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Dec 31, 2025
Treace Q4 2025 Earnings Report
Treace reported a decline in fourth quarter 2025 revenue with a wider net loss, while maintaining strong gross margins and positive adjusted EBITDA.
Key Takeaways
Treace generated 62519000 in Q4 2025 revenue, down 9% year-over-year, with gross margin of 80.6% and net loss of 9394000, while delivering adjusted EBITDA of 6185000.
Revenue declined 9% year-over-year to 62519000.
Gross margin remained strong at 80.6%.
Net loss widened to 9394000 from 501000.
Adjusted EBITDA was positive at 6185000.
Forward Guidance
For full-year 2026, Treace expects revenue between 200000000 and 212000000 and an Adjusted EBITDA loss between 4000000 and 6000000, with approximately 50% lower cash usage compared to 2025.
Positive Outlook
- 2026 revenue guidance up to 212000000.
- Expected continued case volume growth in 2026.
- Anticipated reduction in cash usage by approximately 50%.
- Expanded bunion portfolio expected to drive market share gains.
- New credit facility provides 115000000 of additional liquidity subject to conditions.
Challenges Ahead
- 2026 revenue guidance implies up to 6% decline year-over-year.
- Adjusted EBITDA loss expected between 4000000 and 6000000.
- Product and price mix shift continues to pressure revenue.
- Fourth quarter revenue declined 9% year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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