Tactile Systems Technology ( (TCMD) ) has released its Q3 earnings. Here is a breakdown of the information Tactile Systems Technology presented to its investors.
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Tactile Systems Technology, Inc., known as Tactile Medical, is a medical technology company that specializes in developing and marketing at-home therapies for chronic conditions such as lymphedema and chronic venous insufficiency, aimed at improving patients’ quality of life and reducing healthcare costs.
In its third quarter of 2024, Tactile Medical reported a 5% increase in total revenue, reaching $73.1 million, and announced a share repurchase program of up to $30 million. Despite a decline in net income to $5.2 million from $22.3 million in the same quarter last year, the company showed growth in its lymphedema and airway clearance product lines.
Key financial highlights include a 4% increase in lymphedema product revenue and a 10% rise in airway clearance products. The company also launched Nimbl, a new lymphedema therapy platform, and published positive clinical trial results. Operating cash flow improved to $24.3 million year-to-date, with cash reserves of $82.1 million. Adjusted EBITDA for the quarter rose to $10.7 million from $7.7 million a year earlier.
Looking ahead, Tactile Medical is updating its financial outlook, expecting full-year revenue growth of 6% to 8%. The company intends to leverage its free cash flow for investment opportunities and shareholder value enhancement, while also focusing on strengthening its sales channels and technology processes to meet growing patient demand.
