TACTILE SYSTEMS TECHNOLOGY INC

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 20, 2024

TCMD$26.62+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows


Tactile Systems Technology, Inc.
Consolidated Statements of Cash Flows
· ·
· · Year Ended December 31,
(In thousands)	2023		2022		2021
Cash flows from operating activities
Net income (loss)		$28,515		$(17,866)		$(11,811)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		6,539		6,268		3,681
Deferred income taxes		(19,378)		(32)		10,230
Stock-based compensation expense		7,547		9,600		10,173
Loss on disposal of property and equipment and intangibles		3		20		20
Change in fair value of earn-out liability		(2,475)		11,850		(200)
Changes in assets and liabilities, net of acquisition:
Accounts receivable		11,653		(5,348)		(5,629)
Net investment in leases		1,935		(3,648)		(1,774)
Inventories		597		(3,907)		972
Income taxes		(721)		2,270		(2,294)
Prepaid expenses and other assets		72		(950)		(1,489)
Right of use operating lease assets		71		168		614
Accounts receivable, non-current		12,125		(10,214)		(3,414)
Accounts payable		(3,853)		4,961		826
Accrued payroll and related taxes		(311)		4,961		551
Accrued expenses and other liabilities		(6,464)		7,076		2,175
Net cash provided by operating activities		35,855		5,209		2,631
Cash flows from investing activities
Payments related to acquisition		—		—		(79,829)
Purchases of property and equipment		(2,324)		(1,780)		(2,103)
Proceeds from sale of property and equipment		—		11		—
Intangible assets expenditures		(157)		(140)		(252)
Net cash used in investing activities		(2,481)		(1,909)		(82,184)
Cash flows from financing activities
Proceeds from issuance of note payable		8,250		—		30,000
Proceeds from revolving line of credit		—		—		25,000
Payments on earn-out		(10,575)		(5,000)		—
Payments on note payable		(3,000)		(6,000)		—
Payments on revolving line of credit		(25,000)		—		—
Payments of deferred debt issuance costs		(125)		(39)		(188)
Taxes paid for net share settlement of performance and restricted stock units		—		—		(1,173)
Proceeds from exercise of common stock options		14		153		3,976
Proceeds from the issuance of common stock from the employee stock purchase plan		1,541		1,286		2,312
Proceeds from issuance of common stock at market		34,625		—		—
Net cash provided by (used in) financing activities		5,730		(9,600)		59,927
Net increase (decrease) in cash and cash equivalents		39,104		(6,300)		(19,626)
Cash and cash equivalents – beginning of period		21,929		28,229		47,855
Cash and cash equivalents – end of period		$61,033		$21,929		$28,229

Supplemental cash flow disclosure
Cash paid for interest		$4,560		$2,186		$130
Cash paid for taxes		$5,815		$44		$1,593
Capital expenditures incurred but not yet paid		$528		$38		$23

Tactile Systems Technology, Inc.

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