• Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results; Introduces Full Year 2023 Outlook

    Источник: Nasdaq GlobeNewswire / 21 фев 2023 06:07:37   America/Chicago

    MINNEAPOLIS, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2022.

    Fourth Quarter 2022 Summary:

    • Total revenue increased 20% year-over-year to $73.9 million, compared to $61.7 million in fourth quarter 2021
      • Revenue from lymphedema products increased 14% year-over-year to $65.8 million
      • Revenue from airway clearance products increased 90% year-over-year to $8.1 million
    • Operating income of $7.9 million, compared to $3.8 million in fourth quarter 2021
      • Non-GAAP operating income of $9.5 million, compared to $6.4 million in fourth quarter 2021
    • Net income of $4.6 million, compared to net loss of $7.5 million in fourth quarter 2021
      • Non-GAAP net income of $5.9 million, compared to non-GAAP net loss of $5.5 million in fourth quarter 2021
    • Adjusted EBITDA of $12.1 million, compared to $9.5 million in fourth quarter 2021

    Full Year 2022 Summary:

    • Total revenue increased 19% year-over-year to $246.8 million, compared to $208.1 million in 2021
      • Revenue from lymphedema products increased 5% year-over-year to $212.3 million, compared to $202.9 million in 2021
      • Revenue from airway clearance products, acquired on September 8, 2021, totaled $34.5 million in 2022, compared to $5.1 million in 2021
    • Operating loss of $12.8 million, compared to $1.8 million in 2021
      • Non-GAAP operating income of $6.2 million, compared to $5.3 million in 2021
    • Net loss of $17.9 million, compared to $11.8 million in 2021
      • Non-GAAP net loss of $3.6 million, compared to $6.5 million in 2021
    • Adjusted EBITDA of $18.3 million, compared to $17.7 million in 2021

    Highlights Subsequent to Quarter End:

    • On January 5, 2023, the Company announced the appointment of Carmen Volkart to the Company’s Board of Directors
    • On February 20, 2023, Brent Moen, Chief Financial Officer, announced his intention to retire in 2023

    “We are pleased with how we finished 2022, with total revenue growth in the fourth quarter of 20%, coupled with significant year-over-year improvements in fourth quarter profitability,” said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Our revenue growth was driven by strong contributions from both our lymphedema and airway clearance products, as we continued to benefit from the improving productivity of our lymphedema salesforce, the introduction of our Flexitouch ComfortEase lower extremity garments and solid demand from our DME channel partners for our AffloVest airway clearance therapy.”

    Mr. Reuvers continued, “Our 2023 guidance reflects our progress in 2022 and cautious optimism as we target a return to double-digit organic revenue growth on an annual basis, while continuing to enhance our profitability profile. In 2023, we are focused on improving productivity within our lymphedema salesforce, expanding our reach with our DME partners, developing and introducing additional new products and enhancing our operational efficiency. In doing so, we aim to extend our leadership in our end markets as we progress towards achieving our stated 2025 goals for long-term, profitable growth.”

    Fourth Quarter 2022 Financial Results

    Total revenue in the fourth quarter of 2022 increased $12.2 million, or 20%, to $73.9 million, compared to $61.7 million in the fourth quarter of 2021. The increase in total revenue was attributable to an increase of $8.3 million, or 14%, in sales and rentals of the lymphedema product line, and an increase of $3.9 million, or 90%, in sales of the airway clearance product line compared to the fourth quarter of 2021.

    Gross profit in the fourth quarter of 2022 increased $7.3 million, or 16%, to $52.1 million, compared to $44.8 million in the fourth quarter of 2021. Gross margin was 70.5% of revenue, compared to 72.6% of revenue in the fourth quarter of 2021. Non-GAAP gross margin was 71.2% of revenue, compared to 73.3% of revenue in the fourth quarter of 2021.

    Operating expenses in the fourth quarter of 2022 increased $3.2 million, or 8%, to $44.2 million, compared to $41.0 million in the fourth quarter of 2021.

    Operating income was $7.9 million in the fourth quarter of 2022, compared to $3.8 million in the fourth quarter of 2021. Non-GAAP operating income in the fourth quarter of 2022 was $9.5 million, compared to $6.4 million in the fourth quarter of 2021.

    Other expense was $1.0 million in the fourth quarter of 2022, compared to $0.4 million in the fourth quarter of 2021.

    Income tax expense was $2.3 million in the fourth quarter of 2022, compared to $10.9 million in the fourth quarter of 2021.

    Net income in the fourth quarter of 2022 was $4.6 million, or $0.23 per diluted share, compared to net loss of $7.5 million, or $0.38 per diluted share, in the fourth quarter of 2021. Non-GAAP net income in the fourth quarter of 2022 was $5.9 million, compared to non-GAAP net loss $5.5 million in the fourth quarter of 2021.

    Weighted average shares used to compute diluted net income (loss) per share were 20.3 million and 19.8 million for the fourth quarters of 2022 and 2021, respectively.

    Adjusted EBITDA was $12.1 million in the fourth quarter of 2022, compared to $9.5 million in the fourth quarter of 2021.

    Full Year 2022 Financial Results:

    Total revenue for the twelve months ended December 31, 2022, increased $38.7 million, or 19%, to $246.8 million, compared to $208.1 million for the twelve months ended December 31, 2021. The increase in revenue was attributable to an increase of $29.4 million in sales of the airway clearance product line, and an increase of $9.4 million, or 5%, in sales and rentals of the lymphedema product line.

    Net loss for the twelve months ended December 31, 2022, was $17.9 million, or $0.89 per diluted share, compared to $11.8 million, or $0.60 per diluted share, for the twelve months ended December 31, 2021. Non-GAAP net loss for the twelve months ended December 31, 2022, was $3.6 million, compared to $6.5 million for the twelve months ended December 31, 2021.

    Weighted average shares used to compute diluted net loss per share were 20.1 million and 19.8 million for the twelve months ended December 31, 2022 and 2021, respectively.

    Adjusted EBITDA was $18.3 million in the twelve months ended December 31, 2022, compared to $17.7 million in the twelve months ended December 31, 2021.

    Balance Sheet Summary

    As of December 31, 2022, the Company had $21.9 million in cash and cash equivalents and $49.0 million of outstanding borrowings under its credit agreement, compared to $28.2 million in cash and cash equivalents and $55.0 million of outstanding borrowings under its credit agreement as of December 31, 2021.

    2023 Financial Outlook

    The Company expects full year 2023 total revenue in the range of $269.0 million to $273.0 million, representing growth of approximately 9% to 11% year-over-year, compared to total revenue of $246.8 million in 2022.

    Conference Call

    Management will host a conference call at 8:00 a.m. Eastern Time on February 21, 2023, to discuss the results of the quarter and the fiscal year with a question-and-answer session. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13736241. 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 13736241. 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. The company 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 impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; the Company’s ability to obtain reimbursement from third-party payers for its products; 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 prior to identifying a successor; 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 impacts of the COVID-19 pandemic on the Company’s business, financial condition and results of operations, and the Company’s inability to mitigate such impacts; 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 impairment charges and inventory write-offs, plus acquisition costs, plus litigation defense costs, 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, inventory write-offs, and inventory purchase price adjustments. 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, inventory write-offs, inventory purchase price adjustments, acquisition costs and expenses, change in fair value of earn-out, litigation defense costs and executive transition expenses. Non-GAAP net income (loss) represents net income (loss) adjusted for non-cash intangible amortization expense, inventory write-offs, inventory purchase price adjustments, acquisition costs and expenses, change in fair value of earn-out, litigation defense costs 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.

           
    Tactile Systems Technology, Inc.
    Consolidated Balance Sheets
         December 31,    December 31,
    (In thousands, except share and per share data)    2022     2021
    Assets     
    Current assets      
    Cash and cash equivalents $21,929  $28,229
    Accounts receivable  54,826   49,478
    Net investment in leases  16,130   12,482
    Inventories  23,124   19,217
    Prepaid expenses and other current assets  3,754   4,141
    Total current assets  119,763   113,547
    Non-current assets      
    Property and equipment, net  6,077   6,750
    Right of use operating lease assets  21,322   23,984
    Intangible assets, net  50,375   54,081
    Goodwill  31,063   31,063
    Accounts receivable, non-current  23,061   12,847
    Other non-current assets  3,335   1,998
    Total non-current assets  135,233   130,723
       Total assets $254,996  $244,270
    Liabilities and Stockholders' Equity      
    Current liabilities      
    Accounts payable $9,984  $5,023
    Note payable  2,968   2,960
    Earn-out, current  13,050   3,250
    Accrued payroll and related taxes  17,100   12,139
    Accrued expenses  9,240   5,262
    Income taxes payable  2,336   16
    Operating lease liabilities  2,500   2,506
    Other current liabilities  7,152   3,305
    Total current liabilities  64,330   34,461
    Non-current liabilities      
    Revolving line of credit, non-current  24,916   24,857
    Note payable, non-current  20,979   26,933
    Earn-out, non-current     2,950
    Accrued warranty reserve, non-current  2,207   3,108
    Income taxes payable, non-current  298   348
    Operating lease liabilities, non-current  20,866   23,354
    Deferred income taxes     32
    Total non-current liabilities  69,266   81,582
       Total liabilities  133,596   116,043
           
    Stockholders’ equity:      
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2022 and December 31, 2021     
    Common stock, $0.001 par value, 300,000,000 shares authorized; 20,252,677 shares issued and outstanding as of December 31, 2022; 19,877,786 shares issued and outstanding as of December 31, 2021  20   20
    Additional paid-in capital  131,001   119,962
    (Accumulated deficit) retained earnings  (9,621)  8,245
    Total stockholders’ equity  121,400   128,227
       Total liabilities and stockholders’ equity $254,996  $244,270


                 
    Tactile Systems Technology, Inc.
    Consolidated Statements of Operations
                 
                 
      Three Months Ended Year Ended
      December 31, December 31,
    (In thousands, except share and per share data)    2022     2021     2022     2021 
    Revenue            
    Sales revenue $63,365  $53,699  $211,345  $177,914 
    Rental revenue  10,535   8,029   35,440   30,143 
    Total revenue  73,900   61,728   246,785   208,057 
    Cost of revenue            
    Cost of sales revenue  18,253   13,797   59,619   50,222 
    Cost of rental revenue  3,550   3,121   11,190   9,622 
    Total cost of revenue  21,803   16,918   70,809   59,844 
    Gross profit            
    Gross profit - sales revenue  45,112   39,902   151,726   127,692 
    Gross profit - rental revenue  6,985   4,908   24,250   20,521 
    Gross profit  52,097   44,810   175,976   148,213 
    Operating expenses            
    Sales and marketing  27,083   24,826   106,418   86,775 
    Research and development  2,139   1,774   7,088   5,659 
    Reimbursement, general and administrative  13,427   14,000   60,796   56,802 
    Intangible asset amortization and earn-out  1,598   445   14,432   739 
    Total operating expenses  44,247   41,045   188,734   149,975 
    Income (loss) from operations  7,850   3,765   (12,758)  (1,762)
    Other expense  (950)  (377)  (2,715)  (531)
    Income (loss) before income taxes  6,900   3,388   (15,473)  (2,293)
    Income tax expense  2,279   10,883   2,393   9,518 
    Net income (loss) $4,621  $(7,495) $(17,866) $(11,811)
    Net income (loss) per common share            
    Basic $0.23  $(0.38) $(0.89) $(0.60)
    Diluted $0.23  $(0.38) $(0.89) $(0.60)
    Weighted-average common shares used to compute net income (loss) per common share            
    Basic  20,204,479   19,790,838   20,067,969   19,719,485 
    Diluted  20,293,825   19,790,838   20,067,969   19,719,485 


           
    Tactile Systems Technology, Inc.
    Consolidated Statements of Cash Flows
       
      Year Ended December 31, 
    (In thousands)    2022
        2021
    Cash flows from operating activities      
    Net loss $(17,866) $(11,811)
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization  6,268   3,681 
    Deferred income taxes  (32)  10,230 
    Stock-based compensation expense  9,600   10,173 
    Loss on disposal of property and equipment and intangibles  20   20 
    Change in fair value of earn-out liability  11,850   (200)
    Changes in assets and liabilities, net of acquisition:      
       Accounts receivable  (5,348)  (5,629)
       Net investment in leases  (3,648)  (1,774)
       Inventories  (3,907)  972 
       Income taxes  2,270   (2,294)
       Prepaid expenses and other assets  (950)  (1,489)
       Right of use operating lease assets  168   614 
       Accounts receivable, non-current  (10,214)  (3,414)
       Accounts payable  4,961   826 
       Accrued payroll and related taxes  4,961   551 
       Accrued expenses and other liabilities  7,076   2,175 
          Net cash provided by operating activities  5,209   2,631 
    Cash flows from investing activities      
    Payments related to acquisition     (79,829)
    Purchases of property and equipment  (1,780)  (2,103)
    Proceeds from sale of property and equipment  11    
    Intangible assets expenditures  (140)  (252)
          Net cash used in investing activities  (1,909)  (82,184)
    Cash flows from financing activities      
    Proceeds from issuance of note payable     30,000 
    Proceeds from revolving line of credit     25,000 
    Payment on earn-out  (5,000)   
    Payments on note payable  (6,000)   
    Payments of deferred debt issuance costs  (39)  (188)
    Taxes paid for net share settlement of performance and restricted stock units     (1,173)
    Proceeds from exercise of common stock options  153   3,976 
    Proceeds from the issuance of common stock from the employee stock purchase plan  1,286   2,312 
          Net cash (used in) provided by financing activities  (9,600)  59,927 
    Net decrease in cash and cash equivalents  (6,300)  (19,626)
    Cash and cash equivalents – beginning of period  28,229   47,855 
    Cash and cash equivalents – end of period $21,929  $28,229 
           
    Supplemental cash flow disclosure      
    Cash paid for interest $2,186  $130 
    Cash paid for taxes $44  $1,593 
    Capital expenditures incurred but not yet paid $38  $23 


    The following table summarizes revenue by product line for the three and twelve months ended December 31, 2022 and 2021:

                 
      Three Months Ended Year Ended
      December 31, December 31,
    (In thousands)    2022  2021  2022  2021 
    Revenue            
    Lymphedema products $65,764  $57,445  $212,266  $202,913 
    Airway clearance products  8,136   4,283   34,519   5,144 
    Total $73,900  $61,728  $246,785  $208,057 
                 
    Percentage of total revenue            
    Lymphedema products  89%  93%  86%  98%
    Airway clearance products  11%  7%  14%  2%
    Total  100%  100%  100%  100%


    The following table contains a reconciliation of gross margin to non-GAAP gross margin:

                     
    Tactile Systems Technology, Inc.
    Reconciliation of Gross Margin to Non-GAAP Gross Margin
    (Unaudited)
                     
      Three Months Ended Year Ended
      December 31,December 31,
    (Dollars in thousands)    2022    2021    2022    2021
    Revenue $73,900  $61,728  $246,785  $208,057 
                     
    Gross profit, as reported $52,097  $44,810  $175,976  $148,213 
    Gross margin, as reported   70.5%   72.6%   71.3%   71.2%
    Reconciling items affecting gross margin:                
    Non-cash intangible amortization expense $314  $308  $1,247  $412 
    Inventory write-offs  215      215   588 
    Inventory purchase price adjustments     150      200 
    Non-GAAP gross profit $52,626  $45,268  $177,438  $149,413 
    Non-GAAP gross margin   71.2%   73.3%   71.9%   71.8%


    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 Year Ended
      December 31,December 31,
    (Dollars in thousands)    2022    2021    2022    2021
    GAAP operating income (loss) $7,850   $3,765   $(12,758)  $(1,762) 
    Reconciling items affecting operating income (loss):                
    Non-cash intangible amortization expense impacting gross profit $314   $308   $1,247   $412  
    Inventory write-offs  215        215    588  
    Inventory purchase price adjustments      150        200  
    Non-cash intangible amortization expense impacting operating expenses  646    645    2,582    939  
    Acquisition costs & expenses      112        886  
    Change in fair value of earn-out  952    (200)   11,850    (200) 
    Litigation defense costs  (447)   1,318    2,830    3,669  
    Executive transition expenses  (10)   340    280    526  
    Non-GAAP operating income: $9,520   $6,438   $6,246   $5,258  


    The following table contains a reconciliation of GAAP net income (loss) to non-GAAP net income (loss):

                     
    Tactile Systems Technology, Inc.
    Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss)
    (Unaudited)
                     
      Three Months Ended Year Ended
      December 31,December 31,
    (Dollars in thousands)    2022    2021    2022    2021
    GAAP net income (loss) $4,621   $(7,495)  $(17,866)  $(11,811) 
    Reconciling items affecting net income (loss):                
    Non-cash intangible amortization expense impacting gross profit $314   $308   $1,247   $412  
    Inventory write-offs  215        215    588  
    Inventory purchase price adjustments      150        200  
    Non-cash intangible amortization expense impacting operating expenses  646    645    2,582    939  
    Acquisition costs & expenses      112        886  
    Change in fair value of earn-out  952    (200)   11,850    (200) 
    Litigation defense costs  (447)   1,318    2,830    3,669  
    Executive transition expenses  (10)   340    280    526  
    Income tax expense on reconciling items*  (418)   (668)   (4,751)   (1,755) 
    Non-GAAP net income (loss) $5,873   $(5,490)  $(3,613)  $(6,546) 
    * 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 twelve months ended December 31, 2022 and 2021, 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 Year Ended Increase
      December 31, (Decrease) December 31, (Decrease)
    (Dollars in thousands)    2022     2021  $    %    2022     2021  $    %
    Net income (loss) $4,621  $(7,495) $12,116  (162)% $(17,866) $(11,811) $(6,055) 51 %
    Interest expense, net  950   378   572  151 %  2,728   499   2,229  N.M. 
    Income tax expense  2,279   10,883   (8,604) (79)%  2,393   9,518   (7,125) (75)%
    Depreciation and amortization  1,597   1,531   66  4 %  6,267   3,681   2,586  70 %
    Stock-based compensation  1,919   2,470   (551) (22)%  9,600   10,173   (573) (6)%
    Impairment charges and inventory write-offs  215      215   %  215   588   (373) (63)%
    Acquisition costs     262   (262) (100)%     1,086   (1,086) (100)%
    Change in fair value of earn-out  952   (200)  1,152  N.M.   11,850   (200)  12,050  N.M. 
    Litigation defense costs  (447)  1,318   (1,765) (134)%  2,830   3,669   (839) (23)%
    Executive transition costs  (10)  340   (350) (103)%  280   526   (246) (47)%
    Adjusted EBITDA $12,076  $9,487  $2,589  27 % $18,297  $17,729  $568  3 %

    Investor Inquiries:
    Mike Piccinino, CFA
    ICR Westwicke
    443-213-0500
    investorrelations@tactilemedical.com

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