Overview

• US bunion surgery device maker's Q1 revenue fell 10% yr/yr, beating analyst expectations

• Company posted wider net loss and adjusted EBITDA loss compared to prior year

• Full-year 2026 revenue guidance reaffirmed, projecting up to 5% decline or flat performance

Outlook

• Treace reaffirms 2026 revenue guidance of $202 mln to $212 mln, down 5% to flat vs 2025

• Company reiterates 2026 adjusted EBITDA loss forecast of $4 mln to $6 mln

• Treace expects 2026 cash usage to decline about 50% from 2025

Result Drivers

• CASE VOLUME GROWTH - Co said it continued to grow year-over-year case volumes and take market share

• PRODUCT AND PRICE MIX HEADWINDS - Co said revenue was offset by continued headwinds from demand driven product and price mix shift within its expanded product portfolio

• NEW PRODUCT LAUNCH - Co initiated limited market release of SuperBite Compression Screw System with successful first commercial cases

Company press release: ID:nGNX9pVkSH

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$47.20 mln	$45.96 mln (5 Analysts)
Q1 EPS		-$0.28
Q1 Gross Margin		79.30%
Q1 Gross Profit		$37.41 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy."

• Wall Street's median 12-month price target for Treace Medical Concepts, Inc is $3.00, about 56.3% above its May 7 closing price of $1.92

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.