Treace Medical Concepts Shares Drop 39%

(RTTNews) - Treace Medical Concepts, Inc. (TMCI) stock sank 38.90 percent to $3.80 on Friday, extending steep losses that were probably caused by its third-quarter results, which had been announced available a day earlier.

Revenue for the third quarter was $50.2 million, up 11 percent from $45.1 million in the same period last year. Nonetheless, the net loss increased marginally to $16.3 million, or $0.26 per share, from $15.4 million, or $0.25 per share, in the same quarter last year.

TMCI began trading at $3.90 and moved between $3.40 and $4.00 before closing at $3.68, greatly below its previous Nasdaq close of $6.23. The trading volume jumped to roughly 3.4 million shares, which is considerably higher than the average of 320,000 shares.

Treace Medical Concepts shares have traded between $3.40 and $10.79 over the past 52 weeks.