Treace(US:TMCI)2024-05-07 20:08Financial Performance - First quarter 2024 revenue was $51.1 million, a 21% increase from $42.2 million in the same period of 2023[4] - Net loss attributable to common stockholders for the first quarter 2024 was ($18.7) million, or ($0.30) per share, compared to ($13.5) million, or ($0.23) per share, for the same period in 2023[8] - Adjusted EBITDA loss improved to ($8.3) million in the first quarter 2024, compared to a loss of ($10.0) million for the same period in 2023[5] - The company expects full-year 2024 revenue to be between $201 million and $211 million, a growth of 7% to 13% compared to 2023[10] - The company aims for a significant improvement in Adjusted EBITDA for full-year 2024, anticipating approximately 50% improvement compared to 2023[10] Operating Expenses and Liabilities - Total operating expenses increased to $59.9 million in the first quarter 2024, up from $47.9 million in the first quarter 2023[7] - Total current liabilities rose from $45,033 million as of December 31, 2023, to $47,049 million as of March 31, 2024, an increase of 4.5%[25] - Accounts payable increased significantly from $11,835 million in December 2023 to $21,149 million in March 2024, reflecting a rise of 78.5%[25] - The company reported a depreciation and amortization expense of $1,909 million for Q1 2024, up from $924 million in Q1 2023, marking a 106.5% increase[27] Cash and Assets - Cash, cash equivalents, marketable securities, and investment receivable totaled $112.1 million as of March 31, 2024[9] - Cash and cash equivalents decreased from $12,982 million at the end of 2023 to $9,334 million by March 31, 2024, a reduction of 28.5%[27] - Total assets decreased from $251,907 million as of December 31, 2023, to $242,726 million as of March 31, 2024, a decline of approximately 3.5%[25] Equity and Capital - The company’s additional paid-in capital increased from $271,973 million to $279,433 million, reflecting a growth of 2.7%[25] - The total stockholders' equity decreased from $137,938 million at the end of 2023 to $126,391 million by March 31, 2024, a decline of approximately 8.4%[25] Product Development - The company plans to introduce two innovative 3D MIS Osteotomy solutions later this year to enhance its product offerings[3] - The patent portfolio expanded to 63 granted U.S. patents, with an additional 20 granted patents worldwide and 83 pending U.S. patent applications[5] Cash Flow - Cash flows used in operating activities improved to $(7,221) million in Q1 2024 from $(17,259) million in Q1 2023, a positive change of 58%[27]