Tactile Systems Technology, Inc. (TCMD) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS
Tactile Systems Technology, Inc. (NASDAQ:TCMD) announced its quarterly earnings results on Monday. The company reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03, Morningstar.com reports. The business had revenue of $26.30 million for the quarter, compared to analyst estimates of $23.88 million. Tactile Systems Technology had a return on equity of 4.82% and a net margin of 2.24%. Tactile Systems Technology’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.04 EPS.
Shares of Tactile Systems Technology (TCMD) traded up 15.73% during mid-day trading on Tuesday, reaching $34.35. The company had a trading volume of 167,407 shares. Tactile Systems Technology has a 12-month low of $12.17 and a 12-month high of $35.79. The firm’s 50 day moving average is $28.57 and its 200-day moving average is $21.57. The stock has a market capitalization of $581.89 million and a P/E ratio of 309.46.
Several analysts recently commented on TCMD shares. Zacks Investment Research raised Tactile Systems Technology from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Saturday, June 10th. ValuEngine raised Tactile Systems Technology from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Canaccord Genuity reaffirmed a “buy” rating and issued a $37.00 price target (up previously from $28.00) on shares of Tactile Systems Technology in a research note on Tuesday. Finally, Piper Jaffray Companies boosted their price target on Tactile Systems Technology to $36.00 and gave the company an “overweight” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $32.00.
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In related news, major shareholder Galen Partners V. Lp sold 325,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $21.25, for a total transaction of $6,906,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Bryan Rishe sold 1,500 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $26.45, for a total value of $39,675.00. Following the sale, the vice president now directly owns 113,807 shares in the company, valued at approximately $3,010,195.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,333,307 shares of company stock worth $32,954,334. 49.90% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in Tactile Systems Technology by 1,118.5% in the first quarter. Bank of America Corp DE now owns 6,982 shares of the company’s stock valued at $133,000 after buying an additional 6,409 shares during the period. Bank of Montreal Can purchased a new stake in Tactile Systems Technology during the second quarter valued at $146,000. Trexquant Investment LP purchased a new stake in Tactile Systems Technology during the first quarter valued at $224,000. Bank of New York Mellon Corp increased its stake in Tactile Systems Technology by 33.7% in the first quarter. Bank of New York Mellon Corp now owns 13,805 shares of the company’s stock valued at $262,000 after buying an additional 3,480 shares during the period. Finally, Rhumbline Advisers purchased a new stake in Tactile Systems Technology during the second quarter valued at $267,000. 34.73% of the stock is currently owned by institutional investors.
About Tactile Systems Technology
Tactile Systems Technology, Inc is a medical technology company that develops and provides medical devices for the treatment of chronic diseases at home. The Company is a manufacturer and distributor of the Flexitouch and Entre Systems, medical devices that help control symptoms of lymphedema, a chronic and progressive medical condition that is often an unintended consequence of cancer treatment, and the ACTitouch System, a medical device used to treat venous leg ulcers and chronic venous insufficiency.
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