# Tactile Systems Technology, Inc. (TCMD)

> Source: Nexqual · https://nexqual.com/TCMD · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Tactile Systems Technology, Inc. (TCMD), nexqual.com/TCMD" · informational, not investment advice.

**Price:** USD 24.31 (+1.67% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 23.91 · day 24.11–24.57 · 52w 14.84–37.77 · market cap $551M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $350M, net income $24.9M (7.1% margin), free cash flow $26.8M (SEC filings).
- Valuation: P/E 22.1x (avg 23.8x at the last 3 fiscal year-ends), EV/EBITDA 11.5x, net cash $69.9M.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 37.67 (range 35–40).
- Total return with dividends: 1Y +58.7% vs S&P 500 +14.8%; 5Y -29.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD 0.34, revenue estimate $92.0M. All companies reporting that day: https://nexqual.com/earnings/2026-11-02
- Dividend: TCMD paid no cash dividend in the last five years.
- Short interest: 12.69% of float (as of 2026-10-15), 11.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $208M | $247M | $274M | $293M | $330M | $350M |
| Gross profit | $148M | $176M | $195M | $217M | $250M | — |
| Operating income | -$1.8M | -$12.8M | $18.0M | $22.2M | $29.3M | $35.0M |
| Net income | -$11.8M | -$17.9M | $28.5M | $17.0M | $19.1M | $24.9M |
| EPS (diluted) | -$0.60 | -$0.89 | $1.23 | $0.70 | $0.82 | — |
| Free cash flow | $528K | $3.4M | $33.5M | $38.3M | $40.4M | $26.8M |
| Gross margin | 71.2% | 71.3% | 71.1% | 74.0% | 75.9% | — |
| Operating margin | -0.8% | -5.2% | 6.6% | 7.6% | 8.9% | 10.0% |
| Net margin | -5.7% | -7.2% | 10.4% | 5.8% | 5.8% | 7.1% |
| Revenue growth | +11.2% | +18.6% | +11.2% | +6.8% | +12.5% | — |
| Cash + short-term investments | — | — | $61.0M | $94.4M | $83.4M | — |
| Total debt | $26.9M | $21.0M | $26.2M | $23.2M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.1x · P/S 1.6x · EV/EBITDA 11.5x · EV/Sales 1.4x · P/FCF 20.5x · P/B 2.5x · FCF yield 4.87% · Earnings yield 4.52% · Buyback yield (TTM) 1.15% · Net cash $69.9M · EV $481M
P/E at fiscal year-ends: Dec 2025 35.4x, Dec 2024 24.4x, Dec 2023 11.6x.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 37.67 (low 35, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | BTIG | Target lowered | Buy | $39 → $35 |
| 2026-08-11 | BTIG | Target lowered | Buy | $40 → $39 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +58.7% | -29.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +59.1% | -6.7% |
| Volatility (annualized) | 59.3% | 64.2% |
| Max drawdown | -34.3% (Feb 2026→Oct 2026) | -82.3% (Nov 2021→Oct 2022) |

## Dividends
TCMD paid no cash dividend in the last five years.

## Short interest
2,829,763 shares sold short, 12.69% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,815,055 shares (+0.5%). Days to cover: 11.2 (short shares ÷ average daily volume).

## Peers (Medical Devices)
INSP (Inspire Medical Systems, Inc.) USD 71.18 +0.30% · ESTA (Establishment Labs Holdings Inc) USD 68.41 -0.81% · BFLY (Butterfly Network, Inc.) USD 7.51 -3.84% · UFPT (UFP Technologies, Inc.) USD 293.3 +2.55% · TMDX (TransMedics Group, Inc.) USD 67.12 +0.33% · ALMR (Alamar Biosciences, Inc.) USD 34.04 -0.76%

## More
Full page: https://nexqual.com/TCMD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TCMD's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1027838/000110465926016380/tcmd-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Thermotek | "We introduced the Entre system in the United States in February 2013, this device was manufactured by Thermotek, Inc. and received FDA clearance in 2010." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $76.5M | 89.3% | +8.4% |
| Lymphedema Products | $73.6M | 85.9% | +11.6% |
| Airway Clearance Products | $12.1M | 14.1% | -6.7% |
| Rental Product Service | $9.2M | 10.7% | +10.0% |
| Total revenue | $85.7M | 100% | — |
The lines above cover 200% of total revenue.

## Customer concentration

Period ended 2025-12-31: 24%, 2% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-08-10)

- "The Company is updating its 2026 financial outlook and now expects full year 2026 total revenue in the range of $360 million to $366 million, representing growth of approximately 9% to 11% year-over-year, compared to total revenue of $329.5 million in 2025."
- "The Company's prior 2026 guidance expectation was total revenue in the range of $360 million to $368 million, representing growth of approximately 9% to 12% year-over-year."
- "The Company continues to expect full year 2026 adjusted EBITDA in the range of $49 million to $51 million, compared to adjusted EBITDA of $44.8 million in 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.39 | -14.1% | $92.0M | 2 |
| Next quarter (ends 2026-12-31) | $0.56 | $0.61 | -8.9% | $109.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.17 | $1.09 | +6.4% | $362.4M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.46 | $1.50 | -3.3% | $396.6M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±17.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 89.1% | ±17.9% |
| 2026-12-18 | 50 | 68.4% | ±20.6% |
| 2027-01-15 | 78 | 60.1% | ±22.4% |
| 2027-04-16 | 169 | 58.6% | ±31.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.36 | $0.17 | Beat +111.8% | — |
| — | Quarter ended Mar 31, 2026 | $0.00 | −$0.04 | Beat +$0.04 | — |
| — | Quarter ended Dec 31, 2025 | $0.46 | $0.45 | Beat +2.2% | — |
| — | Quarter ended Sep 30, 2025 | $0.36 | $0.21 | Beat +71.4% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).