Treace Medical Concepts

TMCI

Medical - Devices · Healthcare

Price

$4.30

-0.13 (-2.93%)

Market Cap

$279.0M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+16.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 54.2M (2021) → 63.3M (2025)

Treace Medical Concepts, Inc., an orthopedic medical device company, engages in the design, manufacture, and marketing of medical devices for foot and ankle surgeons in the United States. It offers Lapiplasty procedure that allows podiatric surgeons to treat all three dimensions of the bunion, providing patients with a cosmetic and medical improvement. The company also provides Lapiplasty Mini-Incision precision system. In addition, it offers products to address ancillary surgical procedures, in

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-12.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$20M/ year

→ Flat (-1% vs prior year)

9.5% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

27.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Treace Medical Concepts's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

79.3%

Premium pricing power — 79.3% gross margin

Operating Margin

-36.4%

Losing money on operations — -36.4%

ROCE

-18.9%

Weak — -18.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-12.5%

Burning cash (-12.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.18

Conservative — low debt load (0.18)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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