Tactile Systems Technology, Inc. Reports Second Quarter 2024 Financial Results
Rhea-AI Summary
Tactile Systems Technology (TCMD) reported strong Q2 2024 financial results, with total revenue increasing 7% year-over-year to $73.2 million. Lymphedema product revenue grew 8%, while airway clearance product revenue rose 2%. The company achieved net income of $4.3 million, compared to a net loss in Q2 2023, and Adjusted EBITDA increased 49% to $9.1 million.
Key highlights include:
- Gross margin improved to 73.9% of revenue
- Operating income reached $5.8 million
- 510(k) clearance obtained for Nimbl system, a next-generation lymphedema therapy platform
- Sheri Dodd appointed as new President and CEO
Tactile Medical updated its 2024 financial outlook, now expecting full-year revenue between $293 million and $298 million, representing 7-9% growth year-over-year.
Positive
- Total revenue increased 7% year-over-year to $73.2 million
- Lymphedema product revenue grew 8% year-over-year
- Net income of $4.3 million, compared to a net loss in Q2 2023
- Adjusted EBITDA increased 49% year-over-year to $9.1 million
- Gross margin improved to 73.9% of revenue from 70.7% in Q2 2023
- Operating income reached $5.8 million, up from $2.1 million in Q2 2023
- 510(k) clearance obtained for Nimbl system, a next-generation lymphedema therapy platform
- Cash and cash equivalents increased to $73.6 million from $61.0 million at year-end 2023
Negative
- Updated 2024 revenue guidance of $293-298 million is lower than previous guidance of $300-305 million
News Market Reaction 1 Alert
On the day this news was published, TCMD gained 13.86%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MINNEAPOLIS, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights:
- Total revenue increased
7% year-over-year to$73.2 million - Lymphedema product revenue increased
8% year-over-year - Airway clearance product revenue increased
2% year-over-year
- Lymphedema product revenue increased
- Net income of
$4.3 million versus a net loss of$0.1 million in Q2 2023 - Adjusted EBITDA of
$9.1 million versus$6.1 million in Q2 2023 - Operating cashflow of
$13.1 million , ended Q2 2024 with$73.6 million in cash and cash equivalents - 510(k) clearance for Nimbl system, our next generation lymphedema therapy platform
- Appointed Sheri Dodd as President and CEO, effective July 1, 2024
“We are pleased with our second quarter performance, delivering total revenue growth of
Ms. Dodd continued, “My first few weeks as CEO of Tactile Medical have validated my confidence in the immense opportunity to transform care for patients with lymphedema and airway clearance disorders. As these markets continue to grow, patient populations remain chronically underdiagnosed, undertreated, and underserved. Looking ahead, we will continue investing in our products, patient services, and sales and order operations to provide increasingly innovative solutions, enable simplicity and scale, and ultimately widen market access. I believe we are well positioned to tangibly improve patient care while driving sustainable and profitable growth in 2024 and beyond.”
Second Quarter 2024 Financial Results
Total revenue in the second quarter of 2024 increased
Gross profit in the second quarter of 2024 increased
Operating expenses in the second quarter of 2024 increased
Operating income was
Other income was
Income tax expense was
Net income in the second quarter of 2024 was
Weighted average shares used to compute diluted net income (loss) per share were 24.1 million and 23.4 million for the second quarters of 2024 and 2023, respectively.
Adjusted EBITDA was
First Six Months 2024 Financial Results
Total revenue for the six months ended June 30, 2024, increased
Net income for the six months ended June 30, 2024, was
Weighted average shares used to compute diluted net income (loss) per share were 24.1 million and 22.3 million for the six months ended June 30, 2024 and 2023, respectively.
Adjusted EBITDA was
Balance Sheet Summary
As of June 30, 2024, the Company had
2024 Financial Outlook
The Company is updating its 2024 financial outlook and now expects full year 2024 total revenue in the range of
Conference Call
Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on August 5, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13747225. 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 13747225. 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. Tactile Medical 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 Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; 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 transition matters related to the Company’s recent Chief Executive Officer change; 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 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, non-GAAP gross profit, 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 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 or minus the change in fair value of earn-out and plus executive transition costs. Non-GAAP gross profit in this release represents gross profit plus non-cash intangible amortization expense. Non-GAAP gross margin in this release represents non-GAAP gross profit divided by revenue. 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 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 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) | 2024 | 2023 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 73,618 | $ | 61,033 | ||
| Accounts receivable | 41,935 | 43,173 | ||||
| Net investment in leases | 13,551 | 14,195 | ||||
| Inventories | 18,846 | 22,527 | ||||
| Prepaid expenses and other current assets | 3,909 | 4,366 | ||||
| Total current assets | 151,859 | 145,294 | ||||
| Non-current assets | ||||||
| Property and equipment, net | 5,691 | 6,195 | ||||
| Right of use operating lease assets | 17,828 | 19,128 | ||||
| Intangible assets, net | 44,883 | 46,724 | ||||
| Goodwill | 31,063 | 31,063 | ||||
| Accounts receivable, non-current | 4,511 | 10,936 | ||||
| Deferred income taxes | 19,408 | 19,378 | ||||
| Other non-current assets | 3,541 | 2,720 | ||||
| Total non-current assets | 126,925 | 136,144 | ||||
| Total assets | $ | 278,784 | $ | 281,438 | ||
| Liabilities and Stockholders' Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 5,094 | $ | 6,659 | ||
| Note payable | 2,956 | 2,956 | ||||
| Accrued payroll and related taxes | 12,090 | 16,789 | ||||
| Accrued expenses | 6,702 | 5,904 | ||||
| Income taxes payable | 496 | 1,467 | ||||
| Operating lease liabilities | 2,799 | 2,807 | ||||
| Other current liabilities | 4,075 | 4,475 | ||||
| Total current liabilities | 34,212 | 41,057 | ||||
| Non-current liabilities | ||||||
| Note payable, non-current | 24,698 | 26,176 | ||||
| Accrued warranty reserve, non-current | 1,561 | 1,681 | ||||
| Income taxes payable, non-current | 495 | 446 | ||||
| Operating lease liabilities, non-current | 17,142 | 18,436 | ||||
| Total non-current liabilities | 43,896 | 46,739 | ||||
| Total liabilities | 78,108 | 87,796 | ||||
| Stockholders’ equity: | ||||||
| Preferred stock, | — | — | ||||
| Common stock, | 24 | 24 | ||||
| Additional paid-in capital | 179,669 | 174,724 | ||||
| Retained earnings | 20,983 | 18,894 | ||||
| Total stockholders’ equity | 200,676 | 193,642 | ||||
| Total liabilities and stockholders’ equity | $ | 278,784 | $ | 281,438 | ||
| 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) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | |||||||||||||||
| Sales revenue | $ | 64,267 | $ | 59,802 | $ | 117,574 | $ | 112,593 | |||||||
| Rental revenue | 8,951 | 8,537 | 16,732 | 14,592 | |||||||||||
| Total revenue | 73,218 | 68,339 | 134,306 | 127,185 | |||||||||||
| Cost of revenue | |||||||||||||||
| Cost of sales revenue | 16,263 | 16,865 | 31,207 | 31,507 | |||||||||||
| Cost of rental revenue | 2,852 | 3,175 | 5,567 | 5,911 | |||||||||||
| Total cost of revenue | 19,115 | 20,040 | 36,774 | 37,418 | |||||||||||
| Gross profit | |||||||||||||||
| Gross profit - sales revenue | 48,004 | 42,937 | 86,367 | 81,086 | |||||||||||
| Gross profit - rental revenue | 6,099 | 5,362 | 11,165 | 8,681 | |||||||||||
| Gross profit | 54,103 | 48,299 | 97,532 | 89,767 | |||||||||||
| Operating expenses | |||||||||||||||
| Sales and marketing | 28,608 | 28,206 | 55,965 | 54,508 | |||||||||||
| Research and development | 2,234 | 1,833 | 4,377 | 4,066 | |||||||||||
| Reimbursement, general and administrative | 16,779 | 14,991 | 33,040 | 30,425 | |||||||||||
| Intangible asset amortization and earn-out | 633 | 1,211 | 1,265 | 2,516 | |||||||||||
| Total operating expenses | 48,254 | 46,241 | 94,647 | 91,515 | |||||||||||
| Income (loss) from operations | 5,849 | 2,058 | 2,885 | (1,748 | ) | ||||||||||
| Other income (expense) | 225 | (838 | ) | 380 | (1,831 | ) | |||||||||
| Income (loss) before income taxes | 6,074 | 1,220 | 3,265 | (3,579 | ) | ||||||||||
| Income tax expense (benefit) | 1,776 | 1,320 | 1,176 | (1,593 | ) | ||||||||||
| Net income (loss) | $ | 4,298 | $ | (100 | ) | $ | 2,089 | $ | (1,986 | ) | |||||
| Net income (loss) per common share | |||||||||||||||
| Basic | $ | 0.18 | $ | 0.00 | $ | 0.09 | $ | (0.09 | ) | ||||||
| Diluted | $ | 0.18 | $ | 0.00 | $ | 0.09 | $ | (0.09 | ) | ||||||
| Weighted-average common shares used to compute net income (loss) per common share | |||||||||||||||
| Basic | 23,873,379 | 23,352,530 | 23,769,604 | 22,323,856 | |||||||||||
| Diluted | 24,099,047 | 23,352,530 | 24,073,986 | 22,323,856 | |||||||||||
| Tactile Systems Technology, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| (In thousands) | 2024 | 2023 | ||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | 2,089 | $ | (1,986 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 3,345 | 3,269 | ||||||
| Deferred income taxes | (30 | ) | — | |||||
| Stock-based compensation expense | 3,899 | 3,831 | ||||||
| Loss on disposal of property and equipment and intangibles | 54 | 3 | ||||||
| Change in fair value of earn-out liability | — | 1,230 | ||||||
| Changes in assets and liabilities, net of acquisition: | ||||||||
| Accounts receivable | 1,238 | 8,273 | ||||||
| Net investment in leases | 644 | 2,911 | ||||||
| Inventories | 3,681 | 2,809 | ||||||
| Income taxes | (922 | ) | (3,967 | ) | ||||
| Prepaid expenses and other assets | (364 | ) | (697 | ) | ||||
| Right of use operating lease assets | (2 | ) | 50 | |||||
| Accounts receivable, non-current | 6,425 | 7,631 | ||||||
| Accounts payable | (1,592 | ) | (696 | ) | ||||
| Accrued payroll and related taxes | (4,699 | ) | (3,300 | ) | ||||
| Accrued expenses and other liabilities | 300 | (5,954 | ) | |||||
| Net cash provided by operating activities | 14,066 | 13,407 | ||||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (982 | ) | (1,043 | ) | ||||
| Proceeds from sale of property and equipment | 12 | — | ||||||
| Intangible assets expenditures | (57 | ) | (99 | ) | ||||
| Net cash used in investing activities | (1,027 | ) | (1,142 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments on earn-out | — | (5,000 | ) | |||||
| Payments on note payable | (1,500 | ) | (1,500 | ) | ||||
| Proceeds from exercise of common stock options | 2 | 11 | ||||||
| Proceeds from the issuance of common stock from the employee stock purchase plan | 1,044 | 882 | ||||||
| Proceeds from issuance of common stock at market | — | 34,625 | ||||||
| Net cash (used in) provided by financing activities | (454 | ) | 29,018 | |||||
| Net increase in cash and cash equivalents | 12,585 | 41,283 | ||||||
| Cash and cash equivalents – beginning of period | 61,033 | 21,929 | ||||||
| Cash and cash equivalents – end of period | $ | 73,618 | $ | 63,212 | ||||
| Supplemental cash flow disclosure | ||||||||
| Cash paid for interest | $ | 1,099 | $ | 1,925 | ||||
| Cash paid for taxes | $ | 2,177 | $ | 2,415 | ||||
| Capital expenditures incurred but not yet paid | $ | 27 | $ | 8 | ||||
The following table summarizes revenue by product line for the three and six months ended June 30, 2024 and 2023:
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | ||||||||||||||||
| Lymphedema products | $ | 64,683 | $ | 59,999 | $ | 116,996 | $ | 109,751 | ||||||||
| Airway clearance products | 8,535 | 8,340 | 17,310 | 17,434 | ||||||||||||
| Total | $ | 73,218 | $ | 68,339 | $ | 134,306 | $ | 127,185 | ||||||||
| Percentage of total revenue | ||||||||||||||||
| Lymphedema products | ||||||||||||||||
| Airway clearance products | ||||||||||||||||
| Total | ||||||||||||||||
The following table contains a reconciliation of GAAP gross profit and margin to non-GAAP gross profit and margin:
| Tactile Systems Technology, Inc. | |||||||||||||||||||||||||
| Reconciliation of Gross Profit and Margin to Non-GAAP Gross Profit and Margin | |||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Gross profit, as reported | $ | 54,103 | $ | 48,299 | $ | 97,532 | $ | 89,767 | |||||||||||||||||
| Gross margin, as reported | 73.9 | % | 70.7 | % | 72.6 | % | 70.6 | % | |||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||
| Non-cash intangible amortization expense | $ | 317 | $ | 315 | $ | 633 | $ | 629 | |||||||||||||||||
| Non-GAAP gross profit | $ | 54,420 | $ | 48,614 | $ | 98,165 | $ | 90,396 | |||||||||||||||||
| Non-GAAP gross margin | 74.3 | % | 71.1 | % | 73.1 | % | 71.1 | % | |||||||||||||||||
The following table contains a reconciliation of GAAP operating income (loss) to non-GAAP operating income:
| Tactile Systems Technology, Inc. | |||||||||||||||||||
| Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating Income | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| GAAP operating income (loss) | $ | 5,849 | $ | 2,058 | $ | 2,885 | $ | (1,748 | ) | ||||||||||
| Reconciling items: | |||||||||||||||||||
| Non-cash intangible amortization expense impacting gross profit | $ | 317 | $ | 315 | $ | 633 | $ | 629 | |||||||||||
| Non-cash intangible amortization expense impacting operating expenses | 632 | 641 | 1,265 | 1,286 | |||||||||||||||
| Change in fair value of earn-out | — | 570 | — | 1,230 | |||||||||||||||
| Executive transition expenses | (340 | ) | — | (25 | ) | — | |||||||||||||
| Non-GAAP operating income: | $ | 6,458 | $ | 3,584 | $ | 4,758 | $ | 1,397 | |||||||||||
The following table contains a reconciliation of GAAP net income (loss) to non-GAAP net income:
| Tactile Systems Technology, Inc. | ||||||||||||||||||||
| Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| GAAP net income (loss) | $ | 4,298 | $ | (100 | ) | $ | 2,089 | $ | (1,986 | ) | ||||||||||
| Reconciling items: | ||||||||||||||||||||
| Non-cash intangible amortization expense impacting gross profit | $ | 317 | $ | 315 | $ | 633 | $ | 629 | ||||||||||||
| Non-cash intangible amortization expense impacting operating expenses | 632 | 641 | 1,265 | 1,286 | ||||||||||||||||
| Change in fair value of earn-out | — | 570 | — | 1,230 | ||||||||||||||||
| Executive transition expenses | (340 | ) | — | (25 | ) | — | ||||||||||||||
| Income tax expense on reconciling items* | (152 | ) | (382 | ) | (468 | ) | (786 | ) | ||||||||||||
| Non-GAAP net income | $ | 4,755 | $ | 1,044 | $ | 3,494 | $ | 373 | ||||||||||||
| * 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 income (loss) to Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:
| Tactile Systems Technology, Inc. | ||||||||||||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||
| Three Months Ended | Increase | Six Months Ended | Increase | |||||||||||||||||||||||||||||
| June 30, | (Decrease) | June 30, | (Decrease) | |||||||||||||||||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | ||||||||||||||||||||||||
| Net income (loss) | $ | 4,298 | $ | (100 | ) | $ | 4,398 | N.M. | % | $ | 2,089 | $ | (1,986 | ) | $ | 4,075 | 205 | % | ||||||||||||||
| Interest (income) expense, net | (225 | ) | 838 | (1,063 | ) | (127 | ) | % | (371 | ) | 1,831 | (2,202 | ) | (120 | ) | % | ||||||||||||||||
| Income tax expense (benefit) | 1,776 | 1,320 | 456 | 35 | % | 1,176 | (1,593 | ) | 2,769 | (174 | ) | |||||||||||||||||||||
| Depreciation and amortization | 1,711 | 1,640 | 71 | 4 | % | 3,345 | 3,269 | 76 | 2 | % | ||||||||||||||||||||||
| Stock-based compensation | 1,860 | 1,808 | 52 | 3 | % | 3,899 | 3,831 | 68 | 2 | % | ||||||||||||||||||||||
| Change in fair value of earn-out | — | 570 | (570 | ) | (100 | ) | % | — | 1,230 | (1,230 | ) | (100 | ) | % | ||||||||||||||||||
| Executive transition costs | (340 | ) | — | (340 | ) | — | % | (25 | ) | — | (25 | ) | — | % | ||||||||||||||||||
| Adjusted EBITDA | $ | 9,080 | $ | 6,076 | $ | 3,004 | 49 | % | $ | 10,113 | $ | 6,582 | $ | 3,531 | 54 | % | ||||||||||||||||
Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com
FAQ
What was Tactile Medical's (TCMD) revenue growth in Q2 2024?
How much net income did Tactile Medical (TCMD) report for Q2 2024?
What is Tactile Medical's (TCMD) updated revenue guidance for 2024?
Did Tactile Medical (TCMD) receive any regulatory approvals in Q2 2024?
Who is the new CEO of Tactile Medical (TCMD) as of Q2 2024?
