Treace Medical gains on smaller-than-estimated Q4 loss

Treace Medical Concepts

08/03/2023 16:56

** Shares of medical device maker Treace Medical Concepts
Inc  TMCI.O  rise 20.5% to $24.40
    ** Company, late Tuesday, reported Q4 adj loss of 8 cents
per/shr, smaller than Refinitiv est of 14 cents per/shr loss
    ** TMCI's quarterly revenue of $49.8 mln beat est $44.8 mln,
helped by higher sales of its procedure kits used for bunion
surgery
    ** Company sees FY23 revenue at $187 mln to $193 mln, vs
analysts' est of $186.24 mln
    ** Brokerage BTIG says strong guidance reinforces its view
that TMCI's momentum can continue into FY23
    ** All 4 brokerages covering the stock rate "buy" or higher;
median PT is $29.50 - Refinitiv
    ** TMCI stock gained 22.3% in 2022

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))