Business
Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results; Introduces Full Year 2024 Outlook
Full Year Revenue Increased 11% Year-Over-Year; Full Year Net Income Increased 260%; Full Year Adjusted EBITDA Increased 62% MINNEAPOLIS, Feb. 20, 2024 (GLOBE
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Full Year Revenue Increased 11% Year-Over-Year; Full Year Net Income Increased 260%; Full Year Adjusted EBITDA Increased 62%\nMINNEAPOLIS, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (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, 2023. Fourth Quarter 2023 Highlights: Total revenue increased 5% over prior year to $77.7 millionNet income increased 77% over prior year to $8.2 millionAdjusted EBITDA increased 27% over prior year to $15.4 millionRetired $16.8 million revolving line of credit and completed final $5.6 million earnout paymentWelcomed Vindell Washington, M.D. to Board of Directors Full Year 2023 Highlights: Treated over 77,000 patientsTotal revenue increased 11% over prior year to $274.4 millionNet income increased 260% over prior year to $28.5 millionAdjusted EBITDA increased 62% over prior year to $29.7 millionGenerated $35.9 million of cashflow from operations, a $30.6 million increase over prior yearAccounts receivable, current and non-current, declined $23.8 millionIntroduced Entre Plus and Flexitouch ComfortEase upper extremity garments “2023 proved to be a year of significant progress for Tactile. We restored our lymphedema therapies to double-digit growth, introduced new products and demonstrated leverage in sales and marketing. We also grew total revenue over 11%, delivered record profitability and significantly strengthened our balance sheet,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Our results clearly reflected the hard work throughout the company in 2023.” Mr. Reuvers continued, “In 2024, we will continue investing to serve more patients, leverage technology solutions and improve our customer experience. We remain focused on delivering double-digit revenue growth, expanding operating margins and generating solid free cashflow as we seek to extend our leadership position in the treatment of patients with underserved chronic conditions.” Fourth Quarter 2023 Financial Results Total revenue in the fourth quarter of 2023 increased $3.8 million, or 5.1%, to $77.7 million, compared to $73.9 million in the fourth quarter of 2022. The increase in total revenue was attributable to an in...