Tactile Systems Technology, Inc.

None Welcome to this week's Chutes & Ladders, our roundup of hirings, firings and retirings throughout the industry. Please submit the good news—or the bad—from your shop, and we will feature it here at the end of each week. Transcarent Randy Hawkins has joined the health tech company Transcarent as its new chief medical officer reporting directly to CEO Glen Tullman. Hawkins will oversee Transcarent’s clinical quality initiatives and support the company’s health analytics strategy. He brings over three decades of experience focusing on patients care delivery and military medicine. Most recently, he took the role of chief medical officer at Carrum. He previously held the same position at ConsumerMedical and also worked as chief medical information officer at PatientKeeper. Hawkins served as a medical officer in the U.S. Navy and is a decorated combat veteran of Operations Desert Shield and Desert Storm. Before moving into healthcare management, he spent over a decade as an anesthesiologist. In 2023, Transcarent has so far acquired AI-powered primary care startup 98point6 and announced a major hospital partnership with The Clinic by Cleveland Clinic. Oscar Health Sean Martin has been promoted as the new chief medical officer of payer Oscar Health. Martin joined the company in 2016 where he most recently held the position of vice president and medical director. In his new role, he will be responsible for implementing clinical capabilities and enhancing quality of care and outcomes for members. Martin began his career in internal medicine at University of Colorado Denver and later at the Michael E Debakey VA Medical Center in Houston, Texas. He went on to work as chief medical officer for BeneMedical, CEO of Medifr and medical director of both Seremedi and Acurus Solutions. Oscar surpassed one million members at the end of 2021. However, the company posted net losses in 2022 higher than the previous year. Despite over $600 million lost last year, executives remain optimistic about the company's growth. MD Anderson Kerin Adelson has been named chief quality and value officer of The University of Texas MD Anderson Cancer Center. Adelson also holds a faculty appointment in breast medical oncology. She most recently served as chief quality officer and deputy chief medical officer at Yale Cancer Center and Smilow Cancer Hospital in New Haven, Connecticut since 2014. In her new position, she will partner with Chief Administrative Quality Officer José Rivera to lead MD Anderson’s value-based care initiatives. The two will work together to designate leadership for the center’s Quality Assessment and Performance Improvement council. She also will work to improve quality of patient care and demonstrating value to prospective insurers in order to launch innovative reimbursement models that increase access to cancer care services. Adelson will support the Institute for Cancer Care Innovation, patient care informatics medical director, and teams working in clinical effectiveness, tumor registry and Cancer Network quality improvement. Adelson will collaborate with Chief Patient Safety Officer Carmen Gonzalez to support MD Anderson’s Divisional Patient Safety Quality Officers. She will step into the position March 20. Athenahealth Caleb Anderson has joined Athenahealth as the new chief sales officer for the provider of software for medical groups and health systems. Anderson will oversee Athenahealth’s national sales division using his 20 years of experience. He comes to the software provider by way of Netsmart Technologies where he was senior vice president of post-acute sales. Before Netsmart, he was vice president of commercial sales for Livongo after starting his career at Cerner Corporation. He spent 15 years with Cerner in a handful of roles including vice president of ambulatory and revenue cycle where he delivered double-digit annual revenue growth. Athenahealth provides electronic health record, revenue cycle management and patient engagement solutions. The company won four Best in KLAS awards in 2023 in the software as service category for its ambulatory EHR and practice management solutions. > Hims & Hers Health, a health and wellness platform, named Daniel Lieberman as senior vice president of mental health. > Carium, a virtual care platform, announced that David McCormick has joined as chief operating officer. > Soda Health, a health tech company, hired Julie Fleischer as senior vice president of marketing. > Garnet Health appointed Jonathan Schiller as president and chief executive officer for the health system. Jerry Dunlavey will also become chief executive officer of Garnet Health Medical Center – Catskills. > The Science Center tapped Kevin Baumlin as chief medical affairs officer of the nonprofit focusing on healthcare innovation. > Community Health Plan of Washington, the not-for-profit Washington-based health insurance carrier, has hired Genevieve Caruncho-Simpson as its first chief transformation and innovation officer. > Optum Health promoted Caitlin Zulla to chief executive officer of the company's east region. > Tegria, a healthcare consulting and technology services company, hired Raymond “Ray” Gensinger, Jr. as senior vice president and chief medical officer. > Renown Health named William Plauth its new chief medical officer. > Amedisys, a home health, hospice and high-acuity care services provider, announced Richard Ashworth as president and chief executive officer. > Tactile Systems Technology, a medical technology company, appointed Elaine Birkemeyer to the position of chief financial officer. > The National Association of Medicaid Directors' board of directors elected West Virginia's Medicaid commissioner Cindy Beane as president. > Broward Health tapped Steven Travers as its new vice president and chief information officer. > Inspira Health unveiled William Pelino as senior vice president and chief financial officer. > Regence has welcomed Brent Hess as vice president of Medicare sales for the payer. > Hospital Sisters Health System hired Kathy Donovan as its new chief operating officer.  > OU Health has appointed Carolyn Kloek as the Oklahoma City-based academic health system's inaugural chief medical officer. > BDC Advisors welcomed Shawn Fitzgibbon, former senior vice president at Bright Health Group and president of Bright Health subsidiary NeueNetworks. > NTx (Nature's Toolbox), a life sciences company, appointed Jamie Coffin as its new chief executive officer. > Bryn Pharma, a pharmaceutical company, welcomed Sandy Loreaux as chief executive officer.

Blake’s appointment is effective immediately. She brings more than two decades of senior financial leadership to the Minneapolis-based company. “Nuwellis is entering our next phase of commercial development with significant new opportunities in heart failure, pediatrics and critical care. The deep knowledge and experience in healthcare that Lynn brings will be instrumental as we advance our mission of bringing our Aquadex SmartFlow technology to more patients,” President and CEO Nestor Jaramillo, Jr. said in a news release. “Lynn’s medical device industry experience, combined with her strong financial leadership skills, makes her uniquely qualified for the next phase of our journey. I’m excited to welcome her to the team as we continue our dynamic growth.” Most recently, she was a managing director at Growth Operators Advisory Services. Blake has also held financial leadership roles at Tactile Systems Technology, Taylor-Wharton International, Analysts International Corporation, Entegris and MTS Systems Corporation. “I believe Nuwellis not only has tremendous market opportunity, but there is also something truly unique about the way the company invests in the patients and healthcare providers it serves,” Blake said. “It’s an exciting time to join Nuwellis. I’m eager to apply my financial expertise in supporting the commercial organization as the company seeks to broaden its therapeutic footprint and reach more patients both domestically and abroad.” The ultrafiltration therapy purveyor also announced the closing of an underwritten public offering of units with gross proceeds of approximately $11.04 million. It previously announced a $9.6 million upsized public offering on October 14. The offering includes the full exercise of the underwriter’s over-allotment option to purchase additional shares and warrants, prior to deducting underwriting discounts and commissions and offering expenses payable to Nuwellis. The company’s offering comprised 15,235,196 Class A Units, priced at a public offering price of $0.25 per Class A Unit. Each Class A Unit consisted of one share of common stock and 1.5 warrants to purchase one share of common stock at an exercise price of 25¢ per share. Nuwellis’s offering also comprised of 23,157,124 Class B Units, priced at a public offering price of $0.25 per Class B Unit. Each Class B Unit consisted of one share of Series I convertible preferred stock that will be convertible into one share of common stock and 1.5 warrants to purchase one share of common stock with an exercise price of 25¢ per share. Nuwellis said that warrants will be exercisable on the effective date of a reverse stock split, contingent upon stockholder approval. Stockholder meetings are scheduled for Dec. 9, 2022. Securities issued at closing totaled 20,994,044 shares of common stock, 23,157,124 shares of Series I convertible preferred stock, and warrants to purchase up to 66,226,752 shares of common stock, including the full exercise of the over-allotment.

Tactile Systems (NSDQ: TCMD) this week posted second-quarter results that included Street-beasting revenues. The Minneapolis-based maker of at-home therapies for underserved, chronic conditions reported losses of $4.6 million, or -23¢ per share, on sales of $59.6 million for the three months ended June 30, for a sales growth of 16.81% compared with Q2 2021. Adjusted to exclude one-time items, earnings per share were roughly –14¢. Wall Street analysts were looking for EPS of –14¢ on sales of $56.88 million. “Our total revenue performance in the second quarter exceeded our expectations, driven by strong sales of our airway clearance products,” President and CEO Dan Reuvers said in a news release. “Airway clearance product sales increased 96% year-over-year compared to sales by the prior owner in the second quarter of 2021, reflecting strong patient demand seen by our AffloVest channel partners, and our team’s success in supporting these partners and expanding our relationships. Consistent with our expectations, revenue from our lymphedema products increased 1% year-over-year, driven primarily by lower rates of patient, provider and employee absenteeism compared to the first quarter.” Tactile Systems upped its fiscal 2022 financial outlook, including total revenue in the range of $238 million to $242 million to represent a 14% to 16% growth year-over-year. Shares in TCMD were up more than 15% to $9.23 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.