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Tactile Systems Technology(TCMD) - 2024 Q4 - Annual Results
TCMDTactile Systems Technology(TCMD)2025-02-18 21:05

Financial Performance - Total revenue for Q4 2024 increased by 7.9million,or107.9 million, or 10%, to 85.6 million compared to Q4 2023[4] - Full year 2024 total revenue increased by 18.6million,or718.6 million, or 7%, to 293.0 million compared to 274.4millionin2023[9]−TotalrevenuefortheyearendedDecember31,2024,was274.4 million in 2023[9] - Total revenue for the year ended December 31, 2024, was 292,984,000, an increase of 6.3% from 274,423,000in2023[25]−Salesrevenueforthefourthquarterof2024was274,423,000 in 2023[25] - Sales revenue for the fourth quarter of 2024 was 75,270,000, up 11.8% from 67,407,000inthesamequarterof2023[25]Profitability−NetincomeforQ42024was67,407,000 in the same quarter of 2023[25] Profitability - Net income for Q4 2024 was 9.7 million, or 0.40perdilutedshare,comparedto0.40 per diluted share, compared to 8.2 million, or 0.35perdilutedshare,inQ42023[7]−Fullyear2024netincomewas0.35 per diluted share, in Q4 2023[7] - Full year 2024 net income was 17.0 million, or 0.70perdilutedshare,downfrom0.70 per diluted share, down from 28.5 million, or 1.23perdilutedshare,in2023[10]−NetincomefortheyearendedDecember31,2024,was1.23 per diluted share, in 2023[10] - Net income for the year ended December 31, 2024, was 16,960,000, down from 28,515,000in2023,indicatingadecreaseof40.528,515,000 in 2023, indicating a decrease of 40.5%[27] - Net income for Q4 2024 was 9,716, an increase of 18% from 8,202inQ42023,whilefull−yearnetincomedecreasedby418,202 in Q4 2023, while full-year net income decreased by 41% to 16,960 from 28,515[29]MarginsandExpenses−Grossmarginimprovedto7528,515[29] Margins and Expenses - Gross margin improved to 75% in Q4 2024, up from 72% in Q4 2023[4] - Gross profit for the year ended December 31, 2024, was 216,688,000, compared to 195,133,000in2023,reflectingagrossmarginimprovement[25]−OperatingexpensesfortheyearendedDecember31,2024,totaled195,133,000 in 2023, reflecting a gross margin improvement[25] - Operating expenses for the year ended December 31, 2024, totaled 194,507,000, an increase from 177,092,000in2023,reflectingariseof9.8177,092,000 in 2023, reflecting a rise of 9.8%[25] Cash Flow and Liquidity - Operating cash flow for 2024 was 40.7 million, up from 35.9millionin2023[4]−Thecompanyended2024with35.9 million in 2023[4] - The company ended 2024 with 94.4 million in cash, an increase from 61.0millionattheendof2023[11]−Cashandcashequivalentsattheendof2024increasedto61.0 million at the end of 2023[11] - Cash and cash equivalents at the end of 2024 increased to 94,367,000 from 61,033,000attheendof2023,representingagrowthof54.661,033,000 at the end of 2023, representing a growth of 54.6%[27] Future Projections - The company expects full year 2025 total revenue to be in the range of 316 million to 322million,representinggrowthofapproximately8322 million, representing growth of approximately 8% to 10% year-over-year[12] - The company projects FY 2025 net income guidance between 15,750 and 17,150,withAdjustedEBITDAexpectedtorangefrom17,150, with Adjusted EBITDA expected to range from 35,000 to 37,000[30]ProductandMarketDevelopment−ThecompanyexpandedthelaunchofitsNimblproducttoincludepatientswithlowerextremitylymphedema[4]−Lymphedemaproductsaccountedfor9037,000[30] Product and Market Development - The company expanded the launch of its Nimbl product to include patients with lower extremity lymphedema[4] - Lymphedema products accounted for 90% of total revenue in Q4 2024, up from 89% in Q4 2023[28] - The company is focusing on expanding its market presence and enhancing product offerings as part of its strategic initiatives moving forward[29] Adjusted Metrics - Adjusted EBITDA for Q4 2024 was 16.2 million, compared to 15.4millioninQ42023[8]−AdjustedEBITDAforQ42024was15.4 million in Q4 2023[8] - Adjusted EBITDA for Q4 2024 was 16,216, reflecting a 5% increase from 15,376inQ42023,andforthefullyear,itroseby2515,376 in Q4 2023, and for the full year, it rose by 25% to 37,050 from 29,654[29]OtherFinancialMetrics−InterestexpenseforQ42024showedasignificantnegativechange,withanetexpenseof29,654[29] Other Financial Metrics - Interest expense for Q4 2024 showed a significant negative change, with a net expense of (476) compared to an income of 38inQ42023,markinganotableshift[29]−IncometaxexpenseforQ42024was38 in Q4 2023, marking a notable shift[29] - Income tax expense for Q4 2024 was 3,275, down 8% from 3,562inQ42023,whilethefull−yeartaxexpenseshowedasubstantialincreasefromabenefitof3,562 in Q4 2023, while the full-year tax expense showed a substantial increase from a benefit of (12,745) to an expense of 6,529[29]−Stock−basedcompensationforQ42024was6,529[29] - Stock-based compensation for Q4 2024 was 1,850, a decrease of 5% from 1,950inQ42023,withafull−yearincreaseof41,950 in Q4 2023, with a full-year increase of 4% to 7,819 from 7,547[29]−Executivetransitioncostswerereportedat7,547[29] - Executive transition costs were reported at 137 for Q4 2024, with a total of 248forthefullyear,indicatingnewstrategicinitiatives[29]−DepreciationandamortizationforQ42024was248 for the full year, indicating new strategic initiatives[29] - Depreciation and amortization for Q4 2024 was 1,714, a 6% increase from 1,624inQ42023,andforthefullyear,itroseby41,624 in Q4 2023, and for the full year, it rose by 4% to 6,793 from 6,539[29]BalanceSheet−Totalassetsincreasedto6,539[29] Balance Sheet - Total assets increased to 297,924,000 as of December 31, 2024, from 281,438,000in2023,markingagrowthof5.9281,438,000 in 2023, marking a growth of 5.9%[23] - Total liabilities decreased to 81,327,000 as of December 31, 2024, down from $87,796,000 in 2023, a reduction of 7.4%[23]