TCMDTACTILE SYSTEMS TECHNOLOGY INC

Surgical & Medical Instruments & Apparatus

Revenue: $330M; 12% YoY
Operating margin: 8.9%; 17% YoY
EBITDA: $36M; 24% YoY
Market cap: $523M
Employees: 1,086; $303K revenue each
Net debt / EBITDA: -2.1×; −$75M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
224% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$303K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$523M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$208M	$247M	$274M	$293M	$330M	12%
Operating income	−$2M	−$13M	$18M	$22M	$29M	32%
Net income	−$12M	−$18M	$29M	$17M	$19M	13%
Operating cash flow	$3M	$5M	$36M	$41M	$43M	5.3%
Capex	$2M	$2M	$2M	$2M	$2M	0.5%
Stock-based comp	$10M	$10M	$8M	$8M	$8M	6.9%
Buybacks	—	—	—	$4M	$27M	657%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 12
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.