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Jun 30, 2020
Tactile Systems Q2 2020 Earnings Report
Revenue decreased due to the COVID-19 pandemic, resulting in a net loss for the quarter.
Key Takeaways
Tactile Systems Technology reported a 22% decrease in total revenue for the second quarter of 2020, primarily due to the impact of the COVID-19 pandemic on healthcare facilities and patient access. The company experienced an operating loss of $8.0 million and a net loss of $13.9 million, which included a $4.0 million non-cash impairment charge. Despite these challenges, the company saw improving trends throughout the quarter and remains cautiously optimistic about the second half of the year.
Total revenue decreased 22% year-over-year to $35.1 million.
Flexitouch revenue decreased 24% year-over-year to $31.1 million.
Operating loss was $8.0 million, compared to an operating income of $3.0 million in the second quarter of 2019.
Net loss was $13.9 million, compared to a net income of $2.8 million in the second quarter of 2019.
Forward Guidance
The company expects the COVID-19 pandemic to continue impacting their financial and operational results and cannot reliably estimate the future impact of the pandemic on its operations and financial results at this time.
Positive Outlook
- Well-capitalized to weather the crisis.
- Confident in the attractive long-term opportunity.
- Plan to continue investing for growth.
- Focusing on the expansion of commercial organization.
- Leveraging virtual education, selling and service opportunities.
Challenges Ahead
- COVID-19 pandemic is expected to continue to impact financial and operational results.
- Cannot predict the extent to which COVID-19 will impact the business over the near-term.
- Healthcare facilities and clinics restricting access to their clinicians.
- Reducing patient consultations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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