Tactile Systems Technology Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Tactile Systems Technology Inc. filed its Q1 2024 10-Q, detailing financial positions and equity-based compensation.</b>

AI Summary

TACTILE SYSTEMS TECHNOLOGY INC (TCMD) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company's principal executive offices are located at 1331 Tyler Street NE Ste 200, Minneapolis, MN 55413. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of various dates in 2023 and 2024. Details on equity incentive plans, including restricted stock units and performance-based awards, are provided for 2023 and 2024. Information on employee stock options and their grant periods is also included.

Why It Matters

For investors and stakeholders tracking TACTILE SYSTEMS TECHNOLOGY INC, this filing contains several important signals. This 10-Q filing provides a snapshot of Tactile Systems Technology Inc.'s financial health and equity structure as of the first quarter of 2024. Investors can analyze the company's capital structure, including common stock, retained earnings, and equity incentive plans, to assess its financial performance and future outlook.

Risk Assessment

Risk Level: low — TACTILE SYSTEMS TECHNOLOGY INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and updates on the company's equity incentive programs.

Key Numbers

• 2024-03-31 — Conformed Period of Report (10-Q filing date)
• 2024-05-06 — Filed as of Date (10-Q filing date)
• 0001027838 — Central Index Key (Company identifier)
• 3841 — Standard Industrial Classification (Surgical & Medical Instruments & Apparatus)
• 2016-08-02 — IPO Date (Initial Public Offering)
• 2023-02-27 — Follow-On Public Offering Date (Secondary offering)

Key Players & Entities

• TACTILE SYSTEMS TECHNOLOGY INC (company) — Filer name
• TCMD (company) — Ticker symbol
• 1331 TYLER STREET NE STE 200 (location) — Business address street 1
• MINNEAPOLIS (location) — Business address city
• MN (location) — Business address state
• 55413 (location) — Business address zip
• 866-435-3948 (phone) — Business phone
• 2024-03-31 (date) — Conformed period of report

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial data as of this date
• 2024-05-06: Filing Date — Date the 10-Q was submitted
• 2016-08-02: IPO Date — Initial Public Offering date
• 2023-02-27: Follow-On Public Offering — Date of a subsequent public offering

Key Financial Figures

• $0.001 — ch registered Common Stock, Par Value $0.001 Per Share TCMD The Nasdaq Stock Mar

Filing Documents

• tcmd-20240331x10q.htm (10-Q) — 1673KB
• tcmd-20240331xex31d1.htm (EX-31.1) — 20KB
• tcmd-20240331xex31d2.htm (EX-31.2) — 20KB
• tcmd-20240331xex32d1.htm (EX-32.1) — 9KB
• tcmd-20240331xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-006795.txt (&nbsp;) — 7478KB
• tcmd-20240331.xsd (EX-101.SCH) — 46KB
• tcmd-20240331_cal.xml (EX-101.CAL) — 65KB
• tcmd-20240331_def.xml (EX-101.DEF) — 208KB
• tcmd-20240331_lab.xml (EX-101.LAB) — 406KB
• tcmd-20240331_pre.xml (EX-101.PRE) — 329KB
• tcmd-20240331x10q_htm.xml (XML) — 1380KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32 2 Table of Contents Forward-Looking Information All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Quarterly Report on Form 10-Q. These risks, uncertainties and other factors include, but are not limited to: our ability to obtain reimbursement from third-party payers for our products; the impact of inflation, rising interest rates or recession; the adequacy of our liquidity to pursue our business objectives; 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 transition matters

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Tactile Systems Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, (In thousands, except share and per share data) 2024 2023 Assets Current assets Cash and cash equivalents $ 60,706 $ 61,033 Accounts receivable 40,491 43,173 Net investment in leases 14,324 14,195 Inventories 20,844 22,527 Prepaid expenses and other current assets 4,908 4,366 Total current assets 141,273 145,294 Non-current assets Property and equipment, net 6,217 6,195 Right of use operating lease assets 18,480 19,128 Intangible assets, net 45,795 46,724 Goodwill 31,063 31,063 Accounts receivable, non-current 6,953 10,936 Deferred income taxes 19,294 19,378 Other non-current assets 2,965 2,720 Total non-current assets 130,767 136,144 Total assets $ 272,040 $ 281,438 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 5,488 $ 6,659 Note payable 2,956 2,956 Accrued payroll and related taxes 11,023 16,789 Accrued expenses 6,866 5,904 Income taxes payable 725 1,467 Operating lease liabilities 2,740 2,807 Other current liabilities 3,335 4,475 Total current liabilities 33,133 41,057 Non-current liabilities Note payable, non-current 25,437 26,176 Accrued warranty reserve, non-current 1,645 1,681 Income taxes payable, non-current 495 446 Operating lease liabilities, non-current 17,857 18,436 Total non-current liabilities 45,434 46,739 Total liabilities 78,567 87,796 Commitments and Contingencies (see Note 9) Stockholders' equity: Preferred stock, $ 0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 300,000,000 shares authorized; 23,761,897 shares issued and outstanding as of March 31, 2024; 23

View Full Filing

View this 10-Q filing on SEC EDGAR