Business
Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results; Introduces Full Year 2023 Outlook
Fourth Quarter Revenue Increased 20% Year-Over-Year; Full Year Revenue Increased 19% Year-Over-Year MINNEAPOLIS, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Tactile
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Increased 20% Year-Over-Year; Full Year Revenue Increased 19% Year-Over-Year\nMINNEAPOLIS, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Summary: Total revenue increased 20% year-over-year to $73.9 million, compared to $61.7 million in fourth quarter 2021 Revenue from lymphedema products increased 14% year-over-year to $65.8 millionRevenue from airway clearance products increased 90% year-over-year to $8.1 million Operating income of $7.9 million, compared to $3.8 million in fourth quarter 2021 Non-GAAP operating income of $9.5 million, compared to $6.4 million in fourth quarter 2021 Net income of $4.6 million, compared to net loss of $7.5 million in fourth quarter 2021 Non-GAAP net income of $5.9 million, compared to non-GAAP net loss of $5.5 million in fourth quarter 2021 Adjusted EBITDA of $12.1 million, compared to $9.5 million in fourth quarter 2021 Full Year 2022 Summary: Total revenue increased 19% year-over-year to $246.8 million, compared to $208.1 million in 2021 Revenue from lymphedema products increased 5% year-over-year to $212.3 million, compared to $202.9 million in 2021Revenue from airway clearance products, acquired on September 8, 2021, totaled $34.5 million in 2022, compared to $5.1 million in 2021 Operating loss of $12.8 million, compared to $1.8 million in 2021 Non-GAAP operating income of $6.2 million, compared to $5.3 million in 2021 Net loss of $17.9 million, compared to $11.8 million in 2021 Non-GAAP net loss of $3.6 million, compared to $6.5 million in 2021 Adjusted EBITDA of $18.3 million, compared to $17.7 million in 2021 Highlights Subsequent to Quarter End: On January 5, 2023, the Company announced the appointment of Carmen Volkart to the Company’s Board of DirectorsOn February 20, 2023, Brent Moen, Chief Financial Officer, announced his intention to retire in 2023 “We are pleased with how we finished 2022, with total revenue growth in the fourth quarter of 20%, coupled with significant year-over-year improvements in fourth quarter profitability,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Ou...