Treace Medical Concepts makes surgical systems for bunion correction. Treace's flagship product is the Lapiplasty 3D Bunion Correction System, a patented combination of instruments, implants, and surgical techniques that corrects all three planes of a bunion deformity by stabilizing the underlying unstable joint — addressing the root cause rather than shaving the bony bump. Treace has historically focused on the Lapidus fusion segment of bunion surgery (moderate-to-severe cases), but in 2025 expanded to a full portfolio covering all four classes of bunion deformity: Lapiplasty for joint fusion, Adductoplasty for bunions with coexisting midfoot deformity, Nanoplasty and Percuplasty for minimally invasive treatment of milder bunions, and SpeedMTP for bunions with an arthritic great toe joint. Treace sells primarily through a direct U.S. sales force targeting roughly 8,000 surgical podiatrists and 2,600 orthopaedic foot and ankle surgeons. Revenue is driven by procedure volume and average selling price per kit, as surgeons purchase single-use sterile implant kits for each case. Gross margins are high, reflecting the consumable implant-driven model. Treace requires surgeons to complete a training program before performing its procedures, which builds stickiness but also creates a customer acquisition cost. A key growth lever is procedure penetration — Treace estimates it captures only about 25–30% of its existing surgeon customers' total bunion volumes, and the expanded portfolio is designed to address the remaining cases those surgeons perform.