TACTILE SYSTEMS TECHNOLOGY INC

TCMD · Surgical & Medical Instruments & Apparatus · 22.6M shares · +4%/yr ↑ shares · EDGAR filings ↗

Net buyback after stock comp: -$4M (gross $4M, SBC $8M)

Reference price $24.49 · est. market cap ~$552M — last insider sale, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B72

Medical-device maker (lymphedema/Flexitouch) — profitable, debt-free, with positive FCF.

Strengths

Profitable, debt-free — operating margin 9% (76th), D/E 0.0, FCF $40M (83rd)
High gross margin — 76%
Strong liquidity — current ratio 4.0 (60th)

Risks

Reimbursement dependence — per 10-K
Niche-market concentration — per 10-K
Competition — per 10-K

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Customer concentration~84% of revenue from one customer/distributor — Sales and rentals of our lymphedema products represented 84% and 89% of our revenue in the years ended December 31, 2025 and 2024, respectively
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Revenue declineRevenue -27.3% YoY
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Insider sellingInsider selling — 11 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$2M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $79M2025-09-30 · $86M2025-12-31 · $104M2026-03-31 · $75M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

75.9%

Operating margin

8.9%

Net margin

5.8%

Return on equity

8.7%

Return on assets

7.0%

ROIC

10.6%

Revenue growth (QoQ)

-27.3%

Net-income growth

12.5%

Debt / equity

0.0×

Net debt / EBITDA

-2.3×

Current ratio

4.0×

Free cash flow

$40M

EBITDA

$36M

Tangible book value

$149M

Cash & investments

$83M

Stock comp / revenue

2.5%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-11	Birkemeyer Elaine M.	Sell	4.6K	$24.49
2026-05-06	Huggenberger Raymond	Grant	6.5K	—
2026-05-06	Shafer David Brent	Grant	6.5K	—
2026-05-06	Pearson Andrea	Grant	6.5K	—
2026-05-06	Volkart Carmen B	Grant	6.5K	—
2026-05-06	BURKE WILLIAM W	Grant	6.5K	—
2026-05-06	King Laura G.	Grant	6.5K	—
2026-05-06	Washington Boyd Vindell	Grant	6.5K	—
2026-05-06	Asbury Valerie L.	Grant	6.5K	—
2026-03-09	Pearson Andrea	Grant	852	—
2026-02-24	Birkemeyer Elaine M.	Sell	7.7K	$28.94
2026-02-24	Burns Kristie	Sell	6.2K	$28.94
2026-02-24	Dodd Sheri Louise	Sell	11K	$28.94
2026-02-23	Burns Kristie	Sell	160	$28.69
2026-02-23	Birkemeyer Elaine M.	Sell	5.3K	$28.28
2026-02-23	Birkemeyer Elaine M.	Sell	196	$28.69
2026-02-23	Dodd Sheri Louise	Sell	15K	$28.28
2026-02-23	Dodd Sheri Louise	Sell	537	$28.69
2026-02-23	Burns Kristie	Sell	4.3K	$28.28
2026-02-20	Birkemeyer Elaine M.	Grant	16K	—
2026-02-20	Birkemeyer Elaine M.	Grant	3.6K	—
2026-02-20	Birkemeyer Elaine M.	Grant	6.8K	—
2026-02-20	Burns Kristie	Grant	3.5K	—
2026-02-20	Burns Kristie	Grant	4.1K	—
2026-02-20	Burns Kristie	Grant	7.1K	—
2026-02-20	Dodd Sheri Louise	Grant	20K	—
2026-02-20	Dodd Sheri Louise	Grant	28K	—
2026-02-19	Birkemeyer Elaine M.	Grant	23K	—
2026-02-19	Burns Kristie	Grant	6.2K	—
2026-02-19	Dodd Sheri Louise	Grant	49K	—
2026-01-02	Burns Kristie	Sell	5.1K	$28.85
2025-08-08	Dodd Sheri Louise	Sell	7.8K	$12.36
2025-05-12	Birkemeyer Elaine M.	Sell	2.9K	$9.94
2025-05-08	BURKE WILLIAM W	Sell	3.3K	$9.67
2025-05-08	Dodd Sheri Louise	Sell	3.1K	$9.83
2025-05-07	Shafer David Brent	Grant	16K	—
2025-05-07	Volkart Carmen B	Grant	16K	—
2025-05-07	Washington Boyd Vindell	Grant	16K	—
2025-05-07	Huggenberger Raymond	Grant	16K	—
2025-05-07	BURKE WILLIAM W	Grant	16K	—
2025-05-07	Asbury Valerie L.	Grant	16K	—
2025-05-07	King Laura G.	Grant	16K	—
2025-03-11	REUVERS DANIEL L.	Gift	68K	—
2025-03-11	REUVERS DANIEL L.	Gift	68K	—
2025-02-25	Burns Kristie	Sell	6.5K	$14.40
2025-02-25	Birkemeyer Elaine M.	Sell	2.1K	$14.51
2025-02-25	REUVERS DANIEL L.	Sell	28K	$14.18
2025-02-24	Burns Kristie	Sell	4.8K	$14.65
2025-02-24	REUVERS DANIEL L.	Sell	11K	$14.55
2025-02-24	Birkemeyer Elaine M.	Sell	3.8K	$14.70
2025-02-20	Burns Kristie	Grant	17K	—
2025-02-20	Birkemeyer Elaine M.	Grant	3.4K	—
2025-02-20	Birkemeyer Elaine M.	Grant	6.9K	—
2025-02-20	Birkemeyer Elaine M.	Grant	36K	—
2025-02-20	King Laura G.	Grant	3.0K	—
2025-02-20	Dodd Sheri Louise	Grant	20K	—
2025-02-20	REUVERS DANIEL L.	Grant	16K	—
2025-02-20	Dodd Sheri Louise	Grant	66K	—
2025-02-20	Burns Kristie	Grant	3.4K	—
2025-02-20	Burns Kristie	Grant	4.1K	—

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT00847002 ↗	Flexitouch Treatment for Venous Ulcers Venous Ulcer	NA	Terminated	2010-08-01

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Supply chain

Customers (0)

Suppliers (1)

Thermotek, Inc.

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-05-07	5.03Shareholder voteExhibits	filing ↗
2026-05-04	ResultsExhibits	filing ↗
2026-03-09	Exec/director changeReg FDExhibits	filing ↗
2026-02-17	ResultsReg FDExhibits	filing ↗
2025-11-03	ResultsOtherExhibits	filing ↗
2025-08-04	ResultsExhibits	filing ↗
2025-05-09	Exec/director changeShareholder voteExhibits	filing ↗
2025-05-05	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-07	2026-05-06	0001104659-26-057271 ↗
8-K	2026-05-04	2026-05-04	0001104659-26-054869 ↗
10-Q	2026-05-04	2026-03-31	0001104659-26-054877 ↗
8-K	2026-03-09	2026-03-04	0001104659-26-024981 ↗
10-K	2026-02-17	2025-12-31	0001104659-26-016380 ↗
8-K	2026-02-17	2026-02-17	0001104659-26-016370 ↗
10-Q	2025-11-03	2025-09-30	0001104659-25-105543 ↗
8-K	2025-11-03	2025-11-03	0001104659-25-105537 ↗
8-K	2025-08-04	2025-08-04	0001558370-25-010096 ↗
10-Q	2025-08-04	2025-06-30	0001558370-25-010098 ↗
8-K	2025-05-09	2025-05-07	0001104659-25-046813 ↗
10-Q	2025-05-05	2025-03-31	0001558370-25-006295 ↗