Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq:
TCMD), a medical technology company focused on developing medical
devices for the at-home treatment of chronic diseases, today
reported financial results for the first quarter ended March 31,
2021.
First Quarter 2021 Summary:
- Total revenue decreased 2%
year-over-year, to $42.8 million, compared to $43.7 million in
first quarter 2020.
- Operating loss of $4.1 million,
compared to operating loss of $4.5 million in first quarter
2020.
- Net loss of $2.3 million, compared
to net loss of $1.3 million in first quarter 2020.
- Adjusted EBITDA loss of $7,000,
compared to Adjusted EBITDA loss of $0.5 million in first quarter
2020.
- Cash and cash equivalents of $46.9
million at March 31, 2021, compared to $47.9 million at December
31, 2020.
First Quarter 2021 Highlights:
- On January 5, 2021, the Company
announced the appointment of Sheri Dodd and Deepti Jain to the
Company’s Board of Directors, effective January 1, 2021.
- On March 15, 2021, the Company
announced the appointment of Kristie Burns to the position of
Senior Vice President of Marketing & Clinical Affairs,
effective March 22, 2021. Ms. Burns succeeds Darren Wennen, who was
promoted to Senior Vice President of Commercial Operations.
Highlights Subsequent to Quarter End:
- On April 20, 2021, the Company
announced the appointment of Eric Pauls to the position of Senior
Vice President of Sales, effective May 1, 2021. Mr. Pauls succeeds
Bryan Rishe, who is retiring in May.
- On April 30, 2021, the Company
entered into a Restated Credit Agreement with Wells Fargo Bank. The
Restated Credit Agreement provides for a $25 million revolving
credit facility with a three-year maturity and includes a $30
million accordion feature, allowing the Company to expand the total
aggregate principal amount up to $55 million, subject to certain
conditions. The prior Credit Agreement provided for a $10 million
revolving credit facility with a $25 million accordion
feature.
“We are pleased to deliver results that modestly
exceeded our expectations for the first quarter of 2021,” said Dan
Reuvers, President and Chief Executive Officer of Tactile Medical.
“As anticipated, COVID-19 related restrictions and protocols
continued to impact healthcare facilities’ recovery, as the winter
holiday spike in COVID-19 cases persisted into January and
February. Our team responded resourcefully, leveraging new
approaches to train patients and expand our base of physician
prescribers, partially offsetting the effects of the pandemic.”
Mr. Reuvers added, “Looking ahead, while not
perfectly linear, we expect evidence of recovery from the pandemic
to begin to materialize in Q2, with progressive improvements in the
second half of the year. Under these assumptions, we are
reaffirming our financial outlook for 2021 based on our continued
confidence in the ability to return to year-over-year revenue
growth approaching 20% in the second half of 2021. Longer-term, we
look forward returning to our multi-year track record of delivering
annual growth of 20% or more, as we continue to develop the market
for lymphedema and related chronic conditions and bring relief to
patients in need.”
First Quarter 2021 Financial
Results
Total revenue in the first quarter of 2021
decreased $0.9 million, or 2%, to $42.8 million, compared to $43.7
million in the first quarter of 2020. First quarter revenue
continued to be negatively impacted by COVID-19, primarily from
social distancing requirements and patient cancellations. These
headwinds were partially offset by the continued expansion of our
commercial team, effective virtual educational events and an
increase in the number of Medicare patients served.
Gross profit in the first quarter of 2021
decreased $0.8 million, or 3%, to $30.2 million, compared to $31.1
million in the first quarter of 2020. Gross margin was 70.7% of
revenue, compared to 71.1% of revenue in the first quarter of
2020.
Operating expenses in the first quarter of 2021
decreased $1.2 million, or 3%, to $34.3 million, compared to $35.5
million in the first quarter of 2020. The reduction in operating
expenses was driven by a decrease in sales and marketing expense of
$4.2 million, or 18%, to $18.8 million, primarily due to virtual
sales meetings, along with lower patient training costs and reduced
travel and entertainment expenses. In addition, research and
development expense decreased $0.4 million, or 25%, to $1.3
million, primarily due to slower clinical studies activity as a
result of COVID-19. The decrease in these expenses was offset
partially by reimbursement, general and administrative expenses,
which increased $3.4 million, or 31%, to $14.3 million, compared to
$10.9 million in the first quarter of 2020. The increase in
reimbursement, general and administrative expenses was driven by
increased occupancy costs, depreciation expense, legal and
professional fees, as well as personnel-related expenses due to
increased headcount.
Operating loss in the first quarter of 2021
decreased $0.4 million, or 8%, to $4.1 million, compared to an
operating loss of $4.5 million in the first quarter of 2020.
Income tax benefit in the first quarter of 2021
was $1.8 million, compared to $2.9 million in the first quarter of
2020. The year-over-year decrease in income tax benefit was
primarily due to the net operating loss carryback claim refund
recognized in the first quarter of 2020, which did not impact the
tax benefit in the first quarter of 2021.
Net loss in the first quarter of 2021 was $2.3
million, or $0.12 per diluted share, compared to a net loss of $1.3
million, or $0.07 per diluted share, in the first quarter of 2020.
Weighted average shares used to compute diluted net income per
share were 19.5 million and 19.2 million in the first quarters of
2021 and 2020, respectively.
Adjusted EBITDA loss was $7,000 in the first
quarter of 2021, compared to Adjusted EBITDA loss of $0.5 million
in the first quarter of 2020.
Cash Position
On March 31, 2021, cash and cash equivalents
were $46.9 million, compared to $47.9 million at December 31, 2020.
The Company had no outstanding borrowings on its revolving credit
facility as of March 31, 2021.
Subsequent to quarter end, the Company entered
into a Restated Credit Agreement with Wells Fargo Bank to renew and
expand the size of its senior secured credit facility. The Restated
Credit Agreement provides for a $25 million revolving credit
facility with a three-year maturity and includes a $30 million
accordion feature, which could allow the Company to expand the
total aggregate principal amount up to $55 million, subject to
certain conditions.
2021 Financial Outlook
The Company continues to expect full year 2021
total revenue in the range of $215.3 million to $224.5 million,
representing an increase of 15% to 20% year-over-year, compared to
total revenue of $187.1 million in 2020.
Conference Call
Management will host a conference call at 5:00
p.m. Eastern Time on May 3, 2021, to discuss the results of the
quarter with a question-and-answer session. Those who would like to
participate may dial 877-407-3088 (201-389-0927 for international
callers) and provide access code 13718669. A live webcast of the
call will also be provided on the investor relations section of the
Company's website at investors.tactilemedical.com.
For those unable to participate, a replay of the call will be
available for two weeks at 877-660-6853 (201-612-7415 for
international callers); access code 13718669. The webcast will be
archived at investors.tactilemedical.com.
About Tactile Systems Technology, Inc. (DBA Tactile
Medical)
Tactile Medical is a leader in developing and marketing
at-home therapy devices that treat chronic swelling conditions such
as lymphedema and chronic venous insufficiency. Tactile Medical’s
Mission is to help people suffering from chronic diseases live
better and care for themselves at home. The Company’s unique
offering includes advanced, clinically proven pneumatic compression
devices, as well as continuity of care services provided by a
national network of product specialists and trainers, reimbursement
experts, patient advocates and clinicians. This combination of
products and services ensures that tens of thousands of patients
annually receive the at-home treatment necessary to better manage
their chronic conditions. Tactile Medical takes pride in
the fact that our solutions help increase clinical efficacy, reduce
overall healthcare costs and improve the quality of life for
patients with chronic conditions.
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
the COVID-19 pandemic on the Company’s business, financial
condition and results of operations; the course of the COVID-19
pandemic and its impact on general economic, business and market
conditions; the Company’s inability to execute on its plans to
respond to the COVID-19 pandemic; 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;
loss or retirement of key executives, including prior to
identifying a successor; adverse economic conditions or intense
competition; loss of a key supplier; entry of new competitors and
products; adverse federal, state and local government regulation;
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;
price increases for supplies and components; 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.
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP
financial measures of Adjusted EBITDA and Adjusted EBITDA margin,
which differ from financial measures calculated in accordance with
U.S. generally accepted accounting principles (“GAAP”).
Adjusted EBITDA in this release represents net
income or loss, plus interest expense, net, or less interest
income, net, less income tax benefit or plus income tax expense,
plus depreciation and amortization, plus stock-based compensation
expense, plus litigation defense costs and plus executive
transition costs. Adjusted EBITDA margin in this release represents
net margin (net income or loss divided by total revenue), plus or
less the same items as with Adjusted EBITDA, but on a percentage of
revenue basis. Reconciliations of Adjusted EBITDA to net income
(loss), and Adjusted EBITDA margin to net margin, are included in
this press release.
These non-GAAP financial measures are presented
because the Company believes they are useful indicators of its
operating performance. Management uses these measures principally
as measures of the Company’s operating performance and for planning
purposes, including the preparation of the Company’s annual
operating plan and financial projections. The Company believes
these measures are useful to investors as supplemental information
and because they are frequently used by analysts, investors and
other interested parties to evaluate companies in its industry. The
Company also believes these non-GAAP financial measures are useful
to its management and investors as a measure of comparative
operating performance from period to period. In addition, Adjusted
EBITDA is used as a performance metric in the Company’s
compensation program.
Adjusted EBITDA and Adjusted EBITDA margin are
non-GAAP financial measures and should not be considered as an
alternative to, or superior to, net income or loss or net margin,
respectively, as measures of financial performance or cash flows
from operations as a measure of liquidity, or any other performance
measure derived in accordance with GAAP, and they should not be
construed to imply that the Company’s future results will be
unaffected by unusual or non-recurring items. In addition, Adjusted
EBITDA is not intended to be a measure of free cash flow for
management’s discretionary use, as it does not reflect certain cash
requirements such as tax payments, debt service requirements,
capital expenditures and certain other cash costs that may recur in
the future. Adjusted EBITDA contains certain other limitations,
including the failure to reflect our cash expenditures, cash
requirements for working capital needs and cash costs to replace
assets being depreciated and amortized. In evaluating non-GAAP
financial measures, you should be aware that in the future the
Company may incur expenses that are the same as or similar to some
of the adjustments in this presentation. The Company’s presentation
of non-GAAP financial measures should not be construed to imply
that its future results will be unaffected by any such adjustments.
Management compensates for these limitations by primarily relying
on the Company’s GAAP results in addition to using non-GAAP
financial measures on a supplemental basis. The Company’s
definition of these non-GAAP financial measures is not necessarily
comparable to other similarly titled captions of other companies
due to different methods of calculation.
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Tactile Systems Technology, Inc. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
|
March 31, |
|
December 31, |
(In thousands, except share and per share data) |
|
2021 |
|
2020 |
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
46,925 |
|
|
$ |
47,855 |
|
Accounts receivable |
|
|
40,043 |
|
|
|
43,849 |
|
Net investment in leases |
|
|
11,254 |
|
|
|
10,708 |
|
Inventories |
|
|
22,042 |
|
|
|
18,563 |
|
Prepaid expenses and other current assets |
|
|
2,235 |
|
|
|
2,638 |
|
Total current assets |
|
|
122,499 |
|
|
|
123,613 |
|
Non-current
assets |
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Property and equipment, net |
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6,746 |
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|
|
6,957 |
|
Right of use operating lease assets |
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19,565 |
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|
20,132 |
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Intangible assets, net |
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1,683 |
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|
1,680 |
|
Accounts receivable, non-current |
|
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10,727 |
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|
9,433 |
|
Deferred income taxes |
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12,026 |
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|
10,198 |
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Other non-current assets |
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2,030 |
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|
2,074 |
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Total non-current assets |
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52,777 |
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|
50,474 |
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Total assets |
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$ |
175,276 |
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$ |
174,087 |
|
Liabilities and
Stockholders' Equity |
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Current
liabilities |
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Accounts payable |
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$ |
9,352 |
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$ |
4,197 |
|
Accrued payroll and related taxes |
|
|
8,547 |
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|
11,588 |
|
Accrued expenses |
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|
3,227 |
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|
4,423 |
|
Income taxes payable |
|
|
2,658 |
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|
2,658 |
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Operating lease liabilities |
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1,966 |
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|
|
2,006 |
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Other current liabilities |
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2,235 |
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|
1,842 |
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Total current liabilities |
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27,985 |
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|
26,714 |
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Non-current
liabilities |
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Accrued warranty reserve, non-current |
|
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3,259 |
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|
3,235 |
|
Operating lease liabilities, non-current |
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18,910 |
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|
19,388 |
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Total non-current liabilities |
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22,169 |
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22,623 |
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Total liabilities |
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50,154 |
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49,337 |
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Stockholders’
equity: |
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Preferred stock, $0.001 par value, 50,000,000 shares authorized;
none issued and outstanding as of March 31, 2021 and December 31,
2020 |
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— |
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— |
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Common stock, $0.001 par value, 300,000,000 shares authorized;
19,639,113 shares issued and outstanding as of March 31, 2021;
19,492,718 shares issued and outstanding as of December 31,
2020 |
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20 |
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19 |
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Additional paid-in capital |
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107,312 |
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104,675 |
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Retained earnings |
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17,790 |
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20,056 |
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Total stockholders’ equity |
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125,122 |
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|
124,750 |
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Total liabilities and stockholders’ equity |
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$ |
175,276 |
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$ |
174,087 |
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Tactile Systems Technology, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
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Three Months Ended |
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March 31, |
(In thousands, except share and per share data) |
|
2021 |
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2020 |
Revenue |
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Sales revenue |
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$ |
36,125 |
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$ |
37,623 |
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Rental revenue |
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6,647 |
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|
6,052 |
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Total revenue |
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42,772 |
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|
43,675 |
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Cost of
revenue |
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Cost of sales revenue |
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10,691 |
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10,922 |
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Cost of rental revenue |
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1,851 |
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|
1,680 |
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Total cost of revenue |
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12,542 |
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|
12,602 |
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Gross
profit |
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Gross profit - sales revenue |
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25,434 |
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26,701 |
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Gross profit - rental revenue |
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4,796 |
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|
4,372 |
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Gross profit |
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30,230 |
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|
31,073 |
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Operating
expenses |
|
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Sales and marketing |
|
|
18,785 |
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|
22,970 |
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Research and development |
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|
1,270 |
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|
1,684 |
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Reimbursement, general and administrative |
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14,259 |
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|
10,870 |
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Total operating expenses |
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|
34,314 |
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|
35,524 |
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Loss from
operations |
|
|
(4,084 |
) |
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|
(4,451 |
) |
Other (expense) income |
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(10 |
) |
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|
266 |
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Loss before income
taxes |
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|
(4,094 |
) |
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(4,185 |
) |
Income tax benefit |
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|
(1,828 |
) |
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|
(2,878 |
) |
Net loss |
|
$ |
(2,266 |
) |
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$ |
(1,307 |
) |
Net loss per common share |
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Basic |
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$ |
(0.12 |
) |
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$ |
(0.07 |
) |
Diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.07 |
) |
Weighted-average common shares
used to compute net loss per common share |
|
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Basic |
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19,545,558 |
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19,173,580 |
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Diluted |
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19,545,558 |
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19,173,580 |
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Tactile Systems Technology, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Unaudited) |
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Three Months Ended March 31, |
(In thousands) |
|
2021 |
|
2020 |
Cash flows from
operating activities |
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Net loss |
|
$ |
(2,266 |
) |
|
$ |
(1,307 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities: |
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Depreciation and amortization |
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652 |
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|
730 |
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Net amortization of premiums and discounts on securities
available-for-sale |
|
|
— |
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(43 |
) |
Deferred income taxes |
|
|
(1,828 |
) |
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|
979 |
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Stock-based compensation expense |
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|
2,457 |
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|
2,728 |
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Changes in assets and liabilities: |
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|
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Accounts receivable |
|
|
3,806 |
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|
2,663 |
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Net investment in leases |
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|
(546 |
) |
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|
(735 |
) |
Inventories |
|
|
(3,479 |
) |
|
|
(3,304 |
) |
Income taxes |
|
|
— |
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|
|
(4,153 |
) |
Prepaid expenses and other assets |
|
|
447 |
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|
192 |
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Right of use operating lease assets |
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49 |
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|
151 |
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Medicare accounts receivable, non-current |
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(1,294 |
) |
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|
(973 |
) |
Accounts payable |
|
|
5,022 |
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|
4,741 |
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Accrued payroll and related taxes |
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(3,041 |
) |
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|
(1,804 |
) |
Accrued expenses and other liabilities |
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(779 |
) |
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|
1,044 |
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Net cash (used in) provided by operating activities |
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(800 |
) |
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|
909 |
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Cash flows from
investing activities |
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Proceeds from maturities of securities available-for-sale |
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— |
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|
10,000 |
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Purchases of property and equipment |
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|
(249 |
) |
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|
(358 |
) |
Intangible assets costs |
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|
(62 |
) |
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(36 |
) |
Net (used in) provided by investing activities |
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|
(311 |
) |
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|
9,606 |
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Cash flows from
financing activities |
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Taxes paid for net share settlement of performance and restricted
stock units |
|
|
(1,115 |
) |
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|
(1,160 |
) |
Proceeds from exercise of common stock options |
|
|
1,296 |
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|
172 |
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Net cash provided by (used in) financing activities |
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|
181 |
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|
|
(988 |
) |
Net (decrease)
increase in cash and cash equivalents |
|
|
(930 |
) |
|
|
9,527 |
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Cash and cash equivalents –
beginning of period |
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|
47,855 |
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|
22,770 |
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Cash and cash equivalents –
end of period |
|
$ |
46,925 |
|
|
$ |
32,297 |
|
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|
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Supplemental cash flow
disclosure |
|
|
|
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Cash paid for taxes |
|
$ |
13 |
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|
$ |
311 |
|
Capital expenditures incurred but not yet paid |
|
$ |
133 |
|
|
$ |
155 |
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|
|
|
|
|
|
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|
The following table summarizes revenue by
product for the three months ended March 31, 2021 and 2020:
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Tactile Systems Technology, Inc. |
Supplemental Financial Information |
(Unaudited) |
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Three Months Ended |
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March 31, |
|
Change |
(Dollars in thousands) |
|
2021 |
|
2020 |
|
$ |
|
% |
Flexitouch System |
|
$ |
37,437 |
|
|
$ |
38,586 |
|
|
$ |
(1,149 |
) |
|
(3 |
)% |
Other products(1) |
|
|
5,335 |
|
|
|
5,089 |
|
|
|
246 |
|
|
5 |
% |
Total Revenue |
|
$ |
42,772 |
|
|
$ |
43,675 |
|
|
$ |
(903 |
) |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The “other products” line primarily includes
revenue from our Entre system. The Actitouch system and Airwear
wrap contributed immaterial amounts of revenue for the three months
ended March 31, 2021 and 2020.
The following table contains a reconciliation of
net loss to Adjusted EBITDA for the three months ended March 31,
2021 and 2020, as well as the dollar and percentage change between
the comparable periods:
|
|
|
|
|
|
|
|
|
|
|
|
Tactile Systems Technology, Inc. |
Reconciliation of Net Loss to Non-GAAP Adjusted
EBITDA |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Increase |
|
|
March 31, |
|
(Decrease) |
(Dollars in thousands) |
|
2021 |
|
2020 |
|
$ |
|
% |
Net loss |
|
$ |
(2,266 |
) |
|
$ |
(1,307 |
) |
|
$ |
(959 |
) |
|
73% |
|
Interest expense (income), net |
|
|
5 |
|
|
|
(55 |
) |
|
|
60 |
|
|
(109)% |
|
Income tax benefit |
|
|
(1,828 |
) |
|
|
(2,878 |
) |
|
|
1,050 |
|
|
(36)% |
|
Depreciation and amortization |
|
|
652 |
|
|
|
730 |
|
|
|
(78 |
) |
|
(11)% |
|
Stock-based compensation |
|
|
2,457 |
|
|
|
2,728 |
|
|
|
(271 |
) |
|
(10)% |
|
Litigation defense costs |
|
|
867 |
|
|
|
— |
|
|
|
867 |
|
|
—% |
|
Executive transition costs |
|
|
106 |
|
|
|
312 |
|
|
|
(206 |
) |
|
(66)% |
|
Adjusted
EBITDA |
|
$ |
(7 |
) |
|
$ |
(470 |
) |
|
$ |
463 |
|
|
(99)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table contains a reconciliation of
net margin to Adjusted EBITDA margin for the three months ended
March 31, 2021 and 2020, as well as the basis point change between
the comparable periods:
Tactile Systems Technology,
Inc. |
Reconciliation of Net Margin to Adjusted EBITDA
Margin |
(Unaudited) |
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
Increase |
(As a
percentage of revenue) |
|
2021 |
|
|
2020 |
|
|
(Decrease) |
Net margin |
|
(5.3)% |
|
|
|
(3.0)% |
|
|
|
(230) |
|
bps |
Interest expense (income), net |
|
0.0% |
|
|
|
(0.1)% |
|
|
|
10 |
|
bps |
Income tax benefit |
|
(4.3)% |
|
|
|
(6.6)% |
|
|
|
230 |
|
bps |
Depreciation and amortization |
|
1.5% |
|
|
|
1.7% |
|
|
|
(20) |
|
bps |
Stock-based compensation |
|
5.8% |
|
|
|
6.2% |
|
|
|
(40) |
|
bps |
Litigation defense costs |
|
2.0% |
|
|
|
0.0% |
|
|
|
200 |
|
bps |
Executive transition costs |
|
0.3% |
|
|
|
0.7% |
|
|
|
(40) |
|
bps |
Adjusted EBITDA
margin |
|
—% |
|
|
|
(1.1)% |
|
|
|
110 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Inquiries:
Mike Piccinino, CFA
Managing Director
Westwicke Partners
443-213-0500
investorrelations@tactilemedical.com
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