TMCI Treace Medical Concepts, Inc. - Common Stock
$4.51
Price · Aug 18, 2026
Fundamentals as of Aug 7, 2026
52W Range
$1–$8
51% of range
Analyst Rating
HOLD
10 analysts
Price Target
$6
+22% upside
P/E (TTM)
-2.6
ROE
-63.8%
Net Profit Margin
-27.7%
TMCI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.51
Market Cap
—
P/E (TTM)
-2.6
EPS (TTM)
$-0.93
Revenue (TTM)
$213M
Div Yield
—
ROE
-63.8%
Debt/Equity
0.7
52W Range
$1 – $8
TMCI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$213M
2019-12-31
→
2025-12-31
EPS
$-0.93
2020-12-31
→
2025-12-31
Free Cash Flow
$-29M
2021-12-31
→
2025-12-31
Margins
-27.7%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TMCI
Peer Median
P/E (TTM)
-2.6
27.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TMCI
Peer Median
Gross Margin
79.8%
75.9%
Operating Margin
-25.5%
—
Net Profit Margin
-27.7%
-46.8%
ROA
-28.9%
-31.4%
ROE
-63.8%
-59.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TMCI
Peer Median
Debt / Equity
0.7
—
Current Ratio
4.3
4.6
Quick Ratio
3.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TMCI
Peer Median
Revenue YoY
1.6%
—
Revenue CAGR 3Y
14.5%
—
Revenue CAGR 5Y
30.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TMCI
Peer Median
TMCI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
10 analysts
- Strong Buy 0 0.0%
- Buy 1 10.0%
- Hold 5 50.0%
- Sell 2 20.0%
- Strong Sell 2 20.0%
12-Month Price Target
3 analysts · 2026-08-17
Median
$5.00
Mean
$5.50
Now
$4.51
Low
$4.50
High
$7.00
Median target
$5.00
+10.9%
Mean target
$5.50
+22.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.24 | $-0.30 | 0.06% |
| March 31, 2026 | $-0.28 | $-0.31 | 0.03% |
| Dec. 31, 2025 | $-0.15 | $-0.15 | 0.00% |
| Sept. 30, 2025 | $-0.26 | $-0.29 | 0.03% |
| June 30, 2025 | $-0.28 | $-0.29 | 0.01% |
| March 31, 2025 | $-0.25 | $-0.31 | 0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TMCI | — | -2.6 | 1.6% | -27.7% | -63.8% | 79.8% |
| CARL | $329M | -5.8 | 85.9% | -58.7% | -375.2% | 75.3% |
| CV | $501M | -10.4 | 15.3% | -186.8% | 40.3% | 52.9% |
| OBIO | $237M | -3.7 | 1169.2% | -157.4% | -195.7% | — |
| STIM | $95M | -2.3 | 99.2% | -26.2% | -155.7% | 48.5% |
| ABT | $250.18B | 33.7 | 5.7% | 14.7% | 13.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| 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 30
| 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 12
| 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 6
| 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 5
| 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 3
| 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 | · |
Growth Rates 3
| 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) 14
| 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 15
| 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 | -125,914,707 | 63,515,372 | 63,006,891 | 62,661,447 | -123,991,708 | 62,229,463 | 62,081,494 | 61,792,788 | -120,816,615 | 61,562,494 | 61,382,514 | 58,723,760 | -110,288,315 | 55,429,211 | |
| Shares (Diluted) | 65,049,844 | 64,592,681 | -125,914,707 | 63,515,372 | 63,006,891 | 62,661,447 | -123,991,708 | 62,229,463 | 62,081,494 | 61,792,788 | -120,816,615 | 61,562,494 | 61,382,514 | 58,723,760 | -110,288,315 | 55,429,211 | |
| EBITDA | $-15M | $-16M | · | $-16M | $-17M | $-13M | · | $-15M | $-21M | $-17M | · | $-18M | $-12M | $-13M | · | $-11M |
Balance Sheet 30
| 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 10
| 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 6
| 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 5
| 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 3
| 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 |
Valuation (TTM) 14
| 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 | $190M | $197M | · | $195M | $189M | $193M | · | $181M | $178M | $176M | · | $158M | $147M | $134M | · | $114M | |
| Net Income TTM | $-68M | $-68M | · | $-65M | $-70M | $-71M | · | $-73M | $-70M | $-62M | · | $-55M | $-55M | $-52M | · | $-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 | -3.8 | -1.3 | · | -6.5 | -5.2 | -7.4 | · | -5.0 | -5.9 | -12.9 | · | -14.1 | -26.6 | -27.4 | · | -27.2 | |
| P/S | · | · | · | · | · | · | · | 2.0 | 2.3 | 4.6 | · | 5.1 | 10.7 | 11.5 | · | 10.8 | |
| 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 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -72.5 | · | · | · | -82.4 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -21.9 | -17.4 | -44.0 | · | -41.4 | -124.4 | -110.9 | · | -108.9 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | -67.4 | · | · | · | -76.1 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 1.8 | 2.1 | 4.3 | · | 4.7 | 10.1 | 10.6 | · | 10.5 | |
| Earnings Yield | -26.6% | -79.8% | · | -15.5% | -19.1% | -13.6% | · | -20.2% | -16.8% | -7.7% | · | -7.1% | -3.8% | -3.6% | · | -3.7% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-29M | — | $-46M | $-45M | $-20M |
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Institutional owners (13F) 129 filers · $108.3M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 38 (+11 vs prior Q) | 28 (+7 vs prior Q) | 40 (+10 vs prior Q) | 25 (-6 vs prior Q) | +1.9M |
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 | 23.38% | Shares |
| GAGNON SECURITIES LLC | $12,057,581 | 3,029,543 | 11.13% | Shares |
| CIBC Private Wealth Group LLC | $11,316,556 | 1,686,521 | 10.45% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $8,073,346 | 2,028,479 | 7.45% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,083,134 | 1,779,682 | 6.54% | Shares |
| Gagnon Advisors, LLC | $6,105,455 | 1,534,034 | 5.64% | Shares |
| CIBC Bancorp USA Inc. | $4,839,362 | 1,215,920 | 4.47% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,939,739 | 738,628 | 2.71% | Shares |
| WEBER CAPITAL MANAGEMENT LLC /ADV | $2,346,676 | 589,617 | 2.17% | Shares |
| D. E. Shaw & Co., Inc. | $2,321,442 | 583,277 | 2.14% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,864,315 | 468,214 | 1.72% | Shares |
| STIFEL FINANCIAL CORP | $1,731,337 | 435,009 | 1.60% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,447,641 | 363,729 | 1.34% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,258,775 | 316,275 | 1.16% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,164,166 | 292,504 | 1.07% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,124,501 | 282,538 | 1.04% | Shares |
| KOTLER KEVIN | $1,053,500 | 430,000 | 0.97% | Shares |
| STATE STREET CORP | $932,399 | 234,271 | 0.86% | Shares |
| MARSHALL WACE, LLP | $924,144 | 232,197 | 0.85% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $852,592 | 214,219 | 0.79% | Shares |
| GOLDMAN SACHS GROUP INC | $848,874 | 213,285 | 0.78% | Shares |
| Jain Global LLC | $839,728 | 210,987 | 0.78% | Shares |
| Arcadia Wealth Management, Inc. | $835,689 | 209,972 | 0.77% | Shares |
| VANGUARD GROUP INC | $780,499 | 318,571 | 0.72% | Shares |
| XTX Topco Ltd | $674,200 | 169,397 | 0.62% | Shares |
| NORTHERN TRUST CORP | $619,594 | 155,677 | 0.57% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $601,561 | 151,146 | 0.56% | Shares |
| IEQ CAPITAL, LLC | $436,852 | 109,762 | 0.40% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $432,268 | 108,610 | 0.40% | Shares |
| DEUTSCHE BANK AG\ | $412,957 | 103,758 | 0.38% | Shares |
| Aster Capital Management (DIFC) Ltd | $365,125 | 91,740 | 0.34% | Shares |
| LCW Services, LLC | $361,468 | 90,821 | 0.33% | Shares |
| BlackRock, Inc. | $359,350 | 90,289 | 0.33% | Shares |
| Susquehanna Portfolio Strategies, LLC | $349,691 | 87,862 | 0.32% | Shares |
| Squarepoint Ops LLC | $281,788 | 70,801 | 0.26% | Shares |
| JANE STREET GROUP, LLC | $274,222 | 68,900 | 0.25% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $272,948 | 68,580 | 0.25% | Shares |
| HSBC HOLDINGS PLC | $213,430 | 54,170 | 0.20% | Shares |
| ExodusPoint Capital Management, LP | $211,561 | 53,156 | 0.20% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $208,015 | 52,265 | 0.19% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $199,000 | 50,000 | 0.18% | Shares |
| BARCLAYS PLC | $192,505 | 48,368 | 0.18% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $192,234 | 48,300 | 0.18% | Shares |
| Vanguard Personalized Indexing Management, LLC | $185,683 | 46,654 | 0.17% | Shares |
| FMR LLC | $181,381 | 45,573 | 0.17% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $179,124 | 45,006 | 0.17% | Shares |
| Mariner, LLC | $173,502 | 43,543 | 0.16% | Shares |
| Abel Hall, LLC | $148,132 | 37,219 | 0.14% | Shares |
| Catalyst Funds Management Pty Ltd | $114,624 | 28,800 | 0.11% | Shares |
| Schonfeld Strategic Advisors LLC | $108,561 | 27,277 | 0.10% | Shares |
| Jefferies Financial Group Inc. | $105,833 | 26,591 | 0.10% | Shares |
| Creative Planning | $103,408 | 25,982 | 0.10% | Shares |
| Quadrature Capital Ltd | $102,720 | 25,809 | 0.09% | Shares |
| Chicago Partners Investment Group LLC | $98,229 | 24,254 | 0.09% | Shares |
| COMERICA BANK | $98,000 | 40,000 | 0.09% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $97,209 | 22,502 | 0.09% | Shares |
| Dynamic Technology Lab Private Ltd | $96,000 | 24,099 | 0.09% | Shares |
| Independent Advisor Alliance | $95,890 | 24,093 | 0.09% | Shares |
| Arax Advisory Partners | $93,260 | 23,432 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $91,142 | 22,900 | 0.08% | Call option |
| Centiva Capital, LP | $77,980 | 19,593 | 0.07% | Shares |
| Kestra Advisory Services, LLC | $77,952 | 19,586 | 0.07% | Shares |
| HBK Sorce Advisory LLC | $77,202 | 16,151 | 0.07% | Shares |
| Cetera Investment Advisers | $69,057 | 17,351 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $64,663 | 16,247 | 0.06% | Shares |
| Bronte Capital Management Pty Ltd. | $61,996 | 15,577 | 0.06% | Shares |
| GROUP ONE TRADING LLC | $60,285 | 15,147 | 0.06% | Shares |
| HighTower Advisors, LLC | $54,474 | 13,687 | 0.05% | Shares |
| Ethic Inc. | $52,910 | 13,294 | 0.05% | Shares |
| Ellevest, Inc. | $52,807 | 13,268 | 0.05% | Shares |
| CITADEL ADVISORS LLC | $52,536 | 13,200 | 0.05% | Call option |
| AMERICAN CENTURY COMPANIES INC | $49,861 | 12,528 | 0.05% | Shares |
| AlphaQuest LLC | $49,613 | 20,250 | 0.05% | Shares |
| TWO SIGMA SECURITIES, LLC | $47,398 | 11,909 | 0.04% | Shares |
| TrustWell Financial Advisors, LLC | $46,666 | 11,725 | 0.04% | Shares |
| Navis Wealth Advisors, LLC | $43,605 | 10,956 | 0.04% | Shares |
| BLAIR WILLIAM & CO/IL | $43,167 | 10,846 | 0.04% | Shares |
| nVerses Capital, LLC | $42,570 | 10,696 | 0.04% | Shares |
| LPL Financial LLC | $41,909 | 10,530 | 0.04% | Shares |
| RHUMBLINE ADVISERS | $40,432 | 10,159 | 0.04% | Shares |
| Cerity Partners LLC | $39,343 | 9,885 | 0.04% | Shares |
| Tower Research Capital LLC (TRC) | $38,857 | 9,763 | 0.04% | Shares |
| CWM, LLC | $36,973 | 27,592 | 0.03% | Shares |
| Rockefeller Capital Management L.P. | $33,273 | 8,360 | 0.03% | Shares |
| TRUST CO OF TOLEDO NA /OH/ | $33,054 | 8,305 | 0.03% | Shares |
| Farther Finance Advisors, LLC | $33,050 | 8,300 | 0.03% | Shares |
| Russell Investments Group, Ltd. | $27,430 | 6,892 | 0.03% | Shares |
| JPMORGAN CHASE & CO | $24,715 | 5,788 | 0.02% | Shares |
| Integrated Wealth Concepts LLC | $22,914 | 5,757 | 0.02% | Shares |
| CITADEL ADVISORS LLC | $21,950 | 5,515 | 0.02% | Shares |
| UBS Group AG | $20,011 | 5,028 | 0.02% | Shares |
| Nuveen Asset Management, LLC | $11,227 | 1,509 | 0.01% | Shares |
| Allworth Financial LP | $11,069 | 2,781 | 0.01% | Shares |
| OSAIC HOLDINGS, INC. | $8,489 | 2,133 | 0.01% | Shares |
| NFSG Corp | $5,381 | 1,352 | 0.00% | Shares |
| MTM Investment Management, LLC | $5,293 | 1,330 | 0.00% | Shares |
| IFP Advisors, Inc | $4,346 | 1,092 | 0.00% | Shares |
| Physician Wealth Advisors, Inc. | $4,291 | 1,078 | 0.00% | Shares |
| HOEY INVESTMENTS, INC | $3,980 | 1,000 | 0.00% | Shares |
| Essential Partners LLC | $3,697 | 929 | 0.00% | Shares |
Company insiders 21 insiders · 6 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John T. Treace | Chief Executive Officer | June 11, 2026 P | 7,348,439 | 11 | 0 | $1,203,915 |
| 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 |
| Joe W. Ferguson | SVP, Research & Development | April 27, 2021 C | 85,575 | 0 | 0 | $0 |
| Jaime A. Frias | Chief Legal & Compliance Officer, Secretary | April 27, 2021 C | 42,786 | 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 | April 27, 2021 C | 2,306,606 | 0 | 0 | $0 |
| Scot Michael Elder | — | Aug. 9, 2026 F | 778,683 | 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 14 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% | 168,933 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.00% | 2,275 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 229,912 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.00% | 21,518 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,778 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,798 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,632 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 45 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 33,645 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 72,901 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 545,595 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,447,595 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 3,969 NS | April 30, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.00% | 151,146 SH | Aug. 8, 2026 | Daily |