Condensed Consolidated Statements of Cash Flows(Unaudited) Three Months Ended March 31,(In thousands) 2025 2024Cash flows from operating activities Net loss $(2,974) $(2,209)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,726 1,634 Deferred income taxes 252 84 Stock-based compensation expense 2,066 2,039 Loss on disposal of property and equipment and intangibles 5 — Changes in assets and liabilities, net of acquisition: Accounts receivable, net 9,244 2,682 Net investment in leases (310) (129)Inventories (201) 1,683 Income taxes (1,347) (693)Prepaid expenses and other assets (2,452) (787)Right of use operating lease assets (267) 2 Accounts receivable, non-current — 3,983 Accounts payable 1,387 (1,396)Accrued payroll and related taxes (6,994) (5,766)Accrued expenses and other liabilities 282 (203)Net cash provided by operating activities 417 924 Cash flows from investing activities Purchases of property and equipment (379) (482)Intangible assets expenditures (28) (20)Net cash used in investing activities (407) (502)Cash flows from financing activities Payments on note payable (750) (750)Proceeds from exercise of common stock options 10 1 Payments for repurchases of common stock (10,018) — Net cash used in financing activities (10,758) (749)Net decrease in cash (10,748) (327)Cash – beginning of period 94,367 61,033 Cash – end of period $83,619 $60,706 Supplemental cash flow disclosure Cash paid for interest $444 $583 Cash paid for taxes $15 $54 Accrued excise tax on stock repurchases $50 $— Capital expenditures incurred but not yet paid $189 $225 The following table summarizes revenue by product line for the three months ended March 31, 2025 and 2024: Three Months Ended March 31,(In thousands) 2025 2024 Revenue Lymphedema products $50,554 $52,313 Airway clearance products 10,714 8,775 Total $61,268 $61,088 Percentage of total revenue Lymphedema products 83% 86%Airway clearance products 17% 14%Total 100% 100% The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, as well as the dollar and percentage change between the comparable periods: Tactile Systems Technology, Inc.
First Quarter 2025 Summary & Recent Business Highlights: Total revenue increased 0.3% year-over-year to $61.3 millionGross margin of 74% versus 71% in Q1 2024Net loss of $3.0 million versus $2.2 million in Q1 2024Adjusted EBITDA loss of $0.3 million versus positive Adjusted EBITDA of $1.0 million in Q1 2024Repurchased $10.0 million of stock under the Company’s share repurchase programExpanded launch of Nimbl to include patients with lower extremity conditions, the largest segment of the lymphedema marketCompleted launch of a new customer relationship management (CRM) tool and previously announced optimization of sales organization "Through the first quarter our team executed on several highly strategic, growth-oriented priorities.
Condensed Consolidated Balance Sheets(Unaudited) March 31, December 31,(In thousands, except share and per share data) 2025 2024Assets Current assets Cash $83,619 $94,367Accounts receivable, net 35,693 44,937Net investment in leases 14,850 14,540Inventories 18,867 18,666Income taxes receivable 1,193 —Prepaid expenses and other current assets 5,900 5,053Total current assets 160,122 177,563Non-current assets Property and equipment, net 5,391 5,603Right of use operating lease assets 16,174 16,633Intangible assets, net 41,866 42,789Goodwill 31,063 31,063Deferred income taxes 18,059 18,311Other non-current assets 7,567 5,962Total non-current assets 120,120 120,361Total assets $280,242 $297,924Liabilities and Stockholders' Equity Current liabilities Accounts payable $7,224 $5,648Note payable 2,956 2,956Accrued payroll and related taxes 10,929 17,923Accrued expenses 7,177 7,780Income taxes payable — 270Operating lease liabilities 3,036 2,980Other current liabilities 4,079 3,147Total current liabilities 35,401 40,704Non-current liabilities Note payable, non-current 22,481 23,220Accrued warranty reserve, non-current 1,201 1,209Income taxes payable, non-current 355 239Operating lease liabilities, non-current 15,173 15,955Total non-current liabilities 39,210 40,623Total liabilities 74,611 81,327 Stockholders’ equity: Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024 — —Common stock, $0.001 par value, 300,000,000 shares authorized; 23,584,471 shares issued and outstanding as of March 31, 2025; 23,883,475 shares issued and outstanding as of December 31, 2024 24 24Additional paid-in capital 172,727 180,719Retained earnings 32,880 35,854Total stockholders’ equity 205,631 216,597Total liabilities and stockholders’ equity $280,242 $297,924 Tactile Systems Technology, Inc.
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