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Tactile Systems Technology, Inc. Reports Second Quarter 2023 Financial Results; Updates Full Year 2023 Outlook
MINNEAPOLIS, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"MINNEAPOLIS, Aug. 07, 2023 (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 second quarter ended June 30, 2023. Second Quarter 2023 Highlights: Revenue increased 15% year-over-year to $68.3M Lymphedema revenue increased 16%Airway Clearance revenue increased 4% Operating income of $2.1M, compared to operating loss of $4.1MNet loss of $0.1M, compared to a net loss of $4.6MAdjusted EBITDA of $6.1M, up from $1.7MCash Balance of $63.1M on June 30, 2023, compared to $55M on March 31, 2023Raised full year 2023 financial guidance Highlights Subsequent to Quarter End: Sherri Ferstler appointed to the position of Senior Vice President of Sales, effective July 31, 2023The Company’s existing credit agreement was amended on August 1, 2023 to extend the maturity date and improve terms “We delivered total revenue growth of 15% year-over-year, significant improvements in both our GAAP and non-GAAP profitability and cash flow from operations of more than $13 million in the second quarter,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Our revenue results were driven primarily by stronger-than-anticipated performance in our lymphedema product line – where we saw improvements in sales team productivity and strong customer adoption following the launch of our Entre® Plus system – with modest contributions from sales of our airway clearance products. In addition to our strong operating performance in the second quarter, we continued to make meaningful progress in strengthening our balance sheet.” Mr. Reuvers continued: “We are raising our total revenue guidance today based on our strong performance over the first half of 2023. We look forward to driving continued progress with respect to our stated strategic objectives over the balance of 2023 as we position Tactile Medical for future growth and value creation.” Second Quarter 2023 Financial Results Total revenue in the second quarter of 2023 increased $8.7 million, or 14.6%, to $68.3 million, compared to $59.6 million in the second quarter of 2022. The increase in total revenue was attributable to an increase of $8.4 million, or 16.2%, in sales and rentals of the lymphedema product line, and...