Treace Medical Concepts reported 1Q23 orthopedic sales of $42.2 million, +45.3% compared to the first quarter of 2022.
Increasing procedure volumes, including some spillover from a busy fourth quarter, and higher blended average selling prices drove growth in the quarter. The number of surgeons performing at least one case in the trailing 12 months increased 31% year over year to 2,499 surgeons, implying 25% penetration of the estimated 10,000 U.S. surgeons performing bunion procedures.
The foot and ankle market has driven significant M&A activity in recent years, but Treace Medical hasn’t seen incremental pressure from new market entrants.
“Most of these are highly diversified companies with large bags of products,” said company CEO John Treace. “These products and offerings get a fractional portion of their sales team’s time and attention. I can’t say that there’s any one of these multiline, distracted companies that’s slowing our business momentum.”
With the strong start to 2023, Treace Medical raised its revenue guidance to the range of $190 million to $193 million, representing growth between 34% and 38%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
1Q23
1Q22
$ Chg
% Chg
Trauma
$42.2
$29.0
$13.1
45.3%
Company Earnings
Amt
% of Sales
Sales
$42.2
Cost of Sales
$8.0
19.1%
Sales and Marketing
$33.7
79.8%
General and Admin
$10.9
25.7%
R & D
$3.4
8.1%
Other
($0.3)
(0.7%)
Net Earnings
($13.5)
(32%)
Treace Medical Concepts reported 1Q23 orthopedic sales of $42.2 million, +45.3% compared to the first quarter of 2022.
Increasing procedure volumes, including some spillover from a busy fourth quarter, and higher blended average selling prices drove growth in the quarter. The number of surgeons performing at least one case in the trailing...
Treace Medical Concepts reported 1Q23 orthopedic sales of $42.2 million, +45.3% compared to the first quarter of 2022.
Increasing procedure volumes, including some spillover from a busy fourth quarter, and higher blended average selling prices drove growth in the quarter. The number of surgeons performing at least one case in the trailing 12 months increased 31% year over year to 2,499 surgeons, implying 25% penetration of the estimated 10,000 U.S. surgeons performing bunion procedures.
The foot and ankle market has driven significant M&A activity in recent years, but Treace Medical hasn’t seen incremental pressure from new market entrants.
“Most of these are highly diversified companies with large bags of products,” said company CEO John Treace. “These products and offerings get a fractional portion of their sales team’s time and attention. I can’t say that there’s any one of these multiline, distracted companies that’s slowing our business momentum.”
With the strong start to 2023, Treace Medical raised its revenue guidance to the range of $190 million to $193 million, representing growth between 34% and 38%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
1Q23
1Q22
$ Chg
% Chg
Trauma
$42.2
$29.0
$13.1
45.3%
Company Earnings
Amt
% of Sales
Sales
$42.2
Cost of Sales
$8.0
19.1%
Sales and Marketing
$33.7
79.8%
General and Admin
$10.9
25.7%
R & D
$3.4
8.1%
Other
($0.3)
(0.7%)
Net Earnings
($13.5)
(32%)
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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.
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