Tactile Systems beats Wall Street estimates in Q2, raises guidance

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 …

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Tactile Medical Systems acquires Afflovest

Tactile Systems this week announced that it has acquired the assets of the AffloVest respiratory therapy business from International Biophysics.

Minneapolis-based Tactile Medical financed the transaction through a combination of cash on hand and $55 million of borrowings under an existing credit facility. The credit facility is provided by Wells Fargo Bank.

AffloVest is a portable, wearable vest that International Biophysics designed to treat patients with chronic respiratory conditions, such as COPD-associated breathing conditions, or conditions resulting from neuromuscular disorders and cystic fibrosis. It manages airway clearance and is battery-powered with high-frequency chest wall oscillation.

“The addition of AffloVest represents an ideal strategic fit for Tactile Medical as it aligns well with our focus of treating patients with underserved chronic conditions in the home,” Tactile Medical president and CEO Dan Reuvers said in a news release. “We e…

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Tactile Systems Technology names new president and CEO

Tactile Medical (NSDQ: TCMD) this week appointed Daniel Reuvers as president and CEO, effective June 8.

Reuvers succeeds Gerald Mattys who is retiring who will serve as a consultant for the company until June 2021.

“After a comprehensive search process which yielded several highly qualified candidates, I am very pleased to announce that the Board of Directors has voted unanimously to appoint Dan Reuvers to the role of President and Chief Executive Officer,” chairperson of the board Peter Soderberg said in a news release. “With more than 30 years of experience in the medical device industry, a proven track record of leading global medical device businesses and company leadership experience with our direct prescriber-to-payer-to-patient business model, we believe Dan is the ideal executive to lead Tactile Medical during its next stage of growth and value creation.”

Reuvers has more than 20 years of leadership experience in the life sciences ind…

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