Earnings call transcript Q4 2022

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Operator

Hello, and welcome to Treace Medical Concepts Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there would be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Vivian Cervantes of Investor Relations.

begin. may You

Vivian Cervantes

Financial and conference everyone, be our quarter Hair, fourth Treace, Good Participating welcome from earnings Chief Mark and call. Executive will the XXXX Chief afternoon Officer; to Officer. company John today

During the activity quarter review commercial on session. and host the of we market the released which, our after a we will will call, results commentary our offer financial close fourth today, after question-and-answer

This can release Investors our found in is Relations will Investor and of investors.treace.com. website. section the be the website section be at The call our in recorded being press archived of

we Act Before forward-looking trends, performance it statements forward-looking like estimated XXXX. relate that of Private be or remind all is today's our results during or you the call will Any of market statements begin, that and would expectations future we events made protected as to that Reform our predictions are as Litigation intent well under to Securities statements.

based estimates no materially forward-looking differ to that forward-looking anticipated upon results based update All to could events All uncertainties available are forward-looking implied and current by or information, or our statements. upon cause and statements assumptions. statements and These from assumes involve risks current statements. are actual material statements Treace these various these those obligation

March Form you not for on full-year for XX-K XXXX, our our the reliance filed place filings, on undue SEC these to a Accordingly, including should of X, risks. to statements. Please detailed refer XXXX presentation be

now With the John. turn that, call to over I

John Treace

Treace. initiatives, and sales in complementary namely the earnings as making growing as proven and conference well year, innovations, patient great was us into targeted our DTC channel, and beginning awareness business bunion-focused of products. expanding investments increased investments you R&D Lapiplasty we joining into XXXX of our afternoon, At investments our year in increasing execution direct on our strategies, the fourth another everyone, Good quarter XXXX Vivian. at thank you, of growth strategically Thank call. for suite

These our in strong growth of revenue gains XXXX in operating XX% key investments over continued resulted metrics. and realized

XXXX, fourth seasonally strong Our continued with to adjusted scale through operations positive ending EBITDA. our quarter

the we've built a that fuel over we've We our the strong made progress and years. coming growth proud to continue are of will foundation believe

go the let's out on with quarter about into I Before details year, where market start summary today. stand and our we

XXX,XXX of Our care. disruptive each and candidates cause address Lapiplasty year, X.X is surgical solution market. correct current surgery large which plus of market to only annual identified root the billion and associated a specifically bunion to due an addressable the standards million was undergo developed we We've $X with believe of underserved U.S. which of bunion limitations mainly

the fourth quarter have annual penetrated XXX,XXX annual approximately quarter in and the U.S., total of that reflecting As up market. surgical the fourth XXXX, from estimated X.X% U.S. X.X% in XXXX of of surgical procedures $X plus of market billion addressable X.X% bunion million penetration we X.X constitute approximately our of the the candidates

XXXX and was growth million, of slightly the revenue million. the our in was and to range full-year expectation fourth Revenue Turning XX.X fourth million results. announced representing to of the above previously XX% over XX.X quarter XX.X quarter QX

to and investments trends fourth with and strong and our surgeons from strategies the from we benefit quarter, productivity. patients During sales commercial continued demand force growing

the rate the increase experienced growth XXXX of revenue our the growth XXX.X million. XXX.X XXX.X also was top-end expectation over our to XXXX million, for XX% the second million For XX-XX, revenue the revenue full-year same we period above above in pre-announced and half XXXX. of was in slightly of Notably,

coming operating of trends direct metrics but our fourth in growth, target team, XX% bunion-focused for revenue accounted our in key pleased well-ahead our extremely year. with we're also of expanding which our sales mix quarter, not the for only positive Therefore, the line during XX% top sustained our including QX

Anatomic steady is trailing ago kits our and over tissue active during increase prices increase instruments. as X,XXX of [ph] X.X selling Adductoplasty which well steadily XX.X active increases users and surgeon of a and kits surgeons, System, prior utilization representing Correction with year, our year-over-year, surgeon in QX new per Midfoot up a XX-month were XXX Plating strong due surgeon average XX% contribution number the year-over-year the average the from of in of as year year, in more an $X,XXX SpeedRelease] an commercialized blended ending our in quarter, from to recently the Lapiplasty per Strong sold up growth TriTome [SXA System XX% QX kits increasing

commercial Our grow million, proven confidence allowed turn to Therefore, well-defined an to XX% XXXX, which strategy. we providing we strategic are and guidance XX% commercial XXX of to scalable have over business, have focus revenue. us a revenue of we us full-year our reflects successfully and XXX as investments giving XXXX million increase to

execution growth aggressive balancing strategic our modestly to initiatives market with forward maximize to and penetration expense leverage. improving our proven look on We

agenda. our Given billion committed differentiation to $X large and market to remain our activities. now our U.S. growth Shifting we opportunity, commercial and plus market development

channel, driving XXXX investments and As and goal our advancing the of in expanding targeted penetration R&D market made market. with our DTC of bunion-focused into more patient discussed, footprint our increasing targeted initiatives, the direct coverage by awareness we investments the sales

force, at and such in only team of a growing has our penetration. and tech Treace, we're organization that's contributed one surgery, this highly meaningfully industry. market represents on mid-foot rapidly specialized related sales the the med direct a aware focused believe have to XXX% We and We bunion revenue including

quarter up we revenue was from XX% force, than a XX% were happy we XX% of surpassed year quarter higher of in sales our third target quarter, generated and a by to last that In communicated just expect XX% announce We ago. the the from time. up sequentially to our earlier direct mix and revenue direct our previously over to grow year-end anticipated fourth

sales had the that of end an direct quota XXXX. with year We the increase carrying of XX reps the XXX from reps, ended at the we XXX% fourth direct quarter

strong target sales year-end at we XXX Given team, our the to candidates set of sales carrying forth the from interest happy announce to exceeded the year. great quota also our employee join we're beginning that reps

We these that team by of are the because profile specialists, reps believe XX% culture XXX education Including last clinical data joining compared our increased sets sales of programs. employees by quarter, employees reps, growth new the unique driven to at fourth patient associate field the and backed employee fleet XXX supported clinical strong disruptive market our our and technologies leading our sales in and in to sales are and by end year. management, surgeon

sales strong experience from expanded direct team. We our benefits to continue

suite corporate typically and XX leverage resources focused revenue on programs. Our significant In and with utilize achieved of exclusively because reps direct they're scale fully products within cost months, our XXXX, and direct primarily we over to invest target carrying XXX in quota penetration end a year continue by our with of increased market of plan direct the XXXX. having to the channel sales to reps drive our

these are in of of patient schedule of website, a focused Lapiplasty, initiatives to key remain patients awareness Lapiplasty locate a component Our We surgeons the their commercial our become benefits on consultation. visiting educated number to steadily DTC potential patient for initiatives strategy. patients awareness on increase that our our educate and designed the ultimately DTC area, experienced and are

website area. Our for searching thousands hundreds their of and investment in our a resulting DTC patients surgeon every patients month of of in tens is Lapiplasty thousands of visiting

out Lapiplasty, patients. in a surgeon a Now, that expanding of have with inquiries higher from can of we larger the one surgeons national four U.S. base and field using volume

in DTC is believe Given to time the than investments year this earlier our right this, XXXX, step-up we've initiated we which last.

to continue our well-received. training Our Interest training was also oversubscribed surgeons surgeon often education by very and XXXX. new in in strong attendance be programs and events at

tenured can new online acquire approaches Mini-Incision training advanced our where continued as to more and show advanced Adductoplasty and surgeons such learn skills Likewise, in-person surgeon our strong procedures our events both and demand.

surgeon in role the key and their effective increasing a existing the our users new play programs education patient broadening onboarding of users, indications. skills of Our

period increase. added in the to a During year, surgeons compared representing XXX we XXXX, XXX record last a same new XX%

strong surgeon We are see in our growth continued encouraged user this to base.

penetration surgeon perform in which surgeons case the U.S. active and base, Ankle least performed at surgery our Foot XX% Surgeons quarter, includes the XX-months, the XX,XXX fourth trailing the approximately of who who of in achieved bunion has As one estimated

base we of and surgeon adoption sales gains supported of growing our to of with channel Lapiplasty DTC increased all systems, direct by forward to our our use utilization look portfolio as products, awareness and further initiatives. As complementary continues well mature, Adductoplasty expanding patient our as

here new and a state great at XXXX We interest attendance in forward to hosting additional surgeons education at we that of surgeons high art training headquarters training the facility level and were the growing look network Ponte and it's offer Lapiplasty platform across in XXXX. events events of evident new our country for Vedra. our training And a in of see pleased to the we our in surgeon of

applications strategy, product other next technologies U.S. At we end bunion have defense we bunion-related an technology for our to IP team leadership now correction and Speaking of XX both pathologies, patent to R&D addressing the and of our our XX innovation new as patents pending. granted over development innovations. maintain had programs systems, driving as to generation complementary of with industry QX, the well and development committed U.S.

terrific year a was innovation us. for XXXX of

the our of system announced full in August, release commercial of Following [catgut] QX, kit, X-in-X and tissue our Lapiplasty Adductoplasty SpeedRelease instruments. and Anatomic release TriTome [ph], in Plating we SXA full commercialization the Lapiplasty our

early, While community bunion-focused favorable growing technologies. from of still these encouraged we adoption portfolio the by are the response for nicely, a has received progressed and surgeon of products

two further product an innovations, of option Lapiplasty implant College our performed American steps designed joint and highlighted to micro instrumentation platform. This allows the with the both plate incision procedure speed and at of the reduce bunion This procedure. February dissection our Foot and In through patented exciting system. and tissue Surgeons, to preparation namely Lapiplasty new X correction centimeter evolution incisions, be size advanced the related Ankle we our fixation of is instrumentation Lapiplasty

incisions enabling systems, is both technology our for as standard the broader designed platform to X This procedures. also midfoot well as serving Adductoplasty Lapiplasty rapid an fixation a small through mini-incision for as but applicability with centimeter insertion procedure, Lapiplasty and micro new technology

anticipate of to release these commercial half the the of continue during We technologies XXXX. second

micro patients. could the about Lapiplasty this excited bring to potential SpeedPlate combination We're benefits

our with look product can procedure our faster on centered less improving and recovery any at even less smaller supporting to IP continue additional our we experience, outcomes, incisions patient dissection, and this tissue user providing pain core involves aimed swelling. surgeon with we patient forward and penetration. innovations As We technologies to and new develop to believe pipeline on market translate updates as that continued

believe is with with both outcome data months we're to resonates the we clinical a believe participant their positive which we can a for data procedure. weight differentiating A growing From in Turning we bearing and low boot driver return our and to rapid industry surgeons our of data. commitment recurrence in what scores demonstrating walking only patient XX interim reported business rates clinical at key demonstrating the clinical and evidence, XX body our following see to marketplace, bunion correction patients. with months

During of the announced our we clinical MTA fourth in XD treatment patient the first quarter, study. the Adductoplasty

will providing As is XD in Adductoplasty study interim multicenter the look MTA a the future. our patients the on We of evaluate study outcomes with XD reminder, correction. mid-foot combined forward MTA a deformity of to bunion that procedure for in need and prospective updates clinical Lapiplasty study

the respectively and measures of pain of Questionnaire, flagship a results in interim an XX Scientific XXX data Lapiplasty and social reporting or XXXX overall using Manchester-Oxford rate through quality an using interaction months, to follow-up, in demonstrated the the they measured XX visual we with low at Surgeons in month patient least prospective Ankle and analysis satisfied of a and Lapiplasty months. weight XX.X% ALIGNXD Annual VAS walking February, walking Foot the at study Foot with notably or XX% American improvement very reduction on or at patients bearing of of scale MOXFQ reported XX satisfied which procedure in analog average standing Conference recurrence days, boot return XX.X% early At announced X.X%, our X.X patients College their XX% months XX from life in were

making a surgery. socially rating on but Lapiplasty We bunion believe as demonstrated to the Lapiplasty procedure the offer company physically, is product only years' we're on XX% lives satisfaction only clinical evidence patient’s and the impact well X patient it's the not this surgical to see high as by level meaningful commercial rewarding at of post

ago of with As a activities is peer-reviewed began years this that ALIGNXD year, first submit patient resonates and culmination primary manuscript enrolled reminder, reinforcing expect five the later further to publication Lapiplasty. for with study the the differentiated in endpoint is our data patient milestone journal. communities adoption a market in of we This our coming XXXX. strongly Again, positive interim and surgeon patient believe ALIGNXD a we from

performance In our closing, XXXX for was another and strong year company. growth

all experiencing we that and business are to momentum have proud aspects strategy. believe here by the the our team strategic specialized and and allow a our significant on developed We in future us remain continue model great as continue we to execution of in advance business highly scalable throughout excited and execute delivered of growth country our will we extremely Vedra, Ponte and our about our prospects to plans. Florida I'm

our Mark? call Mark to With that, financial to the I'll review now over turn performance.

Mark Hair

procedure prior in newer year. fourth volumes million, Thank an quarter to was was technologies. $XX.X selling in increase price, and $XX.X by blended the XX% in and driven million of you, due John. complementary Revenue increases adoption our over Growth average Good up afternoon, the everyone.

strong over quarter increased fourth QX. seasonally Our sequentially XX% revenue

average In U.S. performing the to procedures. translates perform purchased an case kits the XXXX, active of least Surgeon trailing approximately an trailing the year in a the ago. XX% surgeons, of average bunion XX-months, up in who in of to the X,XXX the increased fourth number Lapiplasty penetration year-over-year at XX.X [ph] of surgeons [X.X] utilization quarter which to XX,XXX from increased surgeons estimated XX% one XX-months

We are notable pleased with increase. this

we nearly base. in two Lapiplasty alone, our ago. As past the active we've commercialized of years a reminder, surgeon seven X,XXX And active total added surgeons, half years

expanding active utilization year increase each of surgeons and in positive due Lapiplasty, On steadily this number to use outcomes they growing indications the their patient average, practices.

average the in technologies, systems, XXXX, early fourth in SXA Adductoplasty price SpeedRelease, by the plating of Lapiplasty quarter a over as XX% procedure our driven impact Lapiplasty adoption well the was Blended kits selling XX% increase from and prior the a TriTome as and quarter X,XXX fourth sold newer We quarter, the fourth kit, increase fourth our in $X,XXX, versus year's quarter. our instruments.

see as to continue who reps displacing uptake selling complementary direct complementary products focus bunions-related products, We greater in Lapiplasty sales to products. other our while forefoot cases, of forefoot competitive other add we more on these tend

blended full-year XXXX the increase a to revenue increase the the prior of million, above XXX.X our over We revenue procedure sold guidance XXXX, For year XX,XXX revenue a the of million price XX% and prior Lapiplasty of $XXX.X XXX full-year million was average increase our million. for XXX XXX.X range expectation XX% kits XXXX, XXXX, of to over top-end pre-announced a million slightly selling X,XXX, versus with a year. X% the prior above

and was was Gross in-part in payroll well increase XX XXXX. and in our increases margin the point to in XX.X% decrease related necessary related fourth expanding compared depreciation of quarter direct XX.X% quarter support The surgical fourth in of due an capitalized basis as XXXX, force, to instruments to sales the costs. as

primarily support capitalized well payroll surgical year sales due costs. direct and necessary depreciation XX.X% period, ago to related For full-year our was increases as related gross force, increased the in instruments to XX.X%, the as from increases down XXXX, margin and in in

and XX.X of the expenses and XXXX, includes Total the of million expenses marketing and of operating million of million, development million. $XX.X expenses X.X million, in $XX.X expenses $X.X XXXX, general X.X included expenses operating fourth of were which of of marketing sales in expenses and million, research total compares which This expenses and to general quarter development of administrative and fourth million. and and $XX.X expenses quarter XX.X of administrative sales research million,

direct in commercial as sales reflects For in in requirements, investments capacity $XXX.X channel The expenses operating increased to the period. strategic million other expanding the XXXX, product investments for year expenses were our prior as innovation, in support million well increase compared full-year operating $XX.X initiatives.

in to to net common per XX.X loss quarter period was $X.X was or common share, to net or $X.XX per attributable share $X.XX XXXX. XX.X net compared share the Fourth a stockholders million loss $X.XX million of $X.XX compared XXXX or net attributable XXXX. stockholders of $X.X to per a Full-year per million loss of million share, or loss for same

ended seasonally with quarter, fourth we in As noted, approximately adjusted EBITDA. $XXX,XXX our the strongest

million and On XXXX. were X,XXX,XXX our we which growth and initiatives. is proceeds capital cash This raised on raised follow-on the we continue since first and with $XX.X marketable offering common a million. IPO time of strength this December we provides stock, shares Cash, investments and of completed as us of $XXX.X equivalents, securities our net X, believe XX, of flexibility balance strategic executing sheet to additional aggressively February

full-year Before our concluding, to turn let for outlook me XXXX.

of XXXX to strategic full-year our encouraged million, growth. business are John with XXXX increase the momentum XX% guidance and delivering million clearly revenue $XXX of We by over providing to we on As in an strength remain mentioned, underlying XX% revenue. our investments $XXX

sequential due prior coming the For strong XXXX, quarter with off consistent incremental from years, first do performance. the revenue procedures to the we quarter quarter revenue seasonality not QX from expect fourth to XXXX, first of a year-end quarter, decrease expect XXXX. fourth we Unlike rescheduled our usual benefit normal

Turning the P&L. middle to the of

that to costs adjusted expect continue modest to salesforce, further improvements increasing leverage will expand our overhead and XXXX XXXX. operations investments the of while and throughout and our to expenses. EBITDA our as grow to we our expect for show We we Therefore, DTC expenses fixed increase compared full-year, direct

IP provide Before the turning operator, the I'd an over update to call like our on litigation. to

IP. we you XXXX lawsuit filed a As March in enforce our recall, to

portfolio. investments resolution technologies settle our outcome. we've committed Although important are we remain to are matter to inception, growing protecting the and reached terms made proprietary and mutually IP and the confidential, a Since agreeable our the in with pleased

the call questions. the to your over to line turn open me for let that, With operator the

Operator

with the Robbie Instructions] [Operator first from Marcus comes line of JPMorgan. you. Our Thank question

line Your is open.

Robbie Marcus

Maybe about are a talk could a good great trends again and guide. congratulations with guide here. the on quarter we the informing Start Great. that

to clearly key how think the volumes to about color of about of You're per a versus the revenue grow procedure up. give you to you continues the adding us lot and how speak drivers between guide, on revenue Maybe think any per your growth reps, want just to the the procedure?

Mark Hair

Thanks, Robbie. question. Great

mentioned in been year. really again last a and quarter back third this has prepared quarter. throughout encouraged and by of we in driven John the had that we of believe feel growth the in experienced the making investments lot that remarks, by half last full-year strong then the both the We momentum the really And year. As the of we've in fourth been we strength

that and Namely, we it's sales which and push had growing headwinds they've really through dividends we've is beginning to building have that to been we've believe direct channel, the already experienced of some able historically. that some

one our that's of drivers. primary So,

that that looking then be awareness about, as surgeon a The got there'll invest base to we're the DTC think enhanced we've patient in awareness. patient efforts. right larger other thing We now talked it's for we that to continue time that and and

Now surgeons force that got support we've sales those more additional to and inquiries. a

Robbie Marcus

out I I it's but growth lot the and growth procedures. but know there the you're Thanks companies answer your losing it seeing after a still a very expecting, accounts us given growth I’ll that the like a engine going here, of And for out Are a There instrumented anyways competitive Maybe it. ask are the seeing you're underpenetrated keep of to? companies you're feel give market large or And reps there field? the what sense just are the putting lot. to going? what's you're any products in message

John Treace

surgeon that and minorities. focused using bunion the our kind Hi, It's the it see side where the Lapiplasty programs fundamentals and for for their efforts base the here majority comes of back procedure. the to awareness there. sales the number to we patient That's of XX% is cases X really our into versus force surgeons mindsets the osteotomy the direct education changing these we or yes, with Thanks go even play And Robbie, we John. question. procedure competitors of our of

And a the few said, going are we're like been the that's seven be that not companies to what's to business converting are market there years. more product growth on after. and we're company's products procedure with past of Lapiplasty. driver specifically a it's That So, continue this entering focus. underlying that claiming And the for to

of know, in large expected just pioneered and get seen We've really or over companies impact would increase ahead that or a out the along way developed we and As always We we us notable the X pressure those haven't really these try everybody. market we're opportunistically that the products of from billion market is piece companies here. to on come and a

are ways, of distracted bags sales from companies that these in these But of to us. that mind multiple lines, And market in product companies products large validating products sell, to some sort keep are forces, of highly coming coming in the a of Lapiplasty which seven yet over and this refinement, Lapiplasty interface, at And and patents. so reproducible protected just like product it of lot another. is how patient just elegant works doctor by have it's is with years use

make a technology, have constantly and recovery it to faster, patent XX for issued the the quicker tremendous then patents iterating ways patient. for we're a We making the easier And portfolio, surgeon it

stronger, out direct level keeps beyond sales innovation, modifying clinical patient other So, training stronger data the and and to commitment iterating, are and channel, the have our that programs. the we of getting IP and that just of nobody's bunion beachhead But improving and product are surgeon focused with rapidly. powerful that barriers the there

drivers really as business, as defensive of our service these While barriers they well. offer serve great, great the offensive

it’s So, with that's to hard of we are. focused innovating, with these long far companies, I out rapidly company like kind a distracted advantage for answered really think so but a multi-line question, ahead I compete your highly first-mover

Robbie Marcus

the Appreciate color. helpful. really That's

Operator

for our stand you. question. Please next Thank by

Ranieri Stanley. Our of next the Morgan from question comes line Drew with

Your line open. is

Drew Ranieri

out surgeon this on us, maybe congrats how thinking versus a build guidance guide start, can about I of are of added surgeons, you've another be the really for you at this that thinking help going year, those just question utilization curve? improvement? base just are quarter past to but factors the those years to mean, already as maybe thanks that about the parse the you and year guide. maturing but taking about just of guidance great penetrated around Maybe two really all the you you're kind Hi, active and utilization the and is up mature move kind for where XX% in questions surgeons you're kind how for over the thinking

Mark Hair

this Mark. is but revenue for thanks of and of question from surgeons, a our Great surgeon utilization purely year-over-year existing commented We've Andrew, us. joining that the base. previously not increased from our is growth lot new

been we've half pleased with I commented over have so, nearly really And and in come my prepared active last on years. our the surgeons two remarks, of

though incremental we It year two there is utilization an in What do or believe is three. that of exclusively exclusively come in build doesn't year year-after-year.

a increased and that believe on new we have our move to continue plan that year in continue the seen hold And base we've as we of to average. and this patterns to XXXX will utilization year-after-year up continue as that well. So, chain true add surgeon lot surgeons existing will

in been that XX-month Lapiplasty ever most recent a before. new than have faster commented have have at We that adopting surgeons they the period rate

our than we had So, are do that data the shows out labs what customer, very doing they to that when the in a getting we've and than what they're interested more who is historically. they're the more become adopting cases Lapiplasty believe proving trained, actually coming and average surgeons

into revenue guidance the number So, all this that of build we builds for gave. our

channel these journey. support plan and their adding of got we've We on we more So, sales in surgeons strong all surgeon now direct good really feel to this base. that about

Drew Ranieri

Got questions it. just Thanks. too. couple financial maybe And a other

your finer in be the had Just a of procedures, more you put to [indiscernible] seasonality maybe this XQ year, from we some the comment Thanks about first do then bow get recapturing think us questions. of the just revenue with OpEx as benefit growth from little the that I COVID maybe taking on can was your rate? XQ, second, past the we – terms down? should And for step Mark, – the for quarter us just help a sequential help bit

Mark Hair

Drew. thanks Yes,

making everyone's comment the was We're to bit So, wanted I XXXX wanted QX remarks bring that of about from anymore, that talking little of have we're references COVID some to an rescheduled there in did glad a just but to or not cases. to that anomaly. some benefit memory

and about or those benefit you down XX% and historically XX% roughly the revenue in a adjust of but of the minus, QX around we've years – had of of has if plus for couple some QX, so some of in revenue, the So, QX. last been step

that's a we So, year. normal step very experienced what down. That's last

If you kind the of QX revenue that the QX, and into it been out back adjust have would same. push of

incremental would come the continue that channel. things do. build our We're we several you some a the program. investments have we outlined about to to that R&D as DTC We'll to to continuing we will into sales very Overall, in continue to something expect to invest in asked and will we similar invest So, OpEx John continue XXXX. in question going we're the and company.

some be XXXX. So, in there'll there but leverage some build, overall, versus improved will be XXXX

Drew Ranieri

for the taking questions. Thanks

Operator

[Operator you. question. next Instructions] Thank standby our Please for

the question Ryan line Zimmerman next of comes from Our BTIG. with

open. is Your line

Ryan Zimmerman

kind as here at Thanks of for thinking the before. marginal afternoon. Academy Sitting congrats Good and and who is. on growth about, customer Surgeons, the American all Orthopaedic of everything the said taking questions your

and moves over the thoughts needle XXX,XXX to Is it growth that necessarily it not do think the more market your million it's John, take? penetrate think from XXX,XXX, know what Just, next X.X few we more to I kit, going general those general growing [ph] [orthopod] Now, are the versus about years. there surgeries a on pick that's the potential bunion about to DTC? surgery going having you of but out up Lapiplasty that actual as What's the those how candidates?

John Treace

and you thanks to Good from Ryan. hear Hi, the Yes. for question.

to if X% of and would market the standard we years. think look acquire reports maybe and our recollection. obviously efforts out kind at That's bunion base I next five the to procedure that growing patient typically there, companies How X% you can DTC the investments. show awareness is my at for So, they that through all try expand

stronger our patients be and that to evidence, those much messages, you bearing we that better can clinical can that a recurrence resonate. than then think the rates now, weight communicate was to back can were sitting get fence past can in better to back your past, offering there in they If a with we there is the lower get at than with a that our DTC predictable time, activities procedure and

sitting We doctors consultation can maybe think bring some our our connecting website and Lapiplasty. with fence for these that through the fence about over of a patients

our portion project. think in the We're to efforts. our yes, we put as to where best So, into expand relative coming that's the X.X can. years I work we'll our going And million that's to try

Ryan Zimmerman

it's Fair not question enough, just and I then guys. know appreciate mean, around John, you are easy question the silver an is And important I they second no so the bullet, guess, complementary magic products. for but commentary. there's I

we products Thank you over for where of and you your key, can As about we for taking think the can time? you higher time questions. ASPs, model about move as kind are XX:XX think [indiscernible] rates if that and understand help or of going you where about you should think take the that wondering us today what in kind the complementary over I'm think them my

John Treace

Sure, sure.

lasting deformity get the got And midfoot. recognized correction didn't a fix strategy. our correction outcomes most complementary definitely the people We these or that their bunion because if So, midfoot part the our and products, are improving complementary good with didn't procedure you with as we at products all great aimed of bunion enduring for patients. of Adductoplasty

really all are tied these So, together.

Lapiplasty to If I of a is rate kind think a be attachment time well. the the doing goes surgeon procedure, an So, ductile hand-in-hand. they're as XX% going of doing

the And tissue] another in over more [ph] surgeon. make great [toe Our release the cases. much XX% our easier, excellent [indiscernible] instrument an Lapiplasty can this SpeedRelease of that of instrument occurs predictable is for release example

So, attachment get there it be doctor in rate very can high very, on once and they trained implement it practice. their we a

with doctors next And the then, going to and [ph] geometry really micro midfoot to It's but Lapiplasty the in [so out the to variety releasing is platform like I be SpeedPlate Lapiplasty that patients things a planning] be and to plating we'll that. year, Other in and now this us. technology technologies the not later on on SXA half right of really wanting generation used their more other well. versions and back heavy conversion the of going our for complementary, of as neat field cases earlier be plates, use going plating think a advanced in SpeedPlate course,

Ryan Zimmerman

Thanks, Great. John.

John Treace

Thank Sure. you.

Operator

no showing the for queue. I'm you. turn Thank I further to now questions Vivian call the closing in back remarks. like would to

Vivian Cervantes

first quarter Thank our Medical. today This Thanks our Treace [Twanda] us and of joining following we to for the concludes on forward XXXX. you, look update next everyone close call behalf [ph].

Operator

you. Thank

now disconnect. may You

Treace Medical Concepts (TMCI) 7 Mar 232022 Q4 Earnings call transcript