Tactile Medical, officially known as Tactile Systems Technology, Inc., is a Minneapolis-based medical technology company specializing in at-home therapy devices for chronic conditions such as lymphedema and chronic venous insufficiency. The company offers advanced pneumatic compression devices and comprehensive care services through a national network of specialists, aiming to enhance patient quality of life and reduce healthcare costs.
Company Overview
- Founded: 1995
- Headquarters: 3701 Wayzata Blvd, Suite 300, Minneapolis, MN 55416
- CEO: Sheri Dodd (appointed July 1, 2024)
- Employees: Approximately 992
- Stock Symbol: NASDAQ: TCMD
Product Portfolio
Tactile Medical's primary products include:
- Flexitouch System: A pneumatic compression device for lymphedema treatment.
- AffloVest: A portable airway clearance therapy for respiratory conditions.
- Nimbl: A compact pneumatic compression therapy device designed for portability.
Financial Performance
In the fiscal year 2024, Tactile Medical reported:
- Total Revenue: $293 million
- Gross Profit: $216.7 million
- Net Income: $17 million
- Cash and Cash Equivalents: $94.4 million
- Market Capitalization: Approximately $346.8 million as of October 29, 2024
Market Position and Competition
Tactile Medical operates in the medical devices sector, focusing on at-home therapies for chronic conditions. Its competitors include companies like Respicardia, SinuSys, and ShiraTronics, which also develop medical devices for various health conditions.
Recent Developments
- Leadership Transition: In April 2024, Tactile Medical announced that CEO Dan Reuvers would retire, with board member Sheri Dodd succeeding him as CEO effective July 1, 2024.
- Product Launches: The company introduced the Nimbl platform, a next-generation lymphedema therapy device, in early fall 2024. Additionally, Tactile Medical launched the ACTitouch Adaptive Compression Therapy system for treating venous leg ulcers.
Strategic Initiatives
Tactile Medical is focusing on:
- Technology Investments: Implementing an e-prescribing platform to streamline patient documentation and order processing.
- Product Innovation: Developing next-generation therapy platforms like Nimbl.
- Clinical Evidence: Conducting a randomized controlled trial assessing Flexitouch for head and neck lymphedema, with results expected in early 2025.
