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Tactile Systems Technology, Inc. Reports First Quarter 2021 Financial Results; Reaffirms Full Year 2021 Outlook
MINNEAPOLIS, May 03, 2021 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"MINNEAPOLIS, May 03, 2021 (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, 2021. First Quarter 2021 Summary: Total revenue decreased 2% year-over-year, to $42.8 million, compared to $43.7 million in first quarter 2020.Operating loss of $4.1 million, compared to operating loss of $4.5 million in first quarter 2020.Net loss of $2.3 million, compared to net loss of $1.3 million in first quarter 2020.Adjusted EBITDA loss of $7,000, compared to Adjusted EBITDA loss of $0.5 million in first quarter 2020.Cash and cash equivalents of $46.9 million at March 31, 2021, compared to $47.9 million at December 31, 2020. First Quarter 2021 Highlights: On January 5, 2021, the Company announced the appointment of Sheri Dodd and Deepti Jain to the Company’s Board of Directors, effective January 1, 2021.On March 15, 2021, the Company announced the appointment of Kristie Burns to the position of Senior Vice President of Marketing & Clinical Affairs, effective March 22, 2021. Ms. Burns succeeds Darren Wennen, who was promoted to Senior Vice President of Commercial Operations. Highlights Subsequent to Quarter End: On April 20, 2021, the Company announced the appointment of Eric Pauls to the position of Senior Vice President of Sales, effective May 1, 2021. Mr. Pauls succeeds Bryan Rishe, who is retiring in May.On April 30, 2021, the Company entered into a Restated Credit Agreement with Wells Fargo Bank. The Restated Credit Agreement provides for a $25 million revolving credit facility with a three-year maturity and includes a $30 million accordion feature, allowing the Company to expand the total aggregate principal amount up to $55 million, subject to certain conditions. The prior Credit Agreement provided for a $10 million revolving credit facility with a $25 million accordion feature. “We are pleased to deliver results that modestly exceeded our expectations for the first quarter of 2021,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “As anticipated, COVID-19 related restrictions and protocols continued to impact healthcare facilities’ recovery, as the winter holiday spike in COVID-19 cases persis...