$TCMD
TACTILE SYSTEMS TECHNOLOGY INC

2024 Q3 Form 10-Q Financial Statement

#000155837024010856 Filed on August 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $73.09M $73.22M
YoY Change 5.04% 7.14%
Cost Of Revenue $18.31M $19.12M
YoY Change -9.5% -4.62%
Gross Profit $54.79M $54.10M
YoY Change 11.0% 12.02%
Gross Profit Margin 74.96% 73.89%
Selling, General & Admin $44.96M $45.39M
YoY Change 5.83% 5.07%
% of Gross Profit 82.06% 83.89%
Research & Development $2.417M $2.234M
YoY Change 23.07% 21.88%
% of Gross Profit 4.41% 4.13%
Depreciation & Amortization $1.734M $1.711M
YoY Change 5.09% 4.33%
% of Gross Profit 3.16% 3.16%
Operating Expenses $48.01M $48.25M
YoY Change 16.04% 4.35%
Operating Profit $6.781M $5.849M
YoY Change -15.12% 184.21%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $452.0K $225.0K
YoY Change -211.88% -126.85%
Pretax Income $7.233M $6.074M
YoY Change -4.64% 397.87%
Income Tax $2.100M $1.800M
% Of Pretax Income 29.03% 29.63%
Net Earnings $5.155M $4.298M
YoY Change -76.88% -4398.0%
Net Earnings / Revenue 7.05% 5.87%
Basic Earnings Per Share $0.21 $0.18
Diluted Earnings Per Share $0.21 $0.18
COMMON SHARES
Basic Shares Outstanding 23.97M 23.76M
Diluted Shares Outstanding 24.25M 24.10M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.10M $87.17M
YoY Change 20.73% 14.05%
Cash & Equivalents $82.15M $73.62M
Short-Term Investments $13.95M $13.55M
Other Short-Term Assets $5.127M $3.909M
YoY Change 9.09% -12.75%
Inventory $21.18M $18.85M
Prepaid Expenses
Receivables $39.97M $41.94M
Other Receivables $0.00 $0.00
Total Short-Term Assets $162.4M $151.9M
YoY Change 7.04% 1.54%
LONG-TERM ASSETS
Property, Plant & Equipment $5.878M $5.691M
YoY Change 7.15% -1.39%
Goodwill $31.06M $31.06M
YoY Change 0.0% 0.0%
Intangibles $43.71M $44.88M
YoY Change -8.23% -7.57%
Long-Term Investments
YoY Change
Other Assets $3.803M $3.541M
YoY Change 36.6% 7.11%
Total Long-Term Assets $125.4M $126.9M
YoY Change -11.49% 2.22%
TOTAL ASSETS
Total Short-Term Assets $162.4M $151.9M
Total Long-Term Assets $125.4M $126.9M
Total Assets $287.7M $278.8M
YoY Change -1.9% 1.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.290M $5.094M
YoY Change 13.87% -45.2%
Accrued Expenses $7.088M $6.702M
YoY Change 33.06% 29.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.956M $2.956M
YoY Change -1.47% -0.4%
Total Short-Term Liabilities $37.15M $34.21M
YoY Change -18.55% -29.49%
LONG-TERM LIABILITIES
Long-Term Debt $23.96M $24.70M
YoY Change -45.05% -44.42%
Other Long-Term Liabilities $18.71M $19.20M
YoY Change -12.16% -12.77%
Total Long-Term Liabilities $42.67M $43.90M
YoY Change -34.21% -33.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.15M $34.21M
Total Long-Term Liabilities $42.67M $43.90M
Total Liabilities $79.82M $78.11M
YoY Change -27.75% -32.06%
SHAREHOLDERS EQUITY
Retained Earnings $26.14M $20.98M
YoY Change 144.46% -280.78%
Common Stock $24.00K $24.00K
YoY Change 4.35% 4.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.9M $200.7M
YoY Change
Total Liabilities & Shareholders Equity $287.7M $278.8M
YoY Change -1.9% 1.85%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $5.155M $4.298M
YoY Change -76.88% -4398.0%
Depreciation, Depletion And Amortization $1.734M $1.711M
YoY Change 5.09% 4.33%
Cash From Operating Activities $10.26M $13.14M
YoY Change 150.76% -5.51%
INVESTING ACTIVITIES
Capital Expenditures $978.0K $537.0K
YoY Change 144.5% -36.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 $12.00K
YoY Change
Cash From Investing Activities -$978.0K -$525.0K
YoY Change 144.5% -38.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -750.0K 295.0K
YoY Change -13.79% -106.07%
NET CHANGE
Cash From Operating Activities 10.26M 13.14M
Cash From Investing Activities -978.0K -525.0K
Cash From Financing Activities -750.0K 295.0K
Net Change In Cash 8.528M 12.91M
YoY Change 202.41% 57.44%
FREE CASH FLOW
Cash From Operating Activities $10.26M $13.14M
Capital Expenditures $978.0K $537.0K
Free Cash Flow $9.278M $12.61M
YoY Change 151.44% -3.47%

Facts In Submission

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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1808000
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
11000
CY2023Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
882000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-100000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
158763000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
121400000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
3831000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
34625000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
882000
us-gaap Net Income Loss
NetIncomeLoss
-1986000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
158763000
us-gaap Profit Loss
ProfitLoss
2089000
us-gaap Profit Loss
ProfitLoss
-1986000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3345000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3269000
us-gaap Deferred Income Taxes And Tax Credits
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-30000
us-gaap Share Based Compensation
ShareBasedCompensation
3899000
us-gaap Share Based Compensation
ShareBasedCompensation
3831000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-54000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-3000
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
-1230000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1238000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8273000
tcmd Increase Decrease In Net Investment In Lease
IncreaseDecreaseInNetInvestmentInLease
-644000
tcmd Increase Decrease In Net Investment In Lease
IncreaseDecreaseInNetInvestmentInLease
-2911000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3681000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2809000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
922000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
3967000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
364000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
697000
tcmd Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
2000
tcmd Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-6425000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1592000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-696000
us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-3300000
tcmd Increase Decrease In Other Accrued Liabilities And Income Taxes Payable
IncreaseDecreaseInOtherAccruedLiabilitiesAndIncomeTaxesPayable
300000
tcmd Increase Decrease In Other Accrued Liabilities And Income Taxes Payable
IncreaseDecreaseInOtherAccruedLiabilitiesAndIncomeTaxesPayable
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14066000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13407000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
982000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1027000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1142000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
5000000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1500000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
1044000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
882000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
34625000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-454000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29018000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
12585000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
41283000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61033000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21929000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73618000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63212000
us-gaap Interest Paid Net
InterestPaidNet
1099000
us-gaap Interest Paid Net
InterestPaidNet
1925000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2177000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2415000
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
27000
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
8000
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-weight:bold;">Note 1. Nature of Business and Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">Tactile Systems Technology, Inc. (“we,” “us,” “our,” and the “Company”) manufactures and distributes medical devices for the treatment of patients with underserved chronic diseases at home.</span> <span style="font-family:'Arial','Helvetica','sans-serif';">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 following receipt of prescriptions from vascular, wound and lymphedema clinics throughout the United States. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">On September 8, 2021, we acquired the assets of the AffloVest airway clearance business (“AffloVest Acquisition”). 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. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">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','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">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','Helvetica','sans-serif';">4,120,000</span><span style="font-family:'Arial','Helvetica','sans-serif';"> shares of our common stock at a public offering price of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$10.00</span><span style="font-family:'Arial','Helvetica','sans-serif';"> per share. We received net proceeds from the initial public offering of approximately </span><span style="font-family:'Arial','Helvetica','sans-serif';">$35.4</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million, after deducting underwriting discounts and approximately </span><span style="font-family:'Arial','Helvetica','sans-serif';">$2.9</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million of transaction expenses.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">On February 27, 2023, we closed on a public offering of </span><span style="font-family:'Arial','Helvetica','sans-serif';">2,875,000</span><span style="font-family:'Arial','Helvetica','sans-serif';"> shares of our common stock at a public offering price of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$13.00</span><span style="font-family:'Arial','Helvetica','sans-serif';"> per share. We received net proceeds from this offering of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$34.6</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million after deducting underwriting discounts, commissions, and offering expenses.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">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.</span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:14pt 0pt 0pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><span style="color:#2b2c2b;font-family:'Arial','Helvetica','sans-serif';">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>
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6365000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7979000
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
12481000
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
14548000
CY2024Q2 us-gaap Inventory Net
InventoryNet
18846000
CY2023Q4 us-gaap Inventory Net
InventoryNet
22527000
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
46310000
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11434000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34876000
CY2024Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
56317000
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11434000
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
44883000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
46268000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9535000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
36733000
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
56259000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9535000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
46724000
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1899000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
3708000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3643000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3635000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3632000
CY2024Q2 tcmd Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
18359000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34876000
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2024Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2131000
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2357000
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1161000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
611000
CY2024Q2 tcmd In Transit Inventory Accrued Expense
InTransitInventoryAccruedExpense
1102000
CY2023Q4 tcmd In Transit Inventory Accrued Expense
InTransitInventoryAccruedExpense
401000
CY2024Q2 tcmd Accrued Travel And Entertainment Current
AccruedTravelAndEntertainmentCurrent
933000
CY2023Q4 tcmd Accrued Travel And Entertainment Current
AccruedTravelAndEntertainmentCurrent
1038000
CY2024Q2 tcmd Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
339000
CY2023Q4 tcmd Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
363000
CY2024Q2 tcmd Accrued Sales And Use Tax
AccruedSalesAndUseTax
108000
CY2023Q4 tcmd Accrued Sales And Use Tax
AccruedSalesAndUseTax
183000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
928000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
951000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6702000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5904000
CY2024Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3836000
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4000000
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4038000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4212000
CY2024Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
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902000
CY2023Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
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1026000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1742000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1900000
CY2024Q2 us-gaap Standard Product Warranty Accrual Payments
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CY2023Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1198000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2088000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2284000
CY2024Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3692000
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3828000
CY2024Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3692000
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3828000
CY2024Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2131000
CY2023Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1871000
CY2024Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2131000
CY2023Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1871000
CY2024Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1561000
CY2023Q2 us-gaap Product Warranty Accrual Noncurrent
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1957000
CY2024Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1561000
CY2023Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1957000
CY2024Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3692000
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3828000
CY2024Q2 us-gaap Product Warranty Accrual
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3692000
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3828000
CY2021Q3 tcmd Line Of Credit Threshold Contingent Increase In Borrowing Capacity
LineOfCreditThresholdContingentIncreaseInBorrowingCapacity
25000000.0
CY2021Q3 tcmd Credit Agreement Total Aggregate Principal Amount
CreditAgreementTotalAggregatePrincipalAmount
80000000.0
CY2021Q3 us-gaap Line Of Credit
LineOfCredit
25000000.0
CY2023Q2 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0010
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
27800000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17828000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19128000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2799000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2807000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17142000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18436000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
19941000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21243000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M12D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
us-gaap Operating Lease Payments
OperatingLeasePayments
1743000
us-gaap Operating Lease Payments
OperatingLeasePayments
1710000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1791000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3645000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3716000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3210000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3185000
CY2024Q2 tcmd Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
6943000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22490000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2549000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
19941000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2799000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17142000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
900000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
900000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1800000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1800000
CY2024Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
28800000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3800000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1860000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1808000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3899000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3831000
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
73218000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68339000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
134306000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
127185000
CY2024Q2 tcmd Percentage Of Revenue
PercentageOfRevenue
1
CY2023Q2 tcmd Percentage Of Revenue
PercentageOfRevenue
1
tcmd Percentage Of Revenue
PercentageOfRevenue
1
tcmd Percentage Of Revenue
PercentageOfRevenue
1
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
73218000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68339000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
134306000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
127185000
CY2024Q2 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
8951000
CY2023Q2 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
8537000
us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
16732000
us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
14592000
CY2024Q2 us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
2852000
CY2023Q2 us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
3175000
us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
5567000
us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
5911000
CY2024Q2 us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
6099000
CY2023Q2 us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
5362000
us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
11165000
us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
8681000
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.292
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.083
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.360
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.445
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1600000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
4298000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-100000
us-gaap Net Income Loss
NetIncomeLoss
2089000
us-gaap Net Income Loss
NetIncomeLoss
-1986000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23873379
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23352530
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23769604
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22323856
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24099047
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23352530
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24073986
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22323856
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
830243
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1476025
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1047125
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1487769
CY2023Q2 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
5000000.0
CY2023Q2 tcmd Business Combination Contingent Consideration Liability Imputed Interest Payment
BusinessCombinationContingentConsiderationLiabilityImputedInterestPayment
250000
CY2023Q4 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
5600000
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-010856-index.html Edgar Link pending
0001558370-24-010856.txt Edgar Link pending
0001558370-24-010856-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
tcmd-20240630.xsd Edgar Link pending
tcmd-20240630x10q.htm Edgar Link pending
tcmd-20240630xex10d4.htm Edgar Link pending
tcmd-20240630xex31d1.htm Edgar Link pending
tcmd-20240630xex31d2.htm Edgar Link pending
tcmd-20240630xex32d1.htm Edgar Link pending
tcmd-20240630xex32d2.htm Edgar Link pending
tcmd-20240630xex3d3.htm Edgar Link pending
tcmd-20240630_cal.xml Edgar Link unprocessable
tcmd-20240630_def.xml Edgar Link unprocessable
tcmd-20240630_lab.xml Edgar Link unprocessable
tcmd-20240630_pre.xml Edgar Link unprocessable
tcmd-20240630x10q_htm.xml Edgar Link completed