Tactile Systems (NSDQ: TCMD) this week posted second-quarter results that beat the overall consensus on Wall Street.
The Minneapolis-based company reported losses of $4.6 million, or -23¢ per share, on sales of $59.6 million for the three months ended June 30, for a sales growth of 16.81% compared with Q2 2021.
Earnings per share were -23¢, 12¢ ahead of The Street, where analysts were looking for sales of $16.27 million.
“Our total revenue performance in the second quarter exceeded our expectations, driven by strong sales of our airway clearance products,” President and CEO Dan Reuvers said in a news release.
“Airway clearance product sales increased 96% year-over-year compared to sales by the prior owner in the second quarter of 2021, reflecting strong patient demand seen by our AffloVest channel partners, and our team’s success in supporting these partners and expanding our relationships. Consistent with our expectations, revenue from our lymphedema products increased 1% year-over-year, driven primarily by lower rates of patient, provider and employee absenteeism compared to the first quarter.”
Tactile Systems updated its fiscal 2022 financial outlook, including total revenue to be in the range of $238 million to $242 million to represent a 14% to 16% growth year-over-year.
Shares in TCMD were at a standstill in premarket hours.