Treace Medical Concepts (NASDAQ:TMCI) stock is falling hard on Wednesday following the release of the medical technology company’s first quarter 2024 earnings report.
The problem comes from the company’s guidance for the full year of 2024 in this report. It expects revenue for the year to range from $201 million to $211 million, a drop from its prior revenue outlook of $220 million to $225 million. This would also see it miss Wall Street’s estimate of $222.81 million for the period.
The lowered revenue outlook comes with the following warning from Treace Medical Concepts CEO John Treace:
“Despite our strong start to the year, we have revised our guidance for fiscal 2024 to reflect a quickly evolving market environment with increased use of MIS Osteotomy solutions and more competition from knockoffs of our Lapiplasty® products.”
TMCI Stock Drops Despite Q1 Beats
As Treace noted, the company’s performance for the first quarter was positive. This saw it post revenue of $51.1 million, which is above Wall Street’s estimate of $49.4 million. It’s also a 21% increase compared to Q1 2023.
Next is earnings per share of -28 cents. Yet again, this is better than analysts’ estimate of -31 cents for the quarter.
TMCI stock is down 59.2% as of Wednesday morning. That comes with 814,000 shares traded. This is already above its daily average trading volume of about 394,000 shares.
Investors will want to stick around for even more of the most recent stock market stories.
We have all of the hottest stock market news ready to go on Wednesday! A few examples include what’s happening with shares of Innodata (NASDAQ:INOD) and iSun (NASDAQ:ISUN) stock as well as the biggest pre-market movers today. You can catch up on this news below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
