Tactile Systems Technology, Inc. reported a revenue of $293.0 million for the fiscal year ending December 31, 2024, marking a 7% increase from $274.4 million in 2023. The company achieved a net income of $17.0 million, a decrease from $28.5 million in the previous year. The revenue growth was primarily driven by a $17.6 million increase in sales and rentals of lymphedema products, which accounted for 89% of total revenue, and a $0.9 million increase in sales of airway clearance products, which represented 11% of total revenue. The company noted that revenue from Medicare patients decreased to 18% in 2024 from 24% in 2023, while revenue from the Veterans Administration increased slightly to 11%.
In terms of operational developments, Tactile Systems expanded its workforce, employing 298 account managers and specialists as of December 31, 2024, compared to 270 in the previous year. The company also launched the Entre Plus system in March 2023 and received FDA clearance for the Nimbl system in June 2024, which is set to be commercially available in October 2024. The company served over 79,000 patients with its compression therapy devices in 2024, bringing the cumulative total to over 551,000 since the launch of its lymphedema products.
The filing highlighted strategic initiatives, including the acquisition of the AffloVest airway clearance product line in September 2021, which generated $33.6 million in revenue for 2024. Tactile Systems continues to invest in its commercial infrastructure, focusing on increasing clinician awareness and expanding its direct sales force. The company also emphasized its commitment to enhancing reimbursement capabilities and clinical expertise to drive product adoption.
Despite the positive revenue growth, Tactile Systems faces challenges, including potential pricing pressures from private insurers and the impact of changes in Medicare coverage criteria. The company acknowledged that current economic conditions, including inflation and rising interest rates, could adversely affect its business. Looking ahead, Tactile Systems aims to continue expanding its market presence and product offerings while navigating these challenges, with a focus on maintaining strong relationships with payers and enhancing clinical evidence to support its products.
About TACTILE SYSTEMS TECHNOLOGY INC
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