Treace Medical Concepts, Inc. (TMCI) Income Statement
TMCI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTMCI revenue and net income
Where TMCI's revenue goes
2025Each bar shows an amount and its share of revenue. TMCI kept −27.7% of revenue as net income.
TMCI profit margins
TMCI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.6% | +14.5% | +30.0% | — |
| Gross profit | +0.9% | +14.1% | +30.5% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TMCI quarterly EPS vs estimates
Treace Medical Concepts beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.25).
TMCI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $212.7M | $209.4M | $187.1M | $141.8M | $94.4M | $57.4M | $39.4M |
| Cost of revenue | $42.9M | $41.1M | $35.2M | $27.5M | $16.9M | $12.5M | $7.6M |
| Gross profit | $169.8M | $168.3M | $151.9M | $114.3M | $77.5M | $44.9M | $31.8M |
| Research & development | $20.3M | $20.6M | $15.4M | $13.6M | $10.2M | $5.8M | $5.1M |
| Sales, general & admin | $203.6M | $203.4M | $187.9M | $137.6M | $83.8M | $38.2M | $30.2M |
| Total operating expenses | $223.9M | $224.0M | $203.4M | $149.2M | $94.0M | $44.0M | $35.3M |
| Operating income | −$54.2M | −$55.7M | −$51.4M | −$34.8M | −$16.5M | $855,000 | −$3.5M |
| Interest income | $2.8M | $4.9M | $5.4M | $910,000 | $18,000 | — | $111,000 |
| Interest expense | $5.3M | $5.3M | $5.2M | $4.4M | $4.1M | $4.5M | $841,000 |
| Income before taxes | −$59.0M | −$55.7M | −$49.5M | −$42.8M | −$20.6M | −$3.7M | −$4.3M |
| Income taxes | — | — | $5.2M | $4.5M | $4.1M | $2.8M | $841,000 |
| Net income | −$59.0M | −$55.7M | −$49.5M | −$42.8M | −$20.6M | −$3.7M | −$4.3M |
| EBITDA | −$43.2M | −$42.1M | −$39.0M | −$36.3M | −$15.8M | $2.1M | −$2.6M |
| EPS (diluted) | −$0.83 | −$0.81 | −$0.81 | −$0.69 | −$0.41 | $0.06 | −$0.05 |
| Gross margin | 79.8% | 80.4% | 81.2% | 80.6% | 82.1% | 78.3% | 80.6% |
| Operating margin | −25.5% | −26.6% | −27.5% | −24.6% | −17.5% | 1.5% | −9.0% |
| Net margin | −27.7% | −26.6% | −26.5% | −30.2% | −21.8% | −6.4% | −10.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.4M | $47.2M | $62.5M | $50.2M | $47.4M | $52.6M | $68.7M | $45.1M | $44.5M | $51.1M | $62.2M | $40.8M |
| Cost of revenue | $9.8M | $9.8M | $12.1M | $10.5M | $9.6M | $10.7M | $13.2M | $9.0M | $8.8M | $10.1M | $11.5M | $8.0M |
| Gross profit | $35.6M | $37.4M | $50.4M | $39.7M | $37.8M | $41.9M | $55.5M | $36.1M | $35.7M | $41.0M | $50.7M | $32.8M |
| Research & development | $4.4M | $4.6M | $4.5M | $4.7M | $5.5M | $5.6M | $5.2M | $5.0M | $5.2M | $5.3M | $4.2M | $4.3M |
| Sales, general & admin | $46.2M | $50.0M | $51.8M | $49.7M | $49.2M | $51.9M | $50.5M | $46.3M | $51.9M | $54.7M | $53.4M | $46.2M |
| Total operating expenses | $50.6M | $54.6M | $56.3M | $55.4M | $54.7M | $57.5M | $55.7M | $51.3M | $57.1M | $59.9M | $57.5M | $50.6M |
| Operating income | −$15.0M | −$17.2M | −$5.9M | −$15.7M | −$17.0M | −$15.6M | −$204,000 | −$15.1M | −$21.4M | −$19.0M | −$6.8M | −$17.8M |
| Interest income | $445,000 | $501,000 | $527,000 | $634,000 | $775,000 | $841,000 | $899,000 | $1.1M | $1.4M | $1.5M | $1.7M | $1.6M |
| Interest expense | $1.6M | $1.6M | $1.4M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Income before taxes | −$15.9M | −$18.0M | −$9.4M | −$16.3M | −$17.4M | −$15.9M | −$501,000 | −$15.4M | −$21.2M | −$18.7M | −$6.3M | −$17.5M |
| Income taxes | — | — | — | — | — | — | — | −$2.2M | — | $1.9M | $509,000 | −$1.6M |
| Net income | −$15.9M | −$18.0M | −$9.4M | −$16.3M | −$17.4M | −$15.9M | −$501,000 | −$15.4M | −$21.2M | −$18.7M | −$6.3M | −$17.5M |
| EBITDA | −$12.4M | −$15.5M | −$5.2M | −$12.2M | −$13.5M | −$12.2M | $3.0M | −$11.9M | −$17.8M | −$15.4M | −$3.2M | −$14.7M |
| EPS (diluted) | −$0.24 | −$0.28 | −$0.08 | −$0.22 | −$0.28 | −$0.25 | −$0.00 | −$0.25 | −$0.28 | −$0.28 | −$0.10 | −$0.28 |
| Gross margin | 78.5% | 79.3% | 80.6% | 79.1% | 79.7% | 79.7% | 80.7% | 80.1% | 80.2% | 80.2% | 81.6% | 80.4% |
| Operating margin | −33.0% | −36.4% | −9.5% | −31.2% | −35.8% | −29.6% | −0.3% | −33.6% | −48.1% | −37.1% | −10.9% | −43.7% |
| Net margin | −35.0% | −38.1% | −15.0% | −32.4% | −36.7% | −30.3% | −0.7% | −34.1% | −47.7% | −36.5% | −10.1% | −43.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TMCI's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TMCI financial results
In fiscal year 2025 (ended December 31, 2025), Treace Medical Concepts reported revenue of $212.7 million, up 1.6% from the year before. It had a net loss of $59.0 million, a net profit margin of −27.7%. Diluted earnings per share came to −$0.83. Over five years revenue grew at an average rate of 30.0% a year.
See the TMCI stock overview for the latest quote and news, or the TMCI chart for price history and technical indicators.
TMCI income statement FAQ
What is Treace Medical Concepts's annual revenue?
Treace Medical Concepts reported total revenue of $212.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 1.6% from $209.4 million the previous year.
Is Treace Medical Concepts profitable?
No. Treace Medical Concepts reported a net loss of $59.0 million in fiscal 2025, a net profit margin of −27.7%; its operating margin was −25.5%.
What is Treace Medical Concepts's gross margin?
Treace Medical Concepts's gross margin was 79.8% in fiscal 2025: for every $100 of revenue, Treace Medical Concepts kept $80 after the direct cost of its products and services.
How much does Treace Medical Concepts spend on research and development?
Treace Medical Concepts spent $20.3 million on research and development in fiscal 2025, 9.5% of revenue.
How fast is Treace Medical Concepts growing?
Revenue grew 30.0% a year on average over the last five fiscal years, from $57.4 million to $212.7 million.
What are Treace Medical Concepts's earnings per share?
Treace Medical Concepts earned $-0.83 per diluted share in fiscal 2025, compared with $-0.81 a year earlier.
When will Treace Medical Concepts report its next earnings?
Treace Medical Concepts is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Treace Medical Concepts's fiscal year end?
Treace Medical Concepts's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.