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Treace Medical reported 1Q26 orthopedic sales of $47.2 million, down 10.2% compared to the first quarter of 2025.
In addition to ongoing macro pressures on procedure demand, the company’s revenue declined mainly due to a shift in revenue mix toward lower-priced minimally invasive products and lower volume of bunion kits sold.
Across Treace’s 3,300 surgeon user base, Lapiplasty currently captures about a quarter of their bunion-related cases. New systems introduced and commercialized in 2025 are aimed at capturing the remaining volume.
“Now I’d like to turn to our three strategic initiatives to drive top line growth and the progress we’ve made on these initiatives in the first quarter of 2026,” said company founder and CEO John Treace. “First, leveraging our large existing customer base to drive adoption of the three new bunion systems that we commercialized in 2025; second, continuing to build upon our leadership position with Lapiplasty by launching new technologies that can appeal to new surgeon users; and third, expanding our product offerings to grow wallet share and tap into new TAM-expanding procedural adjacencies.”
Treace expects more revenue declines over the course of 2026 until the seasonally stronger fourth quarter, when volume and new system adoption offset the ASP mix shift.
The company expects full-year 2026 growth been -5% and 0%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q26 | 1Q25 | $ Chg | % Chg |
|---|---|---|---|---|
| Trauma | $47.2 | $52.6 | ($5.4) | (10.2%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $47.2 | |
| Cost of Sales | $9.8 | 20.7% |
| Sales and Marketing | $33.8 | 71.6% |
| General and Admin | $16.2 | 34.3% |
| R & D | $4.6 | 9.8% |
| Other | $0.9 | 1.9% |
| Net Earnings | ($18.1) | (38.3%) |
Treace Medical reported 1Q26 orthopedic sales of $47.2 million, down 10.2% compared to the first quarter of 2025.
In addition to ongoing macro pressures on procedure demand, the company's revenue declined mainly due to a shift in revenue mix toward lower-priced minimally invasive products and lower volume of bunion kits sold.
Across...
Treace Medical reported 1Q26 orthopedic sales of $47.2 million, down 10.2% compared to the first quarter of 2025.
In addition to ongoing macro pressures on procedure demand, the company’s revenue declined mainly due to a shift in revenue mix toward lower-priced minimally invasive products and lower volume of bunion kits sold.
Across Treace’s 3,300 surgeon user base, Lapiplasty currently captures about a quarter of their bunion-related cases. New systems introduced and commercialized in 2025 are aimed at capturing the remaining volume.
“Now I’d like to turn to our three strategic initiatives to drive top line growth and the progress we’ve made on these initiatives in the first quarter of 2026,” said company founder and CEO John Treace. “First, leveraging our large existing customer base to drive adoption of the three new bunion systems that we commercialized in 2025; second, continuing to build upon our leadership position with Lapiplasty by launching new technologies that can appeal to new surgeon users; and third, expanding our product offerings to grow wallet share and tap into new TAM-expanding procedural adjacencies.”
Treace expects more revenue declines over the course of 2026 until the seasonally stronger fourth quarter, when volume and new system adoption offset the ASP mix shift.
The company expects full-year 2026 growth been -5% and 0%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q26 | 1Q25 | $ Chg | % Chg |
|---|---|---|---|---|
| Trauma | $47.2 | $52.6 | ($5.4) | (10.2%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $47.2 | |
| Cost of Sales | $9.8 | 20.7% |
| Sales and Marketing | $33.8 | 71.6% |
| General and Admin | $16.2 | 34.3% |
| R & D | $4.6 | 9.8% |
| Other | $0.9 | 1.9% |
| Net Earnings | ($18.1) | (38.3%) |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
