Tactile Medical CEO Jerry Mattys this week announced his intention to retire later this year.
Mattys has served as the CEO of Tactile Medical since 2005, which has shown financial growth of 21% to 22% year-over-year.
“After a 38-year career in the healthcare industry, I am announcing my intention to retire in 2020. It has been the highlight of my career to lead Tactile Medical for the last 15 years, and I’m proud of what we have achieved for the benefit of our patients, customers and shareholders alike,” Mattys said in a news release. “With an exceptional team in place and impressive long-term growth prospects, I believe Tactile medical is well-positioned for future success and I look forward to continuing to execute our strategy this year alongside our senior leadership until my successor is in place.”
Prior to joining Tactile Medical, Mattys served as CEO of Medisyn Technologies, Timm Medical Technologies, VP and general manager of Mallinckrodt and VP and general manager of sleep and portable ventilation at Nellcor Puritan Bennett.
“On behalf of the Board of Directors, I would like to thank Jerry for the many accomplishments made possible during his tenure as CEO,” chairman Peter Soderberg said. “Under his leadership, Tactile Medical established itself as the leading provider of medical devices for the U.S. lymphedema market, achieved a track record of impressive financial performance and created significant value for shareholders. Jerry is committed to ensuring a successful transition as we identify and onboard the best candidate to lead the company during its next phase of growth. The board has engaged a national search firm to assist us in the search process.”
Minneapolis-based Tactile Medical said in an SEC filing that it expects sales of $188.4 million to $188.8 million for the fiscal year 2019, which ended Dec. 31, 2019.
“We are pleased to report impressive performance during the fourth quarter, which resulted in expected revenue growth of 21% to 22% year-over-year,” Mattys said. “Our solid execution during the fourth quarter enabled us to bring 2019 to a strong close, with improved profitability and expected full-year 2019 revenue growth of approximately 31% driven by investments in the field sales team, solid market adoption of the Flexitouch Plus system, a targeting strategy focused on the most productive accounts in the lymphedema market and the broad in-network coverage we have obtained with commercial payers. As we enter 2020, we remain focused on expanding our share of the $4+ billion U.S. market in lymphedema and chronic venous insufficiency and believe we are poised to deliver another year of 20% plus revenue growth and improved profitability.”
Tactile Medical is forecasting revenue in the range of $227.5 million to $230.5 million in the fiscal year 2020.