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    SEC Form SC 13G filed by Tactile Systems Technology Inc.

    2/14/24 12:17:06 PM ET
    $TCMD
    Medical/Dental Instruments
    Health Care
    Get the next $TCMD alert in real time by email
    SC 13G 1 form_sc13g-tactile.htm

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, DC 20549

    SCHEDULE 13G

    Under the Securities Exchange Act of 1934
    (Amendment No. )*

    Tactile Systems Technology, Inc.
    (Name of Issuer)

    Common Stock, par value $0.001 per share
    (Title of Class of Securities)

    87357P100
    (CUSIP Number)

    December 31, 2023
    (Date of Event Which Requires Filing of this Statement)

    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
     
    [X]  Rule 13d-1(b)

    [_]  Rule 13d-1(c)

    [_]  Rule 13d-1(d)

    __________
    *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
     
    The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
     




    CUSIP No
    87357P100
     
     
     
     
     
    1.
    NAME OF REPORTING PERSONS
     
     
     
     
     
    Cadian Capital Management, LP
     
     
     
     
    2.
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     
     (a)  [_]
     
     
     (b)  [_]
     
     
     
     
    3.
    SEC USE ONLY
     
     
     
     
     
     
     
     
     
     
    4.
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
     
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
     
     
    5.
    SOLE VOTING POWER
     
     
     
     
     
    0
     
     
     
     
    6.
    SHARED VOTING POWER
     
     
     
     
     
    1,745,000
     
     
     
     
    7.
    SOLE DISPOSITIVE POWER
     
     
     
     
     
    0
     
     
     
     
    8.
    SHARED DISPOSITIVE POWER
     
     
     
     
     
    1,745,000
     
     
     
     
    9.
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
     
     
    1,745,000
     
     
     
     
    10.
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
     
     [_]
     
     
     
     
     
     
     
    11.
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     
     
     
     
     
    7.4% (1)
     
     
     
     
    12.
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
    IA, PN
     

    (1) Based on 23,497,557 shares of Common Stock of Tactile Systems Technology, Inc. (the “Issuer”) outstanding as of November 2, 2023, as disclosed in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on November 6, 2023.



    CUSIP No
    87357P100
     
     
     
     
     
    1.
    NAME OF REPORTING PERSONS
     
     
     
     
     
    Cadian Capital Management GP, LLC
     
     
     
     
    2.
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     
     (a)  [_]
     
     
     (b)  [_]
     
     
     
     
    3.
    SEC USE ONLY
     
     
     
     
     
     
     
     
     
     
    4.
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
     
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
     
     
    5.
    SOLE VOTING POWER
     
     
     
     
     
    0
     
     
     
     
    6.
    SHARED VOTING POWER
     
     
     
     
     
    1,745,000
     
     
     
     
    7.
    SOLE DISPOSITIVE POWER
     
     
     
     
     
    0
     
     
     
     
    8.
    SHARED DISPOSITIVE POWER
     
     
     
     
     
    1,745,000
     
     
     
     
    9.
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
     
     
    1,745,000
     
     
     
     
    10.
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
     
     [_]
     
     
     
     
     
     
     
    11.
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     
     
     
     
     
    7.4% (1)
     
     
     
     
    12.
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
    OO, HC
     
     
    (1) Based on 23,497,557 shares of Common Stock of the Issuer outstanding as of November 2, 2023, as disclosed in the Issuer’s Form 10-Q filed with the SEC on November 6, 2023.




    CUSIP No
    87357P100
     
     
     
     
     
    1.
    NAME OF REPORTING PERSONS
     
     
     
     
     
    Eric Bannasch
     
     
     
     
    2.
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     
     (a)  [_]
     
     
     (b)  [_]
     
     
     
     
    3.
    SEC USE ONLY
     
     
     
     
     
     
     
     
     
     
    4.
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
     
     
     
    United States of America
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
     
     
    5.
    SOLE VOTING POWER
     
     
     
     
     
    0
     
     
     
     
    6.
    SHARED VOTING POWER
     
     
     
     
     
    1,745,000
     
     
     
     
    7.
    SOLE DISPOSITIVE POWER
     
     
     
     
     
    0
     
     
     
     
    8.
    SHARED DISPOSITIVE POWER
     
     
     
     
     
    1,745,000
     
     
     
     
    9.
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
     
     
    1,745,000
     
     
     
     
    10.
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
     
     [_]
     
     
     
     
     
     
     
    11.
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     
     
     
     
     
    7.4% (1)
     
     
     
     
    12.
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
    IN, HC
     
     
    (1) Based on 23,497,557 shares of Common Stock of the Issuer outstanding as of November 2, 2023, as disclosed in the Issuer’s Form 10-Q filed with the SEC on November 6, 2023.




    CUSIP No
    87357P100
     
     

    Item 1.
    (a).
    Name of Issuer:
     
     
     
     
    Tactile Systems Technology, Inc. (the "Issuer")
     

     
    (b).
    Address of Issuer's Principal Executive Offices:
     
     
     
     
    3701 Wayzata Blvd, Suite 300
    Minneapolis, Minnesota 55416
     

    Item 2.
    (a).
    Name of Person Filing:
     
     
     
     
     
     
     
    Cadian Capital Management, LP
    Cadian Capital Management GP, LLC
    Eric Bannasch
     
    The filing persons named above are collectively referred to herein as the "Reporting Persons."
     

     
    (b).
    Address of Principal Business Office, or if None, Residence:
     
     
     
     
    Cadian Capital Management, LP
    535 Madison Avenue
    36th Floor
    New York, NY 10022
     
    Cadian Capital Management GP, LLC
    535 Madison Avenue
    36th Floor
    New York, NY 10022
     
    Eric Bannasch
    535 Madison Avenue
    36th Floor
    New York, NY 10022
     
     
     
     
     

     
    (c).
    Citizenship:
     
     
     
     
    Cadian Capital Management, LP – Delaware
    Cadian Capital Management GP, LLC – Delaware
    Eric Bannasch – United States of America
     

     
    (d).
    Title of Class of Securities:
     
     
     
     
     
     
     
    Common Stock, par value $0.001 per share ("Common Stock")
     

     
    (e).
    CUSIP Number:
     
     
     
     
    87357P100
     




    Item 3.
     
    If This Statement is filed pursuant to Rule 13d-1(b) or Rule 13d-2(b), or (c), check whether the person filing is a

     
    (a)
    [_]
    Broker or dealer registered under Section 15 of the Exchange Act (15 U.S.C. 78c).

     
    (b)
    [_]
    Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C. 78c).

     
    (c)
    [_]
    Insurance company as defined in Section 3(a)(19) of the Exchange Act (15 U.S.C. 78c).

     
    (d)
    [_]
    Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

     
    (e)
    [X]
    An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
     
     
    (f)
    [_]
    An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

     
    (g)
    [X]
    A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

     
    (h)
    [_]
    A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);

     
    (i)
    [_]
    A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

     
    (j)
    [_]
    A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);

     
    (k)
    [_]
    Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

     
    Item 4.
    Ownership.

     
    Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

     
    (a)
    Amount beneficially owned:
     
     
     
     
     
    Cadian Capital Management, LP – 1,745,000
    Cadian Capital Management GP, LLC – 1,745,000
    Eric Bannasch – 1,745,000

     
    (b)
    Percent of class:
     
     
     
     
     
    Cadian Capital Management, LP – 7.4%
    Cadian Capital Management GP, LLC – 7.4%
    Eric Bannasch – 7.4%
     
    Such percentages are based on 23,497,557 shares of Common Stock outstanding as of November 2, 2023, as disclosed in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 6, 2023.




     
    (c)
    Number of shares as to which the person has:

     
     
    Cadian Capital Management, LP

     
     
    (i)
    Sole power to vote or to direct the vote
    0
    ,
     
     
     
     
     
     
     
    (ii)
    Shared power to vote or to direct the vote
    1,745,000
    ,
     
     
     
     
     
     
     
    (iii)
    Sole power to dispose or to direct the disposition of
    0
    ,
     
     
     
     
     
     
     
    (iv)
    Shared power to dispose or to direct the disposition of
    1,745,000
    .
     
     
     
     
     

     
     
    Cadian Capital Management GP, LLC

     
     
    (i)
    Sole power to vote or to direct the vote
    0
    ,
     
     
     
     
     
     
     
    (ii)
    Shared power to vote or to direct the vote
    1,745,000
    ,
     
     
     
     
     
     
     
    (iii)
    Sole power to dispose or to direct the disposition of
    0
    ,
     
     
     
     
     
     
     
    (iv)
    Shared power to dispose or to direct the disposition of
    1,745,000
    .
     
     
     
     
     

     
     
    Eric Bannasch
     
     
     
     
     
    (i)
    Sole power to vote or to direct the vote
    0
    ,
     
     
     
     
     
     
     
    (ii)
    Shared power to vote or to direct the vote
    1,745,000
    ,
     
     
     
     
     
     
     
    (iii)
    Sole power to dispose or to direct the disposition of
    0
    ,
     
     
     
     
     
     
     
    (iv)
    Shared power to dispose or to direct the disposition of
    1,745,000
    .

    All securities reported in this Schedule 13G are directly held by Cadian Master Fund L.P. (the "Advisory Client"), an advisory client of Cadian Capital Management, LP (the "Adviser"). Pursuant to an Investment Management Agreement between the Advisory Client and the Adviser, the Adviser exercises exclusive voting and investment power over securities directly held by the Advisory Client. Cadian Capital Management GP, LLC is the general partner of the Adviser. Eric Bannasch is the sole managing member of Cadian Capital Management GP, LLC.
     
    Item 5.
    Ownership of Five Percent or Less of a Class.

     
    If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [  ].
     
    N/A

    Item 6.
    Ownership of More Than Five Percent on Behalf of Another Person.

     
    If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified.  A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
     
     
     
    All securities reported in this Schedule 13G are directly held by the Advisory Client.
     
     




    Item 7.
    Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

     
    If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary.  If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
     
     
    The disclosure regarding the relationships among the Reporting Persons in Item 4 is incorporated by reference herein.
     
     

    Item 8.
    Identification and Classification of Members of the Group.
     
     
    If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group.  If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
     
     
     
    N/A
     
     

    Item 9.
    Notice of Dissolution of Group.

     
    Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity.  See Item 5.
     
     
    N/A

     
    Item 10.
     
    Certification.

     
    By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
     

    SIGNATURE

    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
     

     
    February 14, 2024
     
    (Date)

     
     
     
    Cadian Capital Management, LP
     
     
    By: Cadian Capital Management GP, LLC, its General Partner
     
     
    By:  /s/ Eric Bannasch
     
    Eric Bannasch
     
    Managing Member
     
     
    Cadian Capital Management GP, LLC 
     
     
    By:  /s/ Eric Bannasch
     
    Eric Bannasch
     
    Managing Member
     
     
     
    /s/  Eric Bannasch
     
    Eric Bannasch






    EXHIBIT INDEX

    99.1
    Joint Filing Agreement, dated as of February 14, 2024, by and among the Reporting Persons
     
     

     

     




    Exhibit 99.1
     
    AGREEMENT
     
    In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of Schedule 13G (including additional amendments thereto) with respect to the Common Stock, par value $0.001 per share, of Tactile Systems Technology, Inc.  This Joint Filing Agreement shall be filed as an Exhibit to such Statement. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments to such joint filing and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.
     
     Dated:  February 14, 2024


     
     
     
    Cadian Capital Management, LP
     
     
    By: Cadian Capital Management GP, LLC, its General Partner
     
     
    By:  /s/ Eric Bannasch
     
    Eric Bannasch
     
    Managing Member
     
     
    Cadian Capital Management GP, LLC 
     
     
    By:  /s/ Eric Bannasch
     
    Eric Bannasch
     
    Managing Member
     
     
     
    /s/  Eric Bannasch
     
    Eric Bannasch


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    • Tactile Systems Technology, Inc. Reports First Quarter 2025 Financial Results

      MINNEAPOLIS, May 05, 2025 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. ("Tactile Medical"; the "Company") (NASDAQ:TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the first quarter ended March 31, 2025. First Quarter 2025 Summary & Recent Business Highlights: Total revenue increased 0.3% year-over-year to $61.3 millionGross margin of 74% versus 71% in Q1 2024Net loss of $3.0 million versus $2.2 million in Q1 2024Adjusted EBITDA loss of $0.3 million versus positive Adjusted EBITDA of $1.0 million in Q1 2024Repurchased $10.0 million of stock under the Company's share repurchase programExpanded launch of

      5/5/25 4:05:00 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • Tactile Medical to Release First Quarter of Fiscal Year 2025 Financial Results on May 5, 2025

      MINNEAPOLIS, April 21, 2025 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. ("Tactile Medical"; the "Company") (NASDAQ:TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that first quarter of fiscal year 2025 financial results will be released after the market closes on Monday, May 5, 2025. Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on May 5, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13752588. A live webcast of the call will also be provided on the

      4/21/25 4:05:00 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

      MINNEAPOLIS, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. ("Tactile Medical"; the "Company") (NASDAQ:TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Summary & Recent Business Highlights: Total revenue increased 10% year-over-year to $85.6 millionGross margin of 75% versus 72% in Q4 2023Net income of $9.7 million versus $8.2 million in Q4 2023Adjusted EBITDA of $16.2 million versus $15.4 million in Q4 2023Expanded launch of Nimbl to include patients with lower extremity lymphedemaAppointed Laura King to Board of

      2/18/25 4:05:00 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • Amendment: SEC Form SC 13G/A filed by Tactile Systems Technology Inc.

      SC 13G/A - TACTILE SYSTEMS TECHNOLOGY INC (0001027838) (Subject)

      11/13/24 7:29:11 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • SEC Form SC 13G filed by Tactile Systems Technology Inc.

      SC 13G - TACTILE SYSTEMS TECHNOLOGY INC (0001027838) (Subject)

      11/13/24 5:04:27 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • SEC Form SC 13G filed by Tactile Systems Technology Inc.

      SC 13G - TACTILE SYSTEMS TECHNOLOGY INC (0001027838) (Subject)

      11/8/24 3:21:42 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • Tactile Systems Technology Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - TACTILE SYSTEMS TECHNOLOGY INC (0001027838) (Filer)

      5/9/25 4:56:54 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • SEC Form S-8 filed by Tactile Systems Technology Inc.

      S-8 - TACTILE SYSTEMS TECHNOLOGY INC (0001027838) (Filer)

      5/7/25 3:41:56 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care
    • SEC Form 10-Q filed by Tactile Systems Technology Inc.

      10-Q - TACTILE SYSTEMS TECHNOLOGY INC (0001027838) (Filer)

      5/5/25 4:06:46 PM ET
      $TCMD
      Medical/Dental Instruments
      Health Care