---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-21-113788"
form_type: "8-K"
ticker: "TCMD"
cik: "0001027838"
company_name: "TACTILE SYSTEMS TECHNOLOGY INC"
filed_at: "2021-09-08T23:59:59+00:00"
generated_at: "2026-06-29T05:03:52.174391+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Tactile Medical acquires AffloVest respiratory therapy business for $80M cash plus up to $20M earn-outs

## Summary
- Acquired AffloVest HFCWO vest business from International Biophysics Corp for $80M cash, with up to $20M in earn-outs based on 12-month revenue targets.
- Financed with $55M in borrowings ($30M term loan + $25M revolver draw) under amended Wells Fargo credit facility; cash on hand also used.
- AffloVest 2021 revenue expected ~$17M; deal to add $5-5.5M revenue from Sept 8 to Dec 31, 2021.
- Transaction aligns with 20%+ revenue growth goal, gross margins above 70%, and expanding adjusted EBITDA margins.
- Net leverage expected ~1.4x at year-end 2021 and <1.0x at year-end 2022.

## SEC filing metadata
- accession: 0001104659-21-113788
- form_type: 8-K
- ticker: TCMD
- cik: 0001027838
- company_name: TACTILE SYSTEMS TECHNOLOGY INC
- filed_at: 2021-09-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1027838/000110465921113788/0001104659-21-113788-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1027838/000110465921113788/tm2127128d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-21-113788
- JSON: https://secwatch.observer/filing/0001104659-21-113788.json
- Plain text: https://secwatch.observer/filing/0001104659-21-113788.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.