Treace Medical shares plummet to record low after Q3 miss, outlook cut

Treace Medical Concepts

10/11/2023 17:42

** Shares of Treace Medical Concepts  TMCI.O  plunge to record
low Fri and were last down 43.2%, after co reported
weaker-than-expected quarterly results and cut its 2023 rev
outlook
    ** The stock fell as low as $5.27
    ** Medical device firm, which makes kits for bunion surgery,
late Thurs missed analysts' estimates on both Q3 rev and
earnings, based on LSEG data
    ** Co now sees 2023 rev of $182-$186 mln, down from prior
guidance of $191-$197 mln
    ** BTIG and Stifel cut their price targets on TMCI following
the report
    ** Six of the seven analysts covering co have a "buy" rating
on TMCI and with median 12-mo price target of $12, according to
LSEG data. The stock was last at $5.68
    ** BTIG analysts, which rate stock a "buy", wrote in note
late Thurs that Treace "should see positive contributions from
recent new product introductions along with new products in 2H24
such as pre-operative planning  and patient-specific
instrumentation." 
    ** Including the session move, TMCI is down about 75% YTD
compared with a roughly 30% gain in the Nasdaq  .IXIC 

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))