Business
Tactile Systems Technology, Inc. Reports Second Quarter 2022 Financial Results; Raises Full Year 2022 Outlook
Second Quarter Revenue Increased 17% Year-Over-Year; First Half Revenue Increased 15% Year-Over-Year MINNEAPOLIS, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Tactile
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Second Quarter Revenue Increased 17% Year-Over-Year; First Half Revenue Increased 15% Year-Over-Year\nMINNEAPOLIS, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the treatment of patients with underserved chronic diseases at home, today reported financial results for the second quarter and six months ended June 30, 2022. Second Quarter 2022 Summary: Total revenue increased 17% year-over-year to $59.6 million, compared to $51.1 million in second quarter 2021. Total revenue in second quarter 2022 included $8.0 million of revenue from sales of airway clearance products, which includes the AffloVest product line acquired on September 8, 2021. Operating loss of $4.1 million, compared to $0.1 million in second quarter 2021. Non-GAAP operating loss of $1.8 million, compared to non-GAAP operating income of $0.9 million in second quarter of 2021. Net loss of $4.6 million, compared to net income of $1.3 million in second quarter 2021. Non-GAAP net loss of $2.9 million, compared to non-GAAP net income of $2.0 million in second quarter of 2021. Adjusted EBITDA of $1.7 million, compared to $4.1 million in second quarter 2021. Second Quarter 2022 Highlights: On June 7, 2022, the Company announced the publication of an expert opinion consensus statement in peer-reviewed Phlebology: The Journal of Venous Disease. Three independent societies’ consensus endorsements affirmed that pneumatic compression should be recommended as a treatment for lymphedema, including lymphedema which is secondary to chronic venous insufficiency (“CVI”). Highlights Subsequent to Quarter End: On July 25, 2022, the Company announced the full market release of its new ComfortEase™ garments for the Flexitouch® Plus system, and the launch of its Kylee™ mobile application. “Our total revenue performance in the second quarter exceeded our expectations, driven by strong sales of our airway clearance products,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Airway clearance product sales increased 96% year-over-year compared to sales by the prior owner in the second quarter of 2021, reflecting strong patient demand seen by our AffloVest channel partners, and our team’s success in supporting these partners and expanding our...