2021 Q2 Form 10-Q Financial Statement
#000119312521172315 Filed on May 25, 2021
Income Statement
| Concept | 2021 Q2 | 2021 Q1 | 2020 Q1 |
|---|---|---|---|
| Revenue | $20.65M | $18.71M | $11.26M |
| YoY Change | 166.85% | 66.2% | 90.78% |
| Cost Of Revenue | $3.944M | $3.327M | $2.389M |
| YoY Change | 88.71% | 39.26% | 119.17% |
| Gross Profit | $16.71M | $15.38M | $8.867M |
| YoY Change | 195.75% | 73.45% | 84.35% |
| Gross Profit Margin | 80.9% | 82.22% | 78.78% |
| Selling, General & Admin | $18.34M | $14.91M | $8.633M |
| YoY Change | 196.27% | 72.76% | 55.27% |
| % of Gross Profit | 109.75% | 96.97% | 97.36% |
| Research & Development | $2.422M | $1.868M | $1.433M |
| YoY Change | 147.14% | 30.36% | 32.69% |
| % of Gross Profit | 14.49% | 12.15% | 16.16% |
| Depreciation & Amortization | $100.0K | $100.0K | $304.0K |
| YoY Change | -75.0% | -67.11% | |
| % of Gross Profit | 0.6% | 0.65% | 3.43% |
| Operating Expenses | $20.76M | $16.78M | $10.07M |
| YoY Change | 189.55% | 66.72% | 51.83% |
| Operating Profit | -$4.051M | -$1.402M | -$1.199M |
| YoY Change | 166.51% | 16.93% | -34.12% |
| Interest Expense | -$1.032M | $1.031M | $441.0K |
| YoY Change | 124.35% | 133.79% | -651.25% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$1.030M | -$408.0K | |
| YoY Change | 152.45% | ||
| Pretax Income | -$5.083M | -$2.432M | -$1.610M |
| YoY Change | 158.02% | 51.06% | -14.81% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$5.083M | -$2.432M | -$1.607M |
| YoY Change | 157.63% | 51.34% | -14.97% |
| Net Earnings / Revenue | -24.61% | -13.0% | -14.28% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$103.3K | -$64.25K | -$58.08K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 39.90M | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2021 Q2 | 2021 Q1 | 2020 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $119.6M | $16.22M | |
| YoY Change | |||
| Cash & Equivalents | $119.6M | $16.22M | $10.60M |
| Short-Term Investments | |||
| Other Short-Term Assets | $3.512M | $2.072M | |
| YoY Change | |||
| Inventory | $7.643M | $7.370M | |
| Prepaid Expenses | |||
| Receivables | $10.05M | $10.79M | |
| Other Receivables | $0.00 | $0.00 | |
| Total Short-Term Assets | $140.8M | $36.45M | |
| YoY Change | |||
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $1.475M | $929.0K | |
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $1.475M | $929.0K | |
| YoY Change | |||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $140.8M | $36.45M | |
| Total Long-Term Assets | $1.475M | $929.0K | |
| Total Assets | $142.3M | $37.38M | |
| YoY Change | |||
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.921M | $1.269M | |
| YoY Change | |||
| Accrued Expenses | $1.957M | $2.821M | |
| YoY Change | |||
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | |
| YoY Change | |||
| Long-Term Debt Due | $0.00 | ||
| YoY Change | |||
| Total Short-Term Liabilities | $9.865M | $8.588M | |
| YoY Change | |||
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $29.28M | $29.23M | |
| YoY Change | |||
| Other Long-Term Liabilities | $245.0K | $245.0K | |
| YoY Change | |||
| Total Long-Term Liabilities | $29.28M | $29.23M | |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $9.865M | $8.588M | |
| Total Long-Term Liabilities | $29.28M | $29.23M | |
| Total Liabilities | $39.39M | $38.07M | |
| YoY Change | |||
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$23.79M | ||
| YoY Change | |||
| Common Stock | |||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $102.9M | -$684.0K | $1.804M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $142.3M | $37.38M | |
| YoY Change |
Cashflow Statement
| Concept | 2021 Q2 | 2021 Q1 | 2020 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$5.083M | -$2.432M | -$1.607M |
| YoY Change | 157.63% | 51.34% | -14.97% |
| Depreciation, Depletion And Amortization | $100.0K | $100.0K | $304.0K |
| YoY Change | -75.0% | -67.11% | |
| Cash From Operating Activities | -$3.731M | -$400.0K | -$895.0K |
| YoY Change | -55.31% | ||
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$670.0K | $196.0K | $674.0K |
| YoY Change | -70.92% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | -$670.0K | -$196.0K | -$674.0K |
| YoY Change | -70.92% | ||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | $1.788M | ||
| YoY Change | |||
| Cash From Financing Activities | 107.8M | -1.219M | 33.00K |
| YoY Change | -3793.94% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -3.731M | -400.0K | -895.0K |
| Cash From Investing Activities | -670.0K | -196.0K | -674.0K |
| Cash From Financing Activities | 107.8M | -1.219M | 33.00K |
| Net Change In Cash | 103.4M | -1.815M | -1.536M |
| YoY Change | 18.16% | ||
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$3.731M | -$400.0K | -$895.0K |
| Capital Expenditures | -$670.0K | $196.0K | $674.0K |
| Free Cash Flow | -$3.061M | -$596.0K | -$1.569M |
| YoY Change | -62.01% |
Facts In Submission
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. Formation and Business of the Company </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">The Company </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Treace Medical Concepts, LLC was formed on July 29, 2013. Effective July 1, 2014, the entity converted to a C Corporation and changed its name to Treace Medical Concepts, Inc. (the “Company”). The Company is a commercial-stage orthopaedic medical device company driving a paradigm shift in the surgical treatment of <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Hallux Valgus </div>(commonly known as bunions). The Company has pioneered the proprietary Lapiplasty<div style="font-size: 85%; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">®</div> 3D Bunion Correction System<div style="font-size: 85%; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">™</div> – a combination of novel instruments, implants and surgical methods designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. In addition, the Company offers other advanced instrumentation and implants for use in the Lapiplasty Procedure or other ancillary procedures performed in high frequency with bunion surgery. The Company operates from its corporate headquarters located in Ponte Vedra, Florida. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company received 510(k) clearance for the Lapiplasty System in March 2015 and began selling its surgical medical devices in September 2015. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Initial Public Offering </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On April 27, 2021, the Company completed its initial public offering (“IPO”) of 12,937,500 shares of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, 6,953,125 shares of common stock were issued and sold by the Company (inclusive of 703,125 shares pursuant to the exercise of the underwriters’ option) and 5,984,375 shares of common stock were sold by the selling stockholders named in the prospectus (inclusive of 984,375 shares pursuant to the exercise of the underwriters’ option), at a price to the public of $17.00 per share. The Company received net proceeds of approximately $107.1 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company of $2.9 million. Upon the completion of the IPO, all 6,687,475 shares of Series A convertible preferred stock then outstanding were converted into shares of common stock on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-to-one</div></div> basis plus 158,447 shares of common stock were issued to pay accrued cumulative dividends on Series A convertible preferred stock of $2.5 million. </div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Forward Stock Split </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On April 16, 2021, in connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to implement a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1.3375-for-1</div></div> forward stock split (the “Forward Stock Split”), effective on April 16, 2021, whereby each 1.0 share of Class A common stock issued and outstanding was reclassified as 1.3375 shares of Class A common stock and each 1.0 share of Series A convertible preferred stock (each a “Preferred Share”) issued and outstanding was reclassified as 1.3375 Preferred Shares. In connection with the Forward Stock Split, the total number of shares of all classes of stock which the Company is authorized to issue was adjusted to 73,562,500, divided into 66,875,000 shares of Class A common stock and 6,687,500 Preferred Shares. There was no adjustment to the par value of $0.001 per share. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. In lieu of issuing fractional shares in connection with the Forward Stock Split, the Company is obligated to pay cash in an amount equal to the fair value of such fractional shares (as determined in good faith by the Company’s Board of Directors ). </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Coronavirus Pandemic </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company’s operations have been impacted by the coronavirus <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(“COVID-19”)</div> pandemic beginning in 2020. In response to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> certain states within the United States implemented <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">shelter-in-place</div></div> rules requiring certain businesses not deemed “essential” to close and requiring elective procedures to be delayed. The Company’s revenue growth was adversely impacted, particularly by the restrictions on elective procedures, from March 2020 through May 2020, when such restrictions were largely eased. There is still uncertainty around the breadth and duration of business disruptions related to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> as well as its impact on the United States and international economies, especially as variants of the virus are spreading. While the Company has experienced revenue growth during the pandemic, if states implement <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">shelter-in-place</div></div> rules again, the Company may be required to adjust its forecasted revenues and operating results. </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
500000 | |
| CY2020Q1 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
900000 | |
| CY2021Q1 | tmci |
Operating Loss Carry Forwards Expiration Year
OperatingLossCarryForwardsExpirationYear
|
P2034Y | |
| CY2021Q1 | tmci |
Stock Ownership Percentage
StockOwnershipPercentage
|
0.05 | |
| CY2020Q1 | tmci |
Stock Ownership Percentage
StockOwnershipPercentage
|
0.50 | |
| CY2021Q1 | tmci |
Number Of Years Determining Ownership Change
NumberOfYearsDeterminingOwnershipChange
|
P3Y | |
| CY2021Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.255 | |
| CY2020Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.255 | |
| CY2021Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-2432000 | |
| CY2020Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-1607000 | |
| CY2021Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
117000 | |
| CY2020Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
304000 | |
| CY2021Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
-77000 | |
| CY2020Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
73000 | |
| CY2021Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
402000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
209000 | |
| CY2021Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
43000 | |
| CY2020Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
65000 | |
| CY2021Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
-27000 | |
| CY2020Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
53000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-3769000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-3807000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-478000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1360000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
379000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-147000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1173000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1465000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1167000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-4051000 | |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-446000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-895000 | |
| CY2021Q1 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
200000 | |
| CY2021Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
196000 | |
| CY2020Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
674000 | |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-196000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-674000 | |
| CY2021Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
1788000 | |
| CY2020Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
8000 | |
| CY2021Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
570000 | |
| CY2020Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
41000 | |
| CY2021Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
569000 | |
| CY2020Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
41000 | |
| CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
402000 | |
| CY2020Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
209000 | |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1219000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
33000 | |
| CY2021Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1861000 | |
| CY2020Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1536000 | |
| CY2019Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
12139000 | |
| CY2020Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
10603000 | |
| CY2021Q1 | us-gaap |
Interest Paid
InterestPaid
|
1945000 | |
| CY2021Q1 | tmci |
Unpaid Offering Costs Included In Accounts Payable And Accrued Liabilities
UnpaidOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
|
1118000 | |
| CY2021Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long term assets, valuation of equity instruments, valuation of common stock, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. Sales of the Lapiplasty System and ancillary products accounted for the Company’s revenue for the three months ended March 31, 2021 and 2020. No single customer accounted for more than 10% of revenue for the three months ended March 31, 2021 and 2020. The Company’s accounts receivable are 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 and independent sales agents. At March 31, 2021 and December 31, 2020, no customer accounted for more than 10% of accounts receivable or revenue. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2021Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
29817584 | |
| CY2020Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
30508135 | |
| CY2020Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
1800000 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
511594 | |
| CY2021Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
300000 | |
| CY2020Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
400000 | |
| CY2021Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
100000 | |
| CY2021Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
690551 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
5183 | |
| CY2021Q1 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
1100000 | |
| CY2020Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
200000 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
1293589 | |
| CY2020Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
8081828 | |
| CY2021Q1 | tmci |
Share Based Compensation By Share Based Payment Arrangement Shares Available For Grant Granted
ShareBasedCompensationByShareBasedPaymentArrangementSharesAvailableForGrantGranted
|
511594 | |
| CY2021Q1 | tmci |
Share Based Compensation By Share Based Payment Arrangement Shares Available For Grant Cancelled
ShareBasedCompensationByShareBasedPaymentArrangementSharesAvailableForGrantCancelled
|
-5183 | |
| CY2021Q1 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2013-07-29 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
7897688 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
6813429 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
4446820 | |
| CY2020 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y10M9D | |
| CY2021Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y11M19D | |
| CY2021Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P6Y7M24D | |
| CY2021Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P5Y9M14D | |
| CY2020Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.82 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
7.03 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.82 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
1.35 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.24 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
1.85 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.02 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.5560 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.5441 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.3709 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0009 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0007 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0018 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | |
| CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
402000 | |
| CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
209000 | |
| CY2021Q1 | us-gaap |
Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
|
0.08 | |
| CY2021Q1 | us-gaap |
Dividends Preferred Stock
DividendsPreferredStock
|
2500000 | |
| CY2020 | us-gaap |
Dividends Preferred Stock
DividendsPreferredStock
|
2300000 | |
| CY2021Q1 | us-gaap |
Preferred Stock Voting Rights
PreferredStockVotingRights
|
Holders of the Preferred Shares were entitled to vote with holders of Class A Common Stock equal to the number of shares of Class A Common Stock into which the Preferred Shares were convertible. | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
|
Black-Scholes option pricing model | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | |
| CY2020Q2 | us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
1800000 | |
| CY2019Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
713330 | |
| CY2021Q1 | us-gaap |
Long Term Line Of Credit
LongTermLineOfCredit
|
0 | |
| CY2020Q4 | us-gaap |
Long Term Line Of Credit
LongTermLineOfCredit
|
0 | |
| CY2020Q4 | us-gaap |
Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
|
0.1300 | |
| CY2021Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
30000000 | |
| CY2020Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
31788000 | |
| CY2021Q1 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
767000 | |
| CY2020Q4 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
811000 | |
| CY2021Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
29233000 | |
| CY2020Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
30977000 | |
| CY2021Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
30000000 | |
| CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3161000 | |
| CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1804000 | |
| CY2021Q1 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
637000 | |
| CY2021Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
899000 | |
| CY2021Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
725000 | |
| CY2021Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
746000 | |
| CY2021Q1 | tmci |
Operating Lease Future Minimum Payments Due Year Five And Thereafter
OperatingLeaseFutureMinimumPaymentsDueYearFiveAndThereafter
|
847000 | |
| CY2021Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
3854000 | |
| CY2019Q1 | tmci |
Operating Lease Year Of Expiration
OperatingLeaseYearOfExpiration
|
2026 | |
| CY2021Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
5500000 | |
| CY2020Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
4100000 | |
| CY2021Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
500000 | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
400000 | |
| CY2021Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2564000 | |
| CY2020Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2636000 | |
| CY2021Q1 | us-gaap |
Revenues
Revenues
|
18707000 | |
| CY2020Q1 | us-gaap |
Revenues
Revenues
|
11256000 | |
| CY2021Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
3327000 | |
| CY2020Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
2389000 | |
| CY2021Q1 | us-gaap |
Gross Profit
GrossProfit
|
15380000 | |
| CY2020Q1 | us-gaap |
Gross Profit
GrossProfit
|
8867000 | |
| CY2021Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
12148000 | |
| CY2020Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
7338000 | |
| CY2021Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1868000 | |
| CY2020Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1433000 | |
| CY2021Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2766000 | |
| CY2020Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1295000 | |
| CY2021Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
16782000 | |
| CY2020Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
10066000 | |
| CY2021Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1402000 | |
| CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1199000 | |
| CY2021Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
1000 | |
| CY2020Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
33000 | |
| CY2021Q1 | us-gaap |
Interest Expense
InterestExpense
|
1031000 | |
| CY2020Q1 | us-gaap |
Interest Expense
InterestExpense
|
441000 | |
| CY2021Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1030000 | |
| CY2020Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-408000 | |
| CY2021Q1 | tmci |
Accrued Expenses
AccruedExpenses
|
1277000 | |
| CY2020Q4 | tmci |
Accrued Expenses
AccruedExpenses
|
565000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0153 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.5129 | |
| CY2021Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
No | |
| CY2021Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
39904375 |
