2024 Q1 Form 10-K Financial Statement

#000095017024021228 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $51.11M $62.21M $187.1M
YoY Change 21.12% 25.0% 31.92%
Cost Of Revenue $10.13M $11.47M $35.18M
YoY Change 25.97% 17.73% 27.82%
Gross Profit $40.98M $50.74M $151.9M
YoY Change 19.98% 26.77% 32.91%
Gross Profit Margin 80.19% 81.56% 81.2%
Selling, General & Admin $54.69M $53.37M $187.9M
YoY Change 22.84% 34.19% 38.61%
% of Gross Profit 133.45% 105.18% 123.69%
Research & Development $5.259M $4.152M $15.44M
YoY Change 54.13% 10.75% 13.53%
% of Gross Profit 12.83% 8.18% 10.16%
Depreciation & Amortization $1.909M $1.769M $5.352M
YoY Change 112.11% 92.91% 154.86%
% of Gross Profit 4.66% 3.49% 3.52%
Operating Expenses $59.95M $57.53M $203.4M
YoY Change 25.07% 32.17% 36.34%
Operating Profit -$18.97M -$6.782M -$51.43M
YoY Change 37.69% 93.94% 47.59%
Interest Expense $1.317M $405.0K $5.167M
YoY Change 2.49% -165.85% 17.49%
% of Operating Profit
Other Income/Expense, Net $292.0K $96.00K $1.901M
YoY Change -9.32% -123.85%
Pretax Income -$18.68M -$6.281M -$49.53M
YoY Change 38.81% 42.36% 15.68%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.68M -$6.281M -$49.53M
YoY Change 38.81% 42.36% 15.68%
Net Earnings / Revenue -36.54% -10.1% -26.47%
Basic Earnings Per Share -$0.30 -$0.81
Diluted Earnings Per Share -$0.30 -$0.10 -$0.81
COMMON SHARES
Basic Shares Outstanding 61.76M 61.68M 60.85M
Diluted Shares Outstanding 61.79M 60.85M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.0M $123.2M $123.2M
YoY Change -35.54% 51.62% 51.62%
Cash & Equivalents $9.334M $12.98M $3.160M
Short-Term Investments $100.7M $110.2M $110.2M
Other Short-Term Assets $11.45M $7.853M $7.853M
YoY Change 149.57% 116.69% 116.69%
Inventory $35.86M $29.25M $29.25M
Prepaid Expenses
Receivables $30.08M $38.06M $38.06M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $187.4M $198.4M $198.4M
YoY Change -16.02% 48.69% 48.69%
LONG-TERM ASSETS
Property, Plant & Equipment $24.52M $22.30M $31.56M
YoY Change 54.05% 45.38% 23.89%
Goodwill $12.82M $12.82M
YoY Change
Intangibles $8.787M $9.025M
YoY Change
Long-Term Investments
YoY Change
Other Assets $146.0K $146.0K $146.0K
YoY Change -32.09% 0.0% 0.0%
Total Long-Term Assets $55.33M $53.55M $53.55M
YoY Change 112.5% 108.99% 108.99%
TOTAL ASSETS
Total Short-Term Assets $187.4M $198.4M $198.4M
Total Long-Term Assets $55.33M $53.55M $53.55M
Total Assets $242.7M $251.9M $251.9M
YoY Change -2.59% 58.41% 58.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.15M $11.84M $11.84M
YoY Change 316.65% 36.54% 36.54%
Accrued Expenses $15.16M $10.46M $30.17M
YoY Change 90.13% 68.24% 39.82%
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 $47.05M $45.03M $45.03M
YoY Change 101.96% 48.89% 48.89%
LONG-TERM LIABILITIES
Long-Term Debt $53.08M $53.01M $53.01M
YoY Change 0.56% 0.56% 0.56%
Other Long-Term Liabilities $37.00K $37.00K $15.93M
YoY Change 48.0% -99.76% 2.5%
Total Long-Term Liabilities $53.12M $53.05M $68.94M
YoY Change 0.59% 0.63% 1.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.05M $45.03M $45.03M
Total Long-Term Liabilities $53.12M $53.05M $68.94M
Total Liabilities $116.3M $114.0M $114.0M
YoY Change 27.07% 15.71% 15.71%
SHAREHOLDERS EQUITY
Retained Earnings -$152.9M -$134.2M
YoY Change 55.73% 58.5%
Common Stock $62.00K $62.00K
YoY Change 1.64% 12.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $250.0K $13.00K
YoY Change
Treasury Stock Shares
Shareholders Equity $126.4M $137.9M $137.9M
YoY Change
Total Liabilities & Shareholders Equity $242.7M $251.9M $251.9M
YoY Change -2.59% 58.41% 58.41%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$18.68M -$6.281M -$49.53M
YoY Change 38.81% 42.36% 15.68%
Depreciation, Depletion And Amortization $1.909M $1.769M $5.352M
YoY Change 112.11% 92.91% 154.86%
Cash From Operating Activities -$7.221M $532.0K -$34.58M
YoY Change -58.26% -109.93% 12.99%
INVESTING ACTIVITIES
Capital Expenditures $3.927M $2.248M $11.46M
YoY Change 165.7% -3.6% -22.78%
Acquisitions $20.00M
YoY Change
Other Investing Activities $7.685M $7.255M -$69.84M
YoY Change -109.73% -111.76% 13.23%
Cash From Investing Activities $3.758M $5.007M -$81.30M
YoY Change -104.67% -107.82% 6.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -185.0K 165.0K 109.4M
YoY Change -100.17% -44.44% 425.73%
NET CHANGE
Cash From Operating Activities -7.221M 532.0K -34.58M
Cash From Investing Activities 3.758M 5.007M -81.30M
Cash From Financing Activities -185.0K 165.0K 109.4M
Net Change In Cash -3.648M 5.704M -6.491M
YoY Change -135.98% -108.26% -92.48%
FREE CASH FLOW
Cash From Operating Activities -$7.221M $532.0K -$34.58M
Capital Expenditures $3.927M $2.248M $11.46M
Free Cash Flow -$11.15M -$1.716M -$46.03M
YoY Change -40.63% -77.69% 1.31%

Facts In Submission

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CY2023 us-gaap Nature Of Operations
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<p id="formation_and_business" style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Formation and Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the Company</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">The Company</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Treace Medical Concepts, LLC was formed on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">July 29, 2013</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. 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 instruments, implants and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion. In addition, the Company offers advanced instrumentation and implants for use in other procedures performed in high frequency with bunion surgery. The Company operates from its corporate headquarters located in Ponte Vedra, Florida.</span></p><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Initial Public Offering and Follow-on Offering</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On April 27, 2021, the Company completed its initial public offering ("IPO"). The Company received net proceeds of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">107.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million from the IPO. O</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">n February 10, 2023, the Company completed a follow-on offering of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5,476,190</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of its common stock, which included the exercise in full of the underwriters' option to purchase additional shares, at a price to the public of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share. The February 2023 offering resulted in net proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">107.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million after deducting underwriting discounts and commissions of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and offering expenses payable by the Company of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million.</span></p>
CY2023 dei Entity Incorporation Date Of Incorporation
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2013-07-29
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of 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 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></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.13%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates and assumptions include write-downs related to accounts receivable, reserves and inventories, valuation of intangible assets and goodwill, the recoverability of long-term assets, deferred tax assets and related valuation allowances, contingencies, earn-out liabilities, and stock-based compensation.</span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash 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. The Company's available-for-sale securities portfolio primarily consists of U.S. treasury and agency securities, money market funds, commercial paper, Yankee CDs, high credit quality asset-backed securities and corporate debt securities. The Company's investment policy requires its available for sale securities to meet certain criteria including investment type, credit ratings, and a maximum portfolio duration of one year.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 and generally requires no collateral from its customers. At December 31, 2023 and 2022</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, no customer accounted for more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of accounts receivable. For the years ended </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023, 2022, and 2021</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, there were no customers that represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% or more of revenue.</span></p>
CY2023 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
200000
CY2023Q4 tmci Revenue Recognition International Sales
RevenueRecognitionInternationalSales
0
CY2023Q4 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
0
CY2022Q4 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
0
CY2021Q4 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
0
CY2023 tmci Revenue Recognition Shipments To Customers Right To Return Description
RevenueRecognitionShipmentsToCustomersRightToReturnDescription
shipments to customers, the Company offers the right to return the product within 30 days for a full refund, and for returns between 30 and 90 days, the Company offers a full refund less a 15% restocking fee. The Company does not have a history of product returns for refund. Customer invoices are generally payable within 30 days. The Company's products are generally sold with a limited standard warranty to the original purchaser of the products against defects in workmanship and materials for 180 days. The Company's liability is limited to providing, at the Company's option, a full refund or credit of the purchase price, or repairing or replacing the product, provided that the customer returns the defective product within 180 days from the purchase date. To date, the Company has had negligible returns of any products alleged to be defective.
CY2023 us-gaap Revenue Practical Expedient Incremental Cost Of Obtaining Contract
RevenuePracticalExpedientIncrementalCostOfObtainingContract
true
CY2023 tmci Shipping And Handling Costs
ShippingAndHandlingCosts
1300000
CY2022 tmci Shipping And Handling Costs
ShippingAndHandlingCosts
800000
CY2021 tmci Shipping And Handling Costs
ShippingAndHandlingCosts
500000
CY2023 us-gaap Advertising Expense
AdvertisingExpense
16100000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
15000000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
13000000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Product Liability Contingency Accrual Present Value
ProductLiabilityContingencyAccrualPresentValue
0
CY2022Q4 us-gaap Product Liability Contingency Accrual Present Value
ProductLiabilityContingencyAccrualPresentValue
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-49300000
CY2022 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-42800000
CY2022 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
2100000
CY2021 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
700000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1900000
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
0
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2023Q4 us-gaap Cash
Cash
9822000
CY2022Q4 us-gaap Cash
Cash
3262000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12982000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19473000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
110053000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
196000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
33000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
110216000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
61806000
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
79000
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
106000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
61779000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31046000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19601000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8748000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4263000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22298000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15338000
CY2023 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
4900000
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
300000
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
200000
CY2022 us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
100000
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
2305000
CY2022Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
2299000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
417000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
412000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
424000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1727000
CY2023Q4 tmci Accrued Compensation Expense
AccruedCompensationExpense
3340000
CY2022Q4 tmci Accrued Compensation Expense
AccruedCompensationExpense
0
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3972000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1778000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10458000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6216000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1404000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
339000
CY2023Q4 tmci Contingent Consideration
ContingentConsideration
2977000
CY2022Q4 tmci Contingent Consideration
ContingentConsideration
0
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
51000
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
0
CY2023Q4 tmci Operating Lease And Other Liabilities
OperatingLeaseAndOtherLiabilities
4432000
CY2022Q4 tmci Operating Lease And Other Liabilities
OperatingLeaseAndOtherLiabilities
339000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
992000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1289000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
53008000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
52711000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
33333000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
20667000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
992000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
53008000
CY2022Q2 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
The Company is required to either (i) maintain a minimum drawn balance under the revolving loan facility or (ii) 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 (i) 50% of the revolving borrowing capacity or (ii) 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 (i) 6.0% under the term loan agreement and (ii) 4.0% under the revolving loan 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 term loan agreement and the revolving loan facility are accruing interest as of December 31, 2023 at the capped interest rates of 9% and 7%, respectively. 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
0.03
CY2022Q2 tmci Debt Instrument Repayment Fee Percentage Year3
DebtInstrumentRepaymentFeePercentageYear3
0.01
CY2022Q2 tmci Debt Instrument Repayment Fee Percentage Final
DebtInstrumentRepaymentFeePercentageFinal
0.03
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
300000
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
200000
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
200000
CY2023Q4 tmci Accrued Liabilities Related To Litigation And Contingencies
AccruedLiabilitiesRelatedToLitigationAndContingencies
0
CY2022Q4 tmci Accrued Liabilities Related To Litigation And Contingencies
AccruedLiabilitiesRelatedToLitigationAndContingencies
0
CY2023Q4 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P10Y
CY2023Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
2000000
CY2023 tmci Percentage Of Construction Cost Paid As Fees To Lessor
PercentageOfConstructionCostPaidAsFeesToLessor
-0.015
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
700000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
0
CY2021 us-gaap Payments For Rent
PaymentsForRent
600000
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
2400000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
2300000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
2200000
CY2023 tmci Schedule Of Operating Lease Liability Balance Sheet Information Tabletextblock
ScheduleOfOperatingLeaseLiabilityBalanceSheetInformationTabletextblock
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Additional information related to operating leases is as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:65.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:74.985%;"></td> <td style="width:1.538%;"></td> <td style="width:1%;"></td> <td style="width:21.477%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;min-width:fit-content;">December 31, 2023</span></p></td> <td style="vertical-align:bottom;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Weighted average remaining lease term (years)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">8.2</span></span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Weighted average discount rate</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">9.2</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> </table>
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.092
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2905000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1398000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3339000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3097000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3159000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
11839000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25737000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8442000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
17295000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1404000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15891000
CY2023 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
300000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.01
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.05
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.08
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.03
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.01
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.06
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.01
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.01
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.01
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.25
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.26
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.32
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.01
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.02
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.04
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
22947000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15979000
CY2023Q4 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
2618000
CY2022Q4 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
1785000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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156311
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11.47
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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CY2021 us-gaap Allocated Share Based Compensation Expense
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12.75
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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6.19
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CY2023 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
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Effective as of January 2021, the Company began sponsoring a 401(k) profit sharing plan trust for its employees who satisfy certain eligibility requirements. An employee will be eligible to become a participant in the plan for purposes of (i) elective deferrals and matching contributions after completing three consecutive months of service beginning on the employee's date of hire and (ii) employer profit sharing contributions after completing one year of service.
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CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1
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0.05
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700000
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0
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PreferredStockDividendsAndOtherAdjustments
0
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PreferredStockDividendsAndOtherAdjustments
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60852153
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60852153
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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55276834
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55276834
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48415679
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48415679
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-0.81
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-0.81
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8735137
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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7745803

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