Tactile Systems Technology(US:TCMD)2025-02-18 21:05Financial Performance - Total revenue for Q4 2024 increased by $7.9 million, or 10%, to $85.6 million compared to Q4 2023[4] - Full year 2024 total revenue increased by $18.6 million, or 7%, to $293.0 million compared to $274.4 million in 2023[9] - Total revenue for the year ended December 31, 2024, was $292,984,000, an increase of 6.3% from $274,423,000 in 2023[25] - Sales revenue for the fourth quarter of 2024 was $75,270,000, up 11.8% from $67,407,000 in the same quarter of 2023[25] Profitability - Net income for Q4 2024 was $9.7 million, or $0.40 per diluted share, compared to $8.2 million, or $0.35 per diluted share, in Q4 2023[7] - Full year 2024 net income was $17.0 million, or $0.70 per diluted share, down from $28.5 million, or $1.23 per diluted share, in 2023[10] - Net income for the year ended December 31, 2024, was $16,960,000, down from $28,515,000 in 2023, indicating a decrease of 40.5%[27] - Net income for Q4 2024 was $9,716, an increase of 18% from $8,202 in Q4 2023, while full-year net income decreased by 41% to $16,960 from $28,515[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 $195,133,000 in 2023, reflecting a gross margin improvement[25] - Operating expenses for the year ended December 31, 2024, totaled $194,507,000, an increase from $177,092,000 in 2023, reflecting a rise of 9.8%[25] Cash Flow and Liquidity - Operating cash flow for 2024 was $40.7 million, up from $35.9 million in 2023[4] - The company ended 2024 with $94.4 million in cash, an increase from $61.0 million at the end of 2023[11] - Cash and cash equivalents at the end of 2024 increased to $94,367,000 from $61,033,000 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 $322 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, with Adjusted EBITDA expected to range from $35,000 to $37,000[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 $15.4 million in Q4 2023[8] - Adjusted EBITDA for Q4 2024 was $16,216, reflecting a 5% increase from $15,376 in Q4 2023, and for the full year, it rose by 25% to $37,050 from $29,654[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 $38 in Q4 2023, marking a notable shift[29] - Income tax expense for Q4 2024 was $3,275, down 8% from $3,562 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-based compensation for Q4 2024 was $1,850, a decrease of 5% from $1,950 in Q4 2023, with a full-year increase of 4% to $7,819 from $7,547[29] - Executive transition costs were reported at $137 for Q4 2024, with a total of $248 for the full year, indicating new strategic initiatives[29] - Depreciation and amortization for Q4 2024 was $1,714, a 6% increase from $1,624 in Q4 2023, and for the full year, it rose by 4% to $6,793 from $6,539[29] Balance Sheet - Total assets increased to $297,924,000 as of December 31, 2024, from $281,438,000 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]