Treace Medical Concepts Reports Second Quarter 2024 Financial Results

Core Viewpoint - Treace Medical Concepts, Inc. reported a 6% increase in revenue for Q2 2024, driven by a shift in product mix and an expanding active surgeon base, while also reaffirming its full-year revenue guidance of $201 million to $211 million, indicating growth of 7% to 13% compared to 2023 [2][3][8]. Financial Performance - Revenue for Q2 2024 was $44.5 million, up from $42.0 million in Q2 2023, reflecting a 6% increase [3]. - Gross profit for Q2 2024 was $35.7 million, compared to $34.3 million in Q2 2023, with a gross margin of 80.2%, down from 81.7% in the previous year [4]. - Total operating expenses rose to $57.1 million in Q2 2024 from $47.3 million in Q2 2023, attributed to strategic investments and increased share-based compensation [5]. Net Loss and Adjusted EBITDA - The net loss attributable to common stockholders for Q2 2024 was ($21.2) million, or ($0.34) per share, compared to a net loss of ($12.3) million, or ($0.20) per share, in Q2 2023 [6][19]. - Adjusted EBITDA loss was ($8.7) million in Q2 2024, compared to a loss of ($7.7) million in Q2 2023 [6]. Cash Position - As of June 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $97.0 million, indicating sufficient balance sheet strength to support ongoing strategic investments [7]. Patent Portfolio - The company expanded its patent portfolio to 65 granted U.S. patents, with an additional 22 granted patents worldwide and 84 pending U.S. patent applications, enhancing its competitive position in the market [2]. Future Outlook - The company plans to launch several new products in the second half of 2024, including entry into the minimally invasive metatarsal osteotomy market, aiming to capture a larger share of procedure volumes [2][8].