BTIG downgraded Tactile Systems (TCMD) to Neutral from Buy without a price target following the Q3 report. While the shares are inexpensive and Tactile announced a $30M share buyback, the “nagging documentation requirements” are hampering productivity gains within the sales force and impacting growth in other payer channels, the analyst tells investors in a research note. The firm is concerned these dynamics will persist for the next few quarters even in the face of the company’s remediation efforts.
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Read More on TCMD:
- Tactile Systems Technology Reports Q3 2024 Results, Launches Share Buyback
- Tactile Systems reports Q3 EPS 21c, consensus 18c
- Tactile Systems lowers FY24 revenue view to $292M-$295M from $293M-$298M
- Tactile Systems announces $30M stock repurchase program
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