Tactile Systems Technology, Inc. Reports Second Quarter 2022 Financial Results; Raises Full Year 2022 Outlook
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.
- 17% year-over-year revenue increase to $59.6 million in Q2 2022.
- 96% increase in airway clearance product sales year-over-year.
- Updated revenue guidance for 2022 now expects $238 million to $242 million.
- Operating loss of $4.1 million compared to a minimal loss in Q2 2021.
- Net loss of $4.6 million, a significant decline from prior year net income.
- Adjusted EBITDA decreased to $1.7 million from $4.1 million in Q2 2021.
Second Quarter Revenue Increased
MINNEAPOLIS, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the treatment of patients with underserved chronic diseases at home, today reported financial results for the second quarter and six months ended June 30, 2022.
Second Quarter 2022 Summary:
- Total revenue increased
17% year-over-year to$59.6 million , compared to$51.1 million in second quarter 2021.- Total revenue in second quarter 2022 included
$8.0 million of revenue from sales of airway clearance products, which includes the AffloVest product line acquired on September 8, 2021.
- Total revenue in second quarter 2022 included
- Operating loss of
$4.1 million , compared to$0.1 million in second quarter 2021.- Non-GAAP operating loss of
$1.8 million , compared to non-GAAP operating income of$0.9 million in second quarter of 2021.
- Non-GAAP operating loss of
- Net loss of
$4.6 million , compared to net income of$1.3 million in second quarter 2021.- Non-GAAP net loss of
$2.9 million , compared to non-GAAP net income of$2.0 million in second quarter of 2021.
- Non-GAAP net loss of
- Adjusted EBITDA of
$1.7 million , compared to$4.1 million in second quarter 2021.
Second Quarter 2022 Highlights:
- On June 7, 2022, the Company announced the publication of an expert opinion consensus statement in peer-reviewed Phlebology: The Journal of Venous Disease. Three independent societies’ consensus endorsements affirmed that pneumatic compression should be recommended as a treatment for lymphedema, including lymphedema which is secondary to chronic venous insufficiency (“CVI”).
Highlights Subsequent to Quarter End:
- On July 25, 2022, the Company announced the full market release of its new ComfortEase™ garments for the Flexitouch® Plus system, and the launch of its Kylee™ mobile application.
“Our total revenue performance in the second quarter exceeded our expectations, driven by strong sales of our airway clearance products,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Airway clearance product sales increased
Mr. Reuvers continued, “Our updated 2022 total revenue guidance now reflects the stronger-than-expected revenue results in the first six months of 2022 and our updated growth expectations for the balance of the year. In the second half of 2022, we are focused on improving the productivity of recently hired and promoted sales representatives, furthering the successful introduction of our new products and supporting our AffloVest channel partners, and positioning ourselves for improved profitability.”
Second Quarter 2022 Financial Results
Total revenue in the second quarter of 2022 increased
Gross profit in the second quarter of 2022 increased
Operating expenses in the second quarter of 2022 increased
Operating loss was
Other expense was
Income tax benefit was
Net loss in the second quarter of 2022 was
Weighted average shares used to compute diluted net loss/income per share were 20.0 million in each of the second quarters of 2022 and 2021.
Adjusted EBITDA was
First Six Months 2022 Financial Results:
Total revenue for the six months ended June 30, 2022, increased
Net loss for the six months ended June 30, 2022, was
Weighted average shares used to compute diluted net loss per share were 20.0 million and 19.6 million for the six months ended June 30, 2022 and 2021, respectively.
Adjusted EBITDA loss was
Balance Sheet Summary
As of June 30, 2022, the Company had
2022 Financial Outlook
The Company now expects full year 2022 total revenue in the range of
Conference Call
Management will host a conference call at 5:00 p.m. Eastern Time on August 1, 2022, to discuss the results of the quarter with a question-and-answer session. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13731068. A live webcast of the call will also be provided on the investor relations section of the Company's website at investors.tactilemedical.com.
For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13731068. The webcast will be archived at investors.tactilemedical.com.
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 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 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; loss or retirement of key executives, including prior to identifying a successor; adverse economic conditions or intense competition; loss of a key supplier; entry of new competitors and products; adverse federal, state and local government regulation; 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; wage and component price inflation; 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.
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures of Adjusted EBITDA (loss), non-GAAP gross margin, non-GAAP operating income (loss), and non-GAAP net income (loss), which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
Adjusted EBITDA (loss) in this release represents net income or loss, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus litigation defense costs, plus or minus the change in fair value of earn-out, and plus executive transition costs. Non-GAAP gross margin in this release represents gross margin plus non-cash intangible amortization expense. Non-GAAP operating income (loss) in this release represents operating income (loss) adjusted for non-cash intangible amortization expense, change in fair value of earn-out, litigation defense costs and executive transition expenses. Non-GAAP net income (loss) represents net income (loss) adjusted for non-cash intangible amortization expense, change in fair value of earn-out, litigation defense costs and executive transition expenses and adjusted for the income tax effect on reconciling items. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are included in this press release.
These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these measures principally as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes these measures are useful to investors as supplemental information and because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes these non-GAAP financial measures are useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.
The non-GAAP financial measures presented in this release should not be considered as an alternative to, or superior to, their respective GAAP financial measures, as measures of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and they should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
| Tactile Systems Technology, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| June 30, | December 31, | |||||||
| (In thousands, except share and per share data) | 2022 | 2021 | ||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 23,350 | $ | 28,229 | ||||
| Accounts receivable | 49,157 | 49,478 | ||||||
| Net investment in leases | 13,346 | 12,482 | ||||||
| Inventories | 19,970 | 19,217 | ||||||
| Prepaid expenses and other current assets | 1,446 | 4,141 | ||||||
| Total current assets | 107,269 | 113,547 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 5,978 | 6,750 | ||||||
| Right of use operating lease assets | 22,628 | 23,984 | ||||||
| Intangible assets, net | 52,254 | 54,081 | ||||||
| Goodwill | 31,063 | 31,063 | ||||||
| Accounts receivable, non-current | 15,343 | 12,847 | ||||||
| Other non-current assets | 2,768 | 1,998 | ||||||
| Total non-current assets | 130,034 | 130,723 | ||||||
| Total assets | $ | 237,303 | $ | 244,270 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 9,110 | $ | 5,023 | ||||
| Note payable | 2,968 | 2,960 | ||||||
| Earn-out, current | 9,800 | 3,250 | ||||||
| Accrued payroll and related taxes | 12,144 | 12,139 | ||||||
| Accrued expenses | 5,258 | 5,262 | ||||||
| Income taxes payable | 11 | 16 | ||||||
| Operating lease liabilities | 2,488 | 2,506 | ||||||
| Other current liabilities | 4,767 | 3,305 | ||||||
| Total current liabilities | 46,546 | 34,461 | ||||||
| Non-current liabilities | ||||||||
| Revolving line of credit, non-current | 24,891 | 24,857 | ||||||
| Note payable, non-current | 22,463 | 26,933 | ||||||
| Earn-out, non-current | 3,950 | 2,950 | ||||||
| Accrued warranty reserve, non-current | 2,791 | 3,108 | ||||||
| Income taxes payable, non-current | 298 | 348 | ||||||
| Operating lease liabilities, non-current | 22,122 | 23,354 | ||||||
| Deferred income taxes | 126 | 32 | ||||||
| Total non-current liabilities | 76,641 | 81,582 | ||||||
| Total liabilities | 123,187 | 116,043 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 20 | 20 | ||||||
| Additional paid-in capital | 126,059 | 119,962 | ||||||
| (Accumulated deficit) retained earnings | (11,963 | ) | 8,245 | |||||
| Total stockholders’ equity | 114,116 | 128,227 | ||||||
| Total liabilities and stockholders’ equity | $ | 237,303 | $ | 244,270 | ||||
| Tactile Systems Technology, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenue | ||||||||||||||||
| Sales revenue | $ | 51,265 | $ | 43,630 | $ | 92,435 | $ | 79,755 | ||||||||
| Rental revenue | 8,380 | 7,430 | 15,188 | 14,077 | ||||||||||||
| Total revenue | 59,645 | 51,060 | 107,623 | 93,832 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| Cost of sales revenue | 13,810 | 12,638 | 25,890 | 23,329 | ||||||||||||
| Cost of rental revenue | 2,612 | 2,217 | 4,648 | 4,068 | ||||||||||||
| Total cost of revenue | 16,422 | 14,855 | 30,538 | 27,397 | ||||||||||||
| Gross profit | ||||||||||||||||
| Gross profit - sales revenue | 37,455 | 30,992 | 66,545 | 56,426 | ||||||||||||
| Gross profit - rental revenue | 5,768 | 5,213 | 10,540 | 10,009 | ||||||||||||
| Gross profit | 43,223 | 36,205 | 77,085 | 66,435 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 28,822 | 20,933 | 52,752 | 39,718 | ||||||||||||
| Research and development | 1,849 | 1,206 | 3,369 | 2,476 | ||||||||||||
| Reimbursement, general and administrative | 14,894 | 14,094 | 31,111 | 28,303 | ||||||||||||
| Intangible asset amortization and earn-out | 1,745 | 48 | 8,841 | 98 | ||||||||||||
| Total operating expenses | 47,310 | 36,281 | 96,073 | 70,595 | ||||||||||||
| Loss from operations | (4,087 | ) | (76 | ) | (18,988 | ) | (4,160 | ) | ||||||||
| Other expense | (573 | ) | (24 | ) | (1,029 | ) | (34 | ) | ||||||||
| Loss before income taxes | (4,660 | ) | (100 | ) | (20,017 | ) | (4,194 | ) | ||||||||
| Income tax (benefit) expense | (20 | ) | (1,405 | ) | 191 | (3,233 | ) | |||||||||
| Net (loss) income | $ | (4,640 | ) | $ | 1,305 | $ | (20,208 | ) | $ | (961 | ) | |||||
| Net (loss) income per common share | ||||||||||||||||
| Basic | $ | (0.23 | ) | $ | 0.07 | $ | (1.01 | ) | $ | (0.05 | ) | |||||
| Diluted | $ | (0.23 | ) | $ | 0.07 | $ | (1.01 | ) | $ | (0.05 | ) | |||||
| Weighted-average common shares used to compute net (loss) income per common share | ||||||||||||||||
| Basic | 20,024,798 | 19,691,156 | 19,961,999 | 19,618,759 | ||||||||||||
| Diluted | 20,024,798 | 20,047,277 | 19,961,999 | 19,618,759 | ||||||||||||
| Tactile Systems Technology, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| (In thousands) | 2022 | 2021 | ||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (20,208 | ) | $ | (961 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 3,015 | 1,287 | ||||||
| Deferred income taxes | 94 | (3,581 | ) | |||||
| Stock-based compensation expense | 5,121 | 5,115 | ||||||
| Change in fair value of earn-out liability | 7,550 | — | ||||||
| Changes in assets and liabilities, net of acquisition: | ||||||||
| Accounts receivable | 321 | 1,220 | ||||||
| Net investment in leases | (864 | ) | (1,033 | ) | ||||
| Inventories | (753 | ) | (2,590 | ) | ||||
| Income taxes | (55 | ) | (780 | ) | ||||
| Prepaid expenses and other assets | 1,925 | 502 | ||||||
| Right of use operating lease assets | 106 | 99 | ||||||
| Accounts receivable, non-current | (2,496 | ) | (2,441 | ) | ||||
| Accounts payable | 4,087 | 855 | ||||||
| Accrued payroll and related taxes | 5 | (1,285 | ) | |||||
| Accrued expenses and other liabilities | 1,252 | 1,676 | ||||||
| Net cash used in operating activities | (900 | ) | (1,917 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (331 | ) | (603 | ) | ||||
| Intangible assets expenditures | (85 | ) | (140 | ) | ||||
| Net cash used in investing activities | (416 | ) | (743 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payment on note payable | (4,500 | ) | — | |||||
| Payment of deferred debt issuance costs | (39 | ) | — | |||||
| Taxes paid for net share settlement of performance and restricted stock units | — | (1,115 | ) | |||||
| Proceeds from exercise of common stock options | 152 | 3,385 | ||||||
| Proceeds from the issuance of common stock from the employee stock purchase plan | 824 | 1,542 | ||||||
| Net cash (used in) provided by financing activities | (3,563 | ) | 3,812 | |||||
| Net (decrease) increase in cash and cash equivalents | (4,879 | ) | 1,152 | |||||
| Cash and cash equivalents – beginning of period | 28,229 | 47,855 | ||||||
| Cash and cash equivalents – end of period | $ | 23,350 | $ | 49,007 | ||||
| Supplemental cash flow disclosure | ||||||||
| Cash paid for interest | $ | 448 | $ | — | ||||
| Cash paid for taxes | $ | 28 | $ | 1,141 | ||||
| Capital expenditures incurred but not yet paid | $ | — | $ | 8 | ||||
The following table summarizes revenue by product line for the three and six months ended June 30, 2022 and 2021:
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenue | ||||||||||||||||
| Lymphedema products | $ | 51,634 | $ | 51,060 | $ | 92,288 | $ | 93,832 | ||||||||
| Airway clearance products | 8,011 | — | 15,335 | — | ||||||||||||
| Total | $ | 59,645 | $ | 51,060 | $ | 107,623 | $ | 93,832 | ||||||||
| Percentage of total revenue | ||||||||||||||||
| Lymphedema products | 87 | % | 100 | % | 86 | % | 100 | % | ||||||||
| Airway clearance products | 13 | % | — | % | 14 | % | — | % | ||||||||
| Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
The following table contains a reconciliation of gross margin to non-GAAP gross margin:
| Tactile Systems Technology, Inc. | ||||||||||||||||
| Reconciliation of Gross Margin to Non-GAAP Gross Margin | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Gross profit, as reported | $ | 43,223 | $ | 36,205 | $ | 77,085 | $ | 66,435 | ||||||||
| Gross margin, as reported | 72.5 | % | 70.9 | % | 71.6 | % | 70.8 | % | ||||||||
| Reconciling items affecting gross margin: | ||||||||||||||||
| Non-cash intangible amortization expense | $ | 311 | $ | 10 | $ | 621 | $ | 20 | ||||||||
| Non-GAAP gross profit | $ | 43,534 | $ | 36,215 | $ | 77,706 | $ | 66,455 | ||||||||
| Non-GAAP gross margin | 73.0 | % | 70.9 | % | 72.2 | % | 70.8 | % | ||||||||
The following table contains a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss):
| Tactile Systems Technology, Inc. | ||||||||||||||||
| Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating Income (Loss) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| GAAP operating loss | $ | (4,087 | ) | $ | (76 | ) | $ | (18,988 | ) | $ | (4,160 | ) | ||||
| Reconciling items affecting operating (loss) income: | ||||||||||||||||
| Non-cash intangible amortization expense impacting gross profit | $ | 311 | $ | 10 | $ | 621 | $ | 20 | ||||||||
| Non-cash intangible amortization expense impacting operating expenses | 645 | 48 | 1,291 | 98 | ||||||||||||
| Change in fair value of earn-out | 1,100 | — | 7,550 | — | ||||||||||||
| Litigation defense costs | 245 | 853 | 2,349 | 1,720 | ||||||||||||
| Executive transition expenses | — | 80 | — | 186 | ||||||||||||
| Non-GAAP operating (loss) income: | $ | (1,786 | ) | $ | 915 | $ | (7,177 | ) | $ | (2,136 | ) | |||||
The following table contains a reconciliation of GAAP net income (loss) to non-GAAP net income (loss):
| Tactile Systems Technology, Inc. | ||||||||||||||||
| Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| GAAP net loss (income) | $ | (4,640 | ) | $ | 1,305 | $ | (20,208 | ) | $ | (961 | ) | |||||
| Reconciling items affecting net (loss) income: | ||||||||||||||||
| Non-cash intangible amortization expense impacting gross profit | $ | 311 | $ | 10 | $ | 621 | $ | 20 | ||||||||
| Non-cash intangible amortization expense impacting operating expenses | 645 | 48 | 1,291 | 98 | ||||||||||||
| Change in fair value of earn-out | 1,100 | — | 7,550 | — | ||||||||||||
| Litigation defense costs | 245 | 853 | 2,349 | 1,720 | ||||||||||||
| Executive transition expenses | — | 80 | — | 186 | ||||||||||||
| Income tax (expense) benefit on reconciling items* | (575 | ) | (248 | ) | (2,953 | ) | (506 | ) | ||||||||
| Non-GAAP net (loss) income | $ | (2,914 | ) | $ | 2,048 | $ | (11,350 | ) | $ | 557 | ||||||
| * The effect of income tax on the reconciling items is estimated using the Company's effective statutory tax rate. | ||||||||||||||||
The following table contains a reconciliation of net (loss) income to Adjusted EBITDA and Adjusted EBITDA loss for the three and six months ended June 30, 2022 and 2021, as well as the dollar and percentage change between the comparable periods:
| Tactile Systems Technology, Inc. | ||||||||||||||||||||||||||||||||
| Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA (Loss) | ||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Increase | Six Months Ended | Increase | |||||||||||||||||||||||||||||
| June 30, | (Decrease) | June 30, | (Decrease) | |||||||||||||||||||||||||||||
| (Dollars in thousands) | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||
| Net (loss) income | $ | (4,640 | ) | $ | 1,305 | $ | (5,945 | ) | N.M. | % | $ | (20,208 | ) | $ | (961 | ) | $ | (19,247 | ) | N.M. | % | |||||||||||
| Interest expense, net | 584 | 11 | 573 | N.M. | % | 1,040 | 16 | 1,024 | N.M. | % | ||||||||||||||||||||||
| Income tax (benefit) expense | (20 | ) | (1,405 | ) | 1,385 | (99 | ) | % | 191 | (3,233 | ) | 3,424 | (106 | ) | % | |||||||||||||||||
| Depreciation and amortization | 1,508 | 635 | 873 | 137 | % | 3,015 | 1,287 | 1,728 | 134 | % | ||||||||||||||||||||||
| Stock-based compensation | 2,892 | 2,658 | 234 | 9 | % | 5,121 | 5,115 | 6 | 0 | % | ||||||||||||||||||||||
| Change in fair value of earn-out | 1,100 | — | 1,100 | — | 7,550 | — | 7,550 | — | ||||||||||||||||||||||||
| Litigation defense costs | 245 | 853 | (608 | ) | (71 | ) | % | 2,349 | 1,720 | 629 | 37 | % | ||||||||||||||||||||
| Executive transition costs | — | 80 | (80 | ) | (100 | ) | % | — | 186 | (186 | ) | (100 | ) | % | ||||||||||||||||||
| Adjusted EBITDA (loss) | $ | 1,669 | $ | 4,137 | $ | (2,468 | ) | (60 | ) | % | $ | (942 | ) | $ | 4,130 | $ | (5,072 | ) | (123 | ) | % | |||||||||||
FAQ
What were Tactile Medical's Q2 2022 financial results?
How did airway clearance product sales perform in Q2 2022 for TCMD?
What is Tactile Medical's revenue guidance for 2022?
What was the adjusted EBITDA for TCMD in Q2 2022?
What were the operating expenses for Tactile Medical in Q2 2022?
