Electromed, Inc. Announces Select Preliminary Unaudited Financial Results for Fourth Quarter Fiscal 2021
10 August 2021 - 7:05AM
Business Wire
Electromed, Inc. (“Electromed” or the “Company”) (NYSE American:
ELMD), a leader in innovative airway clearance technologies, today
announced select preliminary unaudited financial results for the
three months ended June 30, 2021 (“Q4 FY 2021”).
For Q4 FY 2021, the Company expects to report:
- Net revenue of between $9.3 million and $9.5 million, compared
to $6.9 million for the three months ended June 30, 2020 (“Q4 FY
2020”), driven primarily by strong growth in home care
revenue.
- Operating income of between $0.5 million and $0.7 million,
compared to $1.3 million in Q4 FY 2020. The prior year period
benefitted from $0.9 million of government stimulus income from the
Provider Relief Fund established under the Coronavirus Aid, Relief,
and Economic Security Act (the “CARES Act”).
- The recent data security incident did not have a material
impact on either revenue or operating income in the period and is
described in a separate press release issued on August 9,
2021.
- Cash of approximately $11.9 million and no debt as of June 30,
2021.
Kathleen Skarvan, President and Chief Executive Officer of
Electromed, commented, “We expect to report strong quarterly net
revenue in our fiscal fourth quarter with 37% year over year growth
at the midpoint of our preliminary estimated revenue range. We are
pleased with our progress, especially given the challenges caused
by the Covid-19 pandemic. I am extremely proud of our entire team’s
dedication to ensuring that our SmartVest® Airway Clearance devices
continue to reach patients needing high frequency chest wall
oscillation during the pandemic.
“We are providing select preliminary financial results due to
our participation in Canaccord Genuity’s 41st Annual Growth
Conference on August 11, 2021, and to inform shareholders that the
data security incident disclosed on August 9, 2021 did not have a
material impact on our fiscal fourth quarter financial results. We
look forward to providing additional financial details when we
release our fourth quarter and full year fiscal 2021 financial
results later this month.”
The foregoing preliminary unaudited financial information for
the fourth quarter ended June 30, 2021 is based upon estimates and
subject to completion of our financial closing procedures and
external audit process. Such financial information has been
prepared by management solely on the basis of currently available
information. The preliminary unaudited financial information does
not represent and is not a substitute for a comprehensive statement
of financial results, and our actual results may differ materially
from these estimates because of final adjustments, the completion
of our financial closing procedures, including the pending audit of
the company’s annual financial statements, and other developments
after the date of this release.
The Company will announce the date and time of its fourth
quarter fiscal 2021 financial results conference call in a separate
press release.
About Electromed, Inc.
Electromed, Inc. manufactures, makes, and sells products that
provide airway clearance therapy, including the SmartVest® Airway
Clearance System, to patients with compromised pulmonary function.
The Company is headquartered in New Prague, Minnesota and was
founded in 1992. Further information about the Company 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,” “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 the Company include, but are not limited to, the
duration, extent and severity of the COVID-19 pandemic, including
its effects on our business, operations and employees as well as
its impact on our customers and distribution channels and on
economies and markets more generally; the 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; our ability to renew our line of credit or obtain
additional credit as necessary; our ability to protect and expand
our intellectual property portfolio; the risks associated with
expansion into international markets, as well as other factors we
may describe from time to time in the Company’s reports filed with
the Securities and Exchange Commission (including the Company’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 of 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210809005810/en/
Electromed, Inc. Mike MacCourt, Chief Financial Officer
(952) 758-9299 investorrelations@electromed.com
The Equity Group Inc. Kalle Ahl, CFA (212) 836-9614
kahl@equityny.com Devin Sullivan (212)
836-9608
Electromed (AMEX:ELMD)
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