Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”)
(Nasdaq: TCMD), a medical technology company providing therapies
for people with chronic disorders, today reported financial results
for the first quarter ended March 31, 2023.
First Quarter 2023 Summary:
- Total revenue increased 23%
year-over-year to $58.8 million
- Lymphedema products revenue
increased 22% year-over-year
- Airway clearance products revenue
increased 24% year-over-year
- Operating loss of $3.8 million
versus $14.9 million in Q1 2022
- Non-GAAP operating loss of $2.2
million versus $5.4 million in Q1 2022
- Net loss of $1.9 million versus
$15.6 million in Q1 2022
- Adjusted EBITDA of $0.5 million
versus a $2.6 million loss in Q1 2022
First Quarter 2023 Highlights:
- Raised $34.6 million of net
proceeds via an underwritten public equity offering
- Launched Entre® Plus, a
next-generation version of the Entre system with enhanced
features
- Appointed Carmen Volkart to the Company’s Board of
Directors
- Appointed Elaine Birkemeyer to the
position of Chief Financial Officer
“We were delighted to achieve revenue growth of
over 20% in both our product lines, as our sales teams grew
increasingly productive. In addition to our revenue performance,
our focus on expanding our operating margins yielded significant
year-over-year improvements on both a GAAP and non-GAAP basis,”
said Dan Reuvers, President and Chief Executive Officer of Tactile
Medical. “We also made strong progress from an operational
standpoint, advancing our product development projects, enhancing
our leadership team and Board of Directors, and bolstering our
balance sheet.”
Mr. Reuvers continued: “Our raised 2023 guidance
reflects our strong first quarter performance, while remaining
cautious of the potential future macroeconomic environment
ahead.”
First Quarter 2023 Financial
Results
Total revenue in the first quarter of 2023
increased $10.9 million, or 23%, to $58.8 million, compared to
$48.0 million in the first quarter of 2022. The increase in total
revenue was attributable to an increase of $9.1 million, or 22%, in
sales and rentals of the lymphedema product line, and an increase
of $1.8 million, or 24%, in sales of the airway clearance product
line compared to the first quarter of 2022.
Gross profit in the first quarter of 2023
increased $7.6 million, or 22%, to $41.5 million, compared to $33.9
million in the first quarter of 2022. Gross margin was 70.5% of
revenue, compared to 70.6% of revenue in the first quarter of 2022.
Non-GAAP gross margin was 71.0% of revenue, compared to 71.2% of
revenue in the first quarter of 2022.
Operating expenses in the first quarter of 2023
decreased $3.5 million, or 7%, to $45.3 million, compared to $48.8
million in the first quarter of 2022.
Operating loss was $3.8 million in the first
quarter of 2023, compared to $14.9 million in the first quarter of
2022. Non-GAAP operating loss in the first quarter of 2023 was $2.2
million, compared to $5.4 million in the first quarter of 2022.
Other expense was $1.0 million in the first
quarter of 2023, compared to $0.5 million in the first quarter of
2022.
Income tax benefit was $2.9 million in the first
quarter of 2023, compared to income tax expense of $0.2 million in
the first quarter of 2022.
Net loss in the first quarter of 2023 was $1.9
million, or $0.09 per diluted share, compared of $15.6 million, or
$0.78 per diluted share, in the first quarter of 2022. Non-GAAP net
loss in the first quarter of 2023 was $0.7 million, compared to
$8.4 million in the first quarter of 2022.
Weighted average shares used to compute diluted
net loss per share were 21.3 million and 19.9 million for the first
quarters of 2023 and 2022, respectively.
Adjusted EBITDA was $0.5 million in the first
quarter of 2023, compared to ($2.6) million in the first quarter of
2022.
Balance Sheet Summary
As of March 31, 2023, the Company had $55.0
million in cash and cash equivalents and $48.3 million of
outstanding borrowings under its credit agreement, compared to
$21.9 million in cash and cash equivalents and $49.0 million of
outstanding borrowings under its credit agreement as of December
31, 2022.
On February 27, 2023, the Company closed an
underwritten public offering, which consisted of 2,875,000 shares
of common stock at a public offering price of $13.00 per share. The
Company raised $34.6 million of net proceeds after deducting
underwriting discounts, commissions, and offering expenses.
2023 Financial Outlook
The Company now expects full year 2023 total
revenue in the range of approximately $271.0 million to $275.0
million, representing growth of approximately 10% to 11.5%
year-over-year. The Company’s prior 2023 revenue guidance
expectations called for total revenue in the range of $269.0
million to $273.0 million, representing growth of approximately 9%
to 11% year-over-year.
Conference Call
Management will host a conference call at 5:00
p.m. Eastern Time on May 8th, 2023, 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 13737578. 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 13737578. 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 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 impact 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.
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP
financial measures of Adjusted EBITDA, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income (loss), and
non-GAAP net income (loss), 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 or minus the change in fair value of earn-out, and
plus litigation defense costs. Non-GAAP gross profit in this
release represents gross profit plus non-cash intangible
amortization expense. Non-GAAP gross margin in this release
represents non-GAAP gross profit divided by revenue. Non-GAAP
operating income (loss) in this release represents operating income
(loss) adjusted for non-cash intangible amortization expense,
change in fair value of earn-out and litigation defense costs.
Non-GAAP net income (loss) represents net income (loss) adjusted
for non-cash intangible amortization expense, change in fair value
of earn-out and litigation defense costs, and adjusted for the
income tax effect on reconciling items. Reconciliations of these
non-GAAP financial measures to their most directly comparable GAAP
measures 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.
The non-GAAP financial measures presented in
this release should not be considered as an alternative to, or
superior to, their respective GAAP financial measures, 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.
Tactile Systems Technology, Inc. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
|
March 31, |
|
December 31, |
(In thousands, except share and per share data) |
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
55,011 |
|
|
$ |
21,929 |
|
Accounts receivable |
|
|
51,020 |
|
|
|
54,826 |
|
Net investment in leases |
|
|
13,781 |
|
|
|
16,130 |
|
Inventories |
|
|
20,014 |
|
|
|
23,124 |
|
Income taxes receivable |
|
|
731 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
4,876 |
|
|
|
3,754 |
|
Total current assets |
|
|
145,433 |
|
|
|
119,763 |
|
Non-current
assets |
|
|
|
|
|
|
Property and equipment, net |
|
|
5,655 |
|
|
|
6,077 |
|
Right of use operating lease assets |
|
|
20,633 |
|
|
|
21,322 |
|
Intangible assets, net |
|
|
49,465 |
|
|
|
50,375 |
|
Goodwill |
|
|
31,063 |
|
|
|
31,063 |
|
Accounts receivable, non-current |
|
|
19,983 |
|
|
|
23,061 |
|
Other non-current assets |
|
|
3,269 |
|
|
|
3,335 |
|
Total non-current assets |
|
|
130,068 |
|
|
|
135,233 |
|
Total assets |
|
$ |
275,501 |
|
|
$ |
254,996 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,590 |
|
|
$ |
9,984 |
|
Note payable |
|
|
2,968 |
|
|
|
2,968 |
|
Earn-out, current |
|
|
13,710 |
|
|
|
13,050 |
|
Accrued payroll and related taxes |
|
|
11,464 |
|
|
|
17,100 |
|
Accrued expenses |
|
|
6,601 |
|
|
|
9,240 |
|
Income taxes payable |
|
|
— |
|
|
|
2,336 |
|
Operating lease liabilities |
|
|
2,509 |
|
|
|
2,500 |
|
Other current liabilities |
|
|
4,562 |
|
|
|
7,152 |
|
Total current liabilities |
|
|
51,404 |
|
|
|
64,330 |
|
Non-current
liabilities |
|
|
|
|
|
|
Revolving line of credit, non-current |
|
|
24,929 |
|
|
|
24,916 |
|
Note payable, non-current |
|
|
20,237 |
|
|
|
20,979 |
|
Accrued warranty reserve, non-current |
|
|
2,084 |
|
|
|
2,207 |
|
Income taxes payable, non-current |
|
|
446 |
|
|
|
298 |
|
Operating lease liabilities, non-current |
|
|
20,239 |
|
|
|
20,866 |
|
Total non-current liabilities |
|
|
67,935 |
|
|
|
69,266 |
|
Total liabilities |
|
|
119,339 |
|
|
|
133,596 |
|
|
|
|
|
|
|
|
Commitments and
Contingencies (see Note 10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 50,000,000 shares authorized;
none issued and outstanding as of March 31, 2023 and December 31,
2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 300,000,000 shares authorized;
23,235,065 shares issued and outstanding as of March 31, 2023;
20,252,677 shares issued and outstanding as of December 31,
2022 |
|
|
23 |
|
|
|
20 |
|
Additional paid-in capital |
|
|
167,646 |
|
|
|
131,001 |
|
Accumulated deficit |
|
|
(11,507 |
) |
|
|
(9,621 |
) |
Accumulated other comprehensive income |
|
|
— |
|
|
|
— |
|
Total stockholders’ equity |
|
|
156,162 |
|
|
|
121,400 |
|
Total liabilities and stockholders’ equity |
|
$ |
275,501 |
|
|
$ |
254,996 |
|
Tactile Systems Technology, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except share and per share data) |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
Sales revenue |
|
$ |
52,791 |
|
|
$ |
41,170 |
|
Rental revenue |
|
|
6,055 |
|
|
|
6,808 |
|
Total revenue |
|
|
58,846 |
|
|
|
47,978 |
|
Cost of
revenue |
|
|
|
|
|
|
Cost of sales revenue |
|
|
14,642 |
|
|
|
12,080 |
|
Cost of rental revenue |
|
|
2,736 |
|
|
|
2,036 |
|
Total cost of revenue |
|
|
17,378 |
|
|
|
14,116 |
|
Gross
profit |
|
|
|
|
|
|
Gross profit - sales revenue |
|
|
38,149 |
|
|
|
29,090 |
|
Gross profit - rental revenue |
|
|
3,319 |
|
|
|
4,772 |
|
Gross profit |
|
|
41,468 |
|
|
|
33,862 |
|
Operating
expenses |
|
|
|
|
|
|
Sales and marketing |
|
|
26,302 |
|
|
|
23,930 |
|
Research and development |
|
|
2,233 |
|
|
|
1,520 |
|
Reimbursement, general and administrative |
|
|
15,434 |
|
|
|
16,217 |
|
Intangible asset amortization and earn-out |
|
|
1,305 |
|
|
|
7,096 |
|
Total operating expenses |
|
|
45,274 |
|
|
|
48,763 |
|
Loss from
operations |
|
|
(3,806 |
) |
|
|
(14,901 |
) |
Other expense |
|
|
(993 |
) |
|
|
(456 |
) |
Loss before income
taxes |
|
|
(4,799 |
) |
|
|
(15,357 |
) |
Income tax (benefit)
expense |
|
|
(2,913 |
) |
|
|
211 |
|
Net loss |
|
$ |
(1,886 |
) |
|
$ |
(15,568 |
) |
Net loss per common share |
|
|
|
|
|
|
Basic |
|
$ |
(0.09 |
) |
|
$ |
(0.78 |
) |
Diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.78 |
) |
Weighted-average common shares
used to compute net loss per common share |
|
|
|
|
|
|
Basic |
|
|
21,283,752 |
|
|
|
19,898,502 |
|
Diluted |
|
|
21,283,752 |
|
|
|
19,898,502 |
|
Tactile Systems Technology, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(Unaudited) |
|
|
|
|
|
Three Months Ended March 31, |
(In thousands) |
|
2023 |
|
2022 |
Cash flows from
operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(1,886 |
) |
|
$ |
(15,568 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,629 |
|
|
|
1,507 |
|
Deferred income taxes |
|
|
— |
|
|
|
115 |
|
Stock-based compensation expense |
|
|
2,023 |
|
|
|
2,228 |
|
Loss on disposal of property and equipment and intangibles |
|
|
3 |
|
|
|
— |
|
Change in fair value of earn-out liability |
|
|
660 |
|
|
|
6,450 |
|
Changes in assets and liabilities, net of acquisition: |
|
|
|
|
|
|
Accounts receivable |
|
|
3,806 |
|
|
|
3,551 |
|
Net investment in leases |
|
|
2,349 |
|
|
|
175 |
|
Inventories |
|
|
3,110 |
|
|
|
(262 |
) |
Income taxes |
|
|
(2,919 |
) |
|
|
(40 |
) |
Prepaid expenses and other assets |
|
|
(1,056 |
) |
|
|
(556 |
) |
Right of use operating lease assets |
|
|
71 |
|
|
|
55 |
|
Accounts receivable, non-current |
|
|
3,078 |
|
|
|
(730 |
) |
Accounts payable |
|
|
(403 |
) |
|
|
1,177 |
|
Accrued payroll and related taxes |
|
|
(5,636 |
) |
|
|
(2,658 |
) |
Accrued expenses and other liabilities |
|
|
(5,331 |
) |
|
|
1,350 |
|
Net cash used in operating activities |
|
|
(502 |
) |
|
|
(3,206 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(241 |
) |
|
|
(131 |
) |
Intangible assets expenditures |
|
|
(50 |
) |
|
|
(44 |
) |
Net cash used in investing activities |
|
|
(291 |
) |
|
|
(175 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Payments on note payable |
|
|
(750 |
) |
|
|
(3,750 |
) |
Payments of deferred debt issuance costs |
|
|
— |
|
|
|
(39 |
) |
Proceeds from exercise of common stock options |
|
|
— |
|
|
|
91 |
|
Proceeds from issuance of common stock at market |
|
|
34,625 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
|
33,875 |
|
|
|
(3,698 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
33,082 |
|
|
|
(7,079 |
) |
Cash and cash equivalents –
beginning of period |
|
|
21,929 |
|
|
|
28,229 |
|
Cash and cash equivalents –
end of period |
|
$ |
55,011 |
|
|
$ |
21,150 |
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosure |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
927 |
|
|
$ |
413 |
|
Cash paid for taxes |
|
$ |
6 |
|
|
$ |
12 |
|
Capital expenditures incurred but not yet paid |
|
$ |
10 |
|
|
$ |
8 |
|
The following table summarizes revenue by
product line for the three months ended March 31, 2023 and
2022:
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(In thousands) |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
Lymphedema products |
|
$ |
49,752 |
|
|
$ |
40,654 |
|
Airway clearance products |
|
|
9,094 |
|
|
|
7,324 |
|
Total |
|
$ |
58,846 |
|
|
$ |
47,978 |
|
|
|
|
|
|
|
|
Percentage of total
revenue |
|
|
|
|
|
|
Lymphedema products |
|
|
85 |
% |
|
|
85 |
% |
Airway clearance products |
|
|
15 |
% |
|
|
15 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
The following table contains a reconciliation of
GAAP gross profit and margin to non-GAAP gross profit and
margin:
Tactile Systems Technology, Inc. |
Reconciliation of Gross Profit and Margin to Non-GAAP Gross
Profit and Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(Dollars in thousands) |
|
2023 |
|
2022 |
Gross profit, as reported |
|
$ |
41,468 |
|
|
$ |
33,862 |
|
Gross margin, as reported |
|
|
70.5 |
% |
|
|
70.6 |
% |
Reconciling items affecting
gross margin: |
|
|
|
|
|
|
|
|
Non-cash intangible amortization expense |
|
$ |
314 |
|
|
$ |
310 |
|
Non-GAAP gross profit |
|
$ |
41,782 |
|
|
$ |
34,172 |
|
Non-GAAP gross margin |
|
|
71.0 |
% |
|
|
71.2 |
% |
The following table contains a reconciliation of
GAAP operating loss to non-GAAP operating loss:
Tactile Systems Technology, Inc. |
Reconciliation of GAAP Operating Loss to Non-GAAP Operating
Loss |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(Dollars in thousands) |
|
2023 |
|
2022 |
GAAP operating loss |
|
$ |
(3,806 |
) |
|
|
$ |
(14,901 |
) |
|
Reconciling items
affecting operating loss: |
|
|
|
|
|
|
|
|
Non-cash intangible amortization expense impacting gross
profit |
|
$ |
314 |
|
|
|
$ |
310 |
|
|
Non-cash intangible amortization expense impacting operating
expenses |
|
|
645 |
|
|
|
|
646 |
|
|
Change in fair value of earn-out |
|
|
660 |
|
|
|
|
6,450 |
|
|
Litigation defense costs |
|
|
— |
|
|
|
|
2,104 |
|
|
Non-GAAP operating loss: |
|
$ |
(2,187 |
) |
|
|
$ |
(5,391 |
) |
|
Non-GAAP operating margin |
|
|
(3.7 |
) |
% |
|
|
(11.2 |
) |
% |
The following table contains a reconciliation of
GAAP net loss to non-GAAP net loss:
Tactile Systems Technology, Inc. |
Reconciliation of GAAP Net Loss to Non-GAAP Net
Loss |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(Dollars in thousands) |
|
2023 |
|
2022 |
GAAP net loss |
|
$ |
(1,886 |
) |
|
|
$ |
(15,568 |
) |
|
Reconciling items
affecting net loss: |
|
|
|
|
|
|
|
|
Non-cash intangible amortization expense impacting gross
profit |
|
$ |
314 |
|
|
|
$ |
310 |
|
|
Non-cash intangible amortization expense impacting operating
expenses |
|
|
645 |
|
|
|
|
646 |
|
|
Change in fair value of earn-out |
|
|
660 |
|
|
|
|
6,450 |
|
|
Litigation defense costs |
|
|
— |
|
|
|
|
2,104 |
|
|
Income tax expense on reconciling items* |
|
|
(405 |
) |
|
|
|
(2,378 |
) |
|
Non-GAAP net loss |
|
$ |
(672 |
) |
|
|
$ |
(8,436 |
) |
|
* The effect of income tax on the reconciling items is estimated
using the Company's effective statutory tax rate. |
The following table contains a reconciliation of
net loss to Adjusted EBITDA for the three months ended March 31,
2023 and 2022, 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) |
|
2023 |
|
2022 |
|
$ |
|
% |
Net loss |
|
$ |
(1,886 |
) |
|
$ |
(15,568 |
) |
|
$ |
13,682 |
|
|
(88 |
)% |
Interest expense, net |
|
|
993 |
|
|
|
456 |
|
|
|
537 |
|
|
118 |
% |
Income tax (benefit) expense |
|
|
(2,913 |
) |
|
|
211 |
|
|
|
(3,124 |
) |
|
N.M. |
% |
Depreciation and amortization |
|
|
1,629 |
|
|
|
1,507 |
|
|
|
122 |
|
|
8 |
% |
Stock-based compensation |
|
|
2,023 |
|
|
|
2,228 |
|
|
|
(205 |
) |
|
(9 |
)% |
Change in fair value of earn-out |
|
|
660 |
|
|
|
6,450 |
|
|
|
(5,790 |
) |
|
(90 |
) |
Litigation defense costs |
|
|
— |
|
|
|
2,104 |
|
|
|
(2,104 |
) |
|
(100 |
)% |
Adjusted
EBITDA |
|
$ |
506 |
|
|
$ |
(2,612 |
) |
|
$ |
3,118 |
|
|
(119 |
)% |
Investor Inquiries:
Mike Piccinino, CFA
ICR Westwicke
443-213-0500
investorrelations@tactilemedical.com
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