$TCMD
TACTILE SYSTEMS TECHNOLOGY INC

2024 Q1 Form 10-K Financial Statement

#000155837024001330 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $61.09M $77.65M $274.4M
YoY Change 3.81% 5.08% 11.2%
Cost Of Revenue $17.66M $35.80M $79.29M
YoY Change -44.28% 4.81% 11.98%
Gross Profit $43.43M $41.85M $195.1M
YoY Change 59.94% 5.31% 10.89%
Gross Profit Margin 71.09% 53.9% 71.11%
Selling, General & Admin $43.62M $27.63M $169.2M
YoY Change 59.07% -1.88% 1.18%
% of Gross Profit 100.44% 66.01% 86.71%
Research & Development $2.143M $1.793M $7.823M
YoY Change -4.03% -16.18% 10.37%
% of Gross Profit 4.93% 4.28% 4.01%
Depreciation & Amortization $1.634M $1.619M $6.539M
YoY Change 0.31% 1.31% 4.32%
% of Gross Profit 3.76% 3.87% 3.35%
Operating Expenses $46.39M $30.05M $177.1M
YoY Change 49.85% -5.77% -6.17%
Operating Profit -$2.964M $11.80M $18.04M
YoY Change -22.12% 50.32% -241.41%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $155.0K -$36.00K -$2.271M
YoY Change -115.61% -96.21% -16.35%
Pretax Income -$2.809M $11.76M $15.77M
YoY Change -41.47% 70.49% -201.92%
Income Tax -$600.0K $3.562M -$12.75M
% Of Pretax Income 30.28% -80.82%
Net Earnings -$2.209M $8.202M $28.52M
YoY Change 17.13% 77.49% -259.6%
Net Earnings / Revenue -3.62% 10.56% 10.39%
Basic Earnings Per Share -$0.09 $1.24
Diluted Earnings Per Share -$0.09 $0.35 $1.23
COMMON SHARES
Basic Shares Outstanding 23.60M 23.50M 22.93M
Diluted Shares Outstanding 23.67M 23.18M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.03M $75.23M $75.23M
YoY Change 9.07% 97.66% 97.66%
Cash & Equivalents $60.71M $61.03M $61.03M
Short-Term Investments $14.32M $14.20M $14.20M
Other Short-Term Assets $4.908M $4.366M $4.366M
YoY Change 0.66% 16.3% 16.3%
Inventory $20.84M $22.53M $22.53M
Prepaid Expenses
Receivables $40.49M $43.17M $43.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $141.3M $145.3M $145.3M
YoY Change -2.86% 21.32% 21.32%
LONG-TERM ASSETS
Property, Plant & Equipment $6.217M $6.195M $25.32M
YoY Change -76.35% 1.94% -7.58%
Goodwill $31.06M $31.06M
YoY Change 0.0%
Intangibles $45.80M $46.72M
YoY Change -7.25%
Long-Term Investments
YoY Change
Other Assets $2.965M $2.720M $22.10M
YoY Change -9.3% -18.44% 562.61%
Total Long-Term Assets $130.8M $136.1M $136.1M
YoY Change 0.54% 0.67% 0.67%
TOTAL ASSETS
Total Short-Term Assets $141.3M $145.3M $145.3M
Total Long-Term Assets $130.8M $136.1M $136.1M
Total Assets $272.0M $281.4M $281.4M
YoY Change -1.26% 10.37% 10.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.488M $6.659M $6.659M
YoY Change -42.77% -33.3% -33.3%
Accrued Expenses $6.866M $5.904M $25.50M
YoY Change -66.63% -36.1% -11.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.956M $2.956M $2.956M
YoY Change -0.4% -0.4% -0.4%
Total Short-Term Liabilities $33.13M $41.06M $41.06M
YoY Change -35.54% -36.18% -36.18%
LONG-TERM LIABILITIES
Long-Term Debt $25.44M $26.18M $26.18M
YoY Change -43.68% -42.97% -42.97%
Other Long-Term Liabilities $20.00M $20.56M $20.56M
YoY Change -12.17% -12.01% -12.01%
Total Long-Term Liabilities $45.43M $46.74M $46.74M
YoY Change -33.12% -32.52% -32.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.13M $41.06M $41.06M
Total Long-Term Liabilities $45.43M $46.74M $46.74M
Total Liabilities $78.57M $87.80M $87.80M
YoY Change -34.16% -34.28% -34.28%
SHAREHOLDERS EQUITY
Retained Earnings $16.69M $18.89M
YoY Change -296.38%
Common Stock $24.00K $24.00K
YoY Change 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $193.5M $193.6M $193.6M
YoY Change
Total Liabilities & Shareholders Equity $272.0M $281.4M $281.4M
YoY Change -1.26% 10.37% 10.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.209M $8.202M $28.52M
YoY Change 17.13% 77.49% -259.6%
Depreciation, Depletion And Amortization $1.634M $1.619M $6.539M
YoY Change 0.31% 1.31% 4.32%
Cash From Operating Activities $924.0K $18.35M $35.86M
YoY Change -284.06% 376.13% 588.33%
INVESTING ACTIVITIES
Capital Expenditures $482.0K $941.0K $2.324M
YoY Change 65.64% 1138.16% 30.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$502.0K -$941.0K -$2.481M
YoY Change 72.51% 1347.69% 29.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $34.63M
YoY Change 2592.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -749.0K -22.42M 5.730M
YoY Change -102.21% 324.06% -159.69%
NET CHANGE
Cash From Operating Activities 924.0K 18.35M 35.86M
Cash From Investing Activities -502.0K -941.0K -2.481M
Cash From Financing Activities -749.0K -22.42M 5.730M
Net Change In Cash -327.0K -5.006M 39.10M
YoY Change -100.99% 234.4% -720.7%
FREE CASH FLOW
Cash From Operating Activities $924.0K $18.35M $35.86M
Capital Expenditures $482.0K $941.0K $2.324M
Free Cash Flow $442.0K $17.41M $33.53M
YoY Change -155.74% 360.81% 877.87%

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 1.  Nature of Business and Operations</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Tactile Systems Technology, Inc. (“we,” “us,” and “our”) manufactures and distributes medical devices for the treatment of patients with underserved chronic diseases at home. We provide our Flexitouch Plus and Entre Plus systems, which help control symptoms of lymphedema, a chronic progressive medical condition, through our direct sales force for use in the home and sell or rent them through vascular, wound and lymphedema clinics throughout the United States. </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On September 8, 2021, we acquired the assets of the AffloVest airway clearance business (“AffloVest Acquisition”) from International Biophysics Corporation (“IBC”), a privately-held company which developed and manufactured AffloVest. AffloVest is a portable, wearable vest that treats patients with chronic respiratory conditions. We sell this device through home medical equipment and durable medical equipment (“DME”) providers throughout the United States. </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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. In September 2013, we began doing business as “Tactile Medical.”</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On August 2, 2016, we closed the initial public offering of our common stock, which resulted in the sale of 4,120,000 shares of our common stock at a public offering price of $10.00 per share. We received net proceeds from the initial public offering of approximately $35.4 million, after deducting underwriting discounts and approximately $2.9 million of transaction expenses.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On February 27, 2023, we closed on a public offering of 2,875,000 shares of our common stock at a public offering price of $13.00 per share. We received net proceeds from this offering of $34.6 million after deducting underwriting discounts, commissions, and offering expenses.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;margin:0pt;">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 of the year 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, Medicaid 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. </p>
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:14pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">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.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p>
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0001558370-24-001330-index-headers.html Edgar Link pending
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