Explaining the revised guidance, Treace's Chief Executive Officer cited "increased use of MIS Osteotomy solutions and more competition from knockoffs of our Lapiplasty ® products." J.P. Morgan subsequently downgraded Treace, citing the revised guidance and noting that it lacks clarity over how much market share Treace can reclaim as it competes against larger orthopedic peers. On this news, Treace's stock price fell $6.95 per share, or 62.5%, to close at $4.17 per share on May 8, 2024.