Tactile Systems Technology, Inc.
TCMD Healthcare Medical Devices
Tactile Systems Technology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $329.5 million, up 12.5% from fiscal 2024. In the quarter to June 2026, revenue grew 8.61%, EPS grew 142.9% and free cash flow fell 86.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Tactile Systems Technology, Inc. (TCMD) Beneish M-score
Tactile Systems Technology, Inc.'s Beneish M-score for fiscal 2025 is −2.82; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.82 | 0.05 |
| FY2024 | −2.88 | (0.23) |
| FY2023 | −2.64 | 0.26 |
| FY2022 | −2.90 | (0.55) |
| FY2021 | −2.36 | (0.06) |
| FY2020 | −2.30 | (0.39) |
| FY2019 | −1.91 | 0.03 |
| FY2018 | −1.94 | 0.22 |
| FY2017 | −2.16 | 0.51 |
| FY2016 | −2.67 | (0.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.12 | — | 1.00 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.09) | — | −0.41 | |
| Leverage index | 0.70 | — | −0.23 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.82 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PACB Pacific Biosciences of California, Inc. compare | −5.1× |
| SGHT Sight Sciences, Inc. compare | −3.0× |
| CERS Cerus Corporation compare | −2.9× |
| TCMD Tactile Systems Technology, Inc. | −2.8× |
| DCTH Delcath Systems, Inc. compare | −2.7× |
| KIDS OrthoPediatrics Corp. compare | −2.7× |
| MASS 908 Devices Inc. compare | −2.5× |
| BWAY Brainsway Ltd. Sponsored ADR compare | −2.5× |
| SSII SS Innovations International, Inc. compare | −0.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI