Filing Flows › Treace Medical Concepts (TMCI) › Q4 2025
Treace Medical Concepts (TMCI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Treace Medical Concepts (TMCI) reported revenue of $62.5M for the fourth quarter 2025 (Q4 2025), -9% from a year earlier and +25% from the quarter before. Operating margin was -9.5%, net loss $9.4M (15.0% of revenue).
Treace Medical Concepts, Q4 2025: revenue $62.5M (-9% year over year), operating margin -9.5%, net loss $9.4M, operating cash flow −$8.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $62.5M | +25% | -9% |
| Operating profit | −$5.9M | — | — |
| Net earnings | −$9.4M | — | — |
| Operating cash flow | −$8.0M | — | — |
What changed
Revenue was $62.5M in Q4 2025, down 9% year over year and up 25% from the previous quarter.
Gross margin was 80.6%, down 0.1 points from a year earlier. Operating costs exceeded revenue by $5.9M, an operating margin of -9.5%. Operating expenses grew 1% against a revenue fall of 9%. The quarter ended with a net loss of $9.4M, narrower than the previous quarter's $16.3M loss.
Operating cash flow was −$8.0M. Non-cash charges added back $2.8M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items used $9.0M. Capital expenditures of $2.4M exceeded it, leaving free cash flow of −$10.4M.
Questions
What was Treace Medical Concepts' revenue in the fourth quarter 2025?
Treace Medical Concepts (TMCI) reported revenue of $62.5M for the fourth quarter 2025 (Q4 2025), -9% from a year earlier and +25% from the quarter before.
Was Treace Medical Concepts profitable in the fourth quarter 2025?
Operating loss was $5.9M (-9.5% of revenue) and net loss $9.4M.