Tactile Systems Technology, Inc. Announces Chief Financial Officer to Retire in 2023

Rhea-AI Summary

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.

Positive

• Brent Moen's contributions during his tenure, including navigating COVID-19 challenges.
• Successful acquisition and integration of AffloVest airway clearance therapy.
• Tactile Medical's focus on underserved chronic conditions.

Negative

• None.

MINNEAPOLIS, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that Brent Moen has communicated his intention to retire as Chief Financial Officer in 2023.

“I would like to thank Brent for his important contributions to our organization during his tenure,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Brent was instrumental in helping Tactile Medical to navigate the headwinds created by the COVID-19 pandemic, to successfully complete and integrate the acquisition of our AffloVest airway clearance therapy, and to establish and develop a strong and effective financial operations team. I look forward to working with him during this period of transition and wish him the best in his future endeavors thereafter.”

Mr. Moen’s resignation is for personal reasons and not due to any disagreement with the Company on any matter, including matters related to the Company’s operations, policies, practices, financial reporting or controls. The Board of Directors has initiated a process to identify a successor. Mr. Moen plans to continue as the Chief Financial Officer until his successor is appointed.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. The company collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Legal Notice Regarding Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; the Company’s ability to obtain reimbursement from third-party payers for its products; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including prior to identifying a successor; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the impacts of the COVID-19 pandemic on the Company’s business, financial condition and results of operations, and the Company’s inability to mitigate such impacts; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

FAQ

Why is Brent Moen retiring from Tactile Systems Technology?

Brent Moen is retiring for personal reasons and has stated that it is not due to any disagreements with the company.

What role did Brent Moen play at Tactile Medical?

As Chief Financial Officer, Brent Moen was instrumental in navigating challenges during the COVID-19 pandemic and integrating acquisitions.

What is Tactile Systems Technology focused on?

Tactile Systems Technology is focused on providing at-home therapies for chronic conditions like lymphedema and chronic pulmonary disease.

What is the next step for Tactile Medical after Brent Moen's retirement?

The Board of Directors has begun the process of identifying a successor for Brent Moen.

Is Tactile Medical facing any issues related to Brent Moen's retirement?

There are no reported issues; Brent Moen's resignation is solely for personal reasons.