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What were the key takeaways from Tactile Systems’s earnings call?

- **Revenue surge**: Q3 2025 total revenue $85.8M (+17% YoY), with airway clearance up 71% YoY and lymphedema +11% YoY.
- **Strategic wins**: 329 reps driving lymphedema recovery, AffloVest near market leader, and $25M share buyback.
- **Profit growth**: EBITDA +34% YoY to $14.4M, net income +59% YoY.
- **Future tailwinds**: NCD policy, next-gen AffloVest, and AI-driven order efficiency.
- **Risk mitigation**: Tariff impact reduced to $1M in 2025.

**【CEO Summary Section】**
- Total Q3 2025 revenue: $85.8 million (+17% YoY), driven by lymphedema ($72.4M, +11% YoY) and airway clearance ($13.4M, +71% YoY). Sequential growth: lymphedema +10%, airway clearance +3%.
- Lymphedema recovery: 329 reps (vs. 260 at end-Q1), 1:1 account manager/product specialist model, and CRM adoption boosting productivity. Medicare channel rebound (+130% YoY) offset by commercial/VA declines.
- Airway clearance momentum: AffloVest partnerships with top 10 DMEs, 5M+ bronchiectasis patients, and next-gen product (FDA review pending).
- Strategic priorities: AI in order ops, Nimbl market leadership, and care navigation pilots for patient engagement.
- Guidance update: Full-year 2025 revenue $317-321M (+8-10% YoY), EBITDA $38-39.5M.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income: $8.2M ($0.36 EPS), +59% YoY. Adjusted EBITDA: $14.4M (+34% YoY). Gross margin: 76% (vs. 75% YoY).
- Operating expenses: $54M (+13% YoY), driven by sales (+$3M) and tech investments. Free cash flow: $66M (no debt).
- 2025 outlook: Lymphedema +3-4%, airway clearance +52-55%. Tariff impact $1M (halved post-2025).

**【Q&A Key Highlights】**
- **AffloVest sustainability**: DME partnerships, market awareness, and product differentiation. Near #1 share vs. Baxter. 2025 growth +71% vs. 2024 +11%.
- **Lymphedema growth drivers**: 329 reps, CRM, and NCD tailwind (direct access to advanced pumps). Sequential productivity gains and 2026 market growth expectations.
- **Investments**: $25M share repurchase, AI/CRM, and care navigation. 2025 EBITDA +34% YoY.
- **Policy impact**: NCD allowing head/neck lymphedema patients to bypass basic pumps. 2026 policy changes expected.
- **Tariff mitigation**: 2025 impact $1M, post-2025 $0.5M annualized.

Tactile Systems Technology, Inc. (TCMD) Q3 2025 Earnings Call Transcript

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