Oppenheimer downgrades Tactile Systems on qui tam uncertainty

Oppenheimer downgraded Tactile Systems (TCMD) to Perform from Outperform without a price target following the Q3 report. The firm says two qui tams filed in 2021 alleging violations of Federal False Claims Act and Anti-Kickback Statute were unsealed. Although Oppenheimer doesn’t know their impact, the firm says the last qui tam had a material impact on growth across the board. The uncertainty does not inspire confidence in Tactile Systems’ growth acceleration, says the analyst, who is adopting a wait and see stance.