Tactile Medical Announces Qui Tam Lawsuit Dropped by Plaintiff
February 18 2022 - 05:30PM
Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD)
announced today that the qui tam lawsuit filed by a competitor has
been dropped and dismissed by a federal judge in Texas. The lawsuit
challenged the propriety of Tactile Medical’s patient and physician
education programs. This dismissal validates Tactile Medical’s
longstanding confidence in the validity of our programs. Tactile
Medical will not pay any damages, penalties, attorney fees or other
compensation.
“We are elated that the plaintiff has abandoned his claims and
filed a motion to dismiss which was granted by the court,” said Dan
Reuvers, President and Chief Executive Officer of Tactile Medical.
“We have been steadfast in our confidence in our business
practices. With this chapter now behind us, we can continue to
focus our resources on bringing to market leading therapies and
education that enhances the lives of the patients that we
serve.”
Tom O’Donnell, Chief Medical Officer added, “Our commitment to
professional education and patient training has played an important
role in the increasing number of patients seeking and receiving
care for their lymphedema and we remain dedicated to these
important initiatives.”
With the claims dismissed by the federal judge, Tactile Medical
also dismissed its remaining counterclaims. Tactile Medical will
look forward to continuing to serve its patients through an
industry-leading research and development and a comprehensive
patient training program. Tactile Medical is committed to
increasing awareness of lymphatic and vascular conditions through
support of research and high-quality medical education, partnering
with healthcare professionals, and most importantly, serving
patients with dignity and care.
About 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. The company 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
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; the Company’s ability to effectively integrate the
acquisition of the AffloVest product line; 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.
Media and Investor Inquiries:
Mike Piccinino, CFA
Managing Director
ICR Westwicke
investorrelations@tactilemedical.com
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