TMCI Bear Put Spread Strategy

TMCI (Treace Medical Concepts, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.

Treace Medical Concepts, Inc., a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty System, enables surgeons to correct all three dimensions of the bunion deformity, stabilize the first TMT joint, and allow return to weight-bearing in a walking boot; minimally invasive products for four bunion classes; Nanoplasty 3D Minimally Invasive Bunion Correction System delivers a reproducible 3D correction of the bunion deformity through a cosmetically appealing; and Percuplasty Percutaneous 3D Bunion Correction System that provides 3D correction of the bunion deformity through percutaneous incisions. It also provides Adductoplasty System, a system designed for the correction of metatarsus adductus deformities and osteoarthritis of the midfoot; SpeedMTP Rapid Compression Implant; SpeedPlate Implant Fixation Platform to address the fusion of larger bones of the midfoot and rearfoot; SpeedPlate Micro-Quad implant, an implant designed for stability and fit in small incision surgical approaches; and SpeedAkin Anatomic Compression Implant. In addition, the company offers The IntelliGuide patient specific instrumentation provides patient-specific, 3D-printed cut guides, and a pre-operative plan for a complete picture of the deformity and correction. Further, it provides FastGrafter Autografter Harvesting System; SpeedRelease Guided Release Instrument; TriTome Triple-Edge Release Instrument; RazorTome 7mm Precision Osteotome; LapiTome Hooked Bone Removal Osteotome; GreatRelease Rapid MTP Release Instrument; CornerChisel Release Tool; NanoRasp MIS Bone Contouring Tool; FeatherRasp Rapid Bone Contouring Instrument; and Akinator Single-cut Akin Wedge Osteotomy tool. Additionally, the company offers biologics and wedges, such as Treace Allograft Wedges; and CortiFuse Flowable Cortical Fibers.

TMCI (Treace Medical Concepts, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $289.3M, a beta of 1.41 versus the broader market, a 52-week range of 1.17-7.78, average daily share volume of 901K, a public-listing history dating back to 2021, approximately 432 full-time employees. These structural characteristics shape how TMCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.41 indicates TMCI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a bear put spread on TMCI?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current TMCI snapshot

As of June 26, 2026, spot at $4.64, ATM IV 100.50%, IV rank 21.62%, expected move 28.81%. The bear put spread on TMCI below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 21-day expiry.

Why this bear put spread structure on TMCI specifically: TMCI IV at 100.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a TMCI bear put spread, with a market-implied 1-standard-deviation move of approximately 28.81% (roughly $1.34 on the underlying). The 21-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TMCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on TMCI should anchor to the underlying notional of $4.64 per share and to the trader's directional view on TMCI stock.

TMCI bear put spread setup

The TMCI bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TMCI near $4.64, the first option leg uses a $4.64 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TMCI chain at a 21-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 TMCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$4.64	N/A
Sell 1	Put	$4.41	N/A

TMCI bear put spread risk and reward

Net Premium / Debit: N/A
Max Profit (per contract): Unbounded
Max Loss (per contract): Unbounded
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

TMCI bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on TMCI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

When traders use bear put spread on TMCI

Bear put spreads on TMCI reduce the cost of a bearish TMCI stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

TMCI thesis for this bear put spread

The market-implied 1-standard-deviation range for TMCI extends from approximately $3.30 on the downside to $5.98 on the upside. A TMCI bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TMCI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TMCI IV rank near 21.62% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TMCI at 100.50%. As a Healthcare name, TMCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TMCI-specific events.

TMCI bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. TMCI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TMCI alongside the broader basket even when TMCI-specific fundamentals are unchanged. Long-premium structures like a bear put spread on TMCI are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current TMCI chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on TMCI?: A bear put spread on TMCI is the bear put spread strategy applied to TMCI (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With TMCI stock trading near $4.64, the strikes shown on this page are snapped to the nearest listed TMCI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TMCI bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the TMCI bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 100.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TMCI bear put spread?: The breakeven for the TMCI bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TMCI market-implied 1-standard-deviation expected move is approximately 28.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on TMCI?: Bear put spreads on TMCI reduce the cost of a bearish TMCI stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current TMCI implied volatility affect this bear put spread?: TMCI ATM IV is at 100.50% with IV rank near 21.62%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.