Treace Medical Concepts Inc. reported higher first-quarter revenue but lowered its growth forecast for the rest of the year, citing competitive pressure in its business.
As a result, Treace’s stock plunged to its lowest levels since its April 2021 initial public offering.
Ponte Vedra-based Treace, which offers surgical products to treat bunions and other foot issues, said revenue rose 21% in the first quarter to $51.1 million.