Unveiling the Heart of Tactile Systems Technology Inc: A Look into the Emotional and Insightful Third Quarter 2024 Financial Results
MINNEAPOLIS, Nov. 04, 2024 (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 third quarter ended September 30, 2024 and announced the adoption of a share repurchase program.
Third Quarter 2024 Summary & Recent Business Highlights:
Total revenue increased 5% year-over-year to $73.1 million. Lymphedema product revenue increased 4% over Q3 2023. Airway clearance product revenue increased 10% over Q3 2023. Net income of $5.2 million versus $22.3 million in Q3 2023. Adjusted EBITDA of $10.7 million versus $7.7 million in Q3 2023. Operating cashflow of $24.3 million year-to-date, compared to $17.5 million in the prior year period. Ended Q3 2024 with $82.1 million in cash and cash equivalents. Launched Nimbl, our next-generation lymphedema therapy platform for upper extremity conditions. Announced publication of positive clinical trial results in VA lymphedema patients using Flexitouch therapy. Authorized a program to repurchase up to $30.0 million of the Company’s common stock. “In the third quarter, we delivered solid gross margin expansion, drove continued improvements in profitability, and achieved double-digit growth in both our commercial and VA lymphedema channels,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical.
How Will This Affect Me?
As an individual, you may not feel a direct impact from the third-quarter financial results of Tactile Systems Technology Inc. However, if you are a shareholder, the increase in total revenue and positive clinical trial results may result in a positive outcome for your investment in the company. Additionally, the adoption of a share repurchase program could potentially increase the value of your shares in the long run.
How Will This Affect the World?
The positive financial results of Tactile Systems Technology Inc. reflect a growing demand for medical technology companies that provide therapies for chronic disorders. This could lead to increased investment in similar companies and a greater focus on developing innovative solutions for patients with medical conditions. The launch of Nimbl, the next-generation lymphedema therapy platform, could potentially improve the quality of life for individuals suffering from upper extremity conditions worldwide.
Conclusion
In conclusion, the emotional and insightful third quarter 2024 financial results of Tactile Systems Technology Inc showcase the company’s commitment to providing effective therapies for individuals with chronic disorders. The increase in total revenue, launch of new products, and positive clinical trial results demonstrate the company’s dedication to innovation and improving patient outcomes. Moving forward, Tactile Medical’s share repurchase program and continued growth in both commercial and VA lymphedema channels position the company for further success in the medical technology industry.
