$TMCI
TREACE MEDICAL CONCEPTS, INC.

2022 Q4 Form 10-Q Financial Statement

#000095017022023530 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $49.77M $33.06M $21.62M
YoY Change 48.84% 52.9% 51.54%
Cost Of Revenue $9.742M $6.624M $4.248M
YoY Change 54.46% 55.93% 45.93%
Gross Profit $40.03M $26.43M $17.37M
YoY Change 47.53% 52.16% 52.98%
Gross Profit Margin 80.43% 79.96% 80.35%
Selling, General & Admin $39.78M $33.95M $20.29M
YoY Change 35.51% 67.29% 104.85%
% of Gross Profit 99.37% 128.45% 116.83%
Research & Development $3.749M $3.799M $2.537M
YoY Change 11.02% 49.74% 67.9%
% of Gross Profit 9.37% 14.37% 14.6%
Depreciation & Amortization $917.0K $400.0K $200.0K
YoY Change 232.25% 100.0% -33.33%
% of Gross Profit 2.29% 1.51% 1.15%
Operating Expenses $43.52M $37.75M $22.83M
YoY Change 32.98% 65.34% 99.96%
Operating Profit -$3.497M -$11.32M -$5.460M
YoY Change -37.52% 107.29% 8566.67%
Interest Expense -$615.0K $1.190M $963.0K
YoY Change -39.82% 23.57% 19.18%
% of Operating Profit
Other Income/Expense, Net -$815.0K -$958.0K
YoY Change -14.93% -63.04%
Pretax Income -$4.412M -$12.13M -$6.418M
YoY Change -33.34% 89.05% 141.28%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.412M -$12.13M -$6.418M
YoY Change -33.34% 89.05% 141.73%
Net Earnings / Revenue -8.86% -36.71% -29.69%
Basic Earnings Per Share -$0.22 -$0.12
Diluted Earnings Per Share -$0.08 -$0.22 -$121.6K
COMMON SHARES
Basic Shares Outstanding 55.50M 55.43M 52.77M
Diluted Shares Outstanding 55.43M 52.77M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.25M $88.55M $109.5M
YoY Change -23.23% -19.11%
Cash & Equivalents $19.47M $88.55M $109.5M
Short-Term Investments $61.78M
Other Short-Term Assets $3.624M $4.014M $3.760M
YoY Change 20.4% 6.76%
Inventory $19.33M $16.79M $10.35M
Prepaid Expenses
Receivables $29.20M $18.55M $11.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $133.4M $127.9M $135.4M
YoY Change -3.31% -5.51%
LONG-TERM ASSETS
Property, Plant & Equipment $15.34M $14.15M $2.225M
YoY Change 438.36% 535.87%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $146.0K $146.0K
YoY Change
Total Long-Term Assets $25.62M $28.54M $2.225M
YoY Change 799.33% 1182.74%
TOTAL ASSETS
Total Short-Term Assets $133.4M $127.9M $135.4M
Total Long-Term Assets $25.62M $28.54M $2.225M
Total Assets $159.0M $156.4M $137.6M
YoY Change 12.93% 13.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.668M $7.881M $2.442M
YoY Change 113.71% 222.73%
Accrued Expenses $6.216M $5.189M $2.824M
YoY Change 37.58% 83.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.25M $22.58M $10.72M
YoY Change 66.09% 110.58%
LONG-TERM LIABILITIES
Long-Term Debt $52.71M $52.64M $29.32M
YoY Change 79.5% 79.52%
Other Long-Term Liabilities $15.54M $19.03M $173.0K
YoY Change 8882.08% 10897.69%
Total Long-Term Liabilities $52.71M $52.64M $29.32M
YoY Change 79.5% 79.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.25M $22.58M $10.72M
Total Long-Term Liabilities $52.71M $52.64M $29.32M
Total Liabilities $98.50M $94.24M $40.22M
YoY Change 106.28% 134.33%
SHAREHOLDERS EQUITY
Retained Earnings -$84.70M -$80.30M -$35.29M
YoY Change 102.12% 127.57%
Common Stock $55.00K $46.00K
YoY Change 22.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $60.53M $62.20M $97.37M
YoY Change
Total Liabilities & Shareholders Equity $159.0M $156.4M $137.6M
YoY Change 12.93% 13.7%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$4.412M -$12.13M -$6.418M
YoY Change -33.34% 89.05% 141.73%
Depreciation, Depletion And Amortization $917.0K $400.0K $200.0K
YoY Change 232.25% 100.0% -33.33%
Cash From Operating Activities -$5.358M -$7.483M -$9.264M
YoY Change 42.8% -19.22%
INVESTING ACTIVITIES
Capital Expenditures $2.332M -$5.857M -$939.0K
YoY Change -359.11% 523.75%
Acquisitions
YoY Change
Other Investing Activities -$61.68M
YoY Change
Cash From Investing Activities -$64.01M -$5.857M -$939.0K
YoY Change 7012.44% 523.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 297.0K 353.0K 41.00K
YoY Change -71.05% 760.98%
NET CHANGE
Cash From Operating Activities -5.358M -7.483M -9.264M
Cash From Investing Activities -64.01M -5.857M -939.0K
Cash From Financing Activities 297.0K 353.0K 41.00K
Net Change In Cash -69.07M -12.99M -10.16M
YoY Change 1804.94% 27.8%
FREE CASH FLOW
Cash From Operating Activities -$5.358M -$7.483M -$9.264M
Capital Expenditures $2.332M -$5.857M -$939.0K
Free Cash Flow -$7.690M -$1.626M -$8.325M
YoY Change 169.64% -80.47%

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-5083000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
102911000
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
41000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
839000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-6418000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
97373000
us-gaap Profit Loss
ProfitLoss
-38403000
us-gaap Profit Loss
ProfitLoss
-13933000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1216000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
409000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-38000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-56000
us-gaap Share Based Compensation
ShareBasedCompensation
5641000
us-gaap Share Based Compensation
ShareBasedCompensation
2116000
tmci Non Cash Lease Expense
NonCashLeaseExpense
2010000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
169000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
133000
us-gaap Inventory Write Down
InventoryWriteDown
-206000
us-gaap Inventory Write Down
InventoryWriteDown
179000
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
173000
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
72000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4483000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-25000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-58000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2747000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6027000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2710000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1058000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3168000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
146000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
0
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
3112000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3825000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
177000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
222000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
737000
us-gaap Repayments Of Debt
RepaymentsOfDebt
0
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25290000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13441000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12506000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1805000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12506000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1805000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1788000
tmci Proceeds From Interest Bearing Term Debt
ProceedsFromInterestBearingTermDebt
49651000
tmci Proceeds From Interest Bearing Term Debt
ProceedsFromInterestBearingTermDebt
0
tmci Proceeds From Interest Bearing Revolver Debt
ProceedsFromInterestBearingRevolverDebt
3850000
tmci Proceeds From Interest Bearing Revolver Debt
ProceedsFromInterestBearingRevolverDebt
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
989000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Repayments Of Debt
RepaymentsOfDebt
33893000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
10600000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
107610000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1890000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
804000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20509000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
106626000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17287000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
91380000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105833000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18079000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88546000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109459000
us-gaap Interest Paid Net
InterestPaidNet
3087000
us-gaap Interest Paid Net
InterestPaidNet
2917000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15300000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
1000
tmci Conversion Of Convertible Preferred Stock And Accrued Dividends On Convertible Preferred Stock Into Common Stock
ConversionOfConvertiblePreferredStockAndAccruedDividendsOnConvertiblePreferredStockIntoCommonStock
7935000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Formation and Business of the Company</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">The Company</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Treace Medical Concepts, LLC was formed on </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">July 29, 2013</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> as a Florida limited liability company. Effective July 1, 2014, the entity converted to a Delaware corporation and changed its name to Treace Medical Concepts, Inc. (the “Company”). The Company is a medical technology company driving a fundamental shift in the surgical treatment of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Hallux Valgus </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">(commonly known as “bunions”). The Company received 510(k) clearance for the Lapiplasty® System in March 2015 and began selling its surgical medical devices in September 2015. The Company has pioneered the proprietary Lapiplasty 3D Bunion Correction System – a combination of innovative instruments, implants and surgical methods designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. In addition, the Company offers other advanced instrumentation and implants for use in the Lapiplasty Procedure or other ancillary procedures performed in high frequency with bunion surgery. The Company expanded its offerings with the Adductoplasty™ Midfoot Correction System, designed for reproducible correction of the midfoot to provide further support to hallux valgus patients. The Company operates from its corporate headquarters located in Ponte Vedra, Florida.</span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Initial Public Offering</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">On April 27, 2021, the Company completed its initial public offering (“IPO”) of </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">12,937,500</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">6,953,125</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of common stock were issued and sold by the Company (inclusive of </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">703,125</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares pursuant to the exercise of the underwriters’ option) and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">5,984,375</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of common stock that were sold by the selling stockholders named in the prospectus (inclusive of </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">984,375</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares pursuant to the exercise of the underwriters’ option), at a price to the public of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">17.00</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> per share. The Company received net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">107.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million, after deducting underwriting discounts and commissions of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">8.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million and offering expenses payable by the Company of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">2.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. The Company did </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">t receive any proceeds from the sale of the shares by the selling stockholders. Upon the completion of the IPO, all </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">6,687,475</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of Series A convertible preferred stock then outstanding were converted into shares of common stock on a one-to-one basis plus </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">158,447</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of common stock were issued to pay accrued cumulative dividends on Series A convertible preferred stock of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">2.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Liquidity and Capital Resources</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> The Company has incurred operating losses to date and has an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">80.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million as of September 30, 2022. During the nine months ended September 30, 2022 and 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, the Company used $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">25.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million and $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">13.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million of cash in its operating activities, respectively. As of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">September 30, 2022, the Company had cash and cash equivalents of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">88.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Management believes that the Company’s existing cash and cash equivalents will allow the Company to continue its planned operations for at least the next 12 months from the date of the issuance of these interim condensed </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">financial statements.</span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-07-29
CY2021Q2 tmci Stock Issued During The Period Shares Including Sale By The Existing Shareholders
StockIssuedDuringThePeriodSharesIncludingSaleByTheExistingShareholders
12937500
CY2021Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
17.00
CY2021Q2 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
8300000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2300000
CY2021Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
6687475
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-80300000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25300000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13400000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88500000
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
381000
CY2022Q3 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
1659000
CY2021Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
1522000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, valuation of equity instruments, valuation of common stock, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies. The Company had </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> accrued contingent liabilities as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">September 30, 2022 and December 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
CY2022Q3 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2021Q4 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. The Company’s accounts receivable is derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition. At September 30, 2022 and December 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, no customer accounted for more than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of accounts receivable. For the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">nine months ended September 30, 2022 and 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, there were no customers that represented </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% or more of revenue.</span></p>
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1900000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1900000
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2022Q3 us-gaap Cash
Cash
2707000
CY2021Q4 us-gaap Cash
Cash
613000
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
85839000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
105220000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88546000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
105833000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17679000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5588000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3531000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2739000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14148000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2849000
CY2022Q2 tmci Debt Instrument Repayment Fee Percentage Year3
DebtInstrumentRepaymentFeePercentageYear3
0.010
CY2022Q2 tmci Debt Instrument Repayment Fee Percentage Final
DebtInstrumentRepaymentFeePercentageFinal
0.030
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
975000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1027000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
941000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2122000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1080000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5189000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4518000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1364000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
635000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
52636000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
29365000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
33333000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
20667000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1364000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
52636000
CY2022Q2 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
The Company is required to either (1) maintain a minimum drawn balance under the revolving facility agreement or (2) pay a minimum balance fee that is equal to the amount of the minimum balance deficit multiplied by the applicable interest rate during the period. If the outstanding balance under the revolving loan facility exceeds the lesser of (1) 50% of the revolving borrowing capacity or (2) 50% of the borrowing base, or the Company is in default, MidCap will apply funds collected from the Company's lockbox account to reduce the outstanding balance of the revolving loan facility (“Lockbox Deductions”).
CY2022Q2 tmci Revolving Borrowing Capacity Percentage
RevolvingBorrowingCapacityPercentage
0.50
CY2022Q2 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The loans bear interest at an annual rate based on a 30-day forward looking secured overnight financing rate plus 0.10% (subject to a floor of 1.0% and a cap of 3.0% for both loan agreements) plus (1) 6.0% under the term loan agreement and (2) 4.0% under the revolving credit facility.
CY2022Q2 us-gaap Line Of Credit Facility Frequency Of Payments
LineOfCreditFacilityFrequencyOfPayments
Interest is payable monthly in arrears on the first day of each month and on the maturity of the loan agreements. The Company is obligated to pay interest only for the first 48 months and straight-line amortization for the remaining 12 months, subject to the Company’s election to extend the initial interest-only period by 12 months to 60 months total if the Company’s trailing twelve-month revenue is at or above certain levels.
CY2022Q2 tmci Debt Instrument Repayment Fee Percentage Year1
DebtInstrumentRepaymentFeePercentageYear1
0.030
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
18094000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
30255000
CY2022Q3 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2021Q4 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2022Q3 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P10Y
tmci Percentage Of Construction Cost Paid As Fees To Lessor
PercentageOfConstructionCostPaidAsFeesToLessor
-0.015
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
100000
us-gaap Variable Lease Cost
VariableLeaseCost
100000
CY2021Q3 us-gaap Payments For Rent
PaymentsForRent
300000
us-gaap Payments For Rent
PaymentsForRent
500000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
800000
us-gaap Operating Lease Cost
OperatingLeaseCost
1900000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
500000
us-gaap Operating Lease Payments
OperatingLeasePayments
800000
tmci Schedule Of Operating Lease Liability Balance Sheet Information Tabletextblock
ScheduleOfOperatingLeaseLiabilityBalanceSheetInformationTabletextblock
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Additional information related to operating leases is as follows:</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:64.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:74.996%;"/> <td style="width:3.125%;"/> <td style="width:21.878%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:8.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">September 30, 2022</span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:middle;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Weighted average remaining lease term (years)</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> 9.4</span></span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Weighted average discount rate</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">9.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span></p></td> </tr> </table>
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.092
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
627000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
444000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
458000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
472000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
321000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2322000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
308000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2161000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2932000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3421000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3339000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10899000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
19356000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
330000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19026000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1237675
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1787761
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2269000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
839000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5641000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2116000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-12133000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-6418000
us-gaap Net Income Loss
NetIncomeLoss
-38403000
us-gaap Net Income Loss
NetIncomeLoss
-13933000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
196000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12133000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6418000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38403000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14129000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55429211
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55429211
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52766150
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52766150
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55190587
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55190587
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46603487
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46603487
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.70
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7709281
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7493604

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