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Orthopedic medical device company Treace Medical Concepts Inc (NASDAQ:TMCI) on Tuesday reported a first-quarter EPS loss of $(0.30), down from $(0.23) a year ago, better than the consensus of $(0.31).
The company reported sales of $51.11 million, up 21%, beating the consensus of $49.1 million.
The increase was driven by a higher volume of procedure kits sold due to an expanded surgeon customer base and a product mix shift that resulted from increased adoption of newer technologies and increased sales of complementary products used in bunion and related midfoot procedures.
Guidance: Treace Medical Concepts cut its fiscal year 2024 sales guidance to $201 million-$211 million, down from a prior guidance of $220 million-$225 million.
The company anticipates adjusted EBITDA to improve approximately 50% compared to full-year 2023.
Analyst Reaction:
Stifel downgrades Treace Medical Concepts from Buy to Hold and lowers the price target from $15 to $6, noting multiple increasing competitive headwinds that have added incremental uncertainty to the company’s near-to-long-term outlook.
Truist Securities also downgraded Treace Medical Concepts from Buy to Hold and lowered the price target from $17 to $7, citing a reduced growth outlook & projected deceleration trend in the second quarter and 2024 due to increasing competitive dynamics that are potentially structural in nature & could make it hard for the growth trajectory (and stock) to sustainably rebound.
BTIG analyst downgrades Treace Medical Concepts from Buy to Neutral.
JP Morgan downgrades Treace Medical from Overweight to Neutral and lowers the price target from $15 to $8.
UBS maintains Treace Medical Concepts with a Buy, lowering the price target from $17 to $16.
Price Action: TMCI shares are down 62.6% at $4.161 at last check Wednesday.
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Posted In: TMCI