TMCI Treace Medical Concepts, Inc. - Common Stock
NASDAQ · Health Care · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026
$4.39
· of 52w range
· above low
· to high
$1.1752w low
$7.0852w high
P/E (TTM)
-4.8
EPS (TTM)
$-0.92
Revenue (TTM)
$205M
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52W Range
$1–$7
Analyst Rating
HOLD
Price Target
$6
P/E
-4.8
ROE
-72.0%
Net Profit Margin
-29.0%
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TMCI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.39
P/E (TTM)
-4.8
EPS (TTM)
$-0.92
Revenue (TTM)
$205M
ROE (TTM)
-72.0%
Debt/Equity (MRQ)
0.9
52W Range
$1–$7
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$213M2019-12-31 → 2025-12-31
EPS$-0.932020-12-31 → 2025-12-31
Free Cash Flow$-29M2021-12-31 → 2025-12-31
Net margin-29.0%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TMCI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -4.85Y avg ≈-20.0 | ≈-20.0 | · | · | |
| Price / Tangible Book | 6.8 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TMCI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 79.5%5Y avg ≈80.7% | ≈80.7% | 64.9% | Top tier | |
| Operating Margin (TTM) | -26.2%5Y avg ≈-23.8% | ≈-23.8% | -82.8% | Top tier | |
| EBITDA Margin (TTM) | -22.1%5Y avg ≈-21.2% | ≈-21.2% | -82.8% | Top tier | |
| Net Profit Margin (TTM) | -29.0%5Y avg ≈-26.5% | ≈-26.5% | -95.4% | Top tier | |
| ROA (TTM) | -30.7%5Y avg ≈-26.0% | ≈-26.0% | -28.9% | In line | |
| ROE (TTM) | -72.0%5Y avg ≈-47.8% | ≈-47.8% | 13.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TMCI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.95Y avg ≈0.6 | ≈0.6 | · | · | |
| Current Ratio (MRQ) | 2.95Y avg ≈5.2 | ≈5.2 | 3.7 | Low liquidity | |
| Quick Ratio (MRQ) | 1.85Y avg ≈4.3 | ≈4.3 | 2.1 | In line | |
| Long-Term Debt / Equity (MRQ) | 0.85Y avg ≈0.6 | ≈0.6 | · | · | |
| Interest Coverage | -10.25Y avg ≈-8.0 | ≈-8.0 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TMCI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 1.6%5Y avg ≈32.0% | ≈32.0% | · | · | |
| Revenue CAGR 3Y | 14.5%5Y avg ≈31.1% | ≈31.1% | · | · | |
| Revenue CAGR 5Y | 30.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TMCI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.05Y avg ≈1.0 | ≈1.0 | 0.8 | Top tier | |
| Inventory Turnover | 1.15Y avg ≈1.6 | ≈1.6 | 2.3 | Weak | |
| Receivables Turnover | 5.15Y avg ≈5.6 | ≈5.6 | 6.0 | Weak | |
| Revenue / Employee | ≈$472.6K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
11.1%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.24 | $-0.30 | 21.1% |
| March 31, 2026 | May 13, 2026 | $-0.28 | $-0.31 | 10.9% |
| Dec. 31, 2025 | $-0.15 | $-0.15 | 2.0% | |
| Sept. 30, 2025 | $-0.26 | $-0.29 | 9.0% | |
| June 30, 2025 | $-0.28 | $-0.29 | 4.8% | |
| March 31, 2025 | $-0.25 | $-0.31 | 18.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $213M | $209M | $187M | $142M | $94M | $57M | |
| Cost of Revenue | $43M | $41M | $35M | $26M | $17M | $12M | |
| Gross Profit | $170M | $168M | $152M | $116M | $78M | $45M | |
| R&D Expense | $20M | $21M | $15M | $14M | $10M | $6M | |
| SG&A Expense | $63M | $56M | $47M | $33M | $18M | $7M | |
| Operating Expenses | $224M | $224M | $203M | $151M | $94M | $44M | |
| Operating Income | $-54M | $-56M | $-51M | $-35M | $-17M | $855.0K | |
| Interest Expense | $5M | $5M | $5M | $4M | $4M | $3M | |
| Other Non-op | $-5M | $-55.0K | $2M | $-8M | $-4M | $-5M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-59M | $-56M | $-50M | $-43M | $-21M | $-4M | |
| EPS (Basic) | $-0.93 | $-0.90 | $-0.81 | $-0.77 | $-0.43 | $-0.12 | |
| EPS (Diluted) | $-0.93 | $-0.90 | $-0.81 | $-0.77 | $-0.43 | $-0.12 | |
| Shares (Basic) | 63,269,003 | 62,112,037 | 60,852,153 | 55,276,834 | 48,415,679 | 37,068,965 | |
| Shares (Diluted) | 63,269,003 | 62,112,037 | 60,852,153 | 55,276,834 | 48,415,679 | 37,068,965 | |
| EBITDA | $-44M | · | $-46M | $-33M | $-16M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11M | $11M | $13M | $19M | $106M | $18M | |
| Short-term Investments | $38M | $64M | $110M | $62M | $0 | · | |
| Receivables | $42M | $41M | $38M | $29M | $19M | $14M | |
| Inventory | $36M | $39M | $29M | $19M | $11M | $8M | |
| Prepaid Expense | $6M | $6M | $8M | $4M | $3M | $593.0K | |
| Current Assets | $132M | $161M | $198M | $133M | $138M | $41M | |
| PP&E (Net) | $30M | $26M | $22M | $15M | $3M | $829.0K | |
| PP&E (Gross) | $54M | $41M | $31M | $20M | $6M | $3M | |
| Accum. Depreciation | $24M | $15M | $9M | $4M | $3M | $3M | |
| Goodwill | $13M | $13M | $13M | $0 | · | · | |
| Intangibles | $7M | $8M | $9M | $0 | · | · | |
| Other Non-current Assets | $1M | $407.0K | $146.0K | $146.0K | $0 | · | |
| Total Assets | $191M | $217M | $252M | $159M | $141M | $42M | |
| Accounts Payable | $7M | $11M | $12M | $9M | $4M | $2M | |
| Accrued Liabilities | $6M | $7M | $10M | $6M | $5M | $2M | |
| Short-term Debt | $2M | $0 | · | · | · | · | |
| Current Liabilities | $31M | $35M | $45M | $30M | $18M | $12M | |
| Capital Leases | $14M | $16M | $16M | $16M | $0 | · | |
| Other Non-current Liabilities | $3M | $37.0K | $37.0K | $0 | · | · | |
| Total Liabilities | $103M | $104M | $114M | $98M | $48M | $41M | |
| Long-term Debt | $56M | $53M | $53M | $53M | $29M | $31M | |
| Total Debt | $57M | · | $53M | $53M | $29M | · | |
| Common Stock | $64.0K | $62.0K | $62.0K | $55.0K | $45.0K | $28.0K | |
| Paid-in Capital | $337M | $303M | $272M | $145M | $135M | $14M | |
| Retained Earnings | $-249M | $-190M | $-134M | $-85M | $-42M | $-21M | |
| Treasury Stock | $1M | $281.0K | $13.0K | $0 | · | · | |
| AOCI | $72.0K | $97.0K | $163.0K | $-27.0K | $0 | · | |
| Stockholders' Equity | $87M | $113M | $138M | $61M | $93M | $776.0K | |
| Liabilities + Equity | $191M | $217M | $252M | $159M | $141M | $42M | |
| Shares Outstanding | · | · | 61,749,654 | 55,628,208 | 54,181,082 | 37,366,865 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $11M | $8M | $5M | $2M | $685.0K | $1M | |
| Stock-based Comp | $34M | $31M | $17M | $8M | $3M | $919.0K | |
| Amort. of Intangibles | $1M | $1M | $500.0K | $0 | · | · | |
| Other Non-cash | $-1M | · | $-8M | $2M | $-735.0K | · | |
| Operating Cash Flow | $-16M | $-37M | $-35M | $-31M | $-17M | $-4M | |
| CapEx | $14M | $12M | $11M | $15M | $3M | $1M | |
| Investing Cash Flow | $13M | $35M | $-81M | $-77M | $-3M | $-1M | |
| Debt Issued | · | · | · | $0 | $0 | $2M | |
| Net Debt Issued | · | · | $0 | $0 | $-2M | · | |
| Financing Cash Flow | $2M | $160.0K | $109M | $21M | $108M | $12M | |
| Net Change in Cash | $-642.0K | $-2M | $-6M | $-86M | $88M | $6M | |
| Free Cash Flow | $-29M | · | $-46M | $-45M | $-20M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 79.8% | · | 81.2% | 80.6% | 81.1% | · | |
| Operating Margin | -25.5% | · | -27.5% | -24.6% | -17.5% | · | |
| Net Margin | -27.7% | · | -26.5% | -30.2% | -21.8% | · | |
| EBITDA Margin | -20.5% | · | -24.6% | -23.1% | -16.8% | · | |
| ROA | -28.9% | · | -24.1% | -28.6% | -22.5% | · | |
| ROE | -63.8% | · | -35.9% | -69.8% | -21.6% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.3 | · | 4.4 | 4.4 | 7.6 | · | |
| Quick Ratio | 3.0 | · | 3.6 | 3.7 | 6.8 | · | |
| Debt / Equity | 0.7 | · | 0.4 | 0.9 | 0.3 | · | |
| LT Debt / Equity | 0.6 | · | 0.4 | 0.9 | 0.3 | · | |
| Interest Coverage | -10.2 | · | -10.0 | -7.9 | -4.1 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | · | 0.9 | 0.9 | 1.0 | · | |
| Inventory Turnover | 1.1 | · | 1.4 | 1.8 | 1.9 | · | |
| Receivables Turnover | 5.1 | · | 5.6 | 5.9 | 5.7 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | $2.23 | $1.09 | · | · | |
| Revenue / Share | $3.36 | · | $3.08 | $2.57 | · | · | |
| Cash Flow / Share | $-0.25 | · | $-0.57 | $-0.55 | · | · | |
| Cash / Share | · | · | $0.21 | $0.35 | · | · | |
| EPS (TTM) | $-0.93 | $-0.90 | $-0.81 | $-0.77 | $-0.43 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.6% | 11.9% | 31.9% | 50.2% | 64.6% | · | |
| Revenue CAGR 3Y | 14.5% | 30.4% | 48.3% | · | · | · | |
| Revenue CAGR 5Y | 30.0% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $213M | $209M | $187M | $142M | $94M | · | |
| Net Income TTM | $-59M | $-56M | $-50M | $-43M | $-21M | · | |
| Market Cap | · | · | $787M | $1.28B | · | · | |
| Enterprise Value | · | · | $717M | $1.25B | · | · | |
| P/E | -2.6 | -8.3 | -15.7 | -29.9 | -43.3 | · | |
| P/S | · | · | 4.2 | 9.0 | · | · | |
| P/B | · | · | 5.7 | 21.1 | · | · | |
| P / Tangible Book | · | · | 6.8 | 21.1 | · | · | |
| P / Cash Flow | · | · | -22.8 | -41.7 | · | · | |
| P / FCF | · | · | -17.1 | -28.1 | · | · | |
| EV / EBITDA | · | · | -15.6 | -38.2 | · | · | |
| EV / FCF | · | · | -15.6 | -27.5 | · | · | |
| EV / Revenue | · | · | 3.8 | 8.8 | · | · | |
| Earnings Yield | -38.0% | -12.1% | -6.3% | -3.4% | -2.3% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $47M | $63M | $50M | $47M | $53M | $69M | $45M | $44M | $51M | $62M | $41M | $42M | $42M | $50M | $33M | |
| Cost of Revenue | $10M | $10M | $12M | $11M | $10M | $11M | $13M | $9M | $9M | $10M | $11M | $8M | $8M | $8M | $9M | $6M | |
| Gross Profit | $36M | $37M | $50M | $40M | $38M | $42M | $55M | $36M | $36M | $41M | $51M | $33M | $34M | $34M | $41M | $27M | |
| R&D Expense | $4M | $5M | $5M | $5M | $5M | $6M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $3M | $4M | $4M | |
| SG&A Expense | $15M | $16M | $15M | $16M | $16M | $16M | $14M | $14M | $14M | $14M | $13M | $13M | $10M | $11M | $10M | $9M | |
| Operating Expenses | $51M | $55M | $56M | $55M | $55M | $57M | $56M | $51M | $57M | $60M | $58M | $51M | $47M | $48M | $44M | $38M | |
| Operating Income | $-15M | $-17M | $-6M | $-16M | $-17M | $-16M | $-204.0K | $-15M | $-21M | $-19M | $-7M | $-18M | $-13M | $-14M | $-3M | $-11M | |
| Interest Expense | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Other Non-op | $-915.0K | $-794.0K | $-3M | $-612.0K | $-424.0K | $-340.0K | $-297.0K | $-226.0K | $176.0K | $292.0K | $501.0K | $297.0K | $781.0K | $322.0K | $-915.0K | $-815.0K | |
| Net Income | $-16M | $-18M | $-9M | $-16M | $-17M | $-16M | $-501.0K | $-15M | $-21M | $-19M | $-6M | $-18M | $-12M | $-13M | $-4M | $-12M | |
| EPS (Basic) | $-0.24 | $-0.28 | $-0.14 | $-0.26 | $-0.28 | $-0.25 | $-0.01 | $-0.25 | $-0.34 | $-0.30 | $-0.10 | $-0.28 | $-0.20 | $-0.23 | $-0.08 | $-0.22 | |
| EPS (Diluted) | $-0.24 | $-0.28 | $-0.14 | $-0.26 | $-0.28 | $-0.25 | $-0.01 | $-0.25 | $-0.34 | $-0.30 | $-0.10 | $-0.28 | $-0.20 | $-0.23 | $-0.08 | $-0.22 | |
| Shares (Basic) | 65,049,844 | 64,592,681 | · | 63,515,372 | 63,006,891 | 62,661,447 | · | 62,229,463 | 62,081,494 | 61,792,788 | · | 61,562,494 | 61,382,514 | 58,723,760 | · | 55,429,211 | |
| Shares (Diluted) | 65,049,844 | 64,592,681 | · | 63,515,372 | 63,006,891 | 62,661,447 | · | 62,229,463 | 62,081,494 | 61,792,788 | · | 61,562,494 | 61,382,514 | 58,723,760 | · | 55,429,211 | |
| EBITDA | $-15M | $-16M | · | $-16M | $-17M | $-13M | · | $-15M | $-21M | $-17M | · | $-18M | $-12M | $-13M | · | $-11M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13M | $10M | $11M | $8M | $8M | $13M | $11M | $12M | $18M | $9M | · | $7M | $12M | $30M | $19M | $89M | |
| Short-term Investments | $33M | $42M | $38M | $50M | $61M | $63M | $64M | $71M | $77M | $101M | · | $115M | $127M | $141M | $62M | · | |
| Receivables | $29M | $30M | $42M | $33M | $30M | $31M | $41M | $24M | $26M | $30M | $38M | $25M | $27M | $25M | $29M | $19M | |
| Inventory | $40M | $36M | $36M | $41M | $42M | $38M | $39M | $44M | $41M | $36M | · | $29M | $26M | $23M | $19M | $17M | |
| Prepaid Expense | $7M | $5M | $6M | $6M | $6M | $4M | $6M | $7M | $10M | $11M | · | $11M | $5M | $5M | $4M | $4M | |
| Current Assets | $120M | $123M | $132M | $138M | $148M | $149M | $161M | $158M | $172M | $187M | · | $187M | $198M | $223M | $133M | $128M | |
| PP&E (Net) | $32M | $32M | $30M | $30M | $30M | $27M | $26M | $25M | $24M | $25M | · | $22M | $19M | $16M | $15M | $14M | |
| PP&E (Gross) | $58M | $56M | $54M | $52M | $49M | $45M | $41M | $39M | $37M | $35M | · | $29M | $25M | $21M | $20M | $18M | |
| Accum. Depreciation | $25M | $24M | $24M | $22M | $20M | $18M | $15M | $14M | $12M | $10M | · | $7M | $6M | $5M | $4M | $4M | |
| Goodwill | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | · | $13M | $13M | · | $0 | · | |
| Intangibles | $7M | $7M | $7M | $7M | $8M | $8M | $8M | $8M | $9M | $9M | · | $9M | $10M | · | $0 | · | |
| Other Non-current Assets | $2M | $1M | $1M | $614.0K | $676.0K | $387.0K | $407.0K | $458.0K | $146.0K | $146.0K | · | $146.0K | $146.0K | $215.0K | $146.0K | $146.0K | |
| Total Assets | $181M | $184M | $191M | $197M | $206M | $206M | $217M | $213M | $226M | $243M | · | $240M | $250M | $249M | $159M | $156M | |
| Accounts Payable | $16M | $14M | $7M | $16M | $20M | $13M | $11M | $19M | $18M | $21M | · | $9M | $8M | $5M | $9M | $8M | |
| Accrued Liabilities | $6M | $6M | $6M | $7M | $6M | $6M | $7M | $8M | $14M | $15M | · | $9M | $7M | $8M | $6M | $5M | |
| Short-term Debt | $3M | $2M | $2M | $2M | $1M | $45.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $41M | $34M | $31M | $41M | $42M | $33M | $35M | $38M | $44M | $47M | · | $33M | $30M | $23M | $30M | $23M | |
| Capital Leases | $13M | $14M | $14M | $13M | $13M | $14M | $16M | $16M | $16M | $16M | · | $16M | $17M | $15M | $16M | $19M | |
| Other Non-current Liabilities | $3M | $3M | $3M | $37.0K | $37.0K | $37.0K | $37.0K | $37.0K | $37.0K | $37.0K | · | $37.0K | $37.0K | $25.0K | $0 | · | |
| Total Liabilities | $113M | $107M | $103M | $107M | $109M | $101M | $104M | $108M | $114M | $116M | · | $102M | $100M | $92M | $98M | $94M | |
| Long-term Debt | $56M | $56M | $56M | $54M | $53M | $53M | $53M | $53M | $53M | $53M | · | $53M | $53M | $53M | $53M | $53M | |
| Total Debt | $59M | $58M | · | $55M | $55M | $53M | · | $53M | $53M | $53M | · | $53M | $53M | $53M | · | $53M | |
| Common Stock | $65.0K | $65.0K | $64.0K | $64.0K | $63.0K | $63.0K | $62.0K | $62.0K | $62.0K | $62.0K | · | $62.0K | $62.0K | $61.0K | $55.0K | $46.0K | |
| Paid-in Capital | $352M | $345M | $337M | $330M | $322M | $312M | $303M | $294M | $286M | $279M | · | $266M | $261M | $256M | $145M | $142M | |
| Retained Earnings | $-283M | $-267M | $-249M | $-240M | $-223M | $-206M | $-190M | $-189M | $-174M | $-153M | · | $-128M | $-110M | $-98M | $-85M | $-80M | |
| Treasury Stock | $1M | $1M | $1M | $1M | $696.0K | $682.0K | $281.0K | $250.0K | $250.0K | $250.0K | · | · | · | · | $0 | · | |
| AOCI | $-52.0K | $-26.0K | $72.0K | $83.0K | $50.0K | $57.0K | $97.0K | $191.0K | $-26.0K | $69.0K | · | $-148.0K | $-219.0K | $-56.0K | $-27.0K | · | |
| Stockholders' Equity | $68M | $77M | $87M | $89M | $98M | $105M | $113M | $105M | $112M | $126M | $138M | $138M | $150M | $158M | $61M | $62M | |
| Liabilities + Equity | $181M | $184M | $191M | $197M | $206M | $206M | $217M | $213M | $226M | $243M | · | $240M | $250M | $249M | $159M | $156M | |
| Shares Outstanding | · | · | · | · | · | · | · | 62,275,371 | 62,175,241 | 61,929,172 | · | 61,606,926 | 61,528,409 | 61,280,703 | 55,628,208 | 55,499,242 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $899.0K | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $924.0K | $999.0K | $400.0K | |
| Stock-based Comp | $6M | $8M | $8M | $8M | $10M | $9M | $9M | $8M | $7M | $7M | $6M | $5M | $4M | $3M | $2M | $2M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | · | $300.0K | $200.0K | · | · | $0 | $0 | |
| Other Non-cash | · | $16M | · | · | · | $9M | · | · | · | $2M | · | · | · | $-7M | · | · | |
| Operating Cash Flow | $-5M | $7M | $-8M | $-9M | $-3M | $4M | $-4M | $-12M | $-14M | $-7M | $532.0K | $-10M | $-8M | $-17M | $-5M | $-7M | |
| CapEx | $2M | $3M | $2M | $3M | $5M | $4M | $3M | $3M | $2M | $4M | $2M | $4M | $4M | $1M | $2M | $6M | |
| Investing Cash Flow | $7M | $-8M | $10M | $9M | $-3M | $-2M | $3M | $6M | $22M | $4M | $5M | $5M | $-10M | $-80M | $-64M | $-6M | |
| Financing Cash Flow | $696.0K | $-588.0K | $1M | $-10.0K | $987.0K | $-282.0K | $26.0K | $8.0K | $311.0K | $-185.0K | $165.0K | $159.0K | $1M | $108M | $297.0K | $353.0K | |
| Net Change in Cash | $3M | $-1M | $3M | $-366.0K | $-5M | $2M | $-760.0K | $-6M | $9M | $-4M | $6M | $-5M | $-18M | $10M | $-69M | $-13M | |
| Free Cash Flow | · | $4M | · | · | · | $655.0K | · | · | · | $-11M | · | · | · | $-19M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.5% | 79.3% | · | 79.1% | 79.7% | 79.7% | · | 80.1% | 80.2% | 80.2% | · | 80.4% | 81.7% | 81.0% | · | 80.0% | |
| Operating Margin | -33.0% | -36.4% | · | -31.2% | -35.8% | -29.6% | · | -33.6% | -48.1% | -37.1% | · | -43.7% | -31.1% | -32.6% | · | -34.2% | |
| Net Margin | -35.0% | -38.0% | · | -32.4% | -36.7% | -30.3% | · | -34.1% | -47.7% | -36.5% | · | -43.0% | -29.2% | -31.9% | · | -36.7% | |
| EBITDA Margin | -33.0% | -34.5% | · | -31.2% | -35.8% | -25.0% | · | -33.6% | -48.1% | -33.4% | · | -43.7% | -28.5% | -30.5% | · | -33.0% | |
| ROA | -8.2% | -9.2% | · | -8.0% | -8.0% | -7.1% | · | -6.8% | -8.9% | -7.6% | · | -8.8% | -6.0% | -6.8% | · | -8.2% | |
| ROE | -19.2% | -19.7% | · | -16.8% | -16.6% | -13.7% | · | -12.7% | -16.2% | -13.2% | · | -17.5% | -11.1% | -11.0% | · | -15.2% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 3.6 | · | 3.4 | 3.5 | 4.5 | · | 4.1 | 3.9 | 4.0 | · | 5.6 | 6.6 | 9.6 | · | 5.7 | |
| Quick Ratio | 1.8 | 2.4 | · | 2.2 | 2.4 | 3.2 | · | 2.8 | 2.7 | 3.0 | · | 4.4 | 5.6 | 8.4 | · | 4.7 | |
| Debt / Equity | 0.9 | 0.7 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.8 | |
| LT Debt / Equity | 0.8 | 0.7 | · | 0.6 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.8 | |
| Interest Coverage | -9.6 | -10.9 | · | -11.7 | -12.8 | -11.9 | · | -11.5 | -16.3 | -14.4 | · | -13.7 | -10.2 | -10.7 | · | -9.5 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.2 | 0.3 | · | 0.2 | 0.2 | 0.3 | · | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.5 | · | 0.5 | |
| Receivables Turnover | 1.5 | 1.5 | · | 1.8 | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.8 | · | 1.9 | 1.9 | 2.0 | · | 2.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | · | · | · | · | · | $1.68 | $1.80 | $2.04 | · | $2.24 | $2.44 | $2.57 | · | $1.12 | |
| Revenue / Share | $0.70 | $0.73 | · | $0.79 | $0.75 | $0.84 | · | $0.72 | $0.72 | $0.83 | · | $0.66 | $0.68 | $0.72 | · | $0.60 | |
| Cash Flow / Share | · | $0.11 | · | · | · | $0.07 | · | · | · | $-0.12 | · | · | · | $-0.29 | · | · | |
| Cash / Share | · | · | · | · | · | · | · | $0.19 | $0.29 | $0.15 | · | $0.12 | $0.20 | $0.48 | · | $1.60 | |
| EPS (TTM) | $-0.92 | $-0.96 | · | $-0.80 | $-0.79 | $-0.85 | · | $-0.99 | $-1.02 | $-0.88 | · | $-0.79 | $-0.73 | $-0.84 | · | $-0.82 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $205M | $207M | · | $219M | $214M | $211M | · | $203M | $199M | $196M | · | $175M | $167M | $155M | · | $126M | |
| Net Income TTM | $-60M | $-61M | · | $-50M | $-49M | $-53M | · | $-62M | $-64M | $-55M | · | $-48M | $-42M | $-47M | · | $-45M | |
| Market Cap | · | · | · | · | · | · | · | $361M | $413M | $808M | · | $808M | $1.57B | $1.54B | · | $1.22B | |
| Enterprise Value | · | · | · | · | · | · | · | $332M | $372M | $751M | · | $738M | $1.49B | $1.43B | · | $1.19B | |
| P/E | -4.3 | -1.4 | · | -8.4 | -7.4 | -9.9 | · | -5.9 | -6.5 | -14.8 | · | -16.6 | -35.0 | -30.0 | · | -26.9 | |
| P/S | · | · | · | · | · | · | · | 1.8 | 2.1 | 4.1 | · | 4.6 | 9.4 | 10.0 | · | 9.8 | |
| P/B | · | · | · | · | · | · | · | 3.4 | 3.7 | 6.4 | · | 5.9 | 10.5 | 9.8 | · | 19.7 | |
| P / Tangible Book | · | · | · | · | · | · | · | 4.3 | 4.6 | 7.7 | · | 7.0 | 12.3 | 9.8 | · | 19.7 | |
| P / Cash Flow | · | · | · | · | · | · | · | · | · | -111.9 | · | · | · | -89.4 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 1.6 | 1.9 | 3.8 | · | 4.2 | 8.9 | 9.2 | · | 9.5 | |
| Earnings Yield | -23.1% | -71.6% | · | -11.9% | -13.4% | -10.1% | · | -17.1% | -15.3% | -6.7% | · | -6.0% | -2.9% | -3.3% | · | -3.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $213M | $209M | $187M | $142M | $94M |
| Gross Margin % | 79.8% | · | 81.2% | 80.6% | 81.1% |
| Operating Margin % | -25.5% | · | -27.5% | -24.6% | -17.5% |
| Net Income | $-59M | $-56M | $-50M | $-43M | $-21M |
| Diluted EPS | $-0.93 | $-0.90 | $-0.81 | $-0.77 | $-0.43 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.7 | · | 0.4 | 0.9 | 0.3 |
| Current Ratio | 4.3 | · | 4.4 | 4.4 | 7.6 |
| Quick Ratio | 3.0 | · | 3.6 | 3.7 | 6.8 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-29M | · | $-46M | $-45M | $-20M |
Institutional owners (13F) 126 filers · $141.4M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
126
Value held
$141.4M
New positions
33
Exited positions
29
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 33 (+2 vs prior Q) | 29 (+8 vs prior Q) | 37 (+2 vs prior Q) | 32 (+4 vs prior Q) | -4.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ARMISTICE CAPITAL, LLC | $25,328,720 | 6,364,000 | 17.91% | Shares |
| BANK OF AMERICA CORP /DE/ | $13,154,298 | 3,305,100 | 9.30% | Shares |
| GAGNON SECURITIES LLC | $12,057,581 | 3,029,543 | 8.53% | Shares |
| CIBC Private Wealth Group LLC | $11,316,556 | 1,686,521 | 8.00% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $8,073,346 | 2,028,479 | 5.71% | Shares |
| Gagnon Advisors, LLC | $6,105,455 | 1,534,034 | 4.32% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $5,960,738 | 1,497,673 | 4.22% | Shares |
| VANGUARD GROUP INC | $5,569,081 | 2,273,094 | 3.94% | Shares |
| BlackRock, Inc. | $5,492,483 | 1,380,021 | 3.88% | Shares |
| MARSHALL WACE, LLP | $5,287,797 | 1,328,592 | 3.74% | Shares |
| CIBC Bancorp USA Inc. | $4,839,856 | 1,216,044 | 3.42% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,939,739 | 738,628 | 2.08% | Shares |
| WEBER CAPITAL MANAGEMENT LLC /ADV | $2,346,676 | 589,617 | 1.66% | Shares |
| D. E. Shaw & Co., Inc. | $2,321,442 | 583,277 | 1.64% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,284,531 | 573,796 | 1.62% | Shares |
| CITADEL ADVISORS LLC | $2,057,636 | 516,994 | 1.46% | Shares |
| GOLDMAN SACHS GROUP INC | $1,958,621 | 492,116 | 1.39% | Shares |
| STIFEL FINANCIAL CORP | $1,731,337 | 435,009 | 1.22% | Shares |
| UBS Group AG | $1,458,451 | 366,445 | 1.03% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,447,641 | 363,729 | 1.02% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,317,818 | 331,110 | 0.93% | Shares |
| MORGAN STANLEY | $1,273,704 | 320,026 | 0.90% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,164,166 | 292,504 | 0.82% | Shares |
| KOTLER KEVIN | $1,162,194 | 474,365 | 0.82% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,124,501 | 282,538 | 0.80% | Shares |
| STATE STREET CORP | $932,399 | 234,271 | 0.66% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $852,592 | 214,219 | 0.60% | Shares |
| Jain Global LLC | $839,728 | 210,987 | 0.59% | Shares |
| Arcadia Wealth Management, Inc. | $835,689 | 209,972 | 0.59% | Shares |
| XTX Topco Ltd | $674,200 | 169,397 | 0.48% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $625,355 | 156,748 | 0.44% | Shares |
| NORTHERN TRUST CORP | $624,736 | 156,969 | 0.44% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $601,561 | 151,146 | 0.43% | Shares |
| IEQ CAPITAL, LLC | $436,852 | 109,762 | 0.31% | Shares |
| DEUTSCHE BANK AG\ | $412,957 | 103,758 | 0.29% | Shares |
| Aster Capital Management (DIFC) Ltd | $365,125 | 91,740 | 0.26% | Shares |
| LCW Services, LLC | $361,468 | 90,821 | 0.26% | Shares |
| Susquehanna Portfolio Strategies, LLC | $349,691 | 87,862 | 0.25% | Shares |
| Squarepoint Ops LLC | $281,788 | 70,801 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $274,222 | 68,900 | 0.19% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $272,948 | 68,580 | 0.19% | Shares |
| HSBC HOLDINGS PLC | $213,430 | 54,170 | 0.15% | Shares |
| ExodusPoint Capital Management, LP | $211,561 | 53,156 | 0.15% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $208,015 | 52,265 | 0.15% | Shares |
| BARCLAYS PLC | $205,488 | 51,630 | 0.15% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $199,000 | 50,000 | 0.14% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $192,234 | 48,300 | 0.14% | Shares |
| Vanguard Personalized Indexing Management, LLC | $185,683 | 46,654 | 0.13% | Shares |
| FMR LLC | $181,381 | 45,573 | 0.13% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $179,124 | 45,006 | 0.13% | Shares |
Company insiders 22 insiders · 8 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John T. Treace | Chief Executive Officer | Aug. 24, 2026 P | 7,404,383 | 14 | 0 | $1,450,756 |
| Scot Michael Elder | Chief Legl & Comp Off, CorpSec | Sept. 30, 2026 F | 753,226 | 0 | 0 | $0 |
| Guy Guglielmino | Chief Commercial Officer | Jan. 22, 2026 A | 490,901 | 0 | 0 | $0 |
| Aaron Berutti | SVP, Sales | Aug. 9, 2025 F | 205,092 | 0 | 0 | $0 |
| Terry W. Lubben | SVP, Operations | March 8, 2022 A | 5,850 | 0 | 0 | $0 |
| Jaime A. Frias | Chief Legal Officer | March 8, 2022 A | 50,659 | 0 | 0 | $0 |
| Joe W. Ferguson | SVP, Research & Development | Oct. 6, 2021 M | 419,756 | 0 | 0 | $0 |
| Dipak Rajhansa | SVP, Sales | April 22, 2021 A | · | 0 | 0 | $0 |
| Betsy Hanna | Director | May 19, 2026 A | 75,243 | 0 | 0 | $0 |
| Deepti Jain | Director | May 19, 2026 A | 100,243 | 0 | 0 | $0 |
| Lance A Berry | Director | May 19, 2026 A | 74,593 | 0 | 0 | $0 |
| Jane E Kiernan | Director | May 19, 2026 A | 93,949 | 0 | 0 | $0 |
| Lawrence W Hamilton | Director | May 19, 2026 A | 74,056 | 0 | 0 | $0 |
| John K Bakewell | Director | May 19, 2026 A | 204,056 | 0 | 0 | $0 |
| Richard W Mott | Director | May 20, 2025 A | 1,096,861 | 0 | 0 | $0 |
| James T Treace | Director | Aug. 15, 2024 P | 1,223,441 | 0 | 0 | $0 |
| Thomas E Timbie | Director | March 15, 2023 S | 1,149,069 | 0 | 0 | $0 |
| John R Treace | Director | May 9, 2022 S | 1,822,790 | 0 | 0 | $0 |
| Sean F. Scanlan | · | Aug. 9, 2026 F | 679,863 | 0 | 0 | $0 |
| Mark Hair | · | Aug. 9, 2026 F | 914,900 | 0 | 0 | $0 |
| Barry F Bays | · | June 5, 2023 S | 0 | 0 | 0 | $0 |
| Daniel E. Owens | · | March 15, 2023 M | 30,914 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 6 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.05% | 167,822 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 33,645 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 72,895 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 545,595 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,447,595 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 151,146 SH | Aug. 19, 2026 | Daily |
TMCI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 10 analysts
HOLD
Median target
$5.00
+13.9%
0 0.0%
Strong Buy
1 10.0%
Buy
5 50.0%
Hold
2 20.0%
Sell
2 20.0%
Strong Sell
12-Month Price Target
3 analysts · 2026-09-29Mean target $5.50 +25.3%
← Below all targets
Current price $4.39
Low$4.50
Mean$5.50
High$7.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 7, 2026