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Why Tactile Systems Technology Stock Dropped Today

TheMotleyFool

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Shares of Tactile Systems Technology (NASDAQ: TCMD) fell as much as 18.5% early Tuesday, then settled to close down 3.2% after the medical technology company announced mixed quarterly results and light forward guidance.

Tactile Medical's fourth-quarter 2023 revenue grew 5% year over year to $77.7 million, translating to adjusted (non-GAAP) net income of $8.9 million, or $0.37 per share. Analysts, on average, were expecting lower earnings of $0.22 per share, but on lightly higher revenue of $78.4 million.

Within Tactile Medical's top line, growth was led by a 5.6% increase in sales and rentals of the company's lymphedema therapies, as well as a slight increase in sales of its airway clearance products.

Source Fool.com

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