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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 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.
Tactile Medical (Nasdaq: TCMD) announced the acquisition of AffloVest, a portable therapy device for chronic respiratory conditions, enhancing its position in treating underserved chronic diseases. The transaction aligns with Tactile's goal of over 20% revenue growth and gross margins above 70%. AffloVest, expected to contribute $5-5.5 million in revenue from September to December 2021, opens a $5 billion market opportunity in the U.S. The deal is financed through cash and a $55 million credit facility, with an anticipated net leverage ratio of less than 1.0 by year-end 2022.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) will participate in the virtual Morgan Stanley 19th Annual Global Healthcare Conference on September 9-10 and 13-15, 2021. Management's fireside chat is scheduled for September 9 at 4:15 p.m. ET. Investors can access a live audio webcast of the chat on the company’s investor relations website, with an archive available post-conference. Tactile Medical develops at-home therapy devices for chronic conditions like lymphedema, focusing on improving patient care and reducing healthcare costs.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) announced its participation in the Guggenheim 2021 MedTech Disruptors Summit, taking place virtually on August 9-10, 2021. The management will engage in a fireside chat on August 9 at 3:00 p.m. Eastern Time. Tactile Medical specializes in at-home therapy devices for chronic conditions like lymphedema and chronic venous insufficiency. Their mission is to enhance patients' quality of life through advanced pneumatic compression devices and comprehensive care services, ensuring effective at-home treatment for thousands annually.
Tactile Systems Technology (Nasdaq: TCMD) reported a 45% increase in Q2 2021 revenue, totaling $51.1 million, compared to $35.1 million in Q2 2020. Net income was $1.3 million, a significant turnaround from a net loss of $13.9 million a year prior. The operating loss decreased to $0.1 million from $8.0 million. For the first half of 2021, revenue rose 19% year-over-year. The company anticipates full-year revenue between $216.3 million and $224.5 million, marking 16-20% growth. Cash and equivalents stood at $49.0 million at end of June 2021.
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