24/7 Market News Snapshot 05 November, 2024 – Treace Medical Concepts, Inc. Common Stock (NASDAQ:TMCI)

November 5, 2024

DENVER, Colo., 05 November, 2024 (247marketnews.com) – (NASDAQ:TMCI) are discussed in this article.
Treace Medical Concepts, Inc. has recently demonstrated a notable uptick in stock performance, opening at $5.40 and experiencing a current trading surge to $6.206, equating to an approximate increase of 14.29%. This rise follows a closing price of $5.43 in the previous session, illustrating strong interest from investors. The trading activity reflects a volume of 1.28 million shares, suggesting heightened engagement that reinforces the upward price trajectory. Technically, the stock has breached previous resistance levels, which may indicate the potential for further gains. Short-term traders are advised to watch for continuation patterns, while long-term investors should assess whether this movement aligns with overarching market trends and the company’s fundamentals.

In conjunction with its market performance, Treace Medical has released its financial results for the third quarter of 2024, showcasing a revenue of $45.1 million—a year-over-year increase of 11%. This growth underlines Treace’s position as a frontrunner in medical technologies focused on surgical treatments for bunions and related midfoot deformities. The company reported a net loss of $15.4 million, which is an improvement compared to the loss of $17.5 million for the same quarter last year. Furthermore, the adjusted EBITDA loss decreased by 45%, reflecting enhanced operational efficiency.

A significant development this quarter is Treace’s foray into the high-volume osteotomy market with the launch of the Nanoplasty™ 3D Minimally Invasive Bunion Correction™ Procedure, positioning the company for greater impact and better patient outcomes. John T. Treace, the CEO, emphasized the firm’s dedication to innovation and growth, coinciding with a robust patent portfolio encompassing 67 granted U.S. patents and 85 pending applications. Treace has updated its full-year 2024 revenue forecast, projecting between $204 million and $211 million, representing an anticipated growth of 9% to 13% from the previous year, thereby solidifying its strategic vision in reshaping the surgical treatment landscape for bunions.

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