Treace Medical Concepts reports Preliminary Q4 FY23 Revenue Of $61.8M-$62.2M Versus Consensus Of $58.89M, FY23 Prelim Revenues Of $186.7M-$187.1M Vs. Consensus Of $183.86M
Portfolio Pulse from Benzinga Newsdesk
Treace Medical Concepts, Inc. (TMCI) reported preliminary Q4 FY23 revenue between $61.8M-$62.2M, surpassing the consensus estimate of $58.89M. The company also projected FY23 revenues to be between $186.7M-$187.1M, which is higher than the consensus of $183.86M. TMCI saw a record high average revenue per Lapiplasty procedure kit sold at approximately $6,437, marking a 9% increase from the previous year. The company also reported a significant growth in active surgeons using their products, with about 164 new additions in Q4 and 468 for the full year, ending with approximately 2,855 active surgeons, a 20% increase from the previous year. Additionally, TMCI ended Q4 with 227 direct quota carrying sales representatives, a 35% increase from the end of 2022, contributing to 82% of the revenue in Q4.
January 08, 2024 | 1:36 pm
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POSITIVE IMPACT
Treace Medical Concepts exceeded Q4 and FY23 revenue estimates, with a record high revenue per Lapiplasty procedure kit and significant growth in active surgeons and sales representatives.
The positive preliminary revenue figures for both Q4 and FY23 that exceeded consensus estimates are likely to instill investor confidence and could lead to a short-term increase in TMCI's stock price. The record high revenue per Lapiplasty kit and the growth in active surgeons and sales representatives indicate strong operational performance and market expansion, which are key drivers of future revenue growth. These factors combined with the earnings beat make it likely that the stock will react positively in the short term.
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