Tactile Systems Technology, Inc. (Nasdaq: TCMD), operating as Tactile Medical, develops and supplies home-use compression and airway-clearance devices in the United States. It combines direct-to-patient compression-device distribution and reimbursement support with sales of AffloVest through durable medical equipment providers.
Loading the company summary…
A snapshot of what TACTILE SYSTEMS TECHNOLOGY INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001558370-24-001330 | Feb 20, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001558370-25-001096 | Feb 18, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001104659-26-016380 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Tactile’s operating business strengthened through 2025, but headline earnings require adjustment for context rather than acceptance at face value. Revenue reached $329.5 million and operating income $29.3 million, while a tax correction constrained net income. Its direct-service compression business remained dominant, and respiratory distributor partnerships supplied substantial additional growth. After the February 17, 2026 annual filing, first-half operating results improved again, but operating cash flow weakened sharply and second-quarter respiratory sales declined. Management attributed that decline to distributor inventory timing; underlying patient demand was not quantified. The company retained cash and no credit-agreement borrowings, while deploying funds into acquisitions, distribution rights and repurchases. Reimbursement execution, distributor ordering, growing support costs and unquantified contingent commitments remain important qualifications to the growth story.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-10
Tactile’s main business treats chronic swelling with Flexitouch Plus advanced pneumatic compression devices and simpler Nimbl and Entre systems. It handles referrals, insurance claims, delivery and patient training, capturing manufacturer and distributor margins while bearing substantial service costs. Patient support receives no additional reimbursement. AffloVest, its wearable airway-clearance device, instead sells through durable medical equipment providers that handle reimbursement and patient support. Distributor purchases are therefore not a direct measure of patient placements. The company reports one operating segment; product-line revenue does not establish separate product-line profitability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, revenue was $329.522 million, operating income $29.279 million and GAAP net income $19.086 million. Lymphedema contributed $278.380 million and airway clearance $51.142 million. Management credited commercial execution and respiratory placement partnerships. Medicare and distributor gains more than offset lower private-payer and Veterans Administration revenue; rental revenue was essentially flat. The filings do not quantify price-versus-volume contributions.
Reported gross margin improved to 76% from 74%, but personnel and technology spending absorbed much of the additional gross profit. Tax expense included a $2.8 million correction for deferred tax assets on expired stock options, limiting net-income improvement. Conversely, 2023 earnings had benefited from a tax benefit and acquisition earn-out remeasurement. Operating income is consequently a clearer starting point for the three-year comparison, although it too includes the 2023 earn-out benefit.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31
Operating cash flow reached $42.811 million in 2025, but cash fell to $83.446 million after $26.250 million of principal repayments and $26.561 million of cash repurchases. Cash flow was not equivalent to profit: deferred taxes, stock compensation and depreciation were substantial reconciliation items. In the six months ended June 30, 2026, operating cash flow fell to $2.915 million from $15.174 million despite higher earnings, principally reflecting much less cash released from receivables and inventory absorbing rather than releasing cash.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
June 30, 2026 cash was $69.853 million with no credit-agreement borrowings. The $40 million revolver, maturing July 31, 2028, is borrowing capacity—not cash—and additional facilities are conditional. The company reported covenant compliance, not a quantified cushion. First-half investment included $6.226 million of acquisition cash outflow net of acquired cash and $3 million for MyoSleeve distribution rights. Repurchases used another $6.357 million. Lease obligations, purchase orders and milestone-based acquisition consideration remain relevant despite the absence of bank borrowings.
Sources: 10-Q · 2026-06-30
The August 10, 2026 quarterly filing reported first-half revenue of $160.965 million and operating income of $5.292 million, versus $140.173 million and an operating loss a year earlier. Second-quarter airway-clearance revenue nevertheless declined to $12.068 million. Management attributed this to inventory timing at several large distributors around the June launch of AffloVest Gen 6; sell-through and inventory quantities were not disclosed. August revenue guidance narrowed to $360–366 million from May’s $360–368 million, while non-GAAP adjusted EBITDA guidance remained $49–51 million. However, the releases’ reconciled full-year 2026 GAAP net-income guidance declined from $26.080–27.519 million in February to $24.697–26.137 million in May and $23.230–24.670 million in August. Unchanged adjusted EBITDA guidance therefore did not mean unchanged GAAP profit expectations. These are forecasts, not achieved results.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-10 · EX-99.1 · 2026-05-04 · EX-99.1 · 2026-02-17
Coverage documentation, payer pricing and Medicare prior authorization can affect shipments, collections and support costs. Distributor ordering creates a separate respiratory risk. Single-source components, concentrated facilities, patient-data exposure and product quality remain dependencies. Two False Claims Act actions were resolved by a final agreement on July 14, 2026, but final relators’ fees and payment timing were not disclosed. Acquisition milestones and MyoSleeve purchase commitments also prevent treating their initial payments as complete measures of future cash exposure.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-07-13
USD 329.522 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 329.522 m | 12.5% |
| 2024 | USD 292.984 m | 6.8% |
| 2023 | USD 274.423 m | — |
Consolidated sales and sales-type rental revenue.
Sources: 10-K · 2025-12-31
USD 28.515 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 28.515 m | — |
Consolidated GAAP income after income taxes; includes the 2023 tax benefit and earn-out remeasurement gain.
Sources: 10-K · 2025-12-31
USD 19.086 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 19.086 m | 12.5% |
| 2024 | USD 16.96 m | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 42.811 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 42.811 m | 5.3% |
| 2024 | USD 40.655 m | 13.4% |
| 2023 | USD 35.855 m | — |
GAAP operating cash flow after operating-asset and liability movements; not net income.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
