Business
Tactile Systems Technology, Inc. Reports Preliminary Full Year and Fourth Quarter 2019 Revenue Results; Introduces Full Year 2020 Financial Outlook; Announces CEO Intends to Retire in 2020
2019 Revenue Increased 31% Year-Over-Year; Fourth Quarter Revenue Increased 21% to 22% Year-Over-Year MINNEAPOLIS, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Tactile
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"2019 Revenue Increased 31% Year-Over-Year; Fourth Quarter Revenue Increased 21% to 22% Year-Over-Year\nMINNEAPOLIS, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the treatment of chronic diseases at home, today reported preliminary revenue results for the full year and fourth quarter ended December 31, 2019, introduced revenue expectations for the twelve months ended December 31, 2020 and 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.\n Preliminary Full Year 2019 Revenue Summary: Full year 2019 total revenue is expected to be in the range of $188.4 million to $188.8 million, representing growth of approximately 31% year-over-year. The adoption of new lease accounting standards is expected to contribute 3.5 percentage points of the year-over-year increase in 2019 total revenue.Full year 2019 revenue is expected to be comprised of:-- Flexitouch system revenue in the range of $170.5 million to $170.9 million, representing growth of approximately 29% year-over-year-- Entre and Actitouch systems revenue of approximately $17.9 million, representing growth of approximately 52% year-over-year Preliminary Fourth Quarter 2019 Revenue Summary: Fourth quarter 2019 total revenue is expected to be in the range of $56.0 million to $56.4 million, representing growth of approximately 21% to 22% year-over-year. The adoption of new lease accounting standards is not expected to contribute to the year-over-year increase in fourth quarter 2019 total revenue.Fourth quarter 2019 revenue is expected to be comprised of:-- Flexitouch system revenue in the range of $50.7 million to $51.1 million, representing growth of approximately 19% to 20% year-over-year-- Entre and Actitouch systems revenue of approximately $5.3 million, representing growth of approximately 41% year-over-year 2020 Financial Outlook: For 2020, the Company expects revenue in the range of $227.5 m...