Tactile Systems up on beating Q4 profit, revenue expectations

Tactile Systems Technology

21/02/2023 17:33

** Tactile Systems Technology Inc's shares  TCMD.O  up 1.5%
at $14.23 
    ** Med-tech co focused on developing medical devices for the
treatment of chronic diseases posted Q4 Adj. earnings of 23
cents​​ per share vs analysts' ests of 14 cents per share -
Refinitiv data 
    ** Co recorded a 19.7% rise in revenue to $73.90 mln from a
year ago; analysts expected $70.53 mln 
    ** The revenue growth was driven by strong contributions
from both its lymphedema treatment system and airway clearance
products 
    ** Lymphedema occurs due to blockage in the lymphatic system
which is part of the immune system and leads to swelling of the
upper and lower limbs 
    ** Co sees FY 2023 total revenue in $269 mln to $273 mln
range 
    ** TCMD, separately, also reported that Brent Moen has
communicated his intention to retire as Chief Financial Officer
(CFO) in the year
    ** Moen plans to continue as the company CFO until his
successor is appointed 
    ** In 2022, co's stock lost 39.7% 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))