Tactile Systems Technology, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, on February 18, 2025. For Q4 2024, total revenue increased by 10% to $85.6 million compared to $77.7 million in Q4 2023. Lymphedema product line revenue grew by 11%, and airway clearance revenue increased by 4%.
Gross margin for the fourth quarter expanded to 75.2% from 72.1% in the prior year. Net income for Q4 2024 was $9.7 million, or $0.40 per diluted share, up from $8.2 million, or $0.35 per diluted share, in Q4 2023. Adjusted EBITDA for the quarter was $16.2 million, compared to $15.4 million in the same period last year.
For the full year 2024, total revenue increased by 7% to $293.0 million, up from $274.4 million in 2023. Full-year adjusted EBITDA was $37.1 million, an increase from $29.7 million in 2023. Net income for the full year was $17.0 million, or $0.70 per diluted share, compared to $28.5 million, or $1.23 per diluted share, in 2023, with the prior year benefiting from a tax valuation allowance release.
The company provided its full-year 2025 financial outlook, expecting total revenue in the range of $316 million to $322 million, representing 8% to 10% year-over-year growth. Adjusted EBITDA for 2025 is projected to be between $35 million and $37 million, compared to $37.1 million in 2024, reflecting continued strategic investments.
As of December 31, 2024, Tactile Medical had $94.4 million in cash and cash equivalents. The company also noted that $26.5 million remained available under its $30.0 million share repurchase program, which became effective on October 30, 2024, and is set to expire on October 31, 2026.
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