BTIG analyst Sean Lavin maintained a Hold rating on Tactile Systems Technology (TCMD) today. The company’s shares closed yesterday at $55.59.
Lavin noted:
“Another quarter, another sales beat. We previewed this as likely being a strong quarter for TCMD. Sales of $37.6M exceeded consensus by ~$4.5M. After excluding the benefit of adopting ASC 842, revenue was still ~$1.5M above consensus and ~30% higher y/y. Guidance was increased by $7M for 2019, including ~$6M of benefit from the new accounting standard. The new 2019 guidance range implies growth of 25-27% y/y – a level we think is impressive this early in the year, but some may wonder if it could have been raised more materially than the beat. What’s more, mgmt noted that the intention is to position TCMD to grow 20+% y/y beyond 2019. While the impact of the accounting change may distract a bit in Tuesday trading, we view this as another strong quarter for TCMD and expect continued topline outperformance.”
According to TipRanks.com, Lavin is a 4-star analyst with an average return of 6.9% and a 55.5% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Establishment Labs Holdings Inc, Helius Medical Technologies, and Obalon Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Tactile Systems Technology with a $65 average price target, a 16.9% upside from current levels. In a report released today, Northland Securities also maintained a Hold rating on the stock with a $50 price target.
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Based on Tactile Systems Technology’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $1.47 million. In comparison, last year the company had a GAAP net loss of $50K.
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Tactile Systems Technology, Inc. is a medical technology company, which develops and provides innovative medical devices for the treatment of chronic diseases at home. The company focus on advancing the standard of care in treating chronic diseases in the home setting to improve patient outcomes and quality of life and help control rising healthcare expenditures. It possesses a platform to deliver at-home healthcare solutions throughout the United States. The company was founded on January 30, 1995 and is headquartered in Minneapolis, MN.
