Business
Tactile Systems Technology, Inc. Reports Third Quarter 2021 Financial Results; Updates Full Year 2021 Outlook
Third Quarter Revenue Increased 7% Year-Over-Year; First Nine Months Revenue Increased 14% Year-over-Year MINNEAPOLIS, Nov. 08, 2021 (GLOBE NEWSWIRE) --
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Third Quarter Revenue Increased 7% Year-Over-Year; First Nine Months Revenue Increased 14% Year-over-Year\nMINNEAPOLIS, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the treatment of underserved chronic diseases at home, today reported financial results for the third quarter and nine months ended September 30, 2021. Third Quarter 2021 Summary: Total revenue increased 7% year-over-year to $52.5 million, compared to $49.1 million in third quarter 2020. Total revenue in third quarter 2021 included $0.9 million of revenue from the recently acquired AffloVest respiratory therapy business. Operating loss of $1.4 million, compared to operating income of $1.8 million in third quarter 2020. Non-GAAP operating income of $1.0 million, compared to non-GAAP operating income of $2.6 million in third quarter of 2020. Net loss of $3.4 million, compared to net income of $2.4 million in third quarter 2020. Non-GAAP net loss of $1.6 million, compared to non-GAAP net income of $3.0 million in third quarter of 2020. Adjusted EBITDA of $4.1 million, compared to Adjusted EBITDA of $6.2 million in third quarter 2020. Third Quarter 2021 Highlights: On September 8, 2021, the Company announced it acquired the assets of the AffloVest respiratory therapy business from International Biophysics Corporation, a privately-held company.On September 30, 2021, the Company announced the enrollment of the first patient at Vanderbilt University in a multi-center randomized, controlled trial evaluating the effectiveness of its Flexitouch® Plus system for the treatment of head and neck lymphedema.National Comprehensive Cancer Network® (NCCN®) Guidelines for Survivorship, a longtime advocate for the early identification and treatment of cancer-related lymphedema, published an update adding pneumatic compression devices to the list of therapies for home management. “Third quarter operating and financial results were affected by the prolonged recovery from COVID-19 and increased impacts from the Delta variant,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “While we expected progressive improvements in the back half of the year, the Delta variant led to a resurgence in fewer patient visits, absenteeism within practice...