Treace Medical Concepts
| Company type | Public |
|---|---|
| Industry | Medical devices |
| Founded | 2014 |
| Founder | John T. Treace |
| Headquarters | Ponte Vedra Beach, Florida , United States |
| Products | Surgical tools and biologics for foot and ankle procedures, including Lapiplasty system |
Treace Medical Concepts, Inc. is a Florida-based medical device firm located in Ponte Vedra Beach that focuses on the development, production, and promotion of surgical tools and biologics specifically for foot and ankle procedures. Its leading innovation, Lapiplasty, transforms bunion correction by addressing the metatarsal bone alignment in three-dimensional planes during surgery.
In April 2021, following its announcement in March of the same year, Treace commenced trading on the Nasdaq stock exchange under the ticker symbol “TMCI.”
History
The company’s origins trace back to 2014 when founder John T. Treace gathered a team of orthopedic surgeon innovators in Memphis, Tennessee, to pinpoint major obstacles in foot and ankle surgical practices. They collectively recognized bunions as a significant problem due to shortcomings in traditional lapidus techniques, which were associated with extended healing periods, frequent complications, persistent discomfort, and high rates of recurrence—leading to widespread patient dissatisfaction.
Historical research beginning in 1956, along with modern diagnostic tools like weight-bearing CT imaging, demonstrated that approximately 85% of bunion cases involve metatarsal pronation within the frontal plane—a factor overlooked by earlier surgical methods that only corrected deformities in the transverse and sagittal planes. This neglect resulted in misalignment of sesamoid bones and metatarsophalangeal joint surfaces, producing incongruent joints and recurrence rates ranging from 30% to 50%.
To address these issues, Treace’s advisory surgeons engineered the initial Lapidus procedure and corresponding instruments designed to correct bunion deformities across all three anatomical planes. This effort culminated in the creation of the innovative Lapiplasty system.
Initial public offering
On March 30, 2021, Treace submitted a filing with the U.S. Securities and Exchange Commission to initiate an initial public offering targeting up to $100 million in capital. By April 22, 2021, the company announced an increase in IPO size to 11,250,000 shares priced at $17.00 each, anticipating gross proceeds of approximately $106.3 million under the ticker “TMCI.”
The shares began trading on the Nasdaq on April 23, 2021, opening at $24.50 per share—representing a 44% premium over the original offering price.