Core Insights - Treace Medical Concepts, Inc. reported a revenue of $52.6 million for Q1 2025, a 3% increase from $51.1 million in Q1 2024, with an adjusted growth of 4.5% when accounting for one less selling day [4][9] - The company is focused on expanding its bunion treatment portfolio and has received positive customer feedback on new specialized bunion systems [3][4] - Treace aims for a full-year 2025 revenue guidance of $224 million to $230 million, indicating a growth of 7% to 10% compared to 2024 [8] Financial Performance - Gross profit for Q1 2025 was $41.9 million, with a gross margin of 79.7%, slightly down from 80.2% in Q1 2024 [4] - Total operating expenses decreased to $57.5 million in Q1 2025 from $59.9 million in Q1 2024 [5] - The net loss for Q1 2025 was $(15.9) million, an improvement from $(18.7) million in Q1 2024, with adjusted EBITDA improving by 53% to $(3.8) million [6][9] Product Development and Market Position - Treace has expanded its bunion technology portfolio with new systems, including the Nanoplasty™ and Percuplasty™ 3D MIS Osteotomy Systems, and the SpeedMTP™ MTP Fusion System [9] - The company announced positive interim clinical data for its procedures at the 2025 ACFAS Annual Scientific Conference [9] - Treace's global patent portfolio has surpassed 100 granted patents, with 172 pending applications, indicating strong innovation and market positioning [9] Liquidity and Financial Outlook - As of March 31, 2025, Treace had total liquidity of $98.6 million, consisting of $76.1 million in cash and marketable securities, and $22.5 million available under a revolving loan facility [7] - The company continues to expect breakeven adjusted EBITDA for the full year 2025, reflecting a focus on improving operational efficiency [8]