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Inc. Magazine Names Minneapolis–Based Tactile Systems Technology One of “Fastest–Growing Private Companies in 2009”
Minneapolis, Minn. — August 17, 2009 — Tactile Systems Technology was named one of “The Fastest-Growing Private Companies in 2009” by Inc. magazine. According to Inc., the list of 500 represents “the most dynamic, fast–growth companies in the nation, the ones finding innovative solutions to problems, creating smart systems and inventing products we soon discover we can’t live without.”
Tactile Systems Technology develops, manufactures and markets products to treat vascular disorders such as lymphedema. Lymphedema is the abnormal accumulation of lymph fluid in body tissues, typically in the dermis of the arms or legs, due to blockage or inadequacy of lymph circulation. In addition to downgrading a person’s quality of life, the resulting swelling makes infections and sores more likely.
Lymphedema is often the unintended consequence of cancer treatment. Approximately 25 percent of breast cancer survivors develop lymphedema within two years.
Lymphedema cannot be cured, but it can be treated to relieve symptoms. The standard of care is Complete Decongestive Therapy, often performed by a certified lymphedema therapist and consisting of manual lymphatic drainage to re-route lymph fluid away from an affected area.
Tactile Systems Technology’s Flexitouch system automatically simulates manual lymphatic drainage by inflating and deflating chambers of a wearable garment to clear congested areas of the body, including the trunk, and redirect lymph fluid to healthy regions. Preparing the trunk for lymphatic drainage is a unique feature of the Flexitouch system. Compliance is high, as patients can use the Flexitouch system at their convenience and engage in other activities, such as reading, watching TV or talking on the phone, while it works.
In a study of 155 patients with lymphedema, published in the July 2008 Oncology Nursing Forum, 90 percent of the patients reported satisfaction with the Flexitouch system and 95 percent reported limb volume reduction or maintenance.
In financial growth, Tactile Systems Technology is well ahead of other medical device companies. Its revenue grew 80 percent in 2007, 72 percent in 2008 and is projected to grow an estimated 42 percent in 2009. This compares with a medical device industry mean of 12 percent, 8 percent and 5 percent respectively.
Tactile Systems Technology revenue was less than $500,000 in 2004 and has almost doubled each year since. For the six-month period ended June 30, 2009, revenue increased 51 percent compared to the same period in 2008. Orders for the Flexitouch system increased 29 percent, and systems approved for payment by insurance increased 48 percent. This all took place during a recessionary economy.
“We are honored by the recognition from Inc. magazine,” said Gerald R. Mattys, Chief Executive Officer, Tactile Systems Technology. “We believe our company is providing an important product to a population that is estimated to be two million men and women. In the coming year, we have plans in place to increase the size of our direct sales force, fund larger clinical trials and expand into new clinical indications.”
In 2007, Tactile Systems Technology was named “Corporation of the Year” by the Lymphatic Research Foundation. In December, it will be featured by Twin Cities Business magazine in its annual “Small Business Success Stories.”
For a summary of the patient satisfaction survey, contact Mary Rausch at mrausch@tactilesystems.com.