$TCMD
TACTILE SYSTEMS TECHNOLOGY INC

2019 Q4 Form 10-Q Financial Statement

#000155837019009809 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $57.06M $49.61M $36.32M
YoY Change 22.85% 36.59% 28.44%
Cost Of Revenue $26.26M $14.24M $10.14M
YoY Change 4.04% 40.41% -32.75%
Gross Profit $41.10M $35.37M $26.18M
YoY Change 28.38% 35.11% 98.34%
Gross Profit Margin 72.03% 71.3% 72.08%
Selling, General & Admin $23.57M $30.71M $23.59M
YoY Change 32.94% 30.19% 116.01%
% of Gross Profit 57.35% 86.81% 90.1%
Research & Development $1.190M $1.467M $1.223M
YoY Change -11.19% 19.95% 9.2%
% of Gross Profit 2.9% 4.15% 4.67%
Depreciation & Amortization $960.0K $750.0K $780.0K
YoY Change -17.95% -3.85% 90.24%
% of Gross Profit 2.34% 2.12% 2.98%
Operating Expenses $24.75M $32.18M $24.81M
YoY Change 29.79% 29.68% 106.24%
Operating Profit $6.049M $3.203M $1.370M
YoY Change 183.19% 133.8% 17.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $150.0K $166.0K $128.0K
YoY Change 7.14% 29.69% 42.22%
Pretax Income $6.200M $3.363M $1.498M
YoY Change 173.13% 124.5% 18.89%
Income Tax $1.920M $900.0K -$200.0K
% Of Pretax Income 30.97% 26.76% -13.35%
Net Earnings $4.280M $2.431M $1.746M
YoY Change 81.36% 39.23% 30.3%
Net Earnings / Revenue 7.5% 4.9% 4.81%
Basic Earnings Per Share $0.23 $0.13 $0.10
Diluted Earnings Per Share $0.22 $0.12 $0.09
COMMON SHARES
Basic Shares Outstanding 19.03M 18.98M 18.34M
Diluted Shares Outstanding 19.64M 19.53M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.23M $44.73M $45.90M
YoY Change -6.84% -2.54% 10.34%
Cash & Equivalents $22.77M $19.81M $23.14M
Short-Term Investments $22.46M $24.92M $22.80M
Other Short-Term Assets $2.500M $2.000M $2.400M
YoY Change 38.89% -16.67% 166.67%
Inventory $19.06M $16.88M $14.90M
Prepaid Expenses
Receivables $33.44M $27.68M $20.20M
Other Receivables $0.00 $3.800M $5.800M
Total Short-Term Assets $108.3M $102.7M $89.20M
YoY Change 27.51% 15.17% 24.41%
LONG-TERM ASSETS
Property, Plant & Equipment $7.408M $7.499M $4.100M
YoY Change 54.01% 82.9% 20.59%
Goodwill
YoY Change
Intangibles $5.312M $5.074M
YoY Change -0.51%
Long-Term Investments
YoY Change
Other Assets $1.658M $1.405M $4.400M
YoY Change 31.9% -68.07% 46.67%
Total Long-Term Assets $43.42M $41.05M $12.50M
YoY Change 96.37% 228.38% 9.65%
TOTAL ASSETS
Total Short-Term Assets $108.3M $102.7M $89.20M
Total Long-Term Assets $43.42M $41.05M $12.50M
Total Assets $151.8M $143.8M $101.7M
YoY Change 41.73% 41.37% 22.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.843M $6.289M $3.900M
YoY Change -24.79% 61.26% -29.09%
Accrued Expenses $4.498M $3.696M $10.60M
YoY Change 61.51% -65.13% 29.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.43M $24.13M $16.80M
YoY Change 33.29% 43.62% 20.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.70M $15.70M $1.600M
YoY Change 941.18% 881.25% 166.67%
Total Long-Term Liabilities $17.73M $15.68M $1.600M
YoY Change 927.77% 880.0% 166.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.43M $24.13M $16.80M
Total Long-Term Liabilities $17.73M $15.68M $1.600M
Total Liabilities $39.16M $39.81M $18.30M
YoY Change 119.97% 117.53% 25.34%
SHAREHOLDERS EQUITY
Retained Earnings $20.68M $16.39M
YoY Change 113.04%
Common Stock $19.00K $19.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.6M $104.0M $83.42M
YoY Change
Total Liabilities & Shareholders Equity $151.8M $143.8M $101.7M
YoY Change 41.73% 41.37% 22.38%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $4.280M $2.431M $1.746M
YoY Change 81.36% 39.23% 30.3%
Depreciation, Depletion And Amortization $960.0K $750.0K $780.0K
YoY Change -17.95% -3.85% 90.24%
Cash From Operating Activities $90.00K $1.570M $5.080M
YoY Change -98.31% -69.09% 66.56%
INVESTING ACTIVITIES
Capital Expenditures -$1.560M -$2.570M -$840.0K
YoY Change -74.47% 205.95% 82.61%
Acquisitions
YoY Change
Other Investing Activities $2.510M -$4.430M $1.050M
YoY Change -174.04% -521.9% -203.96%
Cash From Investing Activities $950.0K -$7.000M $220.0K
YoY Change -110.0% -3281.82% -115.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.920M 200.0K 510.0K
YoY Change 68.42% -60.78% -1800.0%
NET CHANGE
Cash From Operating Activities 90.00K 1.570M 5.080M
Cash From Investing Activities 950.0K -7.000M 220.0K
Cash From Financing Activities 1.920M 200.0K 510.0K
Net Change In Cash 2.960M -5.230M 5.810M
YoY Change -197.69% -190.02% 272.44%
FREE CASH FLOW
Cash From Operating Activities $90.00K $1.570M $5.080M
Capital Expenditures -$1.560M -$2.570M -$840.0K
Free Cash Flow $1.650M $4.140M $5.920M
YoY Change -85.58% -30.07% 68.66%

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<p style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Arial';font-weight:bold;">Note 1. Nature of Business and Operations</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial';">Tactile Systems Technology, Inc. (“we,” “us,” and “our”) is the sole manufacturer and distributor of the Flexitouch® and Entre™ systems, medical devices that help control symptoms of lymphedema, a chronic and progressive medical condition, the Actitouch® system, a medical device used to treat venous leg ulcers and chronic venous insufficiency, and the Airwear wrap, a medical device used for the management of venous insufficiency, venous hypertension, venous ulcerations and lymphedema. Our products are purchased or rented for home use and are recommended by vascular, wound and lymphedema clinics throughout the United States.</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial';">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 our reincorporation as a Delaware corporation. The resulting corporation assumed the name Tactile Systems Technology, Inc. In September 2013, we began doing business as “Tactile Medical.”</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial';">On August 2, 2016, we closed the initial public offering of our common stock, which resulted in the sale of </span><span style="font-family:'Arial';">4,120,000</span><span style="font-family:'Arial';"> shares of our common stock at a public offering price of </span><span style="font-family:'Arial';">$10.00</span><span style="font-family:'Arial';"> per share. We received net proceeds from the initial public offering of approximately </span><span style="font-family:'Arial';">$35.4</span><span style="font-family:'Arial';"> million, after deducting underwriting discounts and approximately </span><span style="font-family:'Arial';">$2.9</span><span style="font-family:'Arial';"> million of transaction expenses. In connection with the closing of the initial public offering, all of our outstanding redeemable convertible preferred stock automatically converted to common stock on August 2, 2016. As a result, at August 2, 2016, we did not have any redeemable convertible preferred stock issued or outstanding.</span></p><p style="font-family:'Times New Roman';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-family:'Arial';">Our business is affected by seasonality. In the first quarter of each year, when most patients have started a new insurance year and have not yet met their annual out-of-pocket payment obligations, we experience substantially reduced demand for our products. We typically experience higher revenue in the third and fourth quarters when patients have met their annual insurance deductibles, thereby reducing their out-of-pocket costs for our products, and because patients desire to exhaust their flexible spending accounts at year end. This seasonality applies only to purchases and rentals of our products by patients covered by commercial insurance and is not relevant to Medicare or the Veterans Administration, as those payers either do not have plans that have declining deductibles over the course of the plan year and/or do not have plans that include patient deductibles for purchases or rentals of our products.</span></p>
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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<p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:14pt 0pt 0pt 0pt;"><span style="font-family:'Arial';font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:14pt 0pt 12pt 0pt;"><span style="color:#2b2c2b;font-family:'Arial';">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
CY2018Q2 tcmd Minimum Market Value Of Common Stock That Was Held By Non Affiliates
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CY2018Q3 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2018Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
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us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2019Q3 us-gaap Product Warranty Accrual
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CY2018Q3 tcmd Line Of Credit Facility Contingent Increase Aggregate Maximum Borrowing Capacity
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q3 us-gaap Operating Lease Liability
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CY2018Q3 tcmd Number Of Vendors
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us-gaap Operating Lease Lease Income
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us-gaap Allocated Share Based Compensation Expense
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1
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
49612000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36322000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
132429000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
97303000
CY2018Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
400000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1000000.0
CY2019Q3 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
6088000
us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
15088000
CY2019Q3 us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
1932000
us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
5358000
CY2019Q3 us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
4156000
us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
9730000
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.17
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.36
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.54
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3100000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
100000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2431000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18166999
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
660838
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1180730
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
760099
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1161948
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19641853
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19525686
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1746000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6688000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4268000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18981015
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18344956
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18870622
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19630721
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19328947
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
262200
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25703
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
267808
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82390
CY2019Q3 tcmd Fair Value Transfers Within Three Level Hierarchy
FairValueTransfersWithinThreeLevelHierarchy
0

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