TACTILE SYSTEMS TECHNOLOGY INC TCMD
Tactile Systems Technology, Inc. ("we," "us," and "our") is a medical technology company that develops and provides innovative medical devices for the treatment of underserved chronic diseases. We were originally incorporated in Minnesota under the name Tactile Systems Technology, Inc. on January 30, 1995. During 2006, we established a merger corporation and subsequently, on July 21, 2006, merged with and into this merger corporation resulting in us being reincorporated as a Delaware corporation. The resulting corporation assumed the name Tactile Systems Technology, Inc. and in September 2013, we began doing business as "Tactile Medical".
Our mission is to help people suffering from chronic diseases live better and care for themselves at home. We focus our efforts on advancing the standard of care in treating underserved chronic diseases in the home to improve patient outcomes and quality of life and help control rising healthcare expenditures. Our areas of therapeutic focus are (1) vascular disease, with a goal of advancing the standard of care in treating lymphedema and chronic venous insufficiency, (2) oncology, where lymphedema is a common consequence among cancer survivors and (3) providing airway clearance therapy for those suffering from chronic respiratory conditions. We possess a unique, scalable platform to deliver at-home healthcare solutions throughout the United States. This evolving home care delivery model is recognized by policymakers and insurance payers as a key for controlling rising healthcare costs. Our solutions deliver cost-effective, clinically proven, long-term treatment for people with these chronic diseases.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $329.5M | $293.0M | $274.4M | $246.8M | $208.1M | $187.1M | $189.5M | $143.8M | $109.3M | $84.5M |
| Cost of revenue | $79.4M | $76.3M | $79.3M | $70.8M | $59.8M | $54.3M | $55.3M | $41.5M | $29.0M | $22.9M |
| Gross profit | $250.1M | $216.7M | $195.1M | $176.0M | $148.2M | $132.8M | $134.2M | $102.3M | $80.3M | $61.6M |
| R&D | $8.5M | $8.8M | $7.8M | $7.1M | $5.7M | $5.3M | $5.2M | $5.3M | $5.1M | $4.5M |
| SG&A | $88.7M | $71.1M | $62.1M | $60.8M | $56.8M | $51.3M | $39.5M | $33.6M | $26.9M | $19.1M |
| Total operating expenses | $220.9M | $194.5M | $177.1M | $188.7M | $150.0M | $136.4M | $123.7M | $99.3M | $76.4M | $57.3M |
| Operating income | $29.3M | $22.2M | $18.0M | -$12.8M | -$1.8M | -$3.6M | $10.5M | $3.0M | $3.9M | $4.3M |
| Interest expense | $1.0M | $2.1M | $4.1M | $2.8M | — | — | — | — | — | — |
| Pre-tax income | $31.3M | $23.5M | $15.8M | -$15.5M | -$2.3M | -$2.3M | $11.1M | $3.5M | $4.2M | $4.3M |
| Income tax | $12.3M | $6.5M | $12.7M | $2.4M | $9.5M | $1.6M | $158.0K | $3.1M | $1.7M | $1.4M |
| Net income | $19.1M | $17.0M | $28.5M | -$17.9M | -$11.8M | -$620.0K | $11.0M | $6.6M | $5.9M | $2.9M |
| EPS, basic | 0.83 | 0.71 | 1.24 | -0.89 | -0.60 | -0.03 | 0.58 | 0.36 | 0.34 | 0.18 |
| EPS, diluted | 0.82 | 0.70 | 1.23 | -0.89 | -0.60 | -0.03 | 0.56 | 0.34 | 0.31 | 0.15 |
| Shares, diluted (wtd. avg.) | $23.3M | $24.1M | $23.2M | $20.1M | $19.7M | $19.3M | $19.6M | $19.3M | $18.9M | $10.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $83.4M | $94.4M | $61.0M | $21.9M | $28.2M | $47.9M | $22.8M | $20.1M | $24.0M | $30.7M |
| Short-term investments | — | — | — | — | — | $0 | $22.5M | $25.8M | $19.9M | $11.0M |
| Receivables | $43.9M | $44.9M | $43.2M | $54.8M | $49.5M | $43.8M | $33.4M | $24.3M | $17.6M | $15.0M |
| Inventory | $14.0M | $18.7M | $22.5M | $23.1M | $19.2M | $18.6M | $19.1M | $11.2M | $11.0M | $6.6M |
| Total current assets | $165.2M | $177.6M | $145.3M | $119.8M | $113.5M | $123.6M | $108.3M | $85.0M | $76.9M | $64.2M |
| Property, plant and equipment | $5.1M | $5.6M | $6.2M | $6.1M | $6.8M | $7.0M | $7.4M | $4.8M | $3.8M | $1.6M |
| Goodwill | $31.1M | $31.1M | $31.1M | $31.1M | $31.1M | — | — | — | — | — |
| Other intangibles | $39.2M | $42.8M | $46.7M | $50.4M | $53.5M | $1.7M | $5.3M | $5.3M | $2.2M | — |
| Total assets | $273.9M | $297.9M | $281.4M | $255.0M | $244.3M | $174.1M | $151.8M | $107.1M | $88.4M | $73.9M |
| Accounts payable | $5.0M | $5.6M | $6.7M | $10.0M | $5.0M | $4.2M | $3.8M | $5.1M | $4.3M | $3.8M |
| Total current liabilities | $41.0M | $40.7M | $41.1M | $64.3M | $34.5M | $26.7M | $21.4M | $16.1M | $14.5M | $13.8M |
| Long-term debt | $0 | — | $16.8M | — | — | — | — | — | — | — |
| Total liabilities | $55.0M | $81.3M | $87.8M | $133.6M | $116.0M | $49.3M | $39.2M | $17.8M | $15.7M | $14.3M |
| Retained earnings | $54.9M | $35.9M | $18.9M | -$9.6M | $8.2M | $20.1M | $20.7M | $9.7M | $3.1M | -$2.8M |
| Total equity | $218.9M | $216.6M | $193.6M | $121.4M | $128.2M | $124.8M | $112.6M | $89.3M | $72.8M | $59.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $42.8M | $40.7M | $35.9M | $5.2M | $2.6M | $2.8M | $2.5M | $9.0M | $4.2M | $7.0M |
| Depreciation and amortisation | $6.6M | $6.8M | $6.5M | $6.3M | $3.7M | $2.8M | $3.5M | $3.7M | $1.8M | $799.0K |
| Stock-based compensation | $8.4M | $7.8M | $7.5M | $9.6M | $10.2M | $10.7M | $9.8M | $8.0M | $4.2M | $1.9M |
| Capital expenditure | $2.4M | $2.4M | $2.3M | $1.8M | $2.1M | $2.1M | $5.4M | $4.2M | $3.7M | $775.0K |
| Investing cash flow | -$2.5M | -$2.5M | -$2.5M | -$1.9M | -$82.2M | $20.2M | -$2.3M | -$14.7M | -$14.0M | -$11.8M |
| Financing cash flow | -$51.2M | -$4.8M | $5.7M | -$9.6M | $59.9M | $2.1M | $2.5M | $1.9M | $3.1M | $28.5M |
| Buybacks | $26.6M | $3.5M | — | — | — | — | — | — | $493.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-016380.
Others in SIC 3841
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SYK | STRYKER CORP | $116.27B | 36.1x | 11.2% |
| MMM | 3M CO | $86.93B | 28.1x | 1.5% |
| BSX | BOSTON SCIENTIFIC CORP | $69.27B | 24.6x | 19.9% |
| BDX | BECTON DICKINSON & CO | $50.32B | 31.7x | 8.2% |
| DXCM | DEXCOM INC | $33.17B | 42.1x | 15.6% |
| RMD | RESMED INC | $32.94B | 21.9x | 9.9% |
| MDLN | Medline Inc. | $31.35B | — | 11.5% |
| WST | WEST PHARMACEUTICAL SERVICES INC | $23.93B | 50.1x | 6.3% |