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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 14, 2023
TACTILE
SYSTEMS TECHNOLOGY, INC.
(Exact name
of registrant as specified in its charter)
|
|
|
|
|
Delaware |
|
001-37799 |
|
41-1801204 |
(State
or other jurisdiction of |
|
(Commission |
|
(I.R.S.
Employer |
incorporation) |
|
File
Number) |
|
Identification
No.) |
3701
Wayzata Blvd, Suite 300,
Minneapolis, MN
55416
(Address of principal executive offices) (Zip
Code)
(612)
355-5100
(Registrant’s telephone number, including
area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which
registered |
Common
Stock, Par Value $0.001 Per Share |
TCMD |
The
Nasdaq Stock Market |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers |
On
July 14, 2023, Eric Pauls, the Senior Vice President, Sales of Tactile Systems Technology, Inc. (the “Company”), notified
the Company of his resignation from the Company, effective July 28, 2023.
The Company’s Board of Directors
has appointed Sherri Ferstler to succeed Mr. Pauls as the Company’s Senior Vice President, Sales, effective July 31, 2023. Ms. Ferstler
most recently served as Vice President North America of Johnson and Johnson Vision.
| Item 7.01. | Regulation FD Disclosure |
On July 18, 2023, the Company issued a press release
in connection with these transition matters. Attached hereto as Exhibit 99.1 is a copy of the press release. In accordance with General
Instruction B.2 of Form 8-K, the information in this report under this heading, including Exhibit 99.1, shall not be deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
TACTILE SYSTEMS TECHNOLOGY, INC. |
Date: July 18, 2023 |
By: |
/s/ Elaine M. Birkemeyer |
|
|
Elaine M. Birkemeyer |
|
|
Chief Financial Officer |
Exhibit 99.1
Tactile Medical Appoints Sherri Ferstler as
Senior Vice President of Sales
MINNEAPOLIS—July
18, 2023 (GLOBE NEWSWIRE) —Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical
technology company providing therapies for people with chronic disorders, today announced the appointment of Sherri Ferstler to the position
of Senior Vice President of Sales, effective July 31, 2023. Ms. Ferstler will succeed Eric Pauls, who will be resigning from the Company,
effective July 28, 2023.
“Sherri is a strategic leader with over
25 years of experience in the healthcare industry and a successful history of developing and leading high-performance teams at scale,”
said Dan Reuvers, President and Chief Executive Officer of Tactile Medical. “Sherri brings extensive executive sales leadership
experience, most recently within Johnson & Johnson Vision, where she led a team of over 325. She’s proven herself as a strong
developer of teams that deliver high-growth results on both the top and bottom-line. She’s
led multiple successful product launches, resourcefully used data to expand field-productivity and proven herself as a coach at multiple
levels. Adding Sherri further enriches our executive leadership team, our ability to build and operate at scale, and our ability to lead
change and expand productivity.”
Mr. Reuvers continued: “I also want to thank
Eric for his contributions to Tactile Medical and the patients with chronic conditions that we serve.”
Prior to joining Tactile Medical, Ms. Ferstler
served as Vice President Sales, North America for Johnson & Johnson Vision since 2016 (NYSE: JNJ). In this position, Ms. Ferstler
led the field & inside sales teams, strategic accounts & training functions selling Acuvue brand contact lenses across multiple
channels.
Ms. Ferstler began her career in 1992 with Parke-Davis
Pharmaceuticals where she served in a variety of sales, sales management and training and development roles. She joined Pfizer in 2000,
serving as a district sales manager for all branded pharmaceutical products until 2003, then as Director of Division Operations and as
a regional manager for Pfizer’s Urology and Respiratory product portfolios. From 2007 to 2016, Ms. Ferstler led regional and national
sales teams for Endo Pharmaceuticals, Bayer Diabetes Care and Mylan Pharmaceuticals. Ms. Ferstler holds Bachelor of Arts in Psychology
from the State University of New York College at Buffalo.
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. Tactile Medical 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.
Investor Inquiries:
Mike Piccinino, CFA
ICR Westwicke
443-213-0500
investorrelations@tactilemedical.com
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