$TMCI
TREACE MEDICAL CONCEPTS, INC.

2024 Q3 Form 10-Q Financial Statement

#000095017024091787 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $45.09M $44.46M
YoY Change 10.62% 5.96%
Cost Of Revenue $8.954M $8.781M
YoY Change 11.95% 14.41%
Gross Profit $36.13M $35.67M
YoY Change 10.29% 4.07%
Gross Profit Margin 80.14% 80.25%
Selling, General & Admin $46.30M $51.90M
YoY Change 0.16% 18.48%
% of Gross Profit 128.15% 145.48%
Research & Development $4.963M $5.157M
YoY Change 14.09% 46.26%
% of Gross Profit 13.74% 14.46%
Depreciation & Amortization $2.157M $2.116M
YoY Change 38.27% 92.36%
% of Gross Profit 5.97% 5.93%
Operating Expenses $51.27M $57.06M
YoY Change 1.36% 20.55%
Operating Profit -$15.13M -$21.38M
YoY Change -15.06% 63.82%
Interest Expense $1.313M $1.312M
YoY Change 1.31% 2.34%
% of Operating Profit
Other Income/Expense, Net -$226.0K $176.0K
YoY Change -176.09% -77.46%
Pretax Income -$15.36M -$21.21M
YoY Change -12.33% 72.81%
Income Tax
% Of Pretax Income
Net Earnings -$15.36M -$21.21M
YoY Change -12.33% 72.81%
Net Earnings / Revenue -34.07% -47.7%
Basic Earnings Per Share -$0.25 -$0.34
Diluted Earnings Per Share -$0.25 -$0.34
COMMON SHARES
Basic Shares Outstanding 62.19M 62.01M
Diluted Shares Outstanding 62.23M 62.08M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.80M $95.05M
YoY Change -32.24% -31.86%
Cash & Equivalents $12.11M $18.18M
Short-Term Investments $70.69M $76.87M
Other Short-Term Assets $7.015M $9.668M
YoY Change -34.44% 82.97%
Inventory $43.61M $41.28M
Prepaid Expenses
Receivables $24.18M $25.56M
Other Receivables $0.00 $0.00
Total Short-Term Assets $157.6M $171.6M
YoY Change -15.78% -13.4%
LONG-TERM ASSETS
Property, Plant & Equipment $25.17M $24.25M
YoY Change 16.86% 24.75%
Goodwill $12.82M $12.82M
YoY Change 0.0% 0.0%
Intangibles $8.312M $8.550M
YoY Change -10.26% -10.0%
Long-Term Investments
YoY Change
Other Assets $458.0K $146.0K
YoY Change 213.7% 0.0%
Total Long-Term Assets $55.32M $54.53M
YoY Change 3.95% 5.79%
TOTAL ASSETS
Total Short-Term Assets $157.6M $171.6M
Total Long-Term Assets $55.32M $54.53M
Total Assets $212.9M $226.1M
YoY Change -11.41% -9.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.65M $18.07M
YoY Change 114.85% 121.86%
Accrued Expenses $8.098M $13.73M
YoY Change -9.38% 94.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.26M $44.45M
YoY Change 15.41% 48.04%
LONG-TERM LIABILITIES
Long-Term Debt $53.23M $53.16M
YoY Change 0.56% 0.56%
Other Long-Term Liabilities $37.00K $37.00K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $53.27M $53.19M
YoY Change 0.56% 0.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.26M $44.45M
Total Long-Term Liabilities $53.27M $53.19M
Total Liabilities $108.0M $113.9M
YoY Change 5.38% 14.3%
SHAREHOLDERS EQUITY
Retained Earnings -$189.5M -$174.1M
YoY Change 48.04% 57.73%
Common Stock $62.00K $62.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $250.0K $250.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $104.9M $112.1M
YoY Change
Total Liabilities & Shareholders Equity $212.9M $226.1M
YoY Change -11.41% -9.44%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$15.36M -$21.21M
YoY Change -12.33% 72.81%
Depreciation, Depletion And Amortization $2.157M $2.116M
YoY Change 38.27% 92.36%
Cash From Operating Activities -$11.84M -$13.90M
YoY Change 24.39% 66.73%
INVESTING ACTIVITIES
Capital Expenditures $2.863M $1.729M
YoY Change -18.2% -59.13%
Acquisitions
YoY Change
Other Investing Activities $8.626M $24.16M
YoY Change 6.63% -490.21%
Cash From Investing Activities $5.763M $22.43M
YoY Change 25.56% -315.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.000K 311.0K
YoY Change -95.0% -73.64%
NET CHANGE
Cash From Operating Activities -11.84M -13.90M
Cash From Investing Activities 5.763M 22.43M
Cash From Financing Activities 8.000K 311.0K
Net Change In Cash -6.071M 8.847M
YoY Change 27.27% -150.33%
FREE CASH FLOW
Cash From Operating Activities -$11.84M -$13.90M
Capital Expenditures $2.863M $1.729M
Free Cash Flow -$14.71M -$15.63M
YoY Change 12.94% 24.35%

Facts In Submission

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StockholdersEquity
157617000
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1180000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
3596000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-12271000
CY2023Q2 tmci Unrealized Loss On Available For Sale Marketable Securities
UnrealizedLossOnAvailableForSaleMarketableSecurities
163000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
149959000
us-gaap Profit Loss
ProfitLoss
-39882000
us-gaap Profit Loss
ProfitLoss
-25725000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4025000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2019000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2207000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
78000
us-gaap Share Based Compensation
ShareBasedCompensation
14148000
us-gaap Share Based Compensation
ShareBasedCompensation
6288000
tmci Non Cash Lease Expense
NonCashLeaseExpense
1182000
tmci Non Cash Lease Expense
NonCashLeaseExpense
1264000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
149000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
148000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
685000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
663000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-159000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-5000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10297000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1886000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
12034000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6704000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-185000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1641000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1291000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
1072000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6238000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-522000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5943000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3137000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-127000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-38000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21118000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25594000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
28711000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
120957000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
60558000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
55763000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5656000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5709000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
20000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
26191000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-90903000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
7500000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
7500000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
107527000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
363000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1532000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
237000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
126000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
109059000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5199000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7438000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12982000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19473000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18181000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12035000
us-gaap Interest Paid Net
InterestPaidNet
2490000
us-gaap Interest Paid Net
InterestPaidNet
2567000
tmci Right Of Use Asset Obtained In Exchange For Operating Lease Incentive
RightOfUseAssetObtainedInExchangeForOperatingLeaseIncentive
-86000
tmci Right Of Use Asset Obtained In Exchange For Operating Lease Incentive
RightOfUseAssetObtainedInExchangeForOperatingLeaseIncentive
13000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-189000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-192000
tmci Unsettled Matured Marketable Security Receivable From Broker
UnsettledMaturedMarketableSecurityReceivableFromBroker
2000000
tmci Unsettled Matured Marketable Security Receivable From Broker
UnsettledMaturedMarketableSecurityReceivableFromBroker
0
us-gaap Nature Of Operations
NatureOfOperations
<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;min-width:fit-content;">1. Formation and Business 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><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;"> </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 $</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 that 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.</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;">Acquisition of RedPoint Medical3D</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 June 12, 2023 (the "closing date"), the Company acquired certain assets of MIOS Marketing, LLC d/b/a RedPoint Medical3D ("RPM-3D"), a medical technology company offering pre-operative planning and patient-specific guides designed to deliver accurate surgical correction of deformities tailored to the patient's unique foot anatomy. RPM-3D's 22 patent applications further expand and reinforce the Company's global intellectual property portfolio covering technologies for the correction of bunion and related deformities.</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 paid $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in exchange for certain assets used in providing pre-operative planning and patient-specific guides for the surgical correction of foot and ankle deformities and agreed to make additional payments upon completion of certain milestones. The original terms are as follows: $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million upon completion of certain transition services at 12 months from the closing date, $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million upon completion of certain technological advancements milestone within 12 months of the closing date, and, subject to prior completion of the transition services and the technological advancements milestone, up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million upon the issuance of certain patent claims. Payments made for the transition services and patent claims require satisfaction of such milestones, as well as the continued service of key individuals.</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;">In the first quarter of 2024, the Company and RPM-3D evaluated the status of the </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> milestones and amended the original terms associated with the milestone payments. The maximum amount to be paid upon the achievement of the milestone payments has been reduced from $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">8.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and is subject to successful completion of the transition services milestone at the first anniversary date of the acquisition. Upon successful completion of the transition services milestone, the payments are scheduled as follows: $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million on July 15, 2024 ($</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the transition services milestone and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the technological advancements milestone) and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million on January 15, 2025 ($</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the technological advancements milestone and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the patent milestone). </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">No</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> milestone payments would be made if the transition services milestone is not achieved by the acquisition anniversary date. The Company paid RPM-3D $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million on July 15, 2024 upon completion of the transition services milestone.</span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2013-07-29
CY2024Q1 tmci Number Of Milestones
NumberOfMilestones
3
us-gaap Use Of Estimates
UseOfEstimates
<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><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;"> </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;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 valuation of intangible assets and goodwill, reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, deferred tax assets and related valuation allowances, contingencies, and stock-based compensation</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> accrued contingent liabilities as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2024 and December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
CY2024Q2 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2023Q4 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.13%;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><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;"> </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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </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. On June 30, 2024 and December 31, 2023</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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">six months ended June 30, 2024 and 2023</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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </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;">In the second quarter, the Company wrote-off $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of receivables from a customer that filed for bankruptcy in May 2024 as collection was not likely.</span></p>
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2100000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18181000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12982000
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
76891000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
38000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
64000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
76865000
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
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36543000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31046000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12298000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8748000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24245000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22298000
CY2024Q2 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
1900000
CY2023Q2 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
1100000
tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
3600000
tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
2000000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2024Q2 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
1567000
CY2023Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
2305000
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
407000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
417000
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
634000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
424000
CY2024Q2 tmci Accrued Compensation Expense
AccruedCompensationExpense
8125000
CY2023Q4 tmci Accrued Compensation Expense
AccruedCompensationExpense
3340000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2997000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3972000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13730000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10458000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
393000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1404000
CY2024Q2 tmci Contingent Consideration
ContingentConsideration
0
CY2023Q4 tmci Contingent Consideration
ContingentConsideration
2977000
CY2024Q2 us-gaap Other Liabilities
OtherLiabilities
127000
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
51000
CY2024Q2 tmci Operating Lease And Other Liabilities
OperatingLeaseAndOtherLiabilities
520000
CY2023Q4 tmci Operating Lease And Other Liabilities
OperatingLeaseAndOtherLiabilities
4432000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
843000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
992000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
53157000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
53008000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
33333000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
20667000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
843000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
53157000
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 and the revolving loan facility are accruing interest as of June 30, 2024 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
CY2024Q2 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2023Q4 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6740000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3596000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14148000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6288000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-21206000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-12271000
us-gaap Net Income Loss
NetIncomeLoss
-39882000
us-gaap Net Income Loss
NetIncomeLoss
-25725000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62081494
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62081494
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61382514
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61382514
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61937140
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61937140
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60060483
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60060483
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.2
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.2
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10360876
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8636454

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