Why Treace Medical Concepts' Shares Rose Wednesday
Shares of Treace Medical Concepts (NASDAQ: TMCI) were up 21% as of 3 p.m. EST Wednesday afternoon. The orthopedic medical device company's shares rose after it reported fourth-quarter earnings after the markets closed on Tuesday.
Treace makes Lapiplasty surgery kits, which orthopedic surgeons use to perform minimally invasive surgery on bunions. Sales of Treace's kits have been brisk, so revenue is up. The company reported Q4 revenue of $49.8 million, up 49% year over year and up 51% sequentially. The company's full-year revenue was up 50% to $141.8 million.
The healthcare company also trimmed its losses, at least in the quarter. It lost $4.4 million, or $0.08 in earnings per share (EPS) in the quarter after losing $6.6 million, or an EPS loss of $0.12 in the same period a year ago. For the year, the company said it lost $42.8 million, or $0.77 in EPS loss compared to a loss of $20.7 million and EPS loss of $0.43 in 2021.
Source Fool.com
