D™ study results is expected to enhance the market differentiation of the Lapiplasty Procedure among surgeons and patients [2] - The company aims to expand its clinical evidence base and continue improving the standard of care for bunion surgery [2]

Core Insights - Treace Medical Concepts, Inc. is set to release its financial results for Q2 2025 on August 7, 2025, after market close, followed by a conference call at 4:30 pm ET to discuss the results [1] - The company specializes in medical technology aimed at improving surgical treatments for bunions and midfoot deformities, with innovative procedures like Lapiplasty and Adductoplasty [1][4] Company Overview - Treace Medical Concepts focuses on advancing surgical management standards for bunions, which affect approximately 67 million Americans, with an estimated 1.1 million being surgical candidates annually [4] - The company has developed the patented Lapiplasty® 3D Bunion Correction® System, which addresses the root cause of bunions by correcting deformities in three planes and stabilizing the affected joint [4] - Additional products include the Adductoplasty® Midfoot Correction System, SpeedMTP™ Rapid Compression Implant, and systems for minimally invasive surgeries, expanding Treace's presence in the foot and ankle market [4]