Business
Tactile Systems Technology, Inc. Reports Third Quarter 2022 Financial Results; Raises Full Year 2022 Outlook
Third Quarter Revenue Increased 24% Year-Over-Year; First Nine Months Revenue Increased 18% Year-Over-Year MINNEAPOLIS, Nov. 07, 2022 (GLOBE NEWSWIRE) --
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"Third Quarter Revenue Increased 24% Year-Over-Year; First Nine Months Revenue Increased 18% Year-Over-Year\nMINNEAPOLIS, Nov. 07, 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 third quarter and nine months ended September 30, 2022. Third Quarter 2022 Summary: Total revenue increased 24% year-over-year to $65.3 million, compared to $52.5 million in third quarter 2021. Total revenue in third quarter 2022 included $11.0 million of revenue from sales of airway clearance products, which includes the AffloVest product line acquired on September 8, 2021, compared to $0.9 million of revenue in the prior year period. Operating loss of $1.6 million, compared to $1.4 million in third quarter 2021. Non-GAAP operating income of $3.9 million, compared to $1.0 million in third quarter of 2021. Net loss of $2.3 million, compared to $3.4 million in third quarter 2021. Non-GAAP net income of $1.9 million, compared to non-GAAP net loss of $1.6 million in third quarter of 2021. Adjusted EBITDA of $7.2 million, compared to $4.1 million in third quarter 2021. Third Quarter 2022 Highlights: 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. “We are excited to deliver total revenue performance that exceeded our expectations for the third quarter,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Sales of our airway clearance products benefited from strong demand by our DME channel partners, as their sales reps continued to adopt our technology and identify patients in need of treatment among their existing customers. In our lymphedema business, we were pleased to see improvement in patient volumes at the clinics we serve, along with a positive initial response following the full market release of our ComfortEase garments. Importantly, in addition to our strong sales performance, we also delivered significant improvements in our profitability, increasing our gross, operating and adjusted EBITDA margins compared to the prior year quarter.” Mr. Reuvers continued, “We are raisin...