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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) will participate in Oppenheimer’s 32nd Annual Healthcare Conference virtually on March 15-16, 2022. The management will engage in a fireside chat on March 15 at 3:20 p.m. Eastern Time and conduct virtual one-on-one meetings on March 16. A live audio webcast of the chat will be available on the company's investor relations website, with an archive for replay post-conference.
Tactile Medical specializes in at-home therapies for chronic conditions like lymphedema, aiming to enhance patient care and reduce healthcare costs.
Tactile Systems Technology reported a 4% revenue increase in Q4 2021, reaching $61.7 million, driven by the acquisition of AffloVest. However, the company faced a net loss of $7.5 million compared to a net income of $12.1 million in Q4 2020. For the full year, total revenue rose 11% year-over-year to $208.1 million. Despite growth, operating income decreased due to increased operating expenses, primarily in marketing and personnel. Looking ahead, Tactile anticipates 2022 revenue between $235 million and $240 million, indicating 13% to 15% growth.
Tactile Systems Technology (TCMD) announced the dismissal of a qui tam lawsuit filed by a competitor regarding its patient and physician education programs. A federal judge in Texas approved the dismissal, confirming TCMD's confidence in its business practices. The company will not incur any damages or legal costs. With the lawsuit resolved, TCMD can focus on its goals of providing innovative therapies and enhancing patient care for chronic conditions like lymphedema. The leadership emphasizes their continued commitment to professional education and patient training.
Tactile Systems Technology, Inc. (Nasdaq: TCMD), a medical technology company, announced its participation in the BTIG Virtual MedTech, Digital Health, Life Science & Diagnostic Tools Conference on February 15, 2022, at 3:30 p.m. EST. The management will engage in a virtual fireside chat, available to BTIG clients via the conference website. Tactile Medical specializes in at-home therapies for chronic conditions like lymphedema and lipedema, aiming to enhance patient quality of life and access to care.
Tactile Systems Technology, Inc. (TCMD) will release its fourth quarter and fiscal year 2021 financial results on February 22nd, after market close. A conference call hosted by management is scheduled for 5:00 p.m. ET on the same day, where they will discuss the results and answer questions from participants. Those interested can join the call via telephone or through a live webcast on the company's investor relations website. Tactile Medical focuses on at-home therapies for chronic conditions, aiming to enhance patient care and improve quality of life.
Tactile Systems Technology has appointed Valerie Asbury and D. Brent Shafer to its Board of Directors effective January 5, 2022. Asbury, previously CEO of LifeScan, brings extensive experience in diabetes management, while Shafer, former CEO of Cerner Corporation, has a strong background in healthcare technology. Their appointments come as the company prepares for a transition, with three long-standing directors retiring before the upcoming shareholder meeting in May. Chairman Bill Burke stated the new members will enhance the board's expertise in treating chronic diseases.
On November 10, 2021, Tactile Systems Technology (Nasdaq: TCMD) announced its participation in two upcoming investor conferences. Management will engage in investor meetings on November 18 at the Canaccord Genuity Virtual MedTech Forum, without a formal presentation. They will also participate in a virtual fireside chat available from November 22 at the Piper Sandler 33rd Annual Virtual Healthcare Conference, with additional meetings scheduled for December 1. A webcast will be accessible on the company's investor relations website.
Tactile Systems Technology (Nasdaq: TCMD) reported a 7% increase in third quarter revenue, reaching $52.5 million, driven partly by its recent acquisition of AffloVest, which contributed $0.9 million. However, the company faced an operating loss of $1.4 million, contrasting with operating income of $1.8 million in Q3 2020. Net loss was $3.4 million, down from a $2.4 million gain in the prior year. The company revised its 2021 revenue outlook to $203.5 million to $206.0 million, indicating a slower growth rate of 9% to 10% year-over-year.
Tactile Medical (TCMD) will release its Q3 fiscal year 2021 financial results on November 8, after market close. A conference call is scheduled for 5:00 p.m. ET on the same day, allowing stakeholders to discuss the results. Interested participants can join via phone or a live webcast available on the company’s investor relations website. Tactile Medical specializes in at-home therapy devices for chronic conditions, aiming to improve patient quality of life and reduce healthcare costs.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) has enrolled its first patient in a significant clinical trial assessing the effectiveness of its Flexitouch® Plus system for treating head and neck lymphedema, a condition affecting over 90% of head and neck cancer patients. This trial, the largest of its kind, aims to compare Flexitouch Plus to standard care across approximately 250 subjects at six sites. The primary outcomes will focus on swelling, symptom burden, and quality of life, evaluated over six months. This milestone highlights Tactile Medical's commitment to enhancing at-home treatment options for underserved patients.
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