$TMCI
TREACE MEDICAL CONCEPTS, INC.

2021 Q2 Form 10-Q Financial Statement

#000156459021041667 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $20.65M $7.740M $11.26M
YoY Change 166.85% -1.9% 90.78%
Cost Of Revenue $3.944M $2.090M $2.389M
YoY Change 88.71% 41.22% 119.17%
Gross Profit $16.71M $5.650M $8.867M
YoY Change 195.75% -11.72% 84.35%
Gross Profit Margin 80.9% 73.0% 78.78%
Selling, General & Admin $18.34M $6.190M $8.633M
YoY Change 196.27% -8.97% 55.27%
% of Gross Profit 109.75% 109.56% 97.36%
Research & Development $2.422M $980.0K $1.433M
YoY Change 147.14% -2.0% 32.69%
% of Gross Profit 14.49% 17.35% 16.16%
Depreciation & Amortization $100.0K $400.0K $304.0K
YoY Change -75.0%
% of Gross Profit 0.6% 7.08% 3.43%
Operating Expenses $20.76M $7.170M $10.07M
YoY Change 189.55% -8.08% 51.83%
Operating Profit -$4.051M -$1.520M -$1.199M
YoY Change 166.51% 8.57% -34.12%
Interest Expense -$1.032M -$460.0K $441.0K
YoY Change 124.35% 170.59% -651.25%
% of Operating Profit
Other Income/Expense, Net -$408.0K
YoY Change
Pretax Income -$5.083M -$1.970M -$1.610M
YoY Change 158.02% 26.28% -14.81%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.083M -$1.973M -$1.607M
YoY Change 157.63% 26.47% -14.97%
Net Earnings / Revenue -24.61% -25.49% -14.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$103.3K -$71.07K -$58.08K
COMMON SHARES
Basic Shares Outstanding 39.90M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.6M
YoY Change
Cash & Equivalents $119.6M $10.31M $10.60M
Short-Term Investments
Other Short-Term Assets $3.512M
YoY Change
Inventory $7.643M
Prepaid Expenses
Receivables $10.05M
Other Receivables $0.00
Total Short-Term Assets $140.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.475M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.475M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $140.8M
Total Long-Term Assets $1.475M
Total Assets $142.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.921M
YoY Change
Accrued Expenses $1.957M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.865M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $29.28M
YoY Change
Other Long-Term Liabilities $245.0K
YoY Change
Total Long-Term Liabilities $29.28M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.865M
Total Long-Term Liabilities $29.28M
Total Liabilities $39.39M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $102.9M $79.00K $1.804M
YoY Change
Total Liabilities & Shareholders Equity $142.3M
YoY Change

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.083M -$1.973M -$1.607M
YoY Change 157.63% 26.47% -14.97%
Depreciation, Depletion And Amortization $100.0K $400.0K $304.0K
YoY Change -75.0%
Cash From Operating Activities -$3.731M -$895.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$670.0K $674.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$670.0K -$674.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 107.8M 33.00K
YoY Change
NET CHANGE
Cash From Operating Activities -3.731M -895.0K
Cash From Investing Activities -670.0K -674.0K
Cash From Financing Activities 107.8M 33.00K
Net Change In Cash 103.4M -1.536M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$3.731M -$895.0K
Capital Expenditures -$670.0K $674.0K
Free Cash Flow -$3.061M -$1.569M
YoY Change

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Formation and Business of the Company </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">The Company </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 orthopedic medical device company driving a paradigm shift in the surgical treatment of <span style="font-style:italic;">Hallux Valgus </span>(commonly known as bunions) with the goal of advancing the standard of care for the surgical management of bunion deformities. The Company has pioneered the proprietary Lapiplasty 3D Bunion Correction System – 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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company received 510(k) clearance for the Lapiplasty System in March 2015 and began selling its surgical medical devices in September 2015. </p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April <span style="color:#000000;">27</span>, 2021, the Company completed <span style="color:#000000;">its</span> initial public offering (“IPO”) <span style="color:#000000;">of 12,937,500 shares </span>of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, <span style="color:#000000;">6,953,125</span> shares of common stock were issued and sold by the Company (inclusive of 703,125 shares pursuant to the exercise of the underwriters’ <span style="color:#000000;">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),</span> at a <span style="color:#000000;">price to the public of $17.00 per share. </span>The Company received net proceeds of approximately $107.6<span style="color:#000000;"> </span>million<span style="color:#000000;">, after</span> deducting <span style="color:#000000;">underwriting </span>discounts and commissions of $8.3 million <span style="color:#000000;">and </span>offering <span style="color:#000000;">expenses payable by the Company</span> of $2.3 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 one-to-one 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.</p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Forward Stock Split</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April<span style="color:#000000;"> </span>16, 2021, <span style="color:#000000;">in connection with the IPO, </span>the Company filed <span style="color:#000000;">an</span> Amended and Restated Certificate of Incorporation with the Delaware Secretary of State <span style="color:#000000;">to implement a 1.3375-for-1 forward stock split (the “</span>Forward Stock Split<span style="color:#000000;">”),</span> effective on April<span style="color:#000000;"> </span>16, 2021, whereby each 1.0 share of Class<span style="color:#000000;"> </span>A common stock issued and outstanding was reclassified as 1.3375 shares of Class<span style="color:#000000;"> </span>A common stock and each 1.0 <span style="color:#000000;">share of Series A convertible preferred stock (each a “</span>Preferred Share<span style="color:#000000;">”)</span> issued and outstanding was reclassified as 1.3375 Preferred Shares. <span style="color:#000000;">In connection with the Forward Stock Split, the</span> 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<span style="color:#000000;"> </span>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.<span style="color:#000000;"> 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).</span></p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.85%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Coronavirus Pandemic </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s operations have been impacted by the coronavirus (“COVID-19”) pandemic beginning in 2020. In response to COVID-19, certain states within the United States implemented shelter-in-place 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 COVID-19, as well as its impact on the United States and international economies, especially as more potentially contagious and virulent variants of the virus are spreading. While the Company has experienced revenue growth during the </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pandemic, if states implement</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">shelter-in-place</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rules again</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> or medical facilities implement restrictions on elective surgeries</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the Company may be required to adjust its forecasted revenues and operating results.</span></p>
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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 and six months ended June 30, 2021 and 2020. No single customer accounted for more than <span>10%</span> of revenue for the three and six months ended June 30, 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. At June 30, 2021, and December 31, 2020, no customer accounted for more than <span>10%</span> of accounts receivable or revenue. </p>
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
300000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000
CY2021Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2020Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-200000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-100000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000
tmci Proceeds From Initial Public Offering Used To Offset Offering Costs
ProceedsFromInitialPublicOfferingUsedToOffsetOfferingCosts
2300000
CY2021Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
200000
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
0
CY2021Q2 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
0
CY2020Q2 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
0
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
0
CY2021Q2 us-gaap Cash
Cash
196000
CY2020Q4 us-gaap Cash
Cash
502000
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
119425000
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
17577000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
119621000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18079000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4052000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3465000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2577000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2636000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1475000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
829000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
700000
CY2021Q2 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
898000
CY2020Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
1032000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5500000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5500000
CY2021Q2 tmci Accrued Expenses
AccruedExpenses
534000
CY2020Q4 tmci Accrued Expenses
AccruedExpenses
565000
CY2021Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
525000
CY2020Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
251000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1957000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1848000
CY2019Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
713330
CY2021Q2 us-gaap Share Price
SharePrice
31.27
CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.0224
CY2020Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.1300
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
31788000
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
723000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
30977000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1788000
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
29277000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
29189000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
30000000
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
723000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
29277000
CY2019Q1 tmci Operating Lease Year Of Expiration
OperatingLeaseYearOfExpiration
2026
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
439000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
897000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
722000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
744000
CY2021Q2 tmci Operating Lease Future Minimum Payments Due Year Five And Thereafter
OperatingLeaseFutureMinimumPaymentsDueYearFiveAndThereafter
925000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3727000
CY2021Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2021Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2020Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
tmci Operating Loss Carry Forwards Begin To Expire In Year
OperatingLossCarryForwardsBeginToExpireInYear
2034
tmci Stock Ownership Percentage
StockOwnershipPercentage
0.05
tmci Stock Ownership Percentage
StockOwnershipPercentage
0.50
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08
us-gaap Dividends Preferred Stock
DividendsPreferredStock
2500000
CY2020 us-gaap Dividends Preferred Stock
DividendsPreferredStock
2300000
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.
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q2 tmci Common Stock Capital Shares Reserved For Future Grants
CommonStockCapitalSharesReservedForFutureGrants
238742361
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
247244019
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 Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8081828
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
tmci Share Based Compensation By Share Based Payment Arrangement Shares Available For Grant Granted
ShareBasedCompensationByShareBasedPaymentArrangementSharesAvailableForGrantGranted
1375310
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.02
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
962633
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.81
tmci Share Based Compensation By Share Based Payment Arrangement Shares Available For Grant Cancelled
ShareBasedCompensationByShareBasedPaymentArrangementSharesAvailableForGrantCancelled
11871
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.55
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8482634
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.83
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7873245
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.60
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4420030
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.13
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
863716
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
17500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1375310
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
379725
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes option pricing model
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y8M1D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4929
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0023
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
875000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
248000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1277000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
457000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
10300000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4100000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-5083000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-1973000
us-gaap Net Income Loss
NetIncomeLoss
-7515000
us-gaap Net Income Loss
NetIncomeLoss
-3580000
CY2021Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
39000
CY2020Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
159000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
196000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
318000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5122000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2132000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7711000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3898000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49187285
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37068288
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43556107
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37060491
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.18
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8501658
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15482633

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