Business
Tactile Systems Technology, Inc. Reports Second Quarter 2021 Financial Results; Updates Full Year 2021 Outlook
Second Quarter Revenue Increased 45% Year-Over-Year; First Half Revenue Increased 19% Year-over-Year MINNEAPOLIS, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Tactile
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Second Quarter Revenue Increased 45% Year-Over-Year; First Half Revenue Increased 19% Year-over-Year\nMINNEAPOLIS, Aug. 02, 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 second quarter and six months ended June 30, 2021. Second Quarter 2021 Summary: Total revenue increased 45% year-over-year to $51.1 million, compared to $35.1 million in second quarter 2020.Operating loss of $0.1 million, compared to operating loss of $8.0 million in second quarter 2020.Net income of $1.3 million, compared to net loss of $13.9 million in second quarter 2020.Adjusted EBITDA of $4.1 million, compared to Adjusted EBITDA loss of $0.7 million in second quarter 2020.Cash and cash equivalents of $49.0 million at June 30, 2021, compared to $47.9 million at December 31, 2020. Second Quarter 2021 Highlights: 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 succeeded Bryan Rishe, who retired 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. “In the second quarter we achieved results that exceeded our expectations, led by our team’s solid execution and continued recovery within the broader U.S. healthcare environment,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Although our business continued to face headwinds during the second quarter from COVID-related restrictions adopted by healthcare facilities, we saw notable improvements in the number of patients seeking care and clinic capacity, compared to the initial months of 2021. Our team continued to address remaining COVID-related access issues by employing virtual solutions to expand adoption among both new and existing prescribers.” Mr...