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TCMD

Tactile Systems Technology, Inc.

TCMD

Tactile Systems Technology, Inc. • NASDAQ
$25.71 ▼ -0.85% (-0.22)
Market Cap $574.25 M
52w High $26.57
52w Low $8.61
Dividend Yield 0%
P/E 33.83
Volume 116.12K
Outstanding Shares 22.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $85.755M ▲ $54.038M ▼ $8.209M ▲ 9.573% ▲ $0.37 ▲ $13.075M ▲
Q2-2025 $78.905M ▲ $54.71M ▲ $3.217M ▲ 4.077% ▲ $0.14 ▲ $6.593M ▲
Q1-2025 $61.268M ▼ $49.888M ▼ $-2.974M ▼ -4.854% ▼ $-0.13 ▼ $-1.921M ▼
Q4-2024 $85.585M ▲ $51.854M ▲ $9.716M ▲ 11.352% ▲ $0.4 ▲ $17.629M ▲
Q3-2024 $73.093M $47.373M $5.155M 7.053% $0.21 $8.515M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $65.965M ▼ $259.177M ▼ $54.228M ▼ $204.949M ▲
Q2-2025 $95.985M ▼ $273.048M ▼ $78.122M ▲ $194.926M ▼
Q1-2025 $98.469M ▼ $280.242M ▼ $74.611M ▼ $205.631M ▼
Q4-2024 $108.907M ▲ $297.924M ▲ $81.327M ▲ $216.597M ▲
Q3-2024 $96.099M $287.724M $79.823M $207.901M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.209M ▲ $10.341M ▼ $-1.154M ▼ $-24.75M ▼ $-15.563M ▼ $9.219M ▼
Q2-2025 $3.217M ▲ $14.757M ▲ $-397K ▲ $-16.451M ▼ $-2.091M ▲ $14.388M ▲
Q1-2025 $-2.974M ▼ $417K ▼ $-407K ▲ $-10.758M ▼ $-10.748M ▼ $10K ▼
Q4-2024 $9.716M ▲ $16.333M ▲ $-492K ▲ $-3.62M ▼ $12.221M ▲ $15.841M ▲
Q3-2024 $5.155M $10.256M $-978K $-750K $8.528M $9.278M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Rental revenue
Rental revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Sales revenue
Sales revenue
 $80.00M ▲$50.00M ▼$70.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, and gross profit has risen in step, suggesting the core business is expanding without obvious erosion in basic margins. After a period of essentially breakeven or slightly negative results, the company has moved into consistent operating and EBITDA profitability, which points to better cost control and more efficient scaling of the sales and support model. Net income has also turned positive in the last two years, though earnings have been somewhat volatile, with a particularly sharp swing from losses to a strong profit and then a modest step down more recently. Overall, the income statement shows a business that has transitioned from investment and restructuring mode into a more sustainable profit phase, but with earnings still sensitive to changes in spending, reimbursement, and mix.

Balance Sheet

Balance Sheet The balance sheet looks considerably stronger than a few years ago. Total assets and shareholders’ equity have both risen, showing that the business has been building its capital base rather than eroding it. Cash levels have improved meaningfully after a mid-period dip, giving the company more flexibility to fund growth and ride out reimbursement or demand bumps. Debt increased during the middle of the period but has since been reduced and is now moderate relative to both cash and equity, implying a conservative use of leverage. In simple terms, the company appears to have moved from a more constrained position to one where it holds a net cash cushion and a healthier equity buffer, which lowers financial risk.

Cash Flow

Cash Flow Operating cash flow has shifted from roughly breakeven to clearly positive and has stayed there for more than one year, which is an important confirmation that reported profits are translating into real cash. Free cash flow closely tracks operating cash flow because capital spending has been modest, suggesting the business is not very asset-intensive and can grow without heavy ongoing investment in physical equipment or facilities. This pattern indicates that once revenue is in place, a good portion of it can fall through to cash, giving the company room to fund R&D, sales expansion, and occasional strategic initiatives without constantly relying on new financing. The main watchpoint is that continued cash strength depends on maintaining reimbursement, volumes, and pricing in its niche markets.

Competitive Edge

Competitive Edge Tactile Systems operates in focused niches within medical devices, particularly at-home treatment for lymphedema and certain respiratory conditions. Its competitive position is built on clinically validated products, direct relationships with prescribing clinicians, and a strong focus on patient training and support. The flagship lymphedema system and the mobile airway clearance vest are differentiated versus many traditional devices, with studies indicating superior outcomes or patient preference in several use cases. The company reinforces this with patents around its compression and communication technologies, plus a high-touch, clinician-centric sales model that is not trivial for new entrants to copy. However, it still faces competition from other specialized device makers and remains heavily exposed to reimbursement decisions and clinical guideline trends, which can quickly shift the competitive landscape even for technically strong products.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic pillar. The company has repeatedly refreshed its portfolio with more sophisticated, patient-friendly devices, such as advanced lymphedema systems that treat more of the body and the lighter, more portable Nimbl platform. It is also pushing into digital health with Bluetooth connectivity and the Kylee app, aiming to tie together devices, adherence tracking, and clinician oversight into a single ecosystem. In respiratory care, the mobile vest technology offers a more lifestyle-compatible approach than many legacy systems. Ongoing clinical research underpins this innovation strategy, both to secure reimbursement and to differentiate outcomes from rivals. Future value will depend on how well TCMD can extend Nimbl into additional indications, deepen its digital offerings, and continue to produce high-quality data that supports broader adoption, all while managing the cost of R&D and commercialization.

Summary

Overall, TCMD looks like a niche medical device company that has grown its top line steadily and only recently converted that growth into more reliable profits and cash flow. Its financial position has improved, with more cash, moderate debt, and rising equity, which reduces balance-sheet risk. The business model benefits from strong clinical evidence, patents, and tight integration with clinicians and patients, creating a defensible position in its chosen conditions. At the same time, the company is leaning into innovation—lighter devices, digital connectivity, and new indications—to sustain growth and reinforce its moat. The key uncertainties center on reimbursement dynamics, competitive responses from other specialized device makers, and the company’s ability to keep translating R&D and clinical data into durable, profitable adoption at scale.

NEWS

November 18, 2025 · 4:05 PM UTC

Tactile Medical to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 3, 2025 · 4:05 PM UTC

Tactile Systems Technology, Inc. Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 4:05 PM UTC

Landmark Study Demonstrates Sustained Clinical Benefits of Flexitouch® Plus as First-Line Therapy in Treating Head and Neck Cancer-Related Lymphedema

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October 20, 2025 · 4:05 PM UTC

Tactile Medical to Release Third Quarter of Fiscal Year 2025 Financial Results on November 3, 2025

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