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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 a 4% increase in fourth-quarter revenue for 2020, reaching $59.2 million, compared to $57.1 million in Q4 2019. The net income surged to $12.1 million, a significant rise from $4.3 million a year earlier. However, overall revenue for the year decreased by 1% to $187.1 million. Despite facing challenges from the COVID-19 pandemic, the company aims for a 15% to 20% revenue growth in 2021, forecasting total revenue between $215.3 million and $224.5 million. Cash and equivalents stood at $47.9 million at year-end.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) announced participation in two upcoming investor conferences.
Management will engage in a virtual fireside chat on February 17 at 9:30 a.m. ET during the BTIG Virtual MedTech Conference. Additionally, they will present at the Oppenheimer 31st Annual Healthcare Conference on March 16 at 10:40 a.m. ET.
Audio webcasts will be accessible on the company’s investor relations website and available for replay after the events.
Tactile Medical specializes in home therapy devices for chronic diseases, focusing on improving patient care and reducing healthcare costs.
Tactile Systems Technology (TCMD) will release its fourth quarter and fiscal year 2020 financial results after market close on February 23, 2021. Management will host a conference call at 5:00 p.m. ET on the same day to discuss the financial outcomes and answer questions from participants. Investors can join the call via phone or through a live webcast on their investor relations website. The archived call will be available for two weeks, ensuring that shareholders can review the details of the financial performance and strategic insights shared during the event.
Tactile Systems Technology (Nasdaq: TCMD) has appointed Sheri Dodd and Deepti Jain to its Board of Directors, effective January 1, 2021. Dodd, Vice President at Medtronic, brings extensive healthcare management experience, while Jain previously served as President of IngenioRx, managing a significant pharmacy business. Their appointments follow the resignation of Dr. Cheryl Pegus, who took a new position at Walmart. The company aims to enhance its focus on disease management and patient services through this leadership transition.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) announced its participation in a fireside chat at the ICR Conference 2021, scheduled for January 14th at 8:30 a.m. Eastern Time. The event will be held virtually from January 11th-14th. A live audio webcast will be available on the Company's investor relations website, with an archive accessible for replay after the event. Tactile Medical specializes in at-home therapy devices for chronic conditions like lymphedema, aiming to improve patients' quality of life while managing healthcare costs.
Tactile Systems Technology (TCMD) has announced its participation in several upcoming investor conferences. Management will engage in virtual 1x1 meetings at the Oppenheimer Fall MedTech Summit on November 12 and at the Canaccord Genuity Virtual MedTech & Diagnostics Forum on November 19. Additionally, a fireside chat will take place during the 32nd Annual Piper Sandler Healthcare Conference from December 1 to 3, accessible via the company’s investor relations website. This participation underscores TCMD's commitment to advancing at-home therapies for chronic conditions.
Tactile Systems Technology (TCMD) reported a 1% decrease in Q3 2020 revenue to $49.1 million compared to $49.6 million in Q3 2019, with COVID-19 impacting results. Operating income fell 44% to $1.8 million, while adjusted EBITDA was $6.0 million, down from $6.4 million year-over-year. The company experienced a net loss of $12.7 million for the nine months ending September 30, 2020. Updated revenue guidance suggests a full-year decline of 1% to 2% year-over-year, with expectations for modest growth in Q4.
Tactile Systems Technology, Inc. (TCMD) will release its third-quarter fiscal 2020 financial results after market close on November 2. A conference call will be held at 5:00 PM ET on the same day for a detailed discussion of the results, accessible via phone and live webcast. Tactile Medical specializes in at-home treatment devices for chronic diseases like lymphedema and chronic venous insufficiency, aiming to enhance patient quality of life while reducing overall healthcare costs.
Tactile Systems Technology (Nasdaq: TCMD) has announced its participation in the Canaccord Genuity 40th Annual Global Growth Conference on August 12th at 2:00 p.m. Eastern Time. The conference will be held virtually, and management will engage in a fireside chat. Interested parties can access a live audio webcast through the company’s investor relations website, with an archive available for later replay. Tactile Medical focuses on at-home therapies for chronic diseases, notably with their pneumatic compression devices for conditions like lymphedema.
Tactile Systems Technology, Inc. (Nasdaq: TCMD) reported a 22% decrease in second quarter revenue, totaling $35.1 million, down from $45.2 million in 2019, largely due to COVID-19 pandemic impacts. The operating loss surged to $8.0 million, contrasting with a $3.0 million profit in 2019. The company incurred a net loss of $13.9 million, or $(0.72) per diluted share. Despite challenges, management noted improvements in June compared to earlier months, and remains optimistic about recovery and growth in the $5 billion U.S. lymphedema market.
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