Treace Medical Concepts Prices Upsized Initial Public Offering

By Julie A. Vetalice

Treace Medical Concepts Prices Upsized Initial Public Offering

Treace Medical Concepts priced its upsized initial public offering of an aggregated 11,250,000 shares of its common stock at a public offering price of USD $17.00 per share. The gross proceeds from the offering to Treace are expected to be approximately $106.3 million.

Treace has developed the Lapiplasty 3D Bunion Correction System, comprising instruments, implants and surgical methods designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. Since receiving FDA 510(k) clearance for the system in 2015, more than 25,000 Lapiplasty procedures have been performed in the U.S.

For 2020, the company posted revenue of $57.3 million in revenue, +45.5% vs. 2019. Treace expects preliminary unaudited revenue for 1Q21 will be $18.5 million to $18.7 million, +65% vs. 1Q20. The number of Lapiplasty Procedure Kits sold will be approximately 3,500 to 3,530, as compared to 2,187 for the same period in 2020.

The company's common stock has been approved for listing on Nasdaq under the symbol TMCI.

 

Product Labels: Lower Extremity

Tags: Funding