Business
Tactile Systems Technology, Inc. Reports Third Quarter 2020 Financial Results; Provides Updated Full Year 2020 Outlook
Third Quarter Revenue Decreased 1% Year-Over-Year; Flat Year-Over-Year on an Operational Basis First Nine Months Revenue Decreased 3% Year-over-Year; Flat
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Third Quarter Revenue Decreased 1% Year-Over-Year; Flat Year-Over-Year on an Operational Basis\n First Nine Months Revenue Decreased 3% Year-over-Year; Flat Year-over-Year on an Operational Basis MINNEAPOLIS, Nov. 02, 2020 (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 third quarter and nine months ended September 30, 2020. Third Quarter 2020 Summary: Total revenue decreased 1% year-over-year, to $49.1 million, compared to $49.6 million in third quarter 2019. Excluding the contribution to third quarter 2019 revenue related to the Company’s adoption of ASC 842, third quarter 2020 revenue reflects a flat year-over-year change on an operational basis.Revenue for the third quarter of 2020 was negatively impacted by the COVID-19 pandemic. Operating income of $1.8 million, compared to operating income of $3.2 million in third quarter 2019.Net income of $2.4 million, compared to net income of $2.4 million in third quarter 2019.Adjusted EBITDA of $6.0 million, compared to Adjusted EBITDA of $6.4 million in third quarter 2019.Cash, cash equivalents, and marketable securities of $42.2 million at September 30, 2020, compared to $45.2 million at December 31, 2019. “We were pleased with our strong execution in the third quarter, which resulted in better-than-expected financial results despite continued business disruption associated with the COVID-19 pandemic,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “While we’re pleased to see patients returning to seek treatment and healthcare facilities adapting to the environment, the challenge remains that many healthcare facilities are operating at significantly lower rates of productivity due to COVID-19. Despite many facilities still operating with constraints related to social distancing and safety protocols, our team has done an impressive job of supporting our clinicians and patients, while expanding our prescriber base, in part, by leveraging virtual education events.” Mr. Reuvers continued, “We remain cautiously optimistic with respect to the near-term impacts of COVID-19 on our results. We are providing an updated 2020 financial outlook, which reflects expectations ...