Treace Medical Concepts (TMCI)
Builds surgical systems for bunion and related midfoot deformity procedures.
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Sells implant kits, sterile instruments, and complementary products for surgeons, hospitals, ASCs, and distributors in the United States. Lapiplasty remains the core system while newer minimally invasive and fixation products broaden the bunion and midfoot portfolio.
Designs and markets surgical systems for bunion and related midfoot deformity procedures. Lapiplasty anchors the portfolio, with Adductoplasty, Nanoplasty, Percuplasty, SpeedMTP, SpeedPlate, IntelliGuide PSI, sterile instruments, and other complementary products extending the case toolkit.
Sells mainly in the United States through direct employee representatives, independent agencies, and stocking distributors serving surgeons, hospitals, and ambulatory surgery centers. The operating model depends on specialized field support, surgeon education, hospital and ASC product approval, and procedure-kit adoption.
Current demand is shaped by elective bunion procedure volume, FDA-cleared device compliance, reimbursement-code usage, supplier continuity, and competition from larger foot-and-ankle portfolios. Lapiplasty remains the majority revenue contributor while newer minimally invasive osteotomy systems are still early in commercial adoption.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jan 7, 2026 | Stifel Nicolaus | Target | Target: $27 | Target: $3 |
| Dec 18, 2025 | Truist Financial | Target | Target: $4 | Target: $3 |
| Nov 10, 2025 | Truist Financial | Target | Target: $7 | Target: $4 |
| Nov 7, 2025 | BTIG | Downgrade | ||
| Nov 7, 2025 | JP Morgan | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $45.6M · Total debt $72.7M · Total assets $181.1M · Shareholders' equity $67.7M
- Revenue
- $45.4M
- Operating income
- −$15.0M
- Net income
- −$15.9M
No dividends on record.
| Institutions | 49.42% | 32.14M shares | |
|---|---|---|---|
| 122 holders · as of Jun 30, 2026 | |||
| Insiders | 37.10% | 24.13M shares | |
| 15 holders · as of Aug 24, 2026 | |||
| Other | 13.48% | 8.76M shares | |
| remainder | |||
65.03M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
John T. Treace1Insiderdirector, 10 percent owner, officer: Chief Executive Officer | 19.61% | 10.75M | filed Aug 24, 2026 |
Armistice Capital, LLCInstitution | 9.79% | 6.36M | as of Jun 30, 2026 |
John R. Treace2Insiderdirector | 5.22% | 3.41M | filed May 11, 2022 |
Bank of America Corp /DE/Institution | 5.08% | 3.31M | as of Jun 30, 2026 |
AllianceBernstein L.P.Insider | 4.91% | 3.20M | filed Feb 14, 2023 |
- John T. Treace's transaction reports restate only vehicles that traded; the 2022 ownership statement (10.75M) plus the 2.01M net shares acquired since is used instead.
- John R. Treace's transaction reports restate only vehicles that traded; the 2022 ownership statement (3.41M) less the 18.4K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +11,000 | $4.34 |
| Aug 21, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +5,000 | $4.35 |
| Aug 20, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +39,944 | $4.44 |
| Jun 10, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +44,145 | $4.02 |
| Jun 11, 2026 | John T. Treace | director, 10 percent owner, officer: Chief Executive Officer | +32,778 | $4.04 |
- Stryker
Leader-scale foot-and-ankle rival with PROstep MIS bunion systems
- Zimmer Biomet
Paragon 28 gives Zimmer Biomet a direct foot-and-ankle platform
- Enovis
Novastep adds direct MIS bunion and foot-and-ankle overlap
- Johnson & Johnson
DePuy Synthes/CrossRoads targets bunion correction under J&J
- CONMED
Foot-and-ankle fixation and plating overlap in selected procedures
- Medifast
Swiss osteosynthesis platform with foot and bunion-adjacent systems
- Henry Schein
TriMed adds lower-extremity orthopedic products to Henry Schein's channel
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Treace Medical Concepts | $4.64 | +0.98% | $297.8M | — | — | 1.5 | −4.2% |
| Stryker | $273.73 | −0.49% | $105.45B | 28.5 | 17.1 | 4.1 | +9.4% |
| Zimmer Biomet | $90.69 | −3.50% | $18.18B | 22.9 | 10.4 | 2.1 | +4.8% |
| Enovis | $18.29 | −0.54% | $1.06B | — | 5.1 | 0.5 | +3.2% |
| Johnson & Johnson | $269.93 | +0.27% | $648.72B | 31.2 | 22.7 | 6.6 | +6.6% |
| CONMED | $45.74 | −0.93% | $1.38B | 24.9 | 10.2 | 1.0 | +0.3% |
| Medifast | $12.07 | −0.08% | $134.3M | — | — | 0.4 | −27.6% |
| Henry Schein | $86.12 | −1.50% | $9.96B | 25.5 | 15.2 | 0.7 | +6.7% |
| Median | 25.5 | 12.8 | 1.0 | +4.8% |