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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, Inc. (TCMD) will release its financial results for the first quarter of fiscal year 2023 on May 8, 2023, before market open.
Management will host a conference call at 5:00 p.m. ET to discuss these results, available via phone and live webcast. Tactile Medical specializes in therapies for chronic disorders like lymphedema and chronic pulmonary disease, focusing on enhancing patient care and reducing healthcare costs. The company's commitment to improving quality of life continues as it collaborates with clinicians to expand clinical evidence and access to care.
Tactile Systems Technology (TCMD) announced the appointment of Elaine Birkemeyer as Chief Financial Officer, effective March 20, 2023. She succeeds Brent Moen, who is retiring. With over 25 years of experience in finance and leadership roles at Fortune 500 companies, Birkemeyer is expected to contribute significantly to Tactile's growth strategy. She previously held key positions at UnitedHealth Group and Best Buy. The company emphasizes its leadership in at-home therapies for chronic conditions, highlighting a large addressable market and a recently strengthened financial position.
Tactile Systems Technology (Nasdaq: TCMD) has announced its participation in two upcoming virtual investor conferences:
- 33rd Oppenheimer Annual Healthcare Conference on March 13-15, with a fireside chat scheduled for March 13 at 12:40 p.m. ET.
- Sidoti Small-Cap Conference on March 22-23, with management presenting on March 22 at 2:30 p.m. ET.
Live audio webcasts of the presentations will be accessible on the company's investor relations website, along with archived replays post-conference. Tactile Medical focuses on therapies for chronic conditions, enhancing care and quality of life for patients.
Tactile Medical (TCMD) has announced a public offering of 2,500,000 shares of common stock at $13.00 per share, aiming to raise approximately $32.5 million before expenses. The underwriter, William Blair & Company, has a 30-day option to purchase an additional 375,000 shares. Proceeds from the offering will be used for expanding commercial activities, funding milestone payments, supporting new product development, and enhancing reimbursement coverage. The offering is expected to close by February 28, 2023, subject to customary conditions. This offering is conducted under a previously filed shelf registration statement with the SEC.
Tactile Medical (Nasdaq: TCMD) announced its intention to conduct an underwritten public offering of its common stock, granting underwriters a 30-day option to purchase an additional 15% of shares offered. The proceeds will fund various initiatives, including expanding commercial activities, supporting new product development, and potential acquisitions. The offering is under a shelf registration effective since January 25, 2023. William Blair & Company is the sole book-running manager. The offering is subject to market conditions, and Tactile Medical cautions investors about forward-looking statements regarding the offering and its business prospects.
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