Tactile Systems Technology, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 4, 2024. Total revenue for the quarter increased by 5% to $73.1 million, compared to $69.6 million in the third quarter of 2023. Lymphedema product line revenue increased by 4%, while airway clearance product line revenue grew by 10%.
Gross profit for Q3 2024 rose by 11% to $54.8 million, resulting in a gross margin of 75.0%, up from 70.9% in the prior year's quarter. Net income for the quarter was $5.2 million, or $0.21 per diluted share, compared to $22.3 million, or $0.94 per diluted share, in Q3 2023, with the prior year benefiting from a valuation allowance release on income tax. Adjusted EBITDA for the quarter was $10.7 million, an increase from $7.7 million in Q3 2023.
The company updated its full-year 2024 total revenue outlook to a range of $292 million to $295 million, representing 6% to 8% year-over-year growth, a slight adjustment from its prior guidance of $293 million to $298 million. Additionally, the Board of Directors authorized a share repurchase program of up to $30.0 million of common stock, which will be financed with cash on hand and expires on October 31, 2026.
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