Leg compression device developer Tactile Systems Technology is aiming for to get a leg up by going public, registering for an $86 million initial public offering, according to an SEC filing posted today.
Tactile Systems produces the Flexitouch fully-automated pneumatic compression device designed to treat lymphedema, and the ACTitouch wearable compression device designed to treat venous leg ulcers caused by chronic venous insufficiency.
The company reported sales of $60 million for its fiscal year 2015. The firm will look to trade on the Nasdaq under the symbol TCMD.
The company credits the Flexitouch with delivering 92% of its revenues in 2014, while the newer ACTitouch only pulled in 5% of all sales for the company.
The company operates using a direct-to-patient and direct-to-provider model, and said its devices are approved for coverage by Medicare, certain Medicaid programs and the Veterans Administration, according to an SEC filing.