Filing Flows

Filing Flows › Health Care › Treace Medical Concepts (TMCI)

Treace Medical Concepts (TMCI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Treace Medical Concepts (TMCI) Q3 2026 earnings results →

Q3 2026 Revenue down 4% year over year to $48.3M · 26¢ of every $1 of revenue lost · operating margin -23.9%

Treace Medical Concepts made $48.3M in Q3 2026 (-4% Y/Y). Operating margin -23.9%, net loss $12.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$48.3M
Year over year-4%
Operating margin-23.9%
Net earnings−$12.6M
Operating cash flow−$3.3M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $48.3M in Q3 2026, down 4% year over year and up 6% from the previous quarter.

Gross margin was 79.5%, up 0.4 points from Q3 2025. Operating costs exceeded revenue by $11.5M, an operating margin of -23.9%. Operating expenses fell 10% while revenue fell 4%. The quarter ended with a net loss of $12.6M, narrower than the previous quarter's $15.9M loss.

Operating cash flow was −$3.3M. Non-cash charges added back $2.0M of depreciation and amortization and $6.9M of share-based compensation. Working capital and other items added $348K. Capital expenditures of $2.2M exceeded it, leaving free cash flow of −$5.4M.

Quarterly history

Treace Medical Concepts revenue by quarterTreace Medical Concepts revenue by quarter$52.6MQ1 2025$47.4MQ2 2025$50.2MQ3 2025$62.5MQ4 2025$47.2MQ1 2026$45.4MQ2 2026$48.3MQ3 2026
Treace Medical Concepts net earnings by quarterTreace Medical Concepts net earnings by quarter−$15.9MQ1 2025−$17.4MQ2 2025−$16.3MQ3 2025−$9.4MQ4 2025−$18.0MQ1 2026−$15.9MQ2 2026−$12.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$48.3M-4%-23.9%−$12.6M−$3.3M
Q2 202610-QAug 7, 2026$45.4M-4%-33.0%−$15.9M−$4.7M
Q1 202610-QMay 8, 2026$47.2M-10%-36.4%−$18.0M$7.2M
Q4 202510-KFeb 27, 2026$62.5M-9%-9.5%−$9.4M−$8.0M
Q3 202510-QNov 6, 2025$50.2M+11%-31.2%−$16.3M−$9.1M
Q2 202510-QAug 7, 2025$47.4M+7%-35.8%−$17.4M−$3.0M
Q1 202510-QMay 8, 2025$52.6M+3%-29.6%−$15.9M$4.2M

Charts

Treace Medical Concepts: revenue growth, year over year and quarter over quarterTreace Medical Concepts: revenue growth, year over year and quarter over quarterY/YQ/Q+3%Q1 2025+7%-10%Q2 2025+11%+6%Q3 2025-9%+25%Q4 2025-10%-25%Q1 2026-4%-4%Q2 2026-4%+6%Q3 2026
Latest (Q3 2026): Y/Y -4%, Q/Q +6%.
Treace Medical Concepts: where the cash came from (+) and went (−), TTM to Q3 2026Treace Medical Concepts: where the cash came from (+) and went (−), TTM to Q3 2026Other investing$17.5MCapital spending−$9.8MOperating cash flow−$8.7MOther financing$978KShares issued$177KCash drawn (+) / kept (−)−$74K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Treace Medical Concepts: profit against cash, quarter by quarterTreace Medical Concepts: profit against cash, quarter by quarterNet incomeOperating cash flow−$501K−$4.2MQ4 2024−$15.9M$4.2MQ1 2025−$17.4M−$3.0MQ2 2025−$16.3M−$9.1MQ3 2025−$9.4M−$8.0MQ4 2025−$18.0M$7.2MQ1 2026−$15.9M−$4.7MQ2 2026−$12.6M−$3.3MQ3 2026
Latest (Q3 2026): Net income −$12.6M, Operating cash flow −$3.3M.
Treace Medical Concepts: diluted shares by fiscal yearTreace Medical Concepts: diluted shares by fiscal year37MFY202048MFY202155MFY202261MFY202362MFY202463MFY2025
+70.7% since FY2020: more shares outstanding (issuance, stock pay).
Treace Medical Concepts in its industry: growth against margin (111 companies, SIC 3841)Treace Medical Concepts in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNSTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSTMCI (-4%, -24%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Treace Medical Concepts

Treace Medical Concepts, Inc. is a medical technology company with the goal of being the recognized leader in the surgical treatment of bunions and related deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which Treace estimates 1.1 million are annual surgical candidates. Treace has pioneered and patented the Lapiplasty ® 3D Bunion Correction ® System – a combination of instruments, implants, and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles.

In its own words, from its 8-K, filed Aug 7, 2026.

Treace Medical Concepts against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +5%. Operating margin: -23.9% against the peers' median 13.3%.

CompanyQuarterRevenueY/YOp. margin
TMCI Treace Medical ConceptsQ3 2026$48.3M-4%-23.9%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%

Source: Treace Medical Concepts 10-Q on SEC EDGAR · CIK 1630627 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Treace Medical Concepts: what its forward-looking statements are about (10-Q filed 2026-11-06)Treace Medical Concepts: what its forward-looking statements are about (10-Q filed 2026-11-06)Demand5Other2Margins1Deals1
9 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.
Treace Medical Concepts: outlook statements against the filing beforeTreace Medical Concepts: outlook statements against the filing beforeConfident3Cautious3

13F: who owns TMCI and who is buying

Largest holders of TMCI (13F)Largest holders of TMCI (13F)Armistice Capital, LLC$25.3MBank of America$13.2MGagnon Securities LLC$12.1MVanguard Capital Management LLC$8.1MGagnon Advisors, LLC$6.1MAQR Capital Management LLC$6.0MVanguard Group$5.6MBlackRock$5.5MMarshall Wace, LLP$5.3MCibc Bancorp USA$4.8M
Funds' net buying of TMCI by quarter (13F)Funds' net buying of TMCI by quarter (13F)$2.7M2024-09−$17.3M2024-12$7.1M2025-03$2.0M2025-06$3.3M2025-09−$6.3M2025-12$3.5M2026-03−$16.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TMCI

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare TMCI with

中文版：Treace Medical Concepts（TMCI）财报

Español · Français