PresentationGood morning, everyone. I'm Lily Lozada. I'm on the med tech team here at JPMorgan. Very happy to have the Treace team with us here today to kick off Wednesday. John is going to do a bit of a presentation for us, and then we'll jump into some Q&A.John TreaceFounder, Chairman & CEO Thanks, Lily, and good morning, everybody. Thanks for joining us today. It's certainly great to be here at the JPMorgan Healthcare Conference and have some time to talk about Treace Medical. Safe harbor disclosures are ...

Company Overview - WuXi AppTec is presenting at the JPMorgan Healthcare Conference, with Co-CEO Dr. Minzhang Chen leading the session to provide insights into the company [1] - The company has released a positive profit alert for 2025, with preliminary estimates of revenue and profit to be disclosed in the annual report on March 24 [2] Industry Insights - The healthcare industry is characterized by continuous technological advancements and scientific innovations that enhance human health and longevity [3] - Despite its inspiring nature, the industry faces significant challenges, including long development cycles, high costs, low success rates, and numerous unmet clinical needs [3] - Biotech companies are in a competitive race to advance their drug pipelines, aiming to achieve value creation milestones ahead of their competitors [3]

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Treace Medical Concepts (NasdaqGS:TMCI) FY Conference January 14, 2026 10:30 AM ET Company ParticipantsMark L. Hair - CFOJohn T. Treace - Founder, CEO, and ChairmanConference Call ParticipantsNone - AnalystJohn T. TreaceReally great to be here at the J.P. Morgan Healthcare Conference and have some time to talk about Treace Medical. Safe Harbor disclosures are here. Please refer to our SEC filings on our website for detailed presentations of risks. Treace Medical is a medical device company with a focused mi ...

Company Overview - Treace Medical Concepts is focused on the surgical treatment of bunions and related deformities[7] - The company reported preliminary FY 2025 revenue of $212.3 million to $212.7 million, representing approximately 2% year-over-year growth at the midpoint[7] - Approximately 1/3 of US Foot & Ankle Surgeons used Treace bunion systems in 2025[7] Market Opportunity - Approximately 67 million Americans are affected by bunions[9] - Annually, 4.4 million people seek medical treatment for bunions, with 1.1 million being surgical candidates, representing a $5 billion+ US market opportunity[9] - The current US market for bunion surgical procedures is $2.3 billion, with podiatrists performing 75% of the surgeries and orthopedists performing 25%[9, 11] Technology and Clinical Outcomes - In nearly 90% of bunions, the metatarsal bone is rotated in the frontal plane[15] - Failure to correct the frontal plane component can lead to a 10-12x greater risk of recurrence[18] - Lapiplasty patients experienced early weight bearing at 7.7 days (average) in a walking boot[23] - Lapiplasty patients experienced low recurrence rates of 0.8% (HVA >20°) & 8.4% (HVA >15°) at 48 months[23] - Lapiplasty patients experienced 81% pain reduction with 89% improvement in MOxFQ walking/standing scores at 48 months[23] Future Growth and Strategy - 58% of surgeons expect MIS osteotomies to be their fastest-growing bunion procedure in the next year[35] - 56% of bunion patients would "greatly increase interest" in surgery with an MIS option[36]

Financial Results - Treace Medical Concepts, Inc. reported preliminary unaudited financial results for the quarter and year ended December 31, 2025[5]. Upcoming Events - The company plans to present at the J.P. Morgan Healthcare Conference on January 14, 2026, at 7:30 am Pacific Time[7]. - The investor presentation will be available on the company's investor relations website, providing insights for analysts and investors[7].

Core Viewpoint - Treace Medical Concepts, Inc. reported preliminary, unaudited revenue results for Q4 and full-year 2025, indicating a mixed performance with a decrease in quarterly revenue but an increase in annual revenue, while emphasizing the company's focus on expanding its market share in bunion procedures and improving profitability [1][9]. Financial Performance - Preliminary revenue for Q4 2025 is estimated to be between $62.1 million and $62.5 million, representing an approximate 9% decrease at the midpoint compared to Q4 2024 [9]. - For the full year 2025, preliminary revenue is projected to be between $212.3 million and $212.7 million, reflecting an approximate 2% increase at the midpoint compared to the previous year, aligning with prior revenue guidance of $211 million to $213 million [9]. Market Position and Strategy - The company experienced mid-single-digit case volume growth in Q4 2025, driven by surgeon adoption of its expanded suite of 3D bunion technologies [3]. - Treace added approximately 202 new active surgeons in 2025, ending the year with around 3,337 active surgeons, marking a 6% increase year-over-year and representing about 33% of the estimated 10,000 U.S. surgeons performing bunion surgery [9]. Future Outlook - While Treace is not providing full-year 2026 guidance at this time, it anticipates continued positive procedure volume growth, despite facing headwinds from broader economic conditions and a shift in product mix [4]. - The company plans to offer financial guidance for 2026 during its Q4 2025 earnings conference call scheduled for February 26, 2026 [5]. Company Overview - Treace Medical Concepts is focused on advancing surgical management standards for bunions and related midfoot deformities, addressing a significant market with approximately 67 million affected Americans, of which 1.1 million are annual surgical candidates [12]. - The company has developed the Lapiplasty3D Bunion Correction System, which aims to correct bunion deformities in all three planes and secure the unstable joint, thereby addressing the root cause of bunions [12].

Core Insights - Treace Medical Concepts has successfully completed the first case using its new Lapiplasty Lightning™ technology, which aims to enhance the surgical treatment of bunions and related midfoot deformities [1] Company Overview - Treace Medical Concepts, Inc. is focused on advancing the standard of care for surgical management of bunions, which affect approximately 67 million Americans, with an estimated 1.1 million being annual surgical candidates [6] - The company has developed the patented Lapiplasty 3D Bunion Correction System, which addresses the root cause of bunions by correcting deformities in all three planes [6] Product Development - The Lapiplasty Lightning™ technology builds upon the existing Lapiplasty System, introducing advanced instrumentation that reduces surgical steps and improves precision in three-dimensional corrections [2][3] - The company plans to initiate a limited market release of the Lapiplasty Lightning™ System in mid-2026, with full commercialization expected by the end of the year [3] Surgeon Feedback - Dr. William T. DeCarbo, who performed the first case with the Lightning technology, noted that the instrumentation is intuitive and allows for faster procedures with greater accuracy and control [3]

Core Viewpoint - Treace Medical Concepts, Inc. is set to present at the 44th Annual J.P. Morgan Healthcare Conference, highlighting its innovative approach in the surgical treatment of bunions and related midfoot deformities [1] Group 1: Company Overview - Treace Medical Concepts is a medical technology company focused on improving surgical management standards for bunions and midfoot deformities, which affect approximately 67 million Americans [4] - The company estimates that 1.1 million Americans are annual surgical candidates for bunion treatment [4] - Treace has developed the patented Lapiplasty 3D Bunion Correction System, which addresses the root cause of bunions by correcting deformities in all three planes and stabilizing the affected joint [4] Group 2: Product Offerings - In addition to the Lapiplasty system, Treace offers the Adductoplasty Midfoot Correction System for midfoot deformities and two minimally invasive osteotomy systems: the Nanoplasty 3D and the Percuplasty™ systems [4] - The company also provides the SpeedMTP MTP Fusion System and is expanding its SpeedPlate rapid compression implant platform for new applications [4] - Treace enhances surgical planning with its IntelliGuide™ technology, which offers patient-specific pre-operative planning and cut guide solutions [4] Group 3: Investor Relations - Treace encourages investors to regularly check its website for important updates and information [3] - A live webcast of the upcoming presentation will be available on the company's investor relations website [2]

Core Insights - Treace Medical Concepts has secured a new five-year $175 million senior secured loan arrangement to enhance its financial strength and flexibility [1][2] - The financing includes $60 million in term loans, $65 million in additional term loan availability, and a $50 million revolving credit facility [1][2] - The company aims to use the proceeds to prepay existing loans and strengthen its balance sheet while expanding its market presence [2][3] Financial Details - The new loan arrangement has a maturity date of five years, with an annual interest rate tied to the SOFR, subject to a minimum of 3% [2][4] - The term loan allows for 48 months of interest-only payments, extendable by an additional 12 months [2] - Following the refinancing, the company has approximately $165 million in total liquidity, including cash and unused credit facility availability [3] Company Overview - Treace Medical Concepts focuses on advancing surgical treatments for bunions and related midfoot deformities, addressing a significant market need with an estimated 67 million affected Americans [8] - The company has developed the patented Lapiplasty3D Bunion Correction System, which aims to correct bunion deformities in three dimensions [8] - Treace also offers various surgical systems and digital solutions to support surgeons and patients, enhancing its competitive position in the market [8]