Filing Flows › Treace Medical Concepts (TMCI) › Q3 2025
Treace Medical Concepts (TMCI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Treace Medical Concepts (TMCI) reported revenue of $50.2M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +6% from the quarter before. Operating margin was -31.2%, net loss $16.3M (32.4% of revenue).
Treace Medical Concepts, Q3 2025: revenue $50.2M (+11% year over year), operating margin -31.2%, net loss $16.3M, operating cash flow −$9.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.2M | +6% | +11% |
| Operating profit | −$15.7M | — | — |
| Net earnings | −$16.3M | — | — |
| Operating cash flow | −$9.1M | — | — |
What changed
Revenue was $50.2M in Q3 2025, up 11% year over year and up 6% from the previous quarter.
Gross margin was 79.1%, down 1.1 points from a year earlier. Operating costs exceeded revenue by $15.7M, an operating margin of -31.2%. Operating expenses grew 8% against revenue growth of 11%. The fastest-growing cost line was General & admin (+20%). The quarter ended with a net loss of $16.3M, narrower than the previous quarter's $17.4M loss.
Operating cash flow was −$9.1M. Non-cash charges added back $2.8M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $3.6M. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$11.9M.
Questions
What was Treace Medical Concepts' revenue in the third quarter 2025?
Treace Medical Concepts (TMCI) reported revenue of $50.2M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +6% from the quarter before.
Was Treace Medical Concepts profitable in the third quarter 2025?
Operating loss was $15.7M (-31.2% of revenue) and net loss $16.3M.