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Sep 30, 2020
Tactile Systems Q3 2020 Earnings Report
Revenue decreased slightly, but net income remained consistent with the previous year amidst COVID-19 challenges.
Key Takeaways
Tactile Systems Technology reported a slight decrease in revenue for Q3 2020, but net income remained the same as the previous year. The company's performance was impacted by the COVID-19 pandemic, but they were pleased with their strong execution in the third quarter.
Total revenue decreased 1% year-over-year to $49.1 million.
Operating income was $1.8 million, compared to $3.2 million in Q3 2019.
Net income was $2.4 million, consistent with Q3 2019.
Cash, cash equivalents, and marketable securities were $42.2 million at September 30, 2020.
Forward Guidance
The Company expects full year 2020 total revenue in the range of $184.9 million to $186.9 million, representing a decline of 1% to 2% year-over-year, compared to total revenue of $189.5 million in 2019.
Positive Outlook
- Expectations for a modest return to revenue growth on a year-over-year basis in the fourth quarter.
- Well-capitalized, which allows to continue to invest strategically
- Expanding industry leadership position
- Market development activities, in the $5B+ U.S. lymphedema market
- Expect the combination of strong execution, and the eventual subsiding of the pandemic, will result in the return to long-term track record of strong growth and improving profitability.
Challenges Ahead
- Full year 2020 total revenue in the range of $184.9 million to $186.9 million, representing a decline of 1% to 2% year-over-year, compared to total revenue of $189.5 million in 2019.
- Revenue for the third quarter of 2020 was negatively impacted by the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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