Tactile Medical次季收入8570萬美元增8.6% 淨利潤780萬美元遠勝去年同期

Tactile Systems Technology, Inc._June 30, 2026
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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to 
Commission File Number: 001-37799

Tactile Systems Technology, Inc.
(Exact name of registrant as specified in its charter)

 

Delaware
3701 Wayzata Blvd, Suite 300 
41-1801204

(State or other jurisdiction of
incorporation or organization)
Minneapolis, Minnesota 55416
(I.R.S. Employer
Identification No.)

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(Address and zip code of principal executive offices)
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(612) 355-5100
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(Registrant’s telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common Stock, Par Value $0.001 Per Share
TCMD
The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑  No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑  No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
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Large accelerated filer
☐
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Accelerated filer
☑
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Non-accelerated filer 
◻

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Smaller reporting company 
☐
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Emerging growth company
☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☑
22,652,286 shares of common stock, par value $0.001 per share, were outstanding as of August 6, 2026.
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Table of Contents

TABLE OF CONTENTS

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PART I—FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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4

Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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24

Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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35

Item 4.
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Controls and Procedures
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35

 
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PART II—OTHER INFORMATION
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Item 1.
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Legal Proceedings
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35

Item 1A.
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Risk Factors
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36

Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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36

Item 3.
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Defaults Upon Senior Securities
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36

Item 4.
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Mine Safety Disclosures
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36

Item 5.
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Other Information
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36

Item 6.
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Exhibits
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37

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2

Table of Contents 

Forward-Looking Information
All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Quarterly Report on Form 10-Q. These risks, uncertainties and other factors include, but are not limited to:
●our ability to obtain reimbursement from third-party payers for our products; 
●adverse economic conditions, including inflation, rising interest rates or recession;
●the adequacy of our liquidity to pursue our business objectives; 
●price increases for supplies and components;
●wage and component price inflation; 
●loss of a key supplier or other supply chain disruptions; 
●entry of new competitors and/or competitive products; 
●compliance with and changes in federal, state and local government laws and regulations;
●technological obsolescence of, or quality issues with, our products; 
●our ability to expand our business through strategic acquisitions; 
●our ability to integrate acquisitions and related businesses; 
●the effects of current and future U.S. and foreign trade policy and tariff actions; and
●the inability to carry out research, development and commercialization plans.

You should read the matters described in “Risk Factors” and the other cautionary statements made in our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent Quarterly Reports on Form 10-Q. We cannot assure you that the forward-looking statements in this report will prove to be accurate and therefore you are encouraged not to place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. You are urged to carefully review and consider the various disclosures made by us in this report and in other filings with the Securities and Exchange Commission (the “SEC”) that advise of the risks and factors that may affect our business. Other than as required by law, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make.
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3

Table of Contents 

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
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Tactile Systems Technology, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

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June 30,
  ​ ​ ​
December 31,

(In thousands, except share and per share data)
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2026
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2025

Assets
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Current assets
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Cash
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$
 69,853
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$
 83,446

Accounts receivable, net
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 43,140
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 43,876

Net investment in leases
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 14,927
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 15,754

Inventories
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 16,845
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 14,025

Income taxes receivable
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 912
​
 
 —

Prepaid expenses and other current assets
​
 
 11,925
​
 
 8,066

Total current assets
​
 
 157,602
​
 
 165,167

Non-current assets
​
​
​
​
​
​

Property and equipment, net
​
 
 5,849
​
 
 5,117

Right of use operating lease assets
​
 
 12,553
​
 
 13,798

Intangible assets, net
​
 
 44,747
​
 
 39,167

Goodwill
​
​
 39,554
​
​
 31,063

Deferred income taxes
​
 
 8,703
​
 
 9,783

Other non-current assets
​
 
 10,660
​
 
 9,847

Total non-current assets
​
 
 122,066
​
 
 108,775

Total assets
​
$
 279,668
​
$
 273,942

Liabilities and Stockholders' Equity
​
​
​
​
​
​

Current liabilities
​
​
​
​
​
​

Accounts payable
​
$
 7,923
​
$
 4,968

Accrued payroll and related taxes
​
 
 15,615
​
 
 19,378

Accrued expenses
​
 
 8,423
​
 
 8,531

Income taxes payable
​
 
 —
​
 
 1,428

Operating lease liabilities
​
 
 3,095
​
 
 3,195

Other current liabilities
​
 
 3,197
​
 
 3,457

Total current liabilities
​
 
 38,253
​
 
 40,957

Non-current liabilities
​
​
​
​
​
​

Accrued warranty reserve, non-current
​
 
 1,079
​
 
 1,045

Income taxes payable, non-current
​
 
 370
​
 
 275

Operating lease liabilities, non-current
​
​
 11,267
​
 
 12,763

Other non-current liabilities
​
​
 4,863
​
​
 —

Total non-current liabilities
​
 
 17,579
​
 
 14,083

Total liabilities
​
 
 55,832
​
 
 55,040

Commitments and Contingencies (see Note 9)
​
​
​
​
​
​

Stockholders’ equity:
​
​
​
​
​
​

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025
​
 
 —
​
 
 —

Common stock, $0.001 par value, 300,000,000 shares authorized; 22,701,241 shares issued and outstanding as of June 30, 2026; 22,438,926 shares issued and outstanding as of December 31, 2025
​
 
 23
​
 
 22

Additional paid-in capital
​
 
 162,851
​
 
 163,940

Retained earnings
​
 
 60,962
​
 
 54,940

Total stockholders’ equity
​
 
 223,836
​
 
 218,902

Total liabilities and stockholders’ equity
​
$
 279,668
​
$
 273,942

​
​
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
​
​

4

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​

​

​

​

​

​

​

​

​

​

​

​

​

Tactile Systems Technology, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
Three Months Ended
​
Six Months Ended 

​
​
June 30,
​
June 30,

(In thousands, except share and per share data)
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenue
​
​
​
​
​
​
​
​
​
​
​
​

Sales revenue
​
$
 76,489
​
$
 70,531
​
$
 143,455
​
$
 123,000

Rental revenue
​
 
 9,209
​
 
 8,374
​
 
 17,510
​
 
 17,173

Total revenue
​
 
 85,698
​
 
 78,905
​
 
 160,965
​
 
 140,173

Cost of revenue
​
​
​
​
​
​
​
​
​
​
​
​

Cost of sales revenue
​
 
 17,628
​
 
 17,483
​
 
 32,887
​
 
 31,374

Cost of rental revenue
​
 
 2,721
​
 
 2,629
​
 
 5,115
​
 
 4,660

Total cost of revenue
​
 
 20,349
​
 
 20,112
​
 
 38,002
​
 
 36,034

Gross profit
​
​
​
​
​
​
​
​
​
​
​
​

Gross profit - sales revenue
​
 
 58,861
​
 
 53,048
​
 
 110,568
​
 
 91,626

Gross profit - rental revenue
​
 
 6,488
​
 
 5,745
​
 
 12,395
​
 
 12,513

Gross profit
​
 
 65,349
​
 
 58,793
​
 
 122,963
​
 
 104,139

Operating expenses
​
​
​
​
​
​
​
​
​
​
​
​

Sales and marketing
​
 
 32,012
​
 
 30,039
​
 
 64,744
​
 
 57,555

Research and development
​
 
 2,501
​
 
 2,018
​
 
 5,277
​
 
 3,759

Reimbursement, general and administrative
​
 
 23,360
​
 
 22,034
​
 
 46,404
​
 
 42,032

Intangible asset amortization and earn-out
​
​
 650
​
​
 619
​
​
 1,246
​
​
 1,252

Total operating expenses
​
 
 58,523
​
 
 54,710
​
 
 117,671
​
 
 104,598

Income (loss) from operations
​
 
 6,826
​
 
 4,083
​
 
 5,292
​
 
 (459)

Interest income
​
​
 561
​
​
 850
​
​
 1,227
​
​
 1,745

Interest expense
​
​
 (19)
​
​
 (410)
​
​
 (47)
​
​
 (834)

Other income
​
 
 —
​
 
 1
​
 
 —
​
 
 1

Income before income taxes
​
 
 7,368
​
 
 4,524
​
 
 6,472
​
 
 453

Income tax (benefit) expense
​
 
 (417)
​
 
 1,307
​
 
 450
​
 
 210

Net income
​
$
 7,785
​
$
 3,217
​
$
 6,022
​
$
 243

Net income per common share
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
$
0.34 
​
$
0.14 
​
$
0.27 
​
$
0.01 

Diluted
​
$
0.34 
​
$
0.14 
​
$
0.26 
​
$
0.01 

Weighted-average common shares used to compute net income per common share
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
​
 22,676,673
​
​
 23,092,469
​
​
 22,620,546
​
​
 23,399,848

Diluted
​
​
 23,058,902
​
​
 23,237,671
​
​
 23,135,040
​
​
 23,679,220

​
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
​
​

5

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​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tactile Systems Technology, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
Additional
​
​
​
​
​

​
​
Common Stock
​
Paid-In
​
Retained
​
​
​

(In thousands, except share data)
 
Shares
 
Par Value
 
Capital
 
Earnings
 
Total

Balances, March 31, 2026
​
 22,710,160
​
$
 22
​
$
 164,667
​
$
 53,177
​
$
 217,866

Stock-based compensation
​
 —
​
​
 —
​
​
 2,260
​
​
—
​
​
 2,260

Exercise of common stock options and vesting of performance and restricted stock units
​
 146,587
​
​
 1
​
​
 176
​
​
—
​
​
 177

Share repurchases
​
 (208,900)
​
​
 —
​
​
 (5,284)
​
​
—
​
​
 (5,284)

Common shares issued for employee stock purchase plan
​
 53,394
​
​
—
​
​
 1,032
​
​
—
​
​
 1,032

Net income for the period
​
—
​
​
—
​
​
—
​
​
 7,785
​
​
 7,785

Balances, June 30, 2026
​
 22,701,241
​
$
 23
​
$
 162,851
​
$
 60,962
​
$
 223,836

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balances, December 31, 2025
​
 22,438,926
​
$
 22
​
$
 163,940
​
$
 54,940
​
$
 218,902

Stock-based compensation
​
 —
​
​
 —
​
​
 4,040
​
​
—
​
​
 4,040

Exercise of common stock options and vesting of performance and restricted stock units
​
 458,071
​
​
 1
​
​
 196
​
​
—
​
​
 197

Share repurchases
​
 (249,150)
​
​
 —
​
​
 (6,357)
​
​
—
​
​
 (6,357)

Common shares issued for employee stock purchase plan
​
 53,394
​
​
—
​
​
 1,032
​
​
—
​
​
 1,032

Net income for the period
​
—
​
​
—
​
​
 —
​
​
 6,022
​
​
 6,022

Balances, June 30, 2026
​
 22,701,241
​
$
 23
​
$
 162,851
​
$
 60,962
​
$
 223,836

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balances, March 31, 2025
​
 23,584,471
​
$
 24
​
$
 172,727
​
$
 32,880
​
$
 205,631

Stock-based compensation
​
 —
​
​
 —
​
​
 1,939
​
​
—
​
​
 1,939

Exercise of common stock options and vesting of performance and restricted stock units
​
 112,411
​
​
 —
​
​
 —
​
​
—
​
​
 —

Share repurchases
​
 (1,507,496)
​
​
 (2)
​
​
 (16,702)
​
​
—
​
​
 (16,704)

Common shares issued for employee stock purchase plan
​
 102,759
​
​
 —
​
​
 843
​
​
—
​
​
 843

Net income for the period
​
—
​
​
—
​
​
 —
​
​
 3,217
​
​
 3,217

Balances, June 30, 2025
​
 22,292,145
​
$
 22
​
$
 158,807
​
$
 36,097
​
$
 194,926

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balances, December 31, 2024
​
 23,883,475
​
$
 24
​
$
 180,719
​
$
 35,854
​
$
 216,597

Stock-based compensation
​
 —
​
​
 —
​
​
 4,005
​
​
—
​
​
 4,005

Exercise of common stock options and vesting of performance and restricted stock units
​
 449,010
​
​
 —
​
​
 10
​
​
—
​
​
 10

Share repurchases
​
 (2,143,099)
​
​
 (2)
​
​
 (26,770)
​
​
—
​
​
 (26,772)

Common shares issued for employee stock purchase plan
​
 102,759
​
​
—
​
​
 843
​
​
—
​
​
 843

Net income for the period
​
—
​
​
—
​
​
—
​
​
 243
​
​
 243

Balances, June 30, 2025
​
 22,292,145
​
$
 22
​
$
 158,807
​
$
 36,097
​
$
 194,926

​
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

Table of Contents 

​
​

​

​

​

​

​

​

Tactile Systems Technology, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

​
​
​

​
​
Six Months Ended June 30, 

(In thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025

Cash flows from operating activities
​
​
​
​
​
​

Net income
 ​
$
 6,022
 ​
$
 243

Adjustments to reconcile net income to net cash provided by operating activities:
 ​
​
​
 ​
​
​

Depreciation and amortization
​
​
 3,450
​
​
 3,385

Deferred income taxes
​
​
 42
​
​
 (22)

Stock-based compensation expense
​
​
 4,040
​
​
 4,005

Loss on disposal of property and equipment and intangibles
​
​
 73
​
​
 68

Changes in assets and liabilities, net of acquisition:
 ​
​
​
​
​
​

Accounts receivable, net
 ​
​
 755
​
​
 11,851

Net investment in leases
 ​
​
 827
​
​
 83

Inventories
 ​
​
 (2,820)
​
​
 1,555

Income taxes payable
 ​
​
 (2,245)
​
​
 (611)

Prepaid expenses and other assets
 ​
​
 (5,174)
​
​
 (4,735)

Right of use operating lease assets
 ​
​
 (351)
​
​
 (289)

Accounts payable
 ​
​
 2,886
​
​
 2,319

Accrued payroll and related taxes
 ​
​
 (3,763)
​
​
 (5,245)

Accrued expenses and other liabilities
 ​
​
 (827)
​
​
 2,567

Net cash provided by operating activities
 ​
​
 2,915
​
​
 15,174

Cash flows from investing activities
 ​
​
​
​
​
​

Payments related to acquisition, net of cash acquired
​
​
 (6,226)
​
​
 —

Purchases of property and equipment
​
​
 (2,102)
​
​
 (748)

Intangible assets expenditures
​
​
 (52)
​
​
 (56)

Payment for exclusive distribution agreement
​
​
 (3,000)
​
​
 —

Net cash used in investing activities
 ​
​
 (11,380)
​
​
 (804)

Cash flows from financing activities
 ​
​
​
​
​
​

Payments on note payable
​
​
 —
​
​
 (1,500)

Proceeds from exercise of common stock options
 ​
​
 197
​
​
 10

Proceeds from the issuance of common stock from the employee stock purchase plan
 ​
​
 1,032
​
​
 843

Payments for repurchases of common stock
​
​
 (6,357)
​
​
 (26,562)

Net cash used in financing activities
 ​
​
 (5,128)
​
​
 (27,209)

Net decrease in cash
 ​
​
 (13,593)
​
​
 (12,839)

Cash – beginning of period
​
​
 83,446
​
​
 94,367

Cash – end of period
​
$
 69,853
​
$
 81,528

​
​
​
​
​
​
​

Supplemental cash flow disclosure
​
​
​
​
​
​

Cash paid for interest
​
$
 34
​
$
 828

Cash paid for taxes
​
$
 2,645
​
$
 892

Accrued excise tax on stock repurchases
​
$
 —
​
$
 210

Capital expenditures incurred but not yet paid
​
$
 147
​
$
 58

​
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
​

7

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​
Tactile Systems Technology, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Nature of Business and Operations
Tactile Systems Technology, Inc. (“we,” “us,” “our,” and the “Company”) manufactures and distributes medical devices for the treatment of patients with underserved chronic diseases in the home. Our lymphedema product portfolio includes the Flexitouch® Plus, Entre™ Plus, and Nimbl compression device systems, which help manage the symptoms of lymphedema, a chronic and progressive medical condition. We market these products through a direct sales force that engages healthcare providers involved in the diagnosis and treatment of lymphedema, including vascular specialists, vein and wound care clinicians, oncology providers, and certified lymphedema therapists throughout the United States. Our lymphedema products are prescribed for home use and are sold or rented to patients through commercial and government channels, including the Department of Veterans Affairs. 
On September 8, 2021, we acquired the assets of the AffloVest airway clearance business (“AffloVest Acquisition”). AffloVest is a portable, wearable vest that treats patients with chronic respiratory conditions. We sell this device through home medical equipment and durable medical equipment (“DME”) providers throughout the United States. 
On February 17, 2026, we acquired all outstanding equity interests of LymphaTech, Inc. (“LymphaTech”). LymphaTech is a medical technology company pioneering a digital, three-dimensional (the “3D”) full body measurement and monitoring platform designed specifically for lymphedema. 
On April 24, 2026, we entered into a 3-year exclusive distribution agreement with ElastiMed, Inc. to bring MyoSleeve™, a discreet, wearable non-pneumatic compression device for the lower leg, to Department of Veterans Affairs (“VA”) and Department of Defense (“DoD”) patients across the United States. Under the agreement, we received exclusive rights to distribute MyoSleeve through the VA and DoD channels and limited non-exclusive distribution rights in the broader U.S. commercial market, subject to certain contractual conditions. In exchange for these rights, we made a $3.0 million upfront payment in the second quarter of 2026, which was recorded as an intangible asset and will be amortized on a straight-line basis beginning on the date the product is commercially available for sale, which is expected to be in the second half of 2026.
​
We were originally incorporated in Minnesota under the name Tactile Systems Technology, Inc. on January 30, 1995. During 2006, we established a merger corporation and subsequently, on July 21, 2006, merged with and into this merger corporation, resulting in our reincorporation as a Delaware corporation. The resulting corporation assumed the name Tactile Systems Technology, Inc. In September 2013, we began doing business as “Tactile Medical”.
On August 2, 2016, we closed the initial public offering of our common stock, which resulted in the sale of 4,120,000 shares of our common stock at a public offering price of $10.00 per share. We received net proceeds from the initial public offering of approximately $35.4 million, after deducting underwriting discounts and approximately $2.9 million of transaction expenses.
On February 27, 2023, we closed on a public offering of 2,875,000 shares of our common stock at a public offering price of $13.00 per share. We received net proceeds from this offering of $34.6 million after deducting underwriting discounts, commissions, and offering expenses.
Our business is affected by seasonality. In the first quarter of each year, when most patients have started a new insurance year and have not yet met their annual out-of-pocket payment obligations, we experience substantially reduced demand for our products. We typically experience higher revenue in the third and fourth quarters of the year when patients have met their annual insurance deductibles, thereby reducing their out-of-pocket costs for our products, and because patients desire to exhaust their flexible spending accounts at year end. This seasonality applies only to purchases and rentals of our products by patients covered by commercial insurance and is not relevant to Medicare, Medicaid or the Veterans Administration, as those 

8

Table of Contents 

payers either do not have plans that have declining deductibles over the course of the plan year and/or do not have plans that include patient deductibles for purchases or rentals of our products.
Note 2. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included.
The results for the six months ended June 30, 2026, are not necessarily indicative of results to be expected for the year ending December 31, 2026, or for any other interim period or for any future year. The condensed consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Tactile Systems Technology, Inc. and its wholly owned subsidiaries, Swelling Solutions, Inc. and LymphaTech, Inc. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Note 3. Summary of Significant Accounting Policies
Significant Accounting Policies  
There were no material changes in our significant accounting policies during the six months ended June 30, 2026. See Note 3 – “Summary of Significant Accounting Policies” to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, for information regarding our significant accounting policies. 
Business Segments  
The Company operates as one operating segment. The Company's Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated net income (loss) as the measure of segment profit or loss. Significant segment expenses are those expenses reported in the Consolidated Statement of Operations. The CODM assesses performance for the segment, allocates resources and monitors budget versus actual results using consolidated revenue and net income (loss) which is reflected in the Consolidated Statement of Operations.
Accounting Pronouncements Not Yet Adopted
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” which modernizes the accounting for internal-use software costs to better align with the way that software is currently developed. The update removes all references to the project stages of software development and establishes two criteria that must be 

9

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met to begin capitalizing software costs. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” which requires entities to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures.
Note 4. Inventories
Inventories consisted of the following:
​
​

​

​

​

​

​

​

(In thousands)
  ​ ​ ​
At June 30, 2026
  ​ ​ ​
At December 31, 2025

Finished goods
​
$
 5,678
​
$
 5,280

Component parts and work-in-process
​
 
 11,167
​
 
 8,745

Total inventories
​
$
 16,845
​
$
 14,025

​
​
​
​
Note 5. Goodwill and Intangible Assets
Goodwill
In the third quarter of fiscal 2021, we completed the AffloVest Acquisition. The purchase price of the AffloVest product line exceeded the net acquisition-date estimated fair value amounts of the identifiable assets acquired and the liabilities assumed by $31.1 million, which was assigned to goodwill. In the first quarter of fiscal 2026, we completed the acquisition of LymphaTech. The purchase price of LymphaTech exceeded the net acquisition-date estimated fair value amounts of the identifiable assets acquired and the liabilities assumed by $8.5 million, which was assigned to goodwill.
The changes in the carrying amount of goodwill were as follows:
​
​

​

​

​

(In thousands)
​
​

Goodwill at December 31, 2025
​
$
 31,063

Addition for acquisition
​
​
 8,491

Goodwill at June 30, 2026
​
$
 39,554

​
​
​

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Intangible Assets
​
Our patents and other intangible assets are summarized as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​
​
Weighted-
​
At June 30, 2026

​
​
Average
​
Gross
​
​
​
​

​
​
Amortization
​
Carrying
​
Accumulated
​
Net

(In thousands)
  ​ ​ ​
Period
​
Amount
​
Amortization
​
Amount

Definite-lived intangible assets:
​
​
​
​
​
​
​
​
​
​
​

Patents
​
11 years
​
$
 1,133
​
$
 359
​
$
 774

Tradenames
​
10 years
​
​
 370
​
​
 14
​
​
 356

Customer relationships
​
8 years
​
​
 31,540
​
​
 11,513
​
​
 20,027

Developed technology
​
7 years
​
​
 16,703
​
​
 5,818
​
​
 10,885

Other
​
3 years
​
​
 3,000
​
​
 —
​
​
 3,000

Subtotal
​
​
​
​
 52,746
​
​
 17,704
​
​
 35,042

Unamortized intangible assets:
​
​
​
​
​
​
​
​
​
​
​

Tradenames
​
​
​
​
 9,500
​
​
 —
​
​
 9,500

Patents pending
​
​
​
​
 205
​
​
 —
​
​
 205

Total intangible assets
​
​
​
$
 62,451
​
$
 17,704
​
$
 44,747

​
​
​

​

​

​

​

​

​

​

​

​

​

​

​
​
Weighted-
​
At December 31, 2025

​
​
Average
​
Gross
​
​
​
​

​
​
Amortization
​
Carrying
​
Accumulated
​
Net

(In thousands)
  ​ ​ ​
Period
​
Amount
​
Amortization
​
Amount

Definite-lived intangible assets:
​
​
​
​
​
​
​
​
​
​
​

Patents
​
11 years
​
$
 1,083
​
$
 318
​
$
 765

Customer relationships
​
9 years
​
​
 31,000
​
​
 10,280
​
​
 20,720

Developed technology
​
7 years
​
​
 13,000
​
​
 5,095
​
​
 7,905

Subtotal
​
​
​
​
 45,083
​
​
 15,693
​
​
 29,390

Unamortized intangible assets:
​
​
​
​
​
​
​
​
​
​
​

Tradenames
​
​
​
​
 9,500
​
​
 —
​
​
 9,500

Patents pending
​
​
​
​
 277
​
​
 —
​
​
 277

Total intangible assets
​
​
​
$
 54,860
​
$
 15,693
​
$
 39,167

​
Amortization expense was $1.1 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively, and $2.0 million and $1.9 million for the six months ended June 30, 2026 and 2025, respectively, of which $0.5 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and $0.8 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively, was recorded in cost of sales revenue. Future amortization expenses are expected as follows:
​
​

​

​

​

(In thousands)
​
​
​

2026 (July 1 - December 31)
  ​ ​ ​
$
 2,518

2027
​
​
 5,405

2028
​
 
 5,404

2029
​
 
 4,536

2030
​
 
 4,100

Thereafter
​
 
 13,079

Total
​
$
 35,042

​
In the third quarter of 2025, we performed our annual goodwill impairment test utilizing both the qualitative and quantitative approach described in FASB ASU No. 2021-03, “Intangibles—Goodwill and Other (Topic 350) – Accounting Alternative for Evaluating Triggering Events.” Based on the testing using the qualitative approach, it was determined that it was not more likely than not that the fair value of the reporting 

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unit was less than the carrying value. As a result, it was not deemed necessary to proceed to the quantitative test and no impairment was recognized.
Note 6. Accrued Expenses
Accrued expenses consisted of the following:
​
​
​
​
​
​
​
​

(In thousands)
  ​ ​ ​
At June 30, 2026
  ​ ​ ​
At December 31, 2025

Legal and consulting
​
​
 2,266
​
​
 1,285

Sales and use tax
​
$
 1,527
​
$
 1,837

Travel
​
​
 1,282
​
​
 1,424

In-transit inventory
​
​
 1,106
​
​
 1,931

Warranty
​
​
 1,104
​
​
 1,285

Clinical studies
​
​
 38
​
​
 64

Other
​
 
 1,100
​
 
 705

Total
​
$
 8,423
​
$
 8,531

​
​
​
Note 7. Warranty Reserves
The activity in the warranty reserve during and as of the end of the reporting periods presented was as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended
​
Six Months Ended 

​
​
June 30, 
​
June 30, 

(In thousands)
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Beginning balance
​
$
 2,253
​
$
 2,774
​
$
 2,330
​
$
 2,993

Warranty provision
​
 
 494
​
 
 441
​
 
 1,005
​
 
 921

Processed warranty claims
​
 
 (564)
​
 
 (579)
​
 
 (1,152)
​
 
 (1,278)

Ending balance
​
$
 2,183
​
$
 2,636
​
$
 2,183
​
$
 2,636

​
​
​
​
​
​
​
​
​
​
​
​
​

Accrued warranty reserve, current
​
$
 1,104
​
$
 1,395
​
$
 1,104
​
$
 1,395

Accrued warranty reserve, non-current
​
​
 1,079
​
​
 1,241
​
​
 1,079
​
​
 1,241

Total accrued warranty reserve
​
$
 2,183
​
$
 2,636
​
$
 2,183
​
$
 2,636

​
​
​
Note 8. Credit Agreement 
On July 31, 2025, we entered into an Amended and Restated Credit Agreement with the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as administrative agent (the “2025 Credit Agreement”), which amended and restated the credit agreement that we had in place prior to that time (the “Prior Credit Agreement”). The 2025 Credit Agreement provides for a $40.0 million revolving credit facility with a scheduled maturity date of July 31, 2028.
In connection with the entry into the 2025 Credit Agreement, on July 31, 2025, we paid off the full amount outstanding under the term loan that was outstanding under the Prior Credit Agreement, which was $24.4 million (inclusive of principal and interest), using cash on hand. The term loan had been reflected on our condensed consolidated financial statements as a note payable. The 2025 Credit Agreement removed the provisions from the Prior Credit Agreement related to a committed term loan, such that the only term loan related provisions in the 2025 Credit Agreement relate to our ability to request uncommitted incremental term loan facilities and/or an increase in the amount of the revolving loans available under the 2025 Credit Agreement in an amount not to exceed $25.0 million in the aggregate, subject to the satisfaction of certain conditions.
Amounts drawn under the revolving credit facility bear interest, at our option, at a rate equal to (a) the highest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and (iii) Adjusted Term SOFR (defined as term Secured Overnight Financing Rate) for a one-month tenor plus 1% (the “Base Rate”) plus an applicable 

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margin or (b) Adjusted Term SOFR for an interest period of one, three or six months, at our option, plus the applicable margin. The applicable margin is 0.75% to 1.75% on loans bearing interest at the Base Rate and 1.75% to 2.75% on loans bearing interest at Adjusted Term SOFR, in each case depending on our consolidated total leverage ratio.
The 2025 Credit Agreement provides for a commitment fee at a rate per annum ranging from 0.125% to 0.250% for the unused portion of the revolving credit facility, depending on our consolidated total leverage ratio. 
The 2025 Credit Agreement includes financial covenants consisting of a maximum consolidated total leverage ratio covenant and a minimum fixed charge coverage ratio covenant. In addition, the 2025 Credit Agreement includes customary negative covenants, including a restricted payment covenant that permits the Company to repurchase shares of its common stock and make certain other payments, as long as the Company is not in default under the 2025 Credit Agreement, has a consolidated total leverage ratio of no greater than 1.75 to 1.00, and has liquidity of not less than $30.0 million, in each case both before and after giving effect to such stock repurchases or the making of such payments. As of June 30, 2026, we were in compliance with all covenants under the