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, 2024.
Second Quarter 2024 Highlights:
- Total revenue increased 7% year-over-year to $73.2 million
- Lymphedema product revenue increased 8% year-over-year
- Airway clearance product revenue increased 2%
year-over-year
- Net income of $4.3 million versus a net loss of $0.1 million in
Q2 2023
- Adjusted EBITDA of $9.1 million versus $6.1 million in Q2
2023
- Operating cashflow of $13.1 million, ended Q2 2024 with $73.6
million in cash and cash equivalents
- 510(k) clearance for Nimbl system, our next generation
lymphedema therapy platform
- Appointed Sheri Dodd as President and CEO, effective July 1,
2024
“We are pleased with our second quarter
performance, delivering total revenue growth of 7% year-over-year
and significant improvements in profitability, reflected in a 49%
year-over-year increase in adjusted EBITDA,” said Sheri Dodd,
President and Chief Executive Officer of Tactile Medical. “We also
continued to strengthen our balance sheet, generating $13 million
of operating cashflow in the quarter.”
Ms. Dodd continued, “My first few weeks as CEO
of Tactile Medical have validated my confidence in the immense
opportunity to transform care for patients with lymphedema and
airway clearance disorders. As these markets continue to grow,
patient populations remain chronically underdiagnosed,
undertreated, and underserved. Looking ahead, we will continue
investing in our products, patient services, and sales and order
operations to provide increasingly innovative solutions, enable
simplicity and scale, and ultimately widen market access. I believe
we are well positioned to tangibly improve patient care while
driving sustainable and profitable growth in 2024 and beyond.”
Second Quarter 2024 Financial
Results
Total revenue in the second quarter of 2024
increased $4.9 million, or 7%, to $73.2 million, compared to $68.3
million in the second quarter of 2023. The increase in total
revenue was attributable to an increase of $4.7 million, or 8%, in
sales and rentals of the lymphedema product line and an increase of
$0.2 million, or 2%, in sales of the airway clearance product line
in the quarter ended June 30, 2024, compared to the second quarter
of 2023.
Gross profit in the second quarter of 2024
increased $5.8 million, or 12%, to $54.1 million, compared to $48.3
million in the second quarter of 2023. Gross margin was 73.9% of
revenue, compared to 70.7% of revenue in the second quarter of
2023. Non-GAAP gross margin was 74.3% of revenue, compared to 71.1%
of revenue in the second quarter of 2023.
Operating expenses in the second quarter of 2024
increased $2.0 million, or 4%, to $48.3 million, compared to $46.2
million in the second quarter of 2023.
Operating income was $5.8 million in the second
quarter of 2024, compared to $2.1 million in the second quarter of
2023. Non-GAAP operating income in the second quarter of 2024 was
$6.5 million, compared to $3.6 million in the second quarter of
2023.
Other income was $0.2 million in the second
quarter of 2024, compared to other expense of $0.8 million in the
second quarter of 2023.
Income tax expense was $1.8 million in the
second quarter of 2024, compared to $1.3 million in the second
quarter of 2023.
Net income in the second quarter of 2024 was
$4.3 million, or $0.18 per diluted share, compared to a net loss of
$0.1 million, or ($0.00) per diluted share, in the second quarter
of 2023. Non-GAAP net income in the second quarter of 2024 was $4.8
million, compared to $1.0 million in the second quarter of
2023.
Weighted average shares used to compute diluted
net income (loss) per share were 24.1 million and 23.4 million for
the second quarters of 2024 and 2023, respectively.
Adjusted EBITDA was $9.1 million in the second
quarter of 2024, compared to $6.1 million in the second quarter of
2023.
First Six Months 2024 Financial
Results
Total revenue for the six months ended June 30,
2024, increased $7.1 million, or 6%, to $134.3 million, compared to
$127.2 million for the six months ended June 30, 2023. The increase
in total revenue was attributable to an increase of $7.2 million,
or 7%, in sales and rentals of the lymphedema product line,
slightly offset by a decrease of $0.1 million, or 1%, in sales of
the airway clearance product line for the six months ended June 30,
2024, compared to the six months ended June 30, 2023.
Net income for the six months ended June 30, 2024, was $2.1
million, or $0.09 per diluted share, compared to a net loss of $2.0
million, or ($0.09) per diluted share, for the six months ended
June 30, 2023. Non-GAAP net income for the six months ended June
30, 2024, was $3.5 million, compared to $0.4 million for the six
months ended June 30, 2023.
Weighted average shares used to compute diluted net income
(loss) per share were 24.1 million and 22.3 million for the six
months ended June 30, 2024 and 2023, respectively.
Adjusted EBITDA was $10.1 million in the six months ended June
30, 2024, compared to $6.6 million in the six months ended June 30,
2023.
Balance Sheet Summary
As of June 30, 2024, the Company had $73.6
million in cash and cash equivalents and $27.8 million of
outstanding borrowings under its credit agreement, compared to
$61.0 million in cash and cash equivalents and $29.3 million of
outstanding borrowings under its credit agreement as of December
31, 2023.
2024 Financial Outlook
The Company is updating its 2024 financial
outlook and now expects full year 2024 total revenue in the range
of $293 million to $298 million, representing growth of
approximately 7% to 9% year-over-year, compared to total revenue of
$274.4 million in 2023. The Company’s prior 2024 guidance
expectation was total revenue in the range of $300 million to $305
million, representing growth of approximately 9% to 11%.
Conference Call
Management will host a conference call with a
question-and-answer session at 5:00 p.m. Eastern Time on August 5,
2024, to discuss the results of the quarter. Those who would like
to participate may dial 877-407-3088 (201-389-0927 for
international callers) and provide access code 13747225. A live
webcast of the call will also be provided on the investor relations
section of the Company's website at
investors.tactilemedical.com.
For those unable to participate, a replay of the
call will be available for two weeks at 877-660-6853 (201-612-7415
for international callers); access code 13747225. The webcast will
be archived at investors.tactilemedical.com.
About Tactile Systems Technology, Inc. (DBA Tactile
Medical)
Tactile Medical is a leader in developing and
marketing at-home therapies for people suffering from underserved,
chronic conditions including lymphedema, lipedema, chronic venous
insufficiency and chronic pulmonary disease by helping them live
better and care for themselves at home. Tactile Medical
collaborates with clinicians to expand clinical evidence, raise
awareness, increase access to care, reduce overall healthcare costs
and improve the quality of life for tens of thousands of patients
each year.
Legal Notice Regarding Forward-Looking
Statements
This release contains forward-looking
statements. Forward-looking statements are generally identifiable
by the use of words like “may,” “will,” “should,” “could,”
“expect,” “anticipate,” “estimate,” “believe,” “intend,”
“continue,” “confident,” “outlook,” “guidance,” “project,” “goals,”
“look forward,” “poised,” “designed,” “plan,” “return,” “focused,”
“prospects” or “remain” or the negative of these words or other
variations on these words or comparable terminology. The reader is
cautioned not to put undue reliance on these forward-looking
statements, as these statements are subject to numerous factors and
uncertainties outside of the Company’s control that can make such
statements untrue, including, but not limited to, the Company’s
ability to obtain reimbursement from third-party payers for its
products; the impacts of inflation, rising interest rates or a
recession; the adequacy of the Company’s liquidity to pursue its
business objectives; adverse economic conditions or intense
competition; price increases for supplies and components; wage and
component price inflation; loss of a key supplier; entry of new
competitors and products; compliance with and changes in federal,
state and local government regulation; loss or retirement of key
executives, including transition matters related to the Company’s
recent Chief Executive Officer change; technological obsolescence
of the Company’s products; technical problems with the Company’s
research and products; the Company’s ability to expand its business
through strategic acquisitions; the Company’s ability to integrate
acquisitions and related businesses; the effects of current and
future U.S. and foreign trade policy and tariff actions; or the
inability to carry out research, development and commercialization
plans. In addition, other factors that could cause actual results
to differ materially are discussed in the Company’s filings with
the SEC. Investors and security holders are urged to read these
documents free of charge on the SEC’s website at
http://www.sec.gov. The Company undertakes no obligation to
publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP
financial measures of Adjusted EBITDA, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income (loss), and
non-GAAP net income (loss), which differ from financial measures
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”).
Adjusted EBITDA in this release represents net
income or loss, plus interest expense, net, or less interest
income, net, less income tax benefit or plus income tax expense,
plus depreciation and amortization, plus stock-based compensation
expense, plus or minus the change in fair value of earn-out and
plus executive transition costs. Non-GAAP gross profit in this
release represents gross profit plus non-cash intangible
amortization expense. Non-GAAP gross margin in this release
represents non-GAAP gross profit divided by revenue. Non-GAAP
operating income (loss) in this release represents operating income
(loss) adjusted for non-cash intangible amortization expense,
change in fair value of earn-out and executive transition expenses.
Non-GAAP net income (loss) represents net income (loss) adjusted
for non-cash intangible amortization expense, change in fair value
of earn-out and executive transition expenses, and adjusted for the
income tax effect on reconciling items. Reconciliations of these
non-GAAP financial measures to their most directly comparable GAAP
measures are included in this press release.
These non-GAAP financial measures are presented
because the Company believes they are useful indicators of its
operating performance. Management uses these measures principally
as measures of the Company’s operating performance and for planning
purposes, including the preparation of the Company’s annual
operating plan and financial projections. The Company believes
these measures are useful to investors as supplemental information
and because they are frequently used by analysts, investors and
other interested parties to evaluate companies in its industry. The
Company also believes these non-GAAP financial measures are useful
to its management and investors as a measure of comparative
operating performance from period to period. In addition, Adjusted
EBITDA is used as a performance metric in the Company’s
compensation program.
The non-GAAP financial measures presented in
this release should not be considered as an alternative to, or
superior to, their respective GAAP financial measures, as measures
of financial performance or cash flows from operations as a measure
of liquidity, or any other performance measure derived in
accordance with GAAP, and they should not be construed to imply
that the Company’s future results will be unaffected by unusual or
non-recurring items. In addition, Adjusted EBITDA is not intended
to be a measure of free cash flow for management’s discretionary
use, as it does not reflect certain cash requirements such as tax
payments, debt service requirements, capital expenditures and
certain other cash costs that may recur in the future. Adjusted
EBITDA contains certain other limitations, including the failure to
reflect our cash expenditures, cash requirements for working
capital needs and cash costs to replace assets being depreciated
and amortized. In evaluating non-GAAP financial measures, you
should be aware that in the future the Company may incur expenses
that are the same as or similar to some of the adjustments in this
presentation. The Company’s presentation of non-GAAP financial
measures should not be construed to imply that its future results
will be unaffected by any such adjustments. Management compensates
for these limitations by primarily relying on the Company’s GAAP
results in addition to using non-GAAP financial measures on a
supplemental basis. The Company’s definition of these non-GAAP
financial measures is not necessarily comparable to other similarly
titled captions of other companies due to different methods of
calculation.
|
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Tactile Systems Technology, Inc. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
|
June 30, |
|
December 31, |
(In thousands, except share and per share data) |
|
2024 |
|
2023 |
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
73,618 |
|
$ |
61,033 |
Accounts receivable |
|
|
41,935 |
|
|
43,173 |
Net investment in leases |
|
|
13,551 |
|
|
14,195 |
Inventories |
|
|
18,846 |
|
|
22,527 |
Prepaid expenses and other current assets |
|
|
3,909 |
|
|
4,366 |
Total current assets |
|
|
151,859 |
|
|
145,294 |
Non-current
assets |
|
|
|
|
|
|
Property and equipment, net |
|
|
5,691 |
|
|
6,195 |
Right of use operating lease assets |
|
|
17,828 |
|
|
19,128 |
Intangible assets, net |
|
|
44,883 |
|
|
46,724 |
Goodwill |
|
|
31,063 |
|
|
31,063 |
Accounts receivable, non-current |
|
|
4,511 |
|
|
10,936 |
Deferred income taxes |
|
|
19,408 |
|
|
19,378 |
Other non-current assets |
|
|
3,541 |
|
|
2,720 |
Total non-current assets |
|
|
126,925 |
|
|
136,144 |
Total assets |
|
$ |
278,784 |
|
$ |
281,438 |
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
5,094 |
|
$ |
6,659 |
Note payable |
|
|
2,956 |
|
|
2,956 |
Accrued payroll and related taxes |
|
|
12,090 |
|
|
16,789 |
Accrued expenses |
|
|
6,702 |
|
|
5,904 |
Income taxes payable |
|
|
496 |
|
|
1,467 |
Operating lease liabilities |
|
|
2,799 |
|
|
2,807 |
Other current liabilities |
|
|
4,075 |
|
|
4,475 |
Total current liabilities |
|
|
34,212 |
|
|
41,057 |
Non-current
liabilities |
|
|
|
|
|
|
Note payable, non-current |
|
|
24,698 |
|
|
26,176 |
Accrued warranty reserve, non-current |
|
|
1,561 |
|
|
1,681 |
Income taxes payable, non-current |
|
|
495 |
|
|
446 |
Operating lease liabilities, non-current |
|
|
17,142 |
|
|
18,436 |
Total non-current liabilities |
|
|
43,896 |
|
|
46,739 |
Total liabilities |
|
|
78,108 |
|
|
87,796 |
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 50,000,000 shares authorized;
none issued and outstanding as of June 30, 2024 and December 31,
2023 |
|
|
— |
|
|
— |
Common stock, $0.001 par value, 300,000,000 shares authorized;
23,966,748 shares issued and outstanding as of June 30, 2024;
23,600,584 shares issued and outstanding as of December 31,
2023 |
|
|
24 |
|
|
24 |
Additional paid-in capital |
|
|
179,669 |
|
|
174,724 |
Retained earnings |
|
|
20,983 |
|
|
18,894 |
Total stockholders’ equity |
|
|
200,676 |
|
|
193,642 |
Total liabilities and stockholders’ equity |
|
$ |
278,784 |
|
$ |
281,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Tactile Systems Technology, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
|
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|
|
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|
|
|
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Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
(In thousands, except share and per share data) |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales revenue |
|
$ |
64,267 |
|
$ |
59,802 |
|
|
$ |
117,574 |
|
$ |
112,593 |
|
|
Rental revenue |
|
|
8,951 |
|
|
8,537 |
|
|
|
16,732 |
|
|
14,592 |
|
|
Total revenue |
|
|
73,218 |
|
|
68,339 |
|
|
|
134,306 |
|
|
127,185 |
|
|
Cost of
revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales revenue |
|
|
16,263 |
|
|
16,865 |
|
|
|
31,207 |
|
|
31,507 |
|
|
Cost of rental revenue |
|
|
2,852 |
|
|
3,175 |
|
|
|
5,567 |
|
|
5,911 |
|
|
Total cost of revenue |
|
|
19,115 |
|
|
20,040 |
|
|
|
36,774 |
|
|
37,418 |
|
|
Gross
profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - sales revenue |
|
|
48,004 |
|
|
42,937 |
|
|
|
86,367 |
|
|
81,086 |
|
|
Gross profit - rental revenue |
|
|
6,099 |
|
|
5,362 |
|
|
|
11,165 |
|
|
8,681 |
|
|
Gross profit |
|
|
54,103 |
|
|
48,299 |
|
|
|
97,532 |
|
|
89,767 |
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
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Sales and marketing |
|
|
28,608 |
|
|
28,206 |
|
|
|
55,965 |
|
|
54,508 |
|
|
Research and development |
|
|
2,234 |
|
|
1,833 |
|
|
|
4,377 |
|
|
4,066 |
|
|
Reimbursement, general and administrative |
|
|
16,779 |
|
|
14,991 |
|
|
|
33,040 |
|
|
30,425 |
|
|
Intangible asset amortization and earn-out |
|
|
633 |
|
|
1,211 |
|
|
|
1,265 |
|
|
2,516 |
|
|
Total operating expenses |
|
|
48,254 |
|
|
46,241 |
|
|
|
94,647 |
|
|
91,515 |
|
|
Income (loss) from
operations |
|
|
5,849 |
|
|
2,058 |
|
|
|
2,885 |
|
|
(1,748 |
) |
|
Other income (expense) |
|
|
225 |
|
|
(838 |
) |
|
|
380 |
|
|
(1,831 |
) |
|
Income (loss) before
income taxes |
|
|
6,074 |
|
|
1,220 |
|
|
|
3,265 |
|
|
(3,579 |
) |
|
Income tax expense
(benefit) |
|
|
1,776 |
|
|
1,320 |
|
|
|
1,176 |
|
|
(1,593 |
) |
|
Net income
(loss) |
|
$ |
4,298 |
|
$ |
(100 |
) |
|
$ |
2,089 |
|
$ |
(1,986 |
) |
|
Net income (loss) per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
$ |
0.00 |
|
|
$ |
0.09 |
|
$ |
(0.09 |
) |
|
Diluted |
|
$ |
0.18 |
|
$ |
0.00 |
|
|
$ |
0.09 |
|
$ |
(0.09 |
) |
|
Weighted-average common shares
used to compute net income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
23,873,379 |
|
|
23,352,530 |
|
|
|
23,769,604 |
|
|
22,323,856 |
|
|
Diluted |
|
|
24,099,047 |
|
|
23,352,530 |
|
|
|
24,073,986 |
|
|
22,323,856 |
|
|
|
|
|
|
|
|
|
Tactile Systems Technology, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Unaudited) |
|
|
|
|
|
Six Months Ended June 30, |
(In thousands) |
|
2024 |
|
|
2023 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,089 |
|
|
$ |
(1,986 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,345 |
|
|
|
3,269 |
|
Deferred income taxes |
|
|
(30 |
) |
|
|
— |
|
Stock-based compensation expense |
|
|
3,899 |
|
|
|
3,831 |
|
Loss on disposal of property and equipment and intangibles |
|
|
54 |
|
|
|
3 |
|
Change in fair value of earn-out liability |
|
|
— |
|
|
|
1,230 |
|
Changes in assets and liabilities, net of acquisition: |
|
|
|
|
|
|
Accounts receivable |
|
|
1,238 |
|
|
|
8,273 |
|
Net investment in leases |
|
|
644 |
|
|
|
2,911 |
|
Inventories |
|
|
3,681 |
|
|
|
2,809 |
|
Income taxes |
|
|
(922 |
) |
|
|
(3,967 |
) |
Prepaid expenses and other assets |
|
|
(364 |
) |
|
|
(697 |
) |
Right of use operating lease assets |
|
|
(2 |
) |
|
|
50 |
|
Accounts receivable, non-current |
|
|
6,425 |
|
|
|
7,631 |
|
Accounts payable |
|
|
(1,592 |
) |
|
|
(696 |
) |
Accrued payroll and related taxes |
|
|
(4,699 |
) |
|
|
(3,300 |
) |
Accrued expenses and other liabilities |
|
|
300 |
|
|
|
(5,954 |
) |
Net cash provided by operating activities |
|
|
14,066 |
|
|
|
13,407 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(982 |
) |
|
|
(1,043 |
) |
Proceeds from sale of property and equipment |
|
|
12 |
|
|
|
— |
|
Intangible assets expenditures |
|
|
(57 |
) |
|
|
(99 |
) |
Net cash used in investing activities |
|
|
(1,027 |
) |
|
|
(1,142 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Payments on earn-out |
|
|
— |
|
|
|
(5,000 |
) |
Payments on note payable |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
Proceeds from exercise of common stock options |
|
|
2 |
|
|
|
11 |
|
Proceeds from the issuance of common stock from the employee stock
purchase plan |
|
|
1,044 |
|
|
|
882 |
|
Proceeds from issuance of common stock at market |
|
|
— |
|
|
|
34,625 |
|
Net cash (used in) provided by financing activities |
|
|
(454 |
) |
|
|
29,018 |
|
Net increase in cash
and cash equivalents |
|
|
12,585 |
|
|
|
41,283 |
|
Cash and cash equivalents –
beginning of period |
|
|
61,033 |
|
|
|
21,929 |
|
Cash and cash equivalents –
end of period |
|
$ |
73,618 |
|
|
$ |
63,212 |
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosure |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
1,099 |
|
|
$ |
1,925 |
|
Cash paid for taxes |
|
$ |
2,177 |
|
|
$ |
2,415 |
|
Capital expenditures incurred but not yet paid |
|
$ |
27 |
|
|
$ |
8 |
|
The following table summarizes revenue by product line for the
three and six months ended June 30, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
(In thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Lymphedema products |
|
$ |
64,683 |
|
|
$ |
59,999 |
|
|
$ |
116,996 |
|
|
$ |
109,751 |
|
Airway clearance products |
|
|
8,535 |
|
|
|
8,340 |
|
|
|
17,310 |
|
|
|
17,434 |
|
Total |
|
$ |
73,218 |
|
|
$ |
68,339 |
|
|
$ |
134,306 |
|
|
$ |
127,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of total
revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Lymphedema products |
|
|
88% |
|
|
|
88% |
|
|
|
87% |
|
|
|
86% |
|
Airway clearance products |
|
|
12% |
|
|
|
12% |
|
|
|
13% |
|
|
|
14% |
|
Total |
|
|
100% |
|
|
|
100% |
|
|
|
100% |
|
|
|
100% |
|
The following table contains a reconciliation of
GAAP gross profit and margin to non-GAAP gross profit and
margin:
|
|
|
|
|
|
|
|
|
Tactile Systems Technology, Inc. |
|
|
Reconciliation of Gross Profit and Margin to Non-GAAP Gross
Profit and Margin |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
June 30, |
|
|
(Dollars in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Gross profit, as reported |
|
$ |
54,103 |
|
|
$ |
48,299 |
|
|
$ |
97,532 |
|
|
$ |
89,767 |
|
|
|
Gross margin, as reported |
|
|
73.9 |
% |
|
|
70.7 |
% |
|
|
72.6 |
% |
|
|
70.6 |
% |
|
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash intangible amortization expense |
|
$ |
317 |
|
|
$ |
315 |
|
|
$ |
633 |
|
|
$ |
629 |
|
|
|
Non-GAAP gross profit |
|
$ |
54,420 |
|
|
$ |
48,614 |
|
|
$ |
98,165 |
|
|
$ |
90,396 |
|
|
|
Non-GAAP gross margin |
|
|
74.3 |
% |
|
|
71.1 |
% |
|
|
73.1 |
% |
|
|
71.1 |
% |
|
|
The following table contains a reconciliation of
GAAP operating income (loss) to non-GAAP operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tactile Systems Technology, Inc. |
Reconciliation of GAAP Operating Income (Loss) to Non-GAAP
Operating Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
June 30, |
(Dollars in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
GAAP operating income (loss) |
|
$ |
5,849 |
|
|
|
$ |
2,058 |
|
|
$ |
2,885 |
|
|
|
$ |
(1,748 |
) |
|
Reconciling
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash intangible amortization expense impacting gross
profit |
|
$ |
317 |
|
|
|
$ |
315 |
|
|
$ |
633 |
|
|
|
$ |
629 |
|
|
Non-cash intangible amortization expense impacting operating
expenses |
|
|
632 |
|
|
|
|
641 |
|
|
|
1,265 |
|
|
|
|
1,286 |
|
|
Change in fair value of earn-out |
|
|
— |
|
|
|
|
570 |
|
|
|
— |
|
|
|
|
1,230 |
|
|
Executive transition expenses |
|
|
(340 |
) |
|
|
|
— |
|
|
|
(25 |
) |
|
|
|
— |
|
|
Non-GAAP operating
income: |
|
$ |
6,458 |
|
|
|
$ |
3,584 |
|
|
$ |
4,758 |
|
|
|
$ |
1,397 |
|
|
The following table contains a reconciliation of
GAAP net income (loss) to non-GAAP net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tactile Systems Technology, Inc. |
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net
Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
June 30, |
(Dollars in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
GAAP net income (loss) |
|
$ |
4,298 |
|
|
|
$ |
(100 |
) |
|
|
$ |
2,089 |
|
|
|
$ |
(1,986 |
) |
|
Reconciling
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash intangible amortization expense impacting gross
profit |
|
$ |
317 |
|
|
|
$ |
315 |
|
|
|
$ |
633 |
|
|
|
$ |
629 |
|
|
Non-cash intangible amortization expense impacting operating
expenses |
|
|
632 |
|
|
|
|
641 |
|
|
|
|
1,265 |
|
|
|
|
1,286 |
|
|
Change in fair value of earn-out |
|
|
— |
|
|
|
|
570 |
|
|
|
|
— |
|
|
|
|
1,230 |
|
|
Executive transition expenses |
|
|
(340 |
) |
|
|
|
— |
|
|
|
|
(25 |
) |
|
|
|
— |
|
|
Income tax expense on reconciling items* |
|
|
(152 |
) |
|
|
|
(382 |
) |
|
|
|
(468 |
) |
|
|
|
(786 |
) |
|
Non-GAAP net income |
|
$ |
4,755 |
|
|
|
$ |
1,044 |
|
|
|
$ |
3,494 |
|
|
|
$ |
373 |
|
|
* The effect of income tax on the reconciling items is estimated
using the Company's effective statutory tax rate. |
The following table contains a reconciliation of
net income (loss) to Adjusted EBITDA for the three and six months
ended June 30, 2024 and 2023, as well as the dollar and percentage
change between the comparable periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tactile Systems Technology, Inc. |
Reconciliation of Net Income (Loss) to Non-GAAP Adjusted
EBITDA |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Increase |
|
Six Months Ended |
|
Increase |
|
|
June 30, |
|
(Decrease) |
|
June 30, |
|
(Decrease) |
(Dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
$ |
|
% |
|
2024 |
|
|
2023 |
|
|
$ |
|
% |
Net income
(loss) |
|
$ |
4,298 |
|
|
$ |
(100 |
) |
|
$ |
4,398 |
|
|
N.M. |
% |
|
$ |
2,089 |
|
|
$ |
(1,986 |
) |
|
$ |
4,075 |
|
|
205 |
|
% |
Interest (income) expense, net |
|
|
(225 |
) |
|
|
838 |
|
|
|
(1,063 |
) |
|
(127 |
) |
% |
|
|
(371 |
) |
|
|
1,831 |
|
|
|
(2,202 |
) |
|
(120 |
) |
% |
Income tax expense (benefit) |
|
|
1,776 |
|
|
|
1,320 |
|
|
|
456 |
|
|
35 |
|
% |
|
|
1,176 |
|
|
|
(1,593 |
) |
|
|
2,769 |
|
|
(174 |
) |
|
Depreciation and amortization |
|
|
1,711 |
|
|
|
1,640 |
|
|
|
71 |
|
|
4 |
|
% |
|
|
3,345 |
|
|
|
3,269 |
|
|
|
76 |
|
|
2 |
|
% |
Stock-based compensation |
|
|
1,860 |
|
|
|
1,808 |
|
|
|
52 |
|
|
3 |
|
% |
|
|
3,899 |
|
|
|
3,831 |
|
|
|
68 |
|
|
2 |
|
% |
Change in fair value of earn-out |
|
|
— |
|
|
|
570 |
|
|
|
(570 |
) |
|
(100 |
) |
% |
|
|
— |
|
|
|
1,230 |
|
|
|
(1,230 |
) |
|
(100 |
) |
% |
Executive transition costs |
|
|
(340 |
) |
|
|
— |
|
|
|
(340 |
) |
|
— |
|
% |
|
|
(25 |
) |
|
|
— |
|
|
|
(25 |
) |
|
— |
|
% |
Adjusted
EBITDA |
|
$ |
9,080 |
|
|
$ |
6,076 |
|
|
$ |
3,004 |
|
|
49 |
|
% |
|
$ |
10,113 |
|
|
$ |
6,582 |
|
|
$ |
3,531 |
|
|
54 |
|
% |
Investor Inquiries:Sam BentzingerGilmartin
Groupinvestorrelations@tactilemedical.com
Tactile Systems Technology (NASDAQ:TCMD)
Gráfica de Acción Histórica
De Jul 2024 a Ago 2024
Tactile Systems Technology (NASDAQ:TCMD)
Gráfica de Acción Histórica
De Ago 2023 a Ago 2024