Business
Tactile Systems Technology, Inc. Reports First Quarter 2020 Financial Results
First Quarter Revenue Increased 16% Year-Over-Year; 26% Year-Over-Year on an Operational Basis MINNEAPOLIS, May 04, 2020 (GLOBE NEWSWIRE) -- Tactile Systems
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"First Quarter Revenue Increased 16% Year-Over-Year; 26% Year-Over-Year on an Operational Basis\nMINNEAPOLIS, May 04, 2020 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the at-home treatment of chronic diseases, today reported financial results for the first quarter ended March 31, 2020.\n First Quarter 2020 Summary: Total revenue increased 16% year-over-year, to $43.7 million, compared to $37.6 million in first quarter 2019.-- Excluding the contribution to first quarter 2019 revenue related to the Company’s adoption of ASC 842, first quarter 2020 revenue reflects year-over-year growth of 26% on an operational basis.-- As noted in the Company’s press release issued on April 6, 2020, revenue for the first quarter of 2020 was negatively impacted by the COVID-19 pandemic beginning in March.Flexitouch revenue increased 13% year-over-year, to $38.6 million, compared to $34.1 million in first quarter 2019.Operating loss of $4.5 million, compared to operating loss of $1.8 million in first quarter 2019.Net loss of $1.3 million, compared to net income of $1.5 million in first quarter 2019.Adjusted EBITDA loss of $0.5 million, compared to Adjusted EBITDA of $2.1 million in first quarter 2019. First Quarter 2020 Highlights: On January 13, 2020, the Company announced that Gerald R. Mattys has communicated his intention to retire as Chief Executive Officer of the Company in 2020. The Board of Directors has initiated a process to identify a successor for Mr. Mattys and has engaged an executive search firm to support the search. Mr. Mattys plans to continue as the Chief Executive Officer until his successor has started and will assist in ensuring a successful transition.On February 13, 2020, the Company announced the publication of a new clinical study demonstrating the prevalence of chronic venous insufficiency-related lymphedema (“CVI-related lymphedema,” also known as “Phlebolymphedema”). Researchers concluded that chronic venous insufficiency, not cancer-related therapy, may be the most common cause of lower extremity lymphedema in the United States. The new study suggests that the prevalence of lymphedema due to CVI is approximately 16 million individuals in the United States. This, in addition to the estimated five million ind...