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Treace Medical Concepts reported 3Q23 orthopedic sales of $40.8 million, +23.3% compared to the third quarter of 2022. For the first nine months of the year, the company generated $124.9 million in orthopedic sales, +35.7% compared to the prior year.
The company said that both surgeons and patients prioritized travel and vacation during the summer months. Most companies observed a return to more normal seasonality throughout 2023, but Treace Medical said it was “surprised” by the impact during the summer months.
Additionally, the company made the strategic decision to delay the full launch of its Speedplate fixation platform. Treace Medical considers the launch to be one of the most important in the company’s history and saw an opportunity to make the product more broadly appealing beyond Lapiplasty and Adductoplasty procedures.
The impact of seasonality and delayed launch caused Treace Medical to reduce its guidance to the range of $182 million to $186 million, reflecting 30% growth at the mid-point.
Though third-quarter results and reduced guidance dismayed some investors, Treace Medical remains highly confident in its prospects for 2024 and beyond.
“We expect our expanding commercial capabilities, continued adoption of Lapiplasty, and multiple new product launches will drive strong growth while we also advance our pipeline opportunities,” said Treace Medical CFO Mark Hair. “We believe our product portfolio, differentiated and protected technologies, and focused salesforce provide us with the advantages that will enable us to grow significantly faster than the market and our foot-and-ankle peers for multiple years.”
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Trauma | $40.8 | $33.1 | $7.7 | 23.3% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Trauma | $124.9 | $92.1 | $32.8 | 35.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $40.8 | |
| Cost of Sales | $8.0 | 19.6% |
| Sales and Marketing | $33.5 | 82.3% |
| General and Admin | $12.7 | 31.1% |
| R & D | $4.4 | 10.7% |
| Other | ($0.3) | (0.7%) |
| Net Earnings | ($17.5) | (43%) |
Treace Medical Concepts reported 3Q23 orthopedic sales of $40.8 million, +23.3% compared to the third quarter of 2022. For the first nine months of the year, the company generated $124.9 million in orthopedic sales, +35.7% compared to the prior year.
The company said that both surgeons and patients prioritized travel and vacation during...
Treace Medical Concepts reported 3Q23 orthopedic sales of $40.8 million, +23.3% compared to the third quarter of 2022. For the first nine months of the year, the company generated $124.9 million in orthopedic sales, +35.7% compared to the prior year.
The company said that both surgeons and patients prioritized travel and vacation during the summer months. Most companies observed a return to more normal seasonality throughout 2023, but Treace Medical said it was “surprised” by the impact during the summer months.
Additionally, the company made the strategic decision to delay the full launch of its Speedplate fixation platform. Treace Medical considers the launch to be one of the most important in the company’s history and saw an opportunity to make the product more broadly appealing beyond Lapiplasty and Adductoplasty procedures.
The impact of seasonality and delayed launch caused Treace Medical to reduce its guidance to the range of $182 million to $186 million, reflecting 30% growth at the mid-point.
Though third-quarter results and reduced guidance dismayed some investors, Treace Medical remains highly confident in its prospects for 2024 and beyond.
“We expect our expanding commercial capabilities, continued adoption of Lapiplasty, and multiple new product launches will drive strong growth while we also advance our pipeline opportunities,” said Treace Medical CFO Mark Hair. “We believe our product portfolio, differentiated and protected technologies, and focused salesforce provide us with the advantages that will enable us to grow significantly faster than the market and our foot-and-ankle peers for multiple years.”
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Trauma | $40.8 | $33.1 | $7.7 | 23.3% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Trauma | $124.9 | $92.1 | $32.8 | 35.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $40.8 | |
| Cost of Sales | $8.0 | 19.6% |
| Sales and Marketing | $33.5 | 82.3% |
| General and Admin | $12.7 | 31.1% |
| R & D | $4.4 | 10.7% |
| Other | ($0.3) | (0.7%) |
| Net Earnings | ($17.5) | (43%) |
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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.
