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Tactile Systems Technology, Inc., trading under the symbol TCMD, is a prominent player in the medical technology space, headquartered in Minneapolis, Minnesota. The company specializes in developing innovative medical devices aimed at treating chronic diseases, particularly focusing on conditions like lymphedema and venous ulcers.
As a leader in the field, Tactile Medical's core business revolves around its proprietary platform, including the Flexitouch System—an advanced home-based therapy device designed to help lymphedema patients manage their condition effectively. Additionally, the company offers the Entre System, another home solution for patients suffering from chronic swelling, and the Actitouch System for those with chronic venous insufficiency, which can be worn throughout the day.
Tactile Medical is committed to enhancing the quality of life for patients with chronic swelling by advocating for better patient access and delivering exceptional care through their direct national network. This network includes product specialists, trainers, reimbursement experts, patient advocates, and clinical staff, serving tens of thousands of patients across the United States.
In recent financial updates, the company reported a significant improvement in its fiscal health. For the full year ending 2023, Tactile Medical recorded a net income of $28.5 million, or $1.23 per diluted share, a notable turnaround from a net loss of $17.9 million the previous year. Non-GAAP net income also saw a remarkable rise to $29.5 million from a previous net loss of $3.6 million. Adjusted EBITDA for the year was $29.7 million, compared to $18.3 million in 2022, reflecting substantial growth and profitability.
Looking ahead, Tactile Medical has reaffirmed its optimistic outlook for 2024. The company continues to innovate under the leadership of Sheri Dodd, the newly appointed CEO, who brings extensive experience from her previous roles at Medtronic and other leading healthcare organizations. The company is poised for continued growth, backed by a robust financial position and a dedicated leadership team.
Tactile Systems Technology (TCMD) reported strong Q2 2024 financial results, with total revenue increasing 7% year-over-year to $73.2 million. Lymphedema product revenue grew 8%, while airway clearance product revenue rose 2%. The company achieved net income of $4.3 million, compared to a net loss in Q2 2023, and Adjusted EBITDA increased 49% to $9.1 million.
Key highlights include:
- Gross margin improved to 73.9% of revenue
- Operating income reached $5.8 million
- 510(k) clearance obtained for Nimbl system, a next-generation lymphedema therapy platform
- Sheri Dodd appointed as new President and CEO
Tactile Medical updated its 2024 financial outlook, now expecting full-year revenue between $293 million and $298 million, representing 7-9% growth year-over-year.
Tactile Systems Technology, Inc. (Nasdaq: TCMD), operating as Tactile Medical, has announced the release date for its second quarter fiscal year 2024 financial results. The results will be disclosed after market close on Monday, August 5, 2024. Following the release, management will host a conference call with a Q&A session at 5:00 p.m. Eastern Time on the same day.
Interested parties can participate in the call by dialing 877-407-3088 (201-389-0927 for international callers) and using the access code 13745955. A live webcast will be available on the company's investor relations website. For those unable to attend, a replay will be accessible for two weeks.
Tactile Medical, symbol TCMD on Nasdaq, announced its participation at the William Blair 44th Annual Growth Stock Conference, taking place from June 4-6, 2024, at the Loews Hotel in Chicago, IL. Management will engage in a fireside chat on June 4 at 9:20 a.m. CT, with a live audio webcast available on the company's investor relations website. The webcast will also be archived for later access. Tactile Medical specializes in at-home therapies for chronic conditions like lymphedema, lipedema, chronic venous insufficiency, and chronic pulmonary disease. The company aims to improve patient outcomes by working with clinicians to expand evidence and awareness, enhance care access, reduce healthcare costs, and improve quality of life.
Tactile Systems Technology, Inc. reported a 4% increase in total revenue to $61.1 million for Q1 2024. The company's lymphedema product revenue grew 5% while airway clearance product revenue decreased by 4%. Net loss was $2.2 million versus $1.9 million in Q1 2023. Adjusted EBITDA rose to $1.0 million from $0.5 million in Q1 2023. The company also completed a clinical trial and published a peer-reviewed study on its products.
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