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Sep 30, 2023
Treace Q3 2023 Earnings Report
Reported a 23% increase in revenue compared to the same period last year, driven by an expanded surgeon customer base and increased adoption of newer technologies.
Key Takeaways
Treace Medical Concepts reported a revenue of $40.8 million for Q3 2023, a 23% increase year-over-year. The company's gross margin was 80.4%. They are updating full-year 2023 revenue guidance to $182 million to $186 million.
Revenue of $40.8 million in the third quarter, a 23% increase over same period last year.
Blended average revenue per Lapiplasty® procedure kit sold was record high $6,311, a 9% increase over same period last year.
Gross margin of 80.4% in the third quarter 2023.
Third quarter 2023 revenue contribution from direct sales channel increased to 81% of sales compared to 74% during third quarter 2022.
Forward Guidance
Treace is updating its full-year 2023 revenue guidance to $182 million to $186 million and expects positive adjusted EBITDA in the fourth quarter of 2023.
Positive Outlook
- The company expects positive adjusted EBITDA in the fourth quarter of 2023.
- The company anticipates modest improvement in adjusted EBITDA for full-year 2023 compared to 2022.
- New technologies are already starting to make a positive impact on customer demand.
- The company has the right strategy in place to outpace its competitors.
- The company aims to drive continued market penetration and deliver strong growth for the remainder of this year and beyond.
Challenges Ahead
- The company updated its full-year 2023 revenue guidance to $182 million to $186 million, which is lower than the prior guidance of $191 million to $197 million.
- The company's year-to-date surgeon count was impacted by prioritized travel and vacations for its patient demographic.
- The company made the strategic decision to further refine its SpeedPlate™ platform, extending its timeline to achieve full commercial supply until the first quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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