$TMCI
TREACE MEDICAL CONCEPTS, INC.

2024 Q4 Form 10-Q Financial Statement

#000095017024121460 Filed on November 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $45.09M
YoY Change 10.62%
Cost Of Revenue $8.954M
YoY Change 11.95%
Gross Profit $36.13M
YoY Change 10.29%
Gross Profit Margin 80.14%
Selling, General & Admin $46.30M
YoY Change 0.16%
% of Gross Profit 128.15%
Research & Development $4.963M
YoY Change 14.09%
% of Gross Profit 13.74%
Depreciation & Amortization $2.157M
YoY Change 38.27%
% of Gross Profit 5.97%
Operating Expenses $51.27M
YoY Change 1.36%
Operating Profit -$15.13M
YoY Change -15.06%
Interest Expense $1.313M
YoY Change 1.31%
% of Operating Profit
Other Income/Expense, Net -$226.0K
YoY Change -176.09%
Pretax Income -$15.36M
YoY Change -12.33%
Income Tax
% Of Pretax Income
Net Earnings -$15.36M
YoY Change -12.33%
Net Earnings / Revenue -34.07%
Basic Earnings Per Share -$0.25
Diluted Earnings Per Share -$0.25
COMMON SHARES
Basic Shares Outstanding 62.30M 62.19M
Diluted Shares Outstanding 62.23M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.80M
YoY Change -32.24%
Cash & Equivalents $12.11M
Short-Term Investments $70.69M
Other Short-Term Assets $7.015M
YoY Change -34.44%
Inventory $43.61M
Prepaid Expenses
Receivables $24.18M
Other Receivables $0.00
Total Short-Term Assets $157.6M
YoY Change -15.78%
LONG-TERM ASSETS
Property, Plant & Equipment $25.17M
YoY Change 16.86%
Goodwill $12.82M
YoY Change 0.0%
Intangibles $8.312M
YoY Change -10.26%
Long-Term Investments
YoY Change
Other Assets $458.0K
YoY Change 213.7%
Total Long-Term Assets $55.32M
YoY Change 3.95%
TOTAL ASSETS
Total Short-Term Assets $157.6M
Total Long-Term Assets $55.32M
Total Assets $212.9M
YoY Change -11.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.65M
YoY Change 114.85%
Accrued Expenses $8.098M
YoY Change -9.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.26M
YoY Change 15.41%
LONG-TERM LIABILITIES
Long-Term Debt $53.23M
YoY Change 0.56%
Other Long-Term Liabilities $37.00K
YoY Change 0.0%
Total Long-Term Liabilities $53.27M
YoY Change 0.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.26M
Total Long-Term Liabilities $53.27M
Total Liabilities $108.0M
YoY Change 5.38%
SHAREHOLDERS EQUITY
Retained Earnings -$189.5M
YoY Change 48.04%
Common Stock $62.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $250.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $104.9M
YoY Change
Total Liabilities & Shareholders Equity $212.9M
YoY Change -11.41%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$15.36M
YoY Change -12.33%
Depreciation, Depletion And Amortization $2.157M
YoY Change 38.27%
Cash From Operating Activities -$11.84M
YoY Change 24.39%
INVESTING ACTIVITIES
Capital Expenditures $2.863M
YoY Change -18.2%
Acquisitions
YoY Change
Other Investing Activities $8.626M
YoY Change 6.63%
Cash From Investing Activities $5.763M
YoY Change 25.56%
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
YoY Change -95.0%
NET CHANGE
Cash From Operating Activities -11.84M
Cash From Investing Activities 5.763M
Cash From Financing Activities 8.000K
Net Change In Cash -6.071M
YoY Change 27.27%
FREE CASH FLOW
Cash From Operating Activities -$11.84M
Capital Expenditures $2.863M
Free Cash Flow -$14.71M
YoY Change 12.94%

Facts In Submission

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Treace Medical Concepts, Inc.
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-17521000
CY2023Q3 tmci Unrealized Loss On Available For Sale Marketable Securities
UnrealizedLossOnAvailableForSaleMarketableSecurities
-71000
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
137860000
us-gaap Profit Loss
ProfitLoss
-55242000
us-gaap Profit Loss
ProfitLoss
-43246000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6182000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3583000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2381000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
79000
us-gaap Share Based Compensation
ShareBasedCompensation
22048000
us-gaap Share Based Compensation
ShareBasedCompensation
11480000
tmci Non Cash Lease Expense
NonCashLeaseExpense
607000
tmci Non Cash Lease Expense
NonCashLeaseExpense
1868000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
223000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
223000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
918000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1031000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-180000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-164000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-11505000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4121000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14366000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9915000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-838000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1028000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
312000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
0
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-147000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
497000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6814000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
12000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-12753000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1954000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
0
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-40000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-32960000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-35107000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
52890000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
140075000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
93363000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
82979000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8519000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9210000
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
31954000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-86306000
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
371000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1691000
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
134000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
109218000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-872000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12195000
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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12110000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7278000
us-gaap Interest Paid Net
InterestPaidNet
3732000
us-gaap Interest Paid Net
InterestPaidNet
3863000
tmci Right Of Use Asset Obtained In Exchange For Operating Lease Incentive
RightOfUseAssetObtainedInExchangeForOperatingLeaseIncentive
-88000
tmci Right Of Use Asset Obtained In Exchange For Operating Lease Incentive
RightOfUseAssetObtainedInExchangeForOperatingLeaseIncentive
22000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
28000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-121000
tmci Unsettled Marketable Security Purchase And Payable To Broker
UnsettledMarketableSecurityPurchaseAndPayableToBroker
0
tmci Unsettled Marketable Security Purchase And Payable To Broker
UnsettledMarketableSecurityPurchaseAndPayableToBroker
-1100000
tmci Unsettled Matured Marketable Security Receivable From Broker
UnsettledMaturedMarketableSecurityReceivableFromBroker
0
tmci Unsettled Matured Marketable Security Receivable From Broker
UnsettledMaturedMarketableSecurityReceivableFromBroker
6000000
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. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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 expanded and reinforced 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 were 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;">1.0</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 have been made if the transition services milestone was 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
CY2024Q3 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
6000000
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;">September 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>
CY2024Q3 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 September 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;">nine months ended September 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></p>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12110000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12982000
CY2024Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
70498000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
191000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
0
CY2024Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
70689000
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
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
39222000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31046000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14054000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8748000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25168000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22298000
CY2024Q3 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
1900000
CY2023Q3 tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
1400000
tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
5500000
tmci Depreciation And Amortization Expense On Physical Assets And Software
DepreciationAndAmortizationExpenseOnPhysicalAssetsAndSoftware
3400000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2024Q3 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
1568000
CY2023Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
2305000
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
403000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
417000
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
945000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
424000
CY2024Q3 tmci Accrued Compensation Expense
AccruedCompensationExpense
2125000
CY2023Q4 tmci Accrued Compensation Expense
AccruedCompensationExpense
3340000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3057000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3972000
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8098000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10458000
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
403000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1404000
CY2024Q3 tmci Contingent Consideration
ContingentConsideration
0
CY2023Q4 tmci Contingent Consideration
ContingentConsideration
2977000
CY2024Q3 us-gaap Other Liabilities
OtherLiabilities
168000
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
51000
CY2024Q3 tmci Operating Lease And Other Liabilities
OperatingLeaseAndOtherLiabilities
571000
CY2023Q4 tmci Operating Lease And Other Liabilities
OperatingLeaseAndOtherLiabilities
4432000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
769000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
992000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
53231000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
53008000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
33333000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
20667000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
54000000
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
769000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
53231000
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 September 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
CY2024Q3 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2023Q4 tmci Accrued Contingent Liabilities
AccruedContingentLiabilities
0
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7900000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5192000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22048000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11480000
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-15360000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-17521000
us-gaap Net Income Loss
NetIncomeLoss
-55242000
us-gaap Net Income Loss
NetIncomeLoss
-43246000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62229463
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62229463
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61562494
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61562494
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62035293
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62035293
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60566655
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60566655
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11951275
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8792753
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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