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Friday 6 November 2026
Export TMCI’s income statement to Excel — free account
Treace Medical Concepts, Inc.
TMCI Healthcare Medical Devices
Treace Medical Concepts, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $212.7 million, up 1.59% from fiscal 2024.
- Revenue
- −3.91%
- EPS
- +26.9%
- Free cash flow
- +11.7%
- Total debt
- +5.11%
Quarter to September 2026, against a year earlier
4.05
0.13
−3.11%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 39 | 57 | 94 | 142 | 187 | 209 | 213 | 203 | +32.4% | 208 | 222 | 237 | +3.6% | |
| Gross margin, % | — | — | — | 80.64 | 78.26 | 82.11 | 82.00 | 81.20 | 80.37 | 79.81 | 79.55 | (0.8) pt | ||||||
| EBT | — | — | — | (4) | (4) | (21) | (43) | (50) | (56) | (59) | (56) | +54.9% | ||||||
| EBT margin, % | — | — | — | (10.82) | (6.39) | (21.77) | (30.19) | (26.47) | (26.63) | (27.74) | (27.44) | (16.9) pt | ||||||
| Net income | — | 0 | — | (4) | (4) | (21) | (43) | (50) | (56) | (59) | (56) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 1.07 | 1.55 | 1.95 | 2.57 | 3.08 | 3.37 | 3.36 | 3.11 | +21.1% | |||||
| Earnings | — | — | — | (0.12) | (0.10) | (0.43) | (0.77) | (0.81) | (0.90) | (0.93) | (0.86) | +41.6% | ||||||
| Cash flow | — | — | — | (0.21) | (0.12) | (0.36) | (0.55) | (0.57) | (0.60) | (0.25) | (0.13) | +3.3% | ||||||
| Capex | — | — | — | (0.03) | (0.03) | (0.06) | (0.27) | (0.19) | (0.19) | (0.21) | (0.15) | +36.7% | ||||||
| Free cash flow | — | — | — | (0.24) | (0.15) | (0.41) | (0.82) | (0.76) | (0.78) | (0.47) | (0.28) | +11.6% | ||||||
| Book value | — | — | — | 0.00 | 0.02 | 1.92 | 1.10 | 2.27 | 1.82 | 1.38 | 0.94 | n/m | ||||||
| Shares, m | — | — | — | 37 | 37 | 48 | 55 | 61 | 62 | 63 | 65 | +9.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | 14.91 | 14.91 | 9.56 | 8.73 | 4.08 | 2.21 | 0.73 | 1.33 | 7.9 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 9.70 | 20.45 | 5.54 | 4.09 | 1.77 | 4.40 | 5.9 | ||||||
| EV/Sales | — | — | — | 15.14 | 15.14 | 8.77 | 8.54 | 3.72 | 2.11 | 0.77 | 1.42 | 7.7 | ||||||
| EV/FCF | — | — | — | (211.71) | (211.71) | (41.61) | (26.62) | (15.12) | (9.06) | (5.56) | (15.58) | (74.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (8) | (4) | (17) | (31) | (35) | (37) | (16) | (9) | +13.0% | |||||
| Capex | — | — | — | (1) | (1) | (3) | (15) | (11) | (12) | (14) | (10) | +49.5% | ||||||
| Free cash flow | — | — | — | (9) | (6) | (20) | (45) | (46) | (49) | (29) | (19) | +22.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 21 | 29 | 120 | 103 | 153 | 126 | 101 | 73 | +29.8% | |||||
| Net debt | — | — | — | 7 | 13 | (76) | (29) | (70) | (22) | 7 | 16 | +0.3% | ||||||
| Shareholders’ equity | — | — | — | — | 1 | 93 | 61 | 138 | 113 | 87 | 62 | +157.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (20.61) | (22.72) | (28.56) | (24.10) | (23.77) | (28.95) | (29.69) | (28.9) pt | |||||
| ROIC | — | — | — | (31.19) | 3.84 | (61.50) | (68.08) | (47.44) | (38.45) | (35.80) | (39.67) | (4.6) pt | ||||||
| ROE | — | — | — | 82.21 | 72.20 | (48.30) | (55.75) | (49.91) | (44.45) | (58.94) | (73.98) | (141.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 133 | 248 | 423 | 516 | 477 | 450 | — | +27.6% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.43 | 0.38 | 0.34 | 0.36 | 0.44 | 0.47 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Treace Medical Concepts, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CV CapsoVision, Inc. | $329.9M | — (loss-making) | — (loss-making) | +9.89% (above 0%: growing) | n/m | −84.44% (below 0%: shrinking) | 51.36% | (208.07%) | Compare |
| CLPT ClearPoint Neuro, Inc. | $278.6M | — (loss-making) | — (loss-making) | +36.27% (above 0%: growing) | n/m | −58.10% (below 0%: shrinking) | 58.46% | (52.44%) | Compare |
| TMCI Treace Medical Concepts, Inc. | $271.9M | — (loss-making) | — (loss-making) | −4.24% (below 0%: shrinking) | n/m | +11.74% (above 0%: growing) | 78.47% | (32.96%) | |
| INFU InfuSystems Holdings, Inc. | $270.1M | 32.0× | 33.0× | +2.59% (above 0%: growing) | +33.33% (above 0%: growing) | −66.54% (below 0%: shrinking) | 57.98% | 11.24% | Compare |
| QSI Quantum-Si Incorporated | $256.1M | — (loss-making) | — (loss-making) | −61.59% (below 0%: shrinking) | n/m | +37.48% (above 0%: growing) | 34.91% | (11,215.09%) | Compare |
| PROF Profound Medical | $251.3M | — (loss-making) | — (loss-making) | +85.86% (above 0%: growing) | n/m | +47.93% (above 0%: growing) | 78.13% | (79.56%) | Compare |
| LAB Standard BioTools Inc. | $245.7M | 1.8× | — (loss-making) | −0.85% (below 0%: shrinking) | n/m | +73.32% (above 0%: growing) | 55.86% | (101.98%) | Compare |
| ELMD Electromed, Inc. | $221.8M | 19.4× | 18.6× | +11.64% (above 0%: growing) | +57.69% (above 0%: growing) | −25.15% (below 0%: shrinking) | 78.71% | 19.70% | Compare |
| TLSI TriSalus Life Sciences, Inc. | $217.4M | — (loss-making) | — (loss-making) | +1.73% (above 0%: growing) | n/m | −41.29% (below 0%: shrinking) | 86.78% | (86.03%) | Compare |
| Median of peers | $253.7M | 19.4× | — | +6.24% | — | −33.22% | 58.22% | (82.79%) |
Pay and ownership Proxy statement filed 6 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 5.41m | (246.43k) | 13.14 |
| 2024 | 6.60m | 1.14m | 39.91 |
| 2023 | 8.42m | 2.84m | 68.40 |
| 2022 | 3.62m | 4.32m | 123.34 |
Ownership
Directors and executive officers, together
23.42%
John T. Treace
18.70%
Armistice Capital, LLC
9.82%
Neil Gagnon
9.48%
BlackRock
5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement