Welcome to our dedicated page for Tactile Systems Technology news (Ticker: TCMD), a resource for investors and traders seeking the latest updates and insights on Tactile Systems Technology stock.
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) reported a 20% increase in fourth quarter revenue to $73.9 million, driven by strong performances in both lymphedema and airway clearance products.
The full-year revenue rose 19% to $246.8 million. Lymphedema product revenue grew 5%, while airway clearance products surged 90% to $34.5 million for the year.
Despite operational improvements, the company recorded a net loss of $17.9 million for 2022. Looking ahead, TCMD projects a revenue increase of 9% to 11% for 2023, totaling between $269.0 million and $273.0 million.
Tactile Systems Technology, Inc. (TCMD) announced that Chief Financial Officer Brent Moen plans to retire in 2023 for personal reasons. His resignation is not linked to any disagreements with the company. Moen has played a vital role in guiding the company through challenges such as the COVID-19 pandemic and integrating the acquisition of AffloVest. Tactile Medical is now searching for a successor while Moen will continue in his role until one is appointed. The company specializes in at-home therapies for chronic conditions, aiming to improve patients' quality of life.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) has announced that it will release its fourth quarter and fiscal year 2022 financial results on February 21, 2023, before market opening. The management will conduct a conference call at 8:00 AM ET on the same day, where they will discuss the quarter's performance. Participants can join via phone or through a live webcast available on the company's investor relations website. Tactile Medical specializes in at-home therapies for chronic conditions such as lymphedema and chronic venous insufficiency, aiming to enhance patient quality of life and improve healthcare accessibility.
Tactile Systems Technology (NASDAQ: TCMD) has appointed Carmen Volkart to its Board of Directors, effective January 5, 2023. Volkart brings over 40 years of financial and managerial experience, notably from her roles as CFO at various medical device companies. Bill Burke, Chairman of the Board, expressed confidence in her expertise to enhance Tactile Medical's strategic direction. The company specializes in at-home therapies for chronic conditions, aiming to improve patient care and reduce healthcare costs.
Tactile Systems Technology (Nasdaq:TCMD), a medical technology company, announced participation in the Piper Sandler 34th Annual Healthcare Conference. The event will take place at the Lotte New York Palace on November 30, 2022, with a fireside chat scheduled for 1:30 p.m. Eastern Time. Investors can access a live audio webcast of the presentation on the company’s investor relations website, along with a replay following the event.
The company focuses on developing at-home therapies for chronic conditions like lymphedema, enhancing patient care and reducing healthcare costs.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) reported a 24% year-over-year increase in third quarter revenue to $65.3 million, up from $52.5 million. This revenue included $11.0 million from airway clearance products, largely due to the AffloVest acquisition. Despite a net loss of $2.3 million, improved profitability metrics were noted, with non-GAAP net income of $1.9 million. The company raised its full-year revenue guidance to $242 million to $245 million, reflecting ongoing growth and strong demand in their DME channel.
Tactile Systems Technology (Nasdaq:TCMD) announced that it will release its third quarter 2022 financial results on November 7, 2022, after market close. A conference call will follow at 5:00 p.m. ET for an in-depth discussion of the results. Interested participants can join by dialing 877-407-3088 (international callers: 201-389-0927) with access code 13733034. The call will also be available via a live webcast on the company’s investor relations website. Tactile Medical focuses on developing at-home therapies for chronic conditions, improving patient care and reducing healthcare costs.
Tactile Systems Technology (Nasdaq: TCMD) will participate in the Morgan Stanley 20th Annual Global Healthcare Conference from September 12-14, 2022, in New York City. The company's management will engage in a fireside chat on September 13 at 11:10 a.m. Eastern Time. Interested parties can access a live audio webcast through the company’s investor relations website, with an archive available for replay post-conference. Tactile Medical focuses on at-home therapies for chronic conditions like lymphedema and chronic pulmonary disease.
Tactile Systems Technology (TCMD) reported a 17% year-over-year revenue increase for Q2 2022, totaling $59.6 million. This growth was driven primarily by airway clearance product sales, which rose 96% from the previous year. Despite revenue growth, the company faced a net loss of $4.6 million compared to a net income of $1.3 million in Q2 2021, and operating expenses increased by 30%. The updated revenue guidance for 2022 is now set between $238 million and $242 million, reflecting an expected 14% to 16% growth.
Tactile Systems Technology (Nasdaq: TCMD) has announced the full market release of its new ComfortEase garments, enhancing the Flexitouch Plus system for lymphedema management. Developed from over 18,000 patient and therapist feedback, these garments aim to improve comfort, fit, and usability. Additionally, the company introduced the Kylee mobile app, assisting patients in health monitoring and symptom management. The app enables users to track their progress and engage with healthcare providers, reinforcing Tactile Medical's commitment to supporting patients with chronic conditions.
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