Treace Medical Concepts reported 2Q23 orthopedic sales of $42 million, +40% compared to the second quarter of 2022. The company’s orthopedic sales totaled $84.1 million in the first half of 2023, +42.6% compared to the prior year period.
Treace attributed the growth to its specialized team and rapidly growing direct salesforce that is 100% focused on bunion and related surgeries. The company estimates that it has penetrated 6.2% of its target market based on the 450,000 annual surgical bunion treatments in the U.S. The company’s strong second-quarter performance came amid increasing seasonality as surgeons and patients prioritized travel.
Reimbursement tailwinds also continued for the bunion market. CMS recently released its proposed 2024 Medicare payment rates. “We’re pleased to report that the proposed 2024 reimbursement rates for [relevant] codes are slated for low-to-mid single-digit increases,” said company CEO John Treace. “Assuming the proposed 2024 rates are finalized, this will continue a multi-year trend of low-to-mid single-digit increases in facility reimbursement rates for CPT codes associated with our procedures.”
Treace Medical Concepts raised its 2023 guidance and now expects orthopedic sales between $191 million and $197 million, representing growth between 35% and 39% over 2022.
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
2Q23
2Q22
$ Chg
% Chg
Trauma
$42.0
$30.0
$12.0
40%
1H23
1H22
$ Chg
% Chg
Trauma
$84.1
$59.0
$25.1
42.6%
Company Earnings
Amt
% of Sales
Sales
$42.0
Cost of Sales
$7.7
18.3%
Sales and Marketing
$33.8
80.5%
General and Admin
$10.0
23.9%
R & D
$3.5
8.4%
Other
($0.8)
(1.9%)
Net Earnings
($12.3)
(29.2%)
Treace Medical Concepts reported 2Q23 orthopedic sales of $42 million, +40% compared to the second quarter of 2022. The company's orthopedic sales totaled $84.1 million in the first half of 2023, +42.6% compared to the prior year period.
Treace attributed the growth to its specialized team and rapidly growing direct salesforce that is 100%...
Treace Medical Concepts reported 2Q23 orthopedic sales of $42 million, +40% compared to the second quarter of 2022. The company’s orthopedic sales totaled $84.1 million in the first half of 2023, +42.6% compared to the prior year period.
Treace attributed the growth to its specialized team and rapidly growing direct salesforce that is 100% focused on bunion and related surgeries. The company estimates that it has penetrated 6.2% of its target market based on the 450,000 annual surgical bunion treatments in the U.S. The company’s strong second-quarter performance came amid increasing seasonality as surgeons and patients prioritized travel.
Reimbursement tailwinds also continued for the bunion market. CMS recently released its proposed 2024 Medicare payment rates. “We’re pleased to report that the proposed 2024 reimbursement rates for [relevant] codes are slated for low-to-mid single-digit increases,” said company CEO John Treace. “Assuming the proposed 2024 rates are finalized, this will continue a multi-year trend of low-to-mid single-digit increases in facility reimbursement rates for CPT codes associated with our procedures.”
Treace Medical Concepts raised its 2023 guidance and now expects orthopedic sales between $191 million and $197 million, representing growth between 35% and 39% over 2022.
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
2Q23
2Q22
$ Chg
% Chg
Trauma
$42.0
$30.0
$12.0
40%
1H23
1H22
$ Chg
% Chg
Trauma
$84.1
$59.0
$25.1
42.6%
Company Earnings
Amt
% of Sales
Sales
$42.0
Cost of Sales
$7.7
18.3%
Sales and Marketing
$33.8
80.5%
General and Admin
$10.0
23.9%
R & D
$3.5
8.4%
Other
($0.8)
(1.9%)
Net Earnings
($12.3)
(29.2%)
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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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