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Here are 1-2 brief analogies for Treace Medical Concepts (TMCI):

• Intuitive Surgical for bunion correction, offering a specialized, advanced surgical system for a specific procedure.
• Align Technology (Invisalign) for bunion surgery, providing a modern, specialized solution to a common anatomical problem.

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• Lapiplasty 3D Bunion Correction System: This flagship system includes specialized instruments and implants designed to anatomically correct bunions by realigning the entire first metatarsal bone in three dimensions.
• Adduxx Mini-Plate System: A low-profile plating system providing stable fixation for various procedures in the foot and ankle, often used alongside the Lapiplasty system.
• SpeedPlate System: A versatile low-profile plating system for forefoot and midfoot fixation, utilized for a range of surgical applications including osteotomies and fusions.
• SpeedScrew System: A comprehensive cannulated screw system available in multiple sizes, used for internal fixation in a wide array of foot and ankle surgical procedures.
• Hammertoe Correction System: A dedicated system of implants and instrumentation specifically designed for the surgical correction of hammertoe deformities.

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John T. Treace, CEO, Founder, and Chairman of the Board

Mr. Treace founded Treace Medical Concepts in January 2014 and has served as CEO and a board member since its inception. He has over 25 years of experience in medical device marketing, sales, and general management. Previously, Mr. Treace was Senior Vice President of US Sales and Global Marketing for Wright Medical Group, Inc., a medical device company that Stryker Corporation acquired in November 2020. During his 12 years at Wright Medical, he held various senior management roles, including Vice President, Biologics and Extremities. Before that, he held positions at Xomed Surgical Products, Inc., including Director of Marketing, and with TreBay Medical Corp as Advertising & Marketing Director. He also served on the board of directors of ENTrigue Surgical, which Arthrocare Corporation acquired in July 2013.

Mark L. Hair, Chief Financial Officer

Mr. Hair has over 25 years of financial experience, including leadership roles at medical device companies. He has served as Treace Medical Concepts' Chief Financial Officer since September 2020. Prior to joining the company, Mr. Hair was Chief Financial Officer at Restoration Robotics, Inc. He also served as Vice President and Chief Accounting Officer at Zeltiq Aesthetics, Inc., including through its acquisition by Allergan plc in April 2017. Additionally, he was Vice President and Corporate Controller at Thoratec Corporation, including through its acquisition by St. Jude Medical in October 2015. Mr. Hair was a partner at StoneTurn Group, LLP, a financial consulting boutique, for seven years, and at Deloitte, LLP for nine years through 2004.

Guy Guglielmino, Chief Commercial Officer

Mr. Guglielmino joined Treace Medical Concepts as Chief Commercial Officer in December 2024, bringing 20 years of medical technology industry expertise. Most recently, he served as President, Recovery Sciences at Enovis.

Scot Elder, Chief Legal & Compliance Officer, Corporate Secretary

Mr. Elder has nearly 20 years of global experience in Legal and Compliance. He has served as Chief Legal & Compliance Officer, Corporate Secretary for Treace Medical Concepts since October 2022. Before this role, he was SVP, Chief Compliance Officer since joining Treace in October 2021. Prior to joining Treace, Mr. Elder was the Vice President and Chief Ethics and Compliance Officer of Medtronic.

Sean F. Scanlan, PhD, Chief Innovation Officer

Dr. Scanlan has over 17 years of orthopaedic research and product development experience. He has served as Treace Medical Concepts' Chief Innovation Officer since January 2023, and before that, as Senior Vice President, Marketing & Medical Education since March 2021. He held various marketing roles of increasing responsibility since December 2014. Before joining Treace, Mr. Scanlan spent three years in Research & Development at Smith & Nephew's Advanced Surgical Devices division, focusing on product development and early-stage technology assessment.

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The key risks to Treace Medical Concepts (TMCI) are:

1. Competitive Pressure: Treace Medical Concepts faces significant and increasing competitive pressure, primarily for its flagship Lapiplasty 3D Bunion Correction System. This competition stems from both minimally invasive osteotomy systems and "knockoff" products, which have eroded Lapiplasty's market share and led to a substantial decline in the company's stock value and revised revenue guidance.
2. Securities Class Action Lawsuit: The company is currently involved in a securities class action lawsuit. The lawsuit alleges that Treace Medical executives concealed the impact of competitive threats to the Lapiplasty system's market dominance, misleading investors. This litigation creates uncertainty and could lead to amplified scrutiny of management.
3. Path to Profitability and Operating Losses: Despite experiencing revenue growth, Treace Medical Concepts has incurred significant operating losses and struggles to achieve profitability. Analysts have expressed concerns about the company's financial health, forecasting continued losses for the fiscal years 2024 and 2025. The company is actively working towards reaching breakeven adjusted EBITDA.

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The emergence and growing adoption of direct competing 3D bunion correction systems by other medical device companies, specifically challenging Treace Medical Concepts' Lapiplasty® 3D Bunion Correction™ System. Examples include Paragon 28's PX3 Bunion System and Orthofix's 3D Bunion Correction System (3D BCS).

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Treace Medical Concepts (TMCI) focuses on developing and commercializing surgical solutions for foot and ankle conditions, with several key products and associated addressable markets primarily within the U.S.

• Bunion Correction (overall market, including Lapiplasty®, Nanoplasty™, and Percuplasty™): The total annual addressable market for bunion surgery in the U.S. is estimated to be more than $5 billion. This market comprises approximately 1.1 million annual surgical candidates in the U.S., with about 450,000 bunion surgeries currently performed each year. The metatarsal osteotomy segment, which includes the Nanoplasty™ and Percuplasty™ systems, represents approximately 70% of these 450,000 annual bunion surgeries in the U.S.
• Adductoplasty® Midfoot Correction System: This system addresses metatarsus adductus deformities and osteoarthritis of the midfoot. Its introduction broadens Treace Medical Concepts' addressable market to include patients with midfoot deformities in addition to bunions. A specific market size for Adductoplasty alone was not identified.
• Hammertoe PEEK Fixation System: This system targets hammertoe, claw toe, and mallet toe deformities. There are approximately 700,000 surgical repairs for hammertoes performed annually in the U.S.
• SpeedMTP™ Rapid Compression Implant: This implant is used for bunions through big toe joint fusions and other common bone fusion procedures of the foot. A specific market size for SpeedMTP alone was not identified.

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Treace Medical Concepts (TMCI) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Expansion of Minimally Invasive Product Portfolio: The company is actively launching and commercializing new bunion correction systems and related technologies, particularly focusing on minimally invasive solutions. Recent examples include the full market release of the Nanoplasty® and Percuplasty™ 3D MIS Osteotomy Systems, and the SpeedMTP® MTP Fusion System. Treace also introduced new SpeedPlate™ configurations, the Micro-Lapiplasty™ System, and the Mini-Adductoplasty™ System. This expansion is designed to meet evolving surgeon and patient preferences for less invasive procedures and address nearly all surgeon preferences for bunion correction.
2. Increased Market Penetration and Surgeon Adoption: Treace Medical Concepts anticipates revenue growth through deeper market penetration, evidenced by an increase in bunion procedure kits sold and a growing number of active surgeons utilizing their expanded product offerings. The company's Q3 2025 revenue growth reflected greater market penetration with its expanded portfolio of solutions.
3. Strengthening Commercial and Sales Capabilities: To enhance sales and market reach, Treace Medical has made strategic hires, including a new Chief Commercial Officer and a Senior Vice President of Sales, aimed at bolstering its sales team. The company also invests significantly in building its sales force, providing comprehensive surgeon training, and conducting patient-focused outreach and education to support future growth.
4. Leveraging Clinical Evidence and Intellectual Property: Treace Medical Concepts is committed to presenting compelling clinical evidence from prospective, multicenter studies, such as the ALIGN3D™ and Mini3D™ Lapiplasty® clinical studies, to differentiate its procedures and drive adoption. Additionally, the company maintains a robust and expanding global patent portfolio, with 122 granted patents and 194 pending applications, which helps protect its innovations and market position, thereby securing future revenue streams.

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Share Issuance

• Treace Medical Concepts completed its Initial Public Offering (IPO) on April 27, 2021, issuing 12,937,500 shares of common stock, which included the exercise in full of the underwriters' option to purchase additional shares.
• The company received net proceeds of $107.6 million from its IPO in April 2021.
• Before its IPO, the primary sources of capital for the company were private placements of common stock and convertible preferred stock.

Inbound Investments

• In April 2022, Treace Medical Concepts entered into a new five-year $150.0 million loan arrangement with entities affiliated with MidCap, comprising up to $120.0 million in term loans and $30.0 million in a revolving credit facility.
• In August 2020, the company secured a $50 million non-dilutive term loan agreement with CR Group L.P. (CRG), receiving $30 million at closing with access to an additional $20 million upon achieving certain milestones. Approximately $21.1 million of these proceeds were used to retire existing term debt.
• On September 30, 2024, ARMISTICE CAPITAL, LLC acquired an additional 836,000 shares of Treace Medical Concepts stock at $5.80 per share, increasing its total ownership to 6,196,000 shares (9.96% ownership).

Outbound Investments

• In June 2023, Treace Medical Concepts completed the acquisition of certain assets from MIOS Marketing, LLC d/b/a RedPoint Medical3D (RPM-3D) for $20 million in cash at closing, with potential for up to $10 million in milestone payments. This acquisition included intellectual property, regulatory clearance, and other assets related to pre-operative planning and patient-specific instrumentation guides for foot and ankle deformities.

Capital Expenditures

• Capital expenditures in the last 12 months (prior to November 2025) totaled -$14.19 million.
• Investing activities in Q4 2024 resulted in a net cash inflow of $3.4 million, which was driven by sales and maturities of investments offsetting purchases of property, plant, and equipment.
• The company's operating expenses, which include investments in product innovation, were $224.0 million in 2024, up from $203.4 million in 2023.