Tactile Systems Technology

TCMD

Medical - Devices · Healthcare

Price

$28.74

-0.67 (-2.28%)

Market Cap

$648.3M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+18.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 19.7M (2021) → 23.3M (2025)

Tactile Systems Technology, Inc., a medical technology company, engages in the development and provision of medical devices for chronic diseases in the United States. The company offers Flexitouch Plus system, a pneumatic compression device for the treatment of lymphedema; Entre system, a portable pneumatic compression device that is used for the at-home treatment of venous disorders, such as lymphedema and chronic venous insufficiency, including venous leg ulcers; and AffloVest, a portable high

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+38.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$8M/ year

→ Flat (-4% vs prior year)

2.6% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

2.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

$75M cash & investments at current burn rate

Growth context

Tactile Systems Technology is growing revenue at 23% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

76.5%

Premium pricing power — 76.5% gross margin

Operating Margin

-2.0%

Losing money on operations — -2.0%

ROCE

-0.7%

Weak — -0.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+17.2%

Fast-growing sales (17.2% YoY)

EPS YoY

+36.4%

Earnings growing fast (36.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

207%

Turns 207% of profit into real cash

FCF Margin

11.4%

Modest free cash flow (11.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

71.91x

Comfortably covers interest (71.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.9x

Pricey — P/E 31.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.9 → 26.2)

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Dividends

Not applicable for this business.

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