エドガーで原本を確認する
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Minnesota
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001-34839
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41-1732920
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification
Number)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Common Stock, $0.01 par value
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ELMD
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NYSE American LLC
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(Title of each class)
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(Trading Symbol)
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(Name of each exchange on which registered)
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Item 2.02
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Results of Operations and Financial Condition.
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Item 7.01
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Regulation FD Disclosure.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit Number
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Description
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104
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Cover Page Interactive Data File (embedded in the cover page and formatted in inline XBRL)
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ELECTROMED, INC.
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Date: November 12, 2025
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By:
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/s/ Bradley M. Nagel
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Name:
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Bradley M. Nagel
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Title:
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Chief Financial Officer
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Exhibit 99.1
Electromed, Inc. Announces First Quarter Fiscal 2026 Results
Strong operational execution results in twelfth consecutive quarter of year-over-year revenue and net income growth
NEW PRAGUE, Minn.--(BUSINESS WIRE)-- Electromed, Inc. (“Electromed”) (NYSE American: ELMD), a leader in innovative airway clearance technologies, today announced financial results for the three months ended September 30, 2025 (“Q1 FY 2026”).
Q1 FY 2026 Company Highlights
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Net revenues increased 15.1% to $16.9 million in Q1 FY 2026, from $14.7 million in the first quarter of the prior fiscal year. |
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Operating income increased to $2.7 million, a 37.8% increase from the first quarter of the prior fiscal year. |
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Net income was $2.1 million, or $0.25 per diluted share, representing an increase of 44.9%, compared to $1.5 million, or $0.16 per diluted share in the first quarter of the prior fiscal year. |
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Electromed's board of directors approved a stock repurchase authorization of $10 million in Q1 FY 2026. |
“Electromed kicked off the new fiscal year with another tremendous quarter. Our sales and fulfillment teams continue to power our top line growth, while expanding our presence in the Hospital and Distributor markets to complement our core Homecare business. Operationally, improved efficiencies drove strong operating leverage and profitability,” said Jim Cunniff, Electromed’s President and Chief Executive Officer. “During the quarter, we completed our manufacturing optimization plan, which we believe positions us for future growth. Moreover, during the quarter, our team continued to implement programs to further improve efficiencies throughout the organization. Of note, is the recent implementation of our new CRM system, which has had a meaningful and immediate impact on our sales team’s productivity. I believe that Electromed is ideally positioned to generate attractive returns for shareholders in fiscal 2026 and beyond.”
Q1 FY 2026 Results
All amounts below are for the three months ended September 30, 2025, and compare to the three months ended September 30, 2024 (“Q1 FY 2025”).
Net revenues grew 15.1% to $16.9 million, from $14.7 million.
Revenue in our direct homecare business increased year-over-year by 12.7% to $14.9 million, from $13.2 million. The increase in revenue was primarily due to an increase in direct sales representatives and higher net revenues per sales representative. Throughout Q1 FY 2026, we averaged 57 homecare direct field sales representatives. The annualized homecare revenue per weighted average direct sales representative in Q1 FY 2026 was $1,052,000, which is within Electromed’s target range of $1,000,000 to $1,100,000.
Revenue in our non-homecare businesses increased year-over-year, coming in at $2.0 million. Hospital revenue grew 51.7%, increasing to $1,047,000, and Homecare distributor revenue of $829,000 grew 41.2%. These were partially offset by a 32.2% decrease in Other revenue, which decreased to $122,000.
Gross profit increased year-over-year to $13.2 million or 78.1% of net revenues from $11.5 million or 78.3% of net revenues. The increase in gross profit dollars was primarily a result of increased overall revenue and higher net revenues per device. The decrease in gross profit percentage was a result of higher costs, which were partially offset by higher net revenues per device.
Selling, general and administrative (“SG&A”) expenses were $10.3 million, representing an increase of $0.9 million or 9.6%. The increase in the current period was primarily due to the increased salaries and incentive compensation related to the higher average number of personnel in the sales, sales support, marketing, and reimbursement teams to process higher patient referrals.
Operating income was $2.7 million or 15.8% of net revenues, compared to $1.9 million, or 13.2% of net revenues. This increase in operating income was primarily due to an increase in revenue and gross profit.
Net income increased by 44.9% to $2.1 million, or $0.25 per diluted share, compared to $1.5 million, or $0.16 per diluted share in Q1 FY 2025.
As of September 30, 2025, Electromed had $14.1 million in cash, $24.8 million in accounts receivable and no debt, achieving a working capital of $35.8 million and total shareholders’ equity of $44.7 million. The cash balance reflects a decrease of $1.2 million for the three months ended September 30, 2025, compared to a decrease in cash of $2.2 million in the three months ended September 30, 2024. The decrease in cash for the three months ended September 30, 2025, was driven primarily by share repurchases of $1.0 million of Electromed common stock.
Conference Call and Webcast Information
The conference call with members of Electromed management will be held at 5:00 p.m. Eastern Time on Wednesday, November 12, 2025.
Interested parties may participate in the call by dialing (844) 826-3033 (Domestic) or (412) 317-5185 (International).
The live conference call webcast will be accessible in the Investor Relations section of Electromed’s website and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1738570&tp_key=2cea7a4b9e
For those who cannot listen to the live broadcast, a replay will be available by dialing (844) 512-2921 (Domestic) or (412) 317-6671 (International) and referencing the replay pin number 10203773. Additionally, an online replay will be available for one year in the Investor Relations section of Electromed’s web site at: https://investors.smartvest.com/events-and-presentations/default.aspx
About Electromed, Inc.
Electromed, Inc. manufactures, markets, and sells products that provide airway clearance therapy, including the SmartVest® Airway Clearance System, to patients with compromised pulmonary function. It is headquartered in New Prague, Minnesota, and was founded in 1992. Further information about Electromed can be found at www.smartvest.com.
Cautionary Statements
Certain statements in this press release constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “ongoing,” “plan,” “potential,” “project,” “target,” “should,” “will,” “would” and similar expressions, including the negative of these terms, but they are not the exclusive means of identifying such statements. Forward-looking statements cannot be guaranteed, and actual results may vary materially due to the uncertainties and risks, known or unknown associated with such statements. Examples of risks and uncertainties for Electromed include, but are not limited to, our ability to obtain reimbursement from Medicare, Medicaid, or private insurance payers for our products; component or raw material shortages, changes to lead times or significant price increases and changes to trade regulations (including, but not limited to, changes to tariffs); adverse changes to state and federal health care regulations; our ability to maintain regulatory compliance and to gain future regulatory approvals and clearances; entry of new competitors including new drug or pharmaceutical discoveries; adverse economic and business conditions or intense competition; wage and component price inflation; technical problems with our research and products; the risks associated with cyberattacks, data breaches, computer viruses and other similar security threats; changes affecting the medical device industry; our ability to develop new sales channels for our products such as the hospital or homecare distributor channels; adverse international health care regulation impacting current international business; our ability to renew our line of credit or obtain additional credit as necessary; and our ability to protect and expand our intellectual property portfolio, as well as other factors we may describe from time to time in Electromed’s reports filed with the Securities and Exchange Commission (including Electromed’s most recent Annual Report on Form 10-K, as amended from time to time, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). Investors should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties or potentially inaccurate assumptions investors should take into account when making investment decisions. Shareholders and other readers should not place undue reliance on “forward-looking statements,” as such statements speak only as of the date of this press release. We undertake no obligation to update them in light of new information or future events.
Brad Nagel, Chief Financial Officer
(952) 758-9299
investorrelations@electromed.com
Mike Cavanaugh, Investor Relations
ICR Healthcare
(617) 877-9641
mike.cavanaugh@icrhealthcare.com
Source: Electromed, Inc.
Electromed, Inc.
Condensed Balance Sheets
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September 30, 2025 |
June 30, 2025 |
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(Unaudited) |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ | 14,113,000 | $ | 15,287,000 | ||||
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Accounts receivable (net of allowances for credit losses of $45,000) |
24,756,000 | 24,660,000 | ||||||
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Contract assets |
1,170,000 | 1,036,000 | ||||||
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Inventories |
3,771,000 | 3,299,000 | ||||||
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Income tax receivable |
206,000 | 408,000 | ||||||
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Prepaid expenses and other current assets |
543,000 | 392,000 | ||||||
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Total current assets |
44,559,000 | 45,082,000 | ||||||
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Property and equipment, net |
4,978,000 | 4,714,000 | ||||||
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Finite-life intangible assets, net |
389,000 | 371,000 | ||||||
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Other assets |
1,226,000 | 1,173,000 | ||||||
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Deferred income taxes |
2,462,000 | 2,462,000 | ||||||
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Total assets |
$ | 53,614,000 | $ | 53,802,000 | ||||
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Liabilities and Shareholders' Equity |
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Current Liabilities |
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Accounts payable |
$ | 3,138,000 | $ | 2,667,000 | ||||
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Accrued compensation |
2,731,000 | 5,079,000 | ||||||
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Warranty reserve |
1,737,000 | 1,645,000 | ||||||
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Other accrued liabilities |
1,153,000 | 1,077,000 | ||||||
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Total current liabilities |
8,759,000 | 10,468,000 | ||||||
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Other long-term liabilities |
110,000 | 125,000 | ||||||
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Total liabilities |
8,869,000 | 10,593,000 | ||||||
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Shareholders' Equity |
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Common stock, $0.01 par value per share, 13,000,000 shares authorized; 8,356,847 and 8,349,176 shares issued and outstanding, as of September 30, 2025, and June 30, 2025, respectively |
84,000 | 83,000 | ||||||
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Additional paid-in capital |
22,353,000 | 21,941,000 | ||||||
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Retained earnings |
22,308,000 | 21,185,000 | ||||||
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Total shareholders' equity |
44,745,000 | 43,209,000 | ||||||
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Total liabilities and shareholders' equity |
$ | 53,614,000 | $ | 53,802,000 | ||||
Electromed, Inc.
Condensed Statements of Operations (Unaudited)
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Three Months Ended |
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September 30, |
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2025 |
2024 |
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Net revenues |
$ | 16,887,000 | $ | 14,668,000 | ||||
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Cost of revenues |
3,690,000 | 3,177,000 | ||||||
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Gross profit |
13,197,000 | 11,491,000 | ||||||
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Operating expenses |
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Selling, general and administrative |
10,286,000 | 9,387,000 | ||||||
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Research and development |
241,000 | 166,000 | ||||||
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Total operating expenses |
10,527,000 | 9,553,000 | ||||||
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Operating income |
2,670,000 | 1,938,000 | ||||||
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Interest income, net |
134,000 | 195,000 | ||||||
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Net income before income taxes |
2,804,000 | 2,133,000 | ||||||
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Income tax expense |
668,000 | 659,000 | ||||||
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Net income |
$ | 2,136,000 | $ | 1,474,000 | ||||
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Income per share: |
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Basic |
$ | 0.26 | $ | 0.17 | ||||
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Diluted |
$ | 0.25 | $ | 0.16 | ||||
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Weighted-average common shares outstanding: |
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Basic |
8,322,782 | 8,564,489 | ||||||
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Diluted |
8,681,703 | 8,980,714 | ||||||
Electromed, Inc.
Condensed Statements of Cash Flows (Unaudited)
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Three Months Ended September 30, |
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2025 |
2024 |
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Cash Flows From Operating Activities |
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Net income |
$ | 2,136,000 | $ | 1,474,000 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
214,000 | 202,000 | ||||||
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Amortization |
45,000 | 18,000 | ||||||
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Share-based compensation expense |
458,000 | 697,000 | ||||||
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Changes in operating assets and liabilities: |
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Accounts receivable |
(96,000 | ) | 967,000 | |||||
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Contract assets |
(134,000 | ) | (35,000 | ) | ||||
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Inventories |
(515,000 | ) | 278,000 | |||||
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Prepaid expenses and other assets |
(241,000 | ) | (266,000 | ) | ||||
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Income tax receivable, net |
202,000 | (89,000 | ) | |||||
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Accounts payable and accrued liabilities |
448,000 | 806,000 | ||||||
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Accrued compensation |
(2,348,000 | ) | (1,743,000 | ) | ||||
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Net cash provided by operating activities |
169,000 | 2,309,000 | ||||||
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Cash Flows From Investing Activities |
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Expenditures for property and equipment |
(252,000 | ) | (37,000 | ) | ||||
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Expenditures for finite-life intangible assets |
(15,000 | ) | (21,000 | ) | ||||
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Net cash used for investing activities |
(267,000 | ) | (58,000 | ) | ||||
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Cash Flows From Financing Activities |
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Issuance of common stock upon exercise of options |
156,000 | 84,000 | ||||||
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Taxes paid on net share settlement of stock awards |
(229,000 | ) | (15,000 | ) | ||||
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Repurchase of common stock |
(1,003,000 | ) | (4,536,000 | ) | ||||
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Net cash used for financing activities |
(1,076,000 | ) | (4,467,000 | ) | ||||
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Net decrease in cash |
(1,174,000 | ) | (2,216,000 | ) | ||||
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Cash and cash equivalents |
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Beginning of period |
15,287,000 | 16,080,000 | ||||||
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End of period |
$ | 14,113,000 | $ | 13,864,000 | ||||
Exhibit 99.2
Electromed, Inc. Investor Presentation November 12, 2025 NYSE American: ELMD Innovation Leader in Airway Clearance Technologies
Forward Looking Statements: Certain statements in this presentation constitute forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as “anticipate,” “believe,” “committed,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will,” and similar expressions, including the negative of these terms, but they are not the exclusive means of identifying such statements. Forward-looking statements cannot be guaranteed, and actual results may vary materially due to the uncertainties and risks, known or unknown associated with such statements. Examples of risks and uncertainties for Electromed include, but are not limited to, competitive nature of our market; changes to Medicare, Medicaid, or private insurance reimbursement policies; changes to state and federal health care laws; changes affecting the medical device industry; our ability to develop new sales channels for our products such as the homecare distributor channel; our need to maintain regulatory compliance and to gain future regulatory approvals and clearances; new drug or pharmaceutical discoveries; general economic and business conditions; component or raw material shortages; changes to lead times or changes to trade regulations; wage and component price inflation; the risks associated with cyberattacks, data breaches, computer viruses and other similar security threats; technical problems with our research and products; our ability to renew our line of credit or obtain additional credit as necessary; our ability to protect and expand our intellectual property portfolio, as well as other factors we may describe from time to time in Electromed’s reports filed with the Securities and Exchange Commission (including Electromed’s most recent Annual Report on Form 10-K, as amended from time to time, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). Investors should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties or potentially inaccurate assumptions investors should take into account when making investment decisions. Shareholders and other readers should not place undue reliance on “forward-looking statements,” as such statements speak only as of the date of this press release. We undertake no obligation to update them in light of new information or future events.
Electromed – Who We Are - Electromed, Inc. is a growing medical device company focused on airway management to help people around the world breathe better, stay healthier, and lead active and fulfilling lives. Headquarters: New Prague, MN Ticker: ELMD Established: 1992 Annual Revenue: $66.2M (As of and for 12 months ended 9/30/2025) Market Cap: $205M (As of and for 12 months ended 9/30/2025) Share Count: 8.4M (As of and for 12 months ended 9/30/2025) Employees: 184 (As of and for 12 months ended 9/30/2025) Manufacturing in Minnesota HFCWO Market Focus
Electromed Highlights: ● Growing and profitable medical technology company ● A leader in the large and expanding airway clearance market ● The SmartVest® Airway Clearance System’s High Frequency Chest Wall Oscillation (“HFCWO”) technology supported by clinical outcomes data with strong reimbursement. ● Attractive direct-to-patient and provider model ● Strong financial profile with attractive gross margins and well-capitalized balance sheet 33% Operating Income CAGR (FY’21 through Q1 FY2026 TTM) Revenue (in millions): FY21: $35.8 FY22: $41.7 FY23: $48.1 FY24: $54.7 FY25: $64.0 TTM Q1 FY26: $66.2 Operating Income (in millions): FY21: $3.1 FY22: $3.0 FY23: $4.0 FY24: $6.5 FY25: $9.7 TTM Q1 FY26: $10.4
What is Bronchiectasis (BE)? ● Irreversible lung condition characterized by abnormal widening of one or more of the bronchi (airways) ● Repeated episodes of pulmonary inflammation and infection leads to mucus accumulating in the airways ● Mean prevalence of bronchiectasis in patients with COPD is 54%¹ 1.Chalmers J. and Sethi S. Raising awareness of bronchiectasis in primary care: overview of diagnosis and management strategies in adults. NPJ Prim Care Respir Med. 2017;27:18 Disease Misdiagnosed Disease Underdiagnosed HFCWO Under-prescribed Normal Airways – Lungs in cross section, widened airways Airway with bronchiectasis – widened airways, mucus, scarred and thickened airway wall
U.S. Market: Large, Growing, Underpenetrated Estimated HFCWO bronchiectasis penetration, treated population3 Estimated Net Bronchiectasis prevalence, DIAGNOSED1 Estimated bronchiectasis prevalence, UNDIAGNOSED with COPD/BE overlap2 Bronchiectasis HFCWO penetration ~16%3 Diagnosed BE population growing at ~12% annually1 35% of BE patients managed by pulmonologists1 1Internal company estimates derived from GUIDEHOUSE 2023 NASM claims database 2Internal company estimates derived from GUIDEHOUSE 2023 literature review and 2023 CDC NHANES data 3Internal company estimates derived from GUIDEHOUSE 2023 NASM claims database, GUIDEHOUSE 2023 literature review and 2024 S2N HFCWO Claims data ~$148k HFCWO Adopted(3) ~923K US BE Diagnosed (1) 4.1 million US Undiagnosed (2)
How is Bronchiectasis Treated? HFCWO Therapy – mimics manual chest percussion therapy (CPT) How does SmartVest HFCWO Therapy work? Air-Pulse Technology: A generator delivers repeating pulses of air through a single hose to an inflated wearable vest. Gentle squeeze and release: Each pulse gently squeezes and releases the chest to thin and loosen mucus in the lungs. Airway clearance: Mucus is propelled upward toward major airways where it can be coughed out more easily. On average, how often is HFCWO Therapy performed? 2x per day, 30 minutes per session, 7 days per week.
Smartvest Clearway: HFCWO Designed with the patient in mind An enhanced patient experience – sleek and light weight generator, intuitive user interface for better patient adherence, more portable and easier for travel SmartVest® has a well-established reimbursement code from CMS – E0483; We estimate we have over 270 million contracted lives in the US
SmartNotes Patient Progress Report – Patient outcomes and treatment progress to physicians SmartNotes combine patient Quality of Life and Therapy Utilization data to provide physicians with extended views into disease management ● TeleRespiratory Services: A team of Respiratory Therapists stay connected with patients and support their therapy utilization. ● Outcomes Management: Easy-to-read report provides physicians with a comprehensive view of disease progression and therapy impact.
Clinical Evidence: Electromed has Published Studies Showing Effectiveness of HFCWO to Treat Bronchiectasis SmartVest users have reported: 95% of patients would recommend SmartVest to others, 97% of patients report feeling better or the same after SmartVest use, 98% of patients report an increase in sputum production (patient data on file). Therapy with SmartVest® significantly decreased exacerbations requiring hospitalization, antibiotic use, and stabilizes lung function. Powner (2018) Therapy with HFCWO demonstrated key health outcomes improved in post- compared to pre-index period: cough, all-cause hospitalizations, pneumonia, and pulmonary hospitalizations. DeKoven (2022) 57% reduction in antibiotic prescriptions (1), 59% decrease in hospitalizations (1), 75% fewer emergency department visits (2) 1.Sievert CE, et al 2016. Using High Frequency Chest Wall Oscillation in a Bronchiectasis Patient Population: An Outcomes-Based Case Review. Respiratory Therapy, 11(4), 34-38. 2. Sievert CE, et al 2018. Incidence of Bronchiectasis-Related Exacerbation Rates After HFCWO Treatment—A Longitudinal Outcome-Based Study, Respiratory Therapy, 13(2), 38-41.
Direct-to-Patient Model: Drives attractive margin profile Traditional medical equipment channel: Manufacturer > Home Medical Equipment (HME) Distributor > Patient Vs. Direct-to-Patient Distribution (Electromed): Electromed > Patient Company expects gross margins in the mid-70s and improving with the SmartVest® Clearway®
Net Revenue Breakdown - $66.2M (TTM ended 9/30/2025) By Setting: 94% Home Care (includes $3.2 million from home care distributor revenue), 5% Hospitals, 1% Other Homecare by Payer: 52% Commercial/Other (includes managed Medicare and managed Medicaid), 46% Medicare, 2% Medicaid Homecare Qualified Referral Volume: 73% Bronchiectasis, 22% Neuromuscular, 3% Cystic Fibrosis, 2% Other
Growth Strategy: How will Electromed increase market share? ● Continued sales force expansion along with complementary infrastructure investments ● Increase brand awareness and revenue with direct-to-consumer and physician marketing ● Market development to improve diagnosis rates and evidence to support the adoption of the SmartVest system for patients ● SmartAdvantage™ best-in-class customer care and support ● Expand e-prescribing capability
Long-term objectives: Electromed is committed to delivering long-term profitable growth Double-digit revenue growth: Increase market share, deeper penetration of current SmartVest prescribers Operating Margin Improvement: Operating leverage as revenue increases
Capital Allocation Strategy: Proven execution against out priorities Capital Allocation > Organic Business Growth > Generate Free Cash Flow > Potential Strategic Investments or Return to Shareholders 2025 Execution: ● New CRM & CAPEX investments ● Sales rep expansion ● Market development ● Triple Down on BE campaign ● Product enhancements ● $10.0 million of shares repurchased in FY25
Why invest? ● Large, expanding chronic lung diseases market ● Clinically proven technology ● Broad payor coverage ● Consistent double-digit organic revenue growth ● High gross margins, robust cash flow and expanding operating leverage
Performance vs. Russell Medical Equipment Index (TTM and as of 9/30/2025 Results) Sales Growth: ELMD 16.0% > RUS ME 15.2% Gross Margin: ELMD 78.0% > RUS ME 53.4% Operating Margin: ELMD 15.7% > RUS ME (1.8%)
Electromed, Inc.: Jim Cunniff, President & CEO, 952-758-9299, jcunniff@electromed.com – Brad Nagel, CFO, 952-758-9299, bnagel@electromed.com ICR Healthcare: Mike Cavanaugh, 617-877-8641, mike.cavanaugh@icrhealthcare.com
Appendix
Financial Highlights: Financial Summary (in $ millions, except shares amounts) Three Months Ended: September 30, 2025 (unaudited) and September 30, 2024 (unaudited) Revenues: September 30, 2025: $16.9 September 30, 2024: $14.7 Gross Profit: September 30, 2025: $13.2 September 30, 2024: $11.5 Gross Margin: September 30, 2025: 78% September 30, 2024: 78% Operating Income: September 30, 2025: $2.7 September 30, 2024: $1.9 Operating Margin: September 30, 2025: 16% September 30, 2024:13% Net Income: September 30, 2025: $2.1 September 30, 2024: $1.5 Diluted EPS: September 30, 2025: $0.25 September 30, 2024: $0.16 Diluted Shares: September 30, 2025: 8,681,703 September 30, 2024: 8,980,714 Cash provided by Operations: September 30, 2025: $0.2 September 30, 2024: $2.3