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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q |
(Mark One) |
|
☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
For the quarterly period ended March 31, 2024 |
|
|
|
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
For the
transition period from to . |
|
Commission File No.:
001-34839 |
Electromed, Inc. |
(Exact Name of Registrant as Specified in its Charter) |
Minnesota |
|
41-1732920 |
(State or other jurisdiction of incorporation
or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
500
Sixth Avenue NW
New
Prague, Minnesota |
|
56071 |
(Address of principal executive offices) |
|
(Zip Code) |
(952)
758-9299 |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of
the Act:
Common
Stock, $0.01 par value |
|
ELMD |
|
NYSE
American LLC |
(Title of each class) |
|
(Trading Symbol(s)) |
|
(Name of each exchange on which registered) |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
|
|
Non-accelerated filer ☑ |
Smaller reporting company ☑ |
|
|
|
Emerging growth company ☐ |
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
There were 8,655,727 shares of Electromed, Inc. common
stock, par value $0.01 per share, outstanding as of the close of business on May 2, 2024.
Electromed,
Inc.
Index to Quarterly Report
on Form 10-Q
PART I – FINANCIAL
INFORMATION
| Item 1. | Financial Statements. |
Electromed,
Inc.
Condensed Balance Sheets
| |
March 31, 2024 | | |
June 30, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 11,712,000 | | |
$ | 7,372,000 | |
Accounts receivable (net of allowances for credit losses of $45,000) | |
| 23,907,000 | | |
| 24,130,000 | |
Contract assets | |
| 642,000 | | |
| 487,000 | |
Inventories | |
| 4,178,000 | | |
| 4,221,000 | |
Prepaid expenses and other current assets | |
| 592,000 | | |
| 1,577,000 | |
Income tax receivable | |
| 291,000 | | |
| - | |
Total current assets | |
| 41,322,000 | | |
| 37,787,000 | |
Property and equipment, net | |
| 5,283,000 | | |
| 5,672,000 | |
Finite-life intangible assets, net | |
| 648,000 | | |
| 605,000 | |
Other assets | |
| 106,000 | | |
| 161,000 | |
Deferred income taxes | |
| 1,542,000 | | |
| 1,581,000 | |
Total assets | |
$ | 48,901,000 | | |
$ | 45,806,000 | |
| |
| | | |
| | |
Liabilities and Shareholders' Equity | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 792,000 | | |
$ | 1,372,000 | |
Accrued compensation | |
| 2,987,000 | | |
| 3,018,000 | |
Income tax payable | |
| - | | |
| 336,000 | |
Warranty reserve | |
| 1,525,000 | | |
| 1,378,000 | |
Other accrued liabilities | |
| 1,022,000 | | |
| 1,949,000 | |
Total current liabilities | |
| 6,326,000 | | |
| 8,053,000 | |
Other long-term liabilities | |
| 31,000 | | |
| 86,000 | |
Total liabilities | |
| 6,357,000 | | |
| 8,139,000 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ Equity | |
| | | |
| | |
Common stock, $0.01 par value per share, 13,000,000 shares
authorized; 8,655,727 and 8,555,238 shares issued and outstanding, as of March 31, 2024, and June 30, 2023, respectively | |
| 87,000 | | |
| 86,000 | |
Additional paid-in capital | |
| 20,342,000 | | |
| 18,788,000 | |
Retained earnings | |
| 22,115,000 | | |
| 18,793,000 | |
Total shareholders' equity | |
| 42,544,000 | | |
| 37,667,000 | |
Total liabilities and shareholders' equity | |
$ | 48,901,000 | | |
$ | 45,806,000 | |
See Notes to Condensed Financial Statements (Unaudited).
Electromed,
Inc.
Condensed Statements of Operations
(Unaudited)
| |
|
|
|
|
| | |
|
|
|
|
| |
| |
Three Months Ended March
31, | | |
Nine Months Ended March
31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net revenues | |
$ | 13,871,000 | | |
$ | 12,068,000 | | |
$ | 39,884,000 | | |
$ | 34,455,000 | |
Cost of revenues | |
| 3,489,000 | | |
| 3,012,000 | | |
| 9,459,000 | | |
| 8,386,000 | |
Gross profit | |
| 10,382,000 | | |
| 9,056,000 | | |
| 30,425,000 | | |
| 26,069,000 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 8,374,000 | | |
| 7,694,000 | | |
| 25,699,000 | | |
| 22,937,000 | |
Research and development | |
| 167,000 | | |
| 166,000 | | |
| 480,000 | | |
| 618,000 | |
Total operating expenses | |
| 8,541,000 | | |
| 7,860,000 | | |
| 26,179,000 | | |
| 23,555,000 | |
Operating income | |
| 1,841,000 | | |
| 1,196,000 | | |
| 4,246,000 | | |
| 2,514,000 | |
Interest income, net | |
| 120,000 | | |
| 26,000 | | |
| 293,000 | | |
| 37,000 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 468,000 | | |
| 147,000 | | |
| 1,217,000 | | |
| 418,000 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 1,493,000 | | |
$ | 1,075,000 | | |
$ | 3,322,000 | | |
$ | 2,133,000 | |
| |
| | | |
| | | |
| | | |
| | |
Income per share: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.17 | | |
$ | 0.13 | | |
$ | 0.39 | | |
$ | 0.25 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted | |
$ | 0.17 | | |
$ | 0.12 | | |
$ | 0.38 | | |
$ | 0.25 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 8,565,725 | | |
| 8,461,531 | | |
| 8,549,352 | | |
| 8,449,623 | |
Diluted | |
| 8,892,821 | | |
| 8,710,106 | | |
| 8,822,938 | | |
| 8,694,407 | |
See Notes to Condensed Financial Statements
(Unaudited).
Electromed,
Inc.
Condensed Statements of Cash
Flows (Unaudited)
| |
|
|
|
|
| |
| |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities | |
| | | |
| | |
Net income | |
$ | 3,322,000 | | |
$ | 2,133,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation | |
| 594,000 | | |
| 370,000 | |
Amortization of finite-life intangible assets | |
| 37,000 | | |
| 52,000 | |
Share-based compensation expense | |
| 1,250,000 | | |
| 506,000 | |
Deferred income taxes | |
| 39,000 | | |
| 32,000 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 223,000 | | |
| (1,293,000 | ) |
Contract assets | |
| (155,000 | ) | |
| (284,000 | ) |
Inventories | |
| 78,000 | | |
| (264,000 | ) |
Prepaid expenses and other assets | |
| 1,234,000 | | |
| 105,000 | |
Income tax receivable, net | |
| (627,000 | ) | |
| (270,000 | ) |
Accounts payable and accrued liabilities | |
| (1,386,000 | ) | |
| (111,000 | ) |
Accrued compensation | |
| (31,000 | ) | |
| (660,000 | ) |
Net cash provided by operating activities | |
| 4,578,000 | | |
| 316,000 | |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Expenditures for property and equipment | |
| (265,000 | ) | |
| (1,221,000 | ) |
Expenditures for finite-life intangible assets | |
| (84,000 | ) | |
| (54,000 | ) |
Net cash used in investing activities | |
| (349,000 | ) | |
| (1,275,000 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Issuance of common stock upon exercise of options | |
| 111,000 | | |
| 40,000 | |
Taxes paid on net share settlement of stock option exercises | |
| - | | |
| (305,000 | ) |
Repurchase of common stock | |
| - | | |
| (153,000 | ) |
Net cash provided by (used in) financing activities | |
| 111,000 | | |
| (418,000 | ) |
Net increase (decrease) in cash | |
| 4,340,000 | | |
| (1,377,000 | ) |
Cash and cash equivalents | |
| | | |
| | |
Beginning of period | |
| 7,372,000 | | |
| 8,153,000 | |
End of period | |
$ | 11,712,000 | | |
$ | 6,776,000 | |
| |
| | | |
| | |
Supplemental Disclosures of Cash Flow Information | |
| | | |
| | |
Cash paid for income taxes | |
$ | 1,806,000 | | |
$ | 655,000 | |
| |
| | | |
| | |
Supplemental Disclosures of Noncash Investing and Financing Activities | |
| | | |
| | |
Property and equipment acquisitions in accounts payable | |
$ | 35,000 | | |
$ | 136,000 | |
Intangible asset acquisitions in accounts payable | |
$ | - | | |
$ | 6,000 | |
Option exercise proceeds in other assets | |
$ | 194,000 | | |
$ | - | |
Demonstration equipment returned to inventory | |
$ | 35,000 | | |
$ | 9,000 | |
See Notes to Condensed Financial Statements (Unaudited).
Electromed,
Inc.
Condensed Statements of Shareholders’
Equity (Unaudited)
| |
|
|
|
|
| | |
| | |
| | |
| |
| |
Common Stock | | |
Additional Paid- | | |
Retained | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
in Capital | | |
Earnings | | |
Equity | |
Balance on June 30, 2022 | |
| 8,475,438 | | |
$ | 85,000 | | |
$ | 18,308,000 | | |
$ | 15,780,000 | | |
$ | 34,173,000 | |
Net income | |
| – | | |
| – | | |
| – | | |
| 81,000 | | |
| 81,000 | |
Issuance of restricted stock | |
| 27,400 | | |
| – | | |
| – | | |
| – | | |
| – | |
Forfeiture of restricted stock | |
| (14,166 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon exercise of options | |
| 11,760 | | |
| – | | |
| – | | |
| – | | |
| – | |
Taxes paid on stock options exercised on a net basis | |
| – | | |
| – | | |
| (60,000 | ) | |
| – | | |
| (60,000 | ) |
Share-based compensation expense | |
| – | | |
| – | | |
| 95,000 | | |
| – | | |
| 95,000 | |
Repurchase of common stock | |
| (14,568 | ) | |
| – | | |
| – | | |
| (145,000 | ) | |
| (145,000 | ) |
Balance on September 30, 2022 | |
| 8,485,864 | | |
| 85,000 | | |
| 18,343,000 | | |
| 15,716,000 | | |
| 34,144,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| 977,000 | | |
| 977,000 | |
Issuance of restricted stock | |
| 26,000 | | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon exercise of options | |
| 3,100 | | |
| – | | |
| 16,000 | | |
| – | | |
| 16,000 | |
Share-based compensation expense | |
| – | | |
| – | | |
| 221,000 | | |
| – | | |
| 221,000 | |
Repurchase of common stock | |
| (800 | ) | |
| – | | |
| – | | |
| (8,000 | ) | |
| (8,000 | ) |
Balance at December 31, 2022 | |
| 8,514,164 | | |
$ | 85,000 | | |
$ | 18,580,000 | | |
$ | 16,685,000 | | |
$ | 35,350,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| 1,075,000 | | |
| 1,075,000 | |
Issuance of common stock upon exercise of options | |
| 42,436 | | |
| 1,000 | | |
| 23,000 | | |
| – | | |
| 24,000 | |
Taxes paid on stock options exercised on a net basis | |
| – | | |
| – | | |
| (245,000 | ) | |
| – | | |
| (245,000 | ) |
Share-based compensation expense | |
| – | | |
| – | | |
| 190,000 | | |
| – | | |
| 190,000 | |
Balance on March 31, 2023 | |
| 8,556,600 | | |
$ | 86,000 | | |
$ | 18,548,000 | | |
$ | 17,760,000 | | |
$ | 36,394,000 | |
| |
|
|
|
|
|
| | |
| | |
| | |
| |
| |
Common Stock | | |
Additional Paid- | | |
Retained | | |
Total Shareholders’ | |
| |
Shares | | |
Amount | | |
in Capital | | |
Earnings | | |
Equity | |
Balance on June 30, 2023 | |
| 8,555,238 | | |
$ | 86,000 | | |
$ | 18,788,000 | | |
$ | 18,793,000 | | |
$ | 37,667,000 | |
Net income | |
| – | | |
| – | | |
| – | | |
| 155,000 | | |
| 155,000 | |
Issuance of restricted stock | |
| 20,878 | | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon exercise of options | |
| 2,934 | | |
| – | | |
| 29,000 | | |
| – | | |
| 29,000 | |
Share-based compensation expense | |
| – | | |
| – | | |
| 371,000 | | |
| – | | |
| 371,000 | |
Balance on September 30, 2023 | |
| 8,579,050 | | |
| 86,000 | | |
| 19,188,000 | | |
| 18,948,000 | | |
| 38,222,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| 1,674,000 | | |
| 1,674,000 | |
Issuance of restricted stock | |
| 21,000 | | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon exercise of options | |
| 2,627 | | |
| – | | |
| 26,000 | | |
| – | | |
| 26,000 | |
Share-based compensation expense | |
| – | | |
| – | | |
| 420,000 | | |
| – | | |
| 420,000 | |
Balance on December 31, 2023 | |
| 8,602,677 | | |
$ | 86,000 | | |
$ | 19,634,000 | | |
$ | 20,622,000 | | |
$ | 40,342,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| – | | |
| – | | |
| – | | |
| 1,493,000 | | |
| 1,493,000 | |
Issuance of restricted stock | |
| 2,550 | | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon exercise of options | |
| 50,500 | | |
| 1,000 | | |
| 249,000 | | |
| – | | |
| 250,000 | |
Share-based compensation expense | |
| – | | |
| – | | |
| 459,000 | | |
| – | | |
| 459,000 | |
Balance on March 31, 2024 | |
| 8,655,727 | | |
$ | 87,000 | | |
$ | 20,342,000 | | |
$ | 22,115,000 | | |
$ | 42,544,000 | |
See Notes to Condensed Financial Statements (Unaudited).
Electromed,
Inc.
Notes to Condensed
Financial Statements (Unaudited)
Note 1. Interim Financial Reporting
Nature of business: Electromed, Inc.
(the “Company”) develops, manufactures, and markets innovative airway clearance products that apply High Frequency
Chest Wall Oscillation (“HFCWO”) therapy for pulmonary care patients. The Company markets its products in the U.S.
to the homecare and hospital markets. The Company also sells internationally through distributors.
Since its inception, the Company has operated
in a single industry segment: developing, manufacturing, and marketing medical equipment.
Basis of presentation: The accompanying
unaudited Condensed Financial Statements of the Company have been prepared in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”) for interim financial statements and pursuant to the rules and regulations of the U.S. Securities
and Exchange Commission. In the opinion of management, the accompanying unaudited Condensed Financial Statements reflect all adjustments
consisting of normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results
of operations as required by Regulation S-X. Interim results of operations are not necessarily indicative of the results that may
be achieved for the full year. The financial statements and related notes do not include all information and footnotes required
by U.S. GAAP for annual reports. This interim report should be read in conjunction with the financial statements included in the
Company’s Annual
Report on Form 10-K for the fiscal year ended June 30, 2023 (“fiscal 2023”).
A summary of the Company’s significant accounting
policies follows:
Use of estimates. Management uses estimates
and assumptions in preparing the unaudited Condensed Financial Statements in accordance with U.S. GAAP. Those estimates and assumptions
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues
and expenses. Actual results could vary from the estimates that were used. The Company believes the critical accounting policies
that require the most significant assumptions and judgments in the preparation of its unaudited Condensed Financial Statements
include revenue recognition and the related estimation of variable consideration, inventory valuation, share-based compensation
and warranty reserve.
Net income per common share. Net income
is presented on a per share basis for both basic and diluted common shares. Basic net income per common share is computed using
the weighted average number of common shares outstanding during the period, excluding any restricted stock awards which have not
vested. The diluted net income per common share calculation includes outstanding restricted stock grants and assumes that all stock
options were exercised and converted into common stock at the beginning of the period unless their effect would be anti-dilutive.
Common stock equivalents excluded from the calculation of diluted earnings per share because their impact was anti-dilutive were
289,362 and 179,992 for the three months ended March 31, 2024, and 2023, respectively, and were 400,639 and 200,140 for the nine
months ended March 31, 2024, and 2023, respectively.
Recently Issued Accounting Standards
In June 2016, the Financial Accounting Board issued
Accounting Standards Update (“ASU”) 2016-13, Financial Instruments -- Credit Losses: Measurement of Credit Losses
on Financial Instruments, which was subsequently amended by ASU 2018-19, ASU 2019-04, 2019-05, 2019-10, 2019-11, and 2020-02.
The standard introduces new accounting guidance for credit losses on financial instruments within its scope, including trade receivables.
This new guidance adds an impairment model that is based on expected losses rather than incurred losses. The company adopted the
standard effective July 1, 2023. The Company’s adoption of the standard did not have a material impact on the financial statements.
Note 2. Revenues
Revenue is measured based on consideration specified
in the contract with a customer, adjusted for any applicable estimates of variable consideration and other factors affecting the
transaction price, including consideration paid or payable from customers and significant financing components. Revenue from all
customers is recognized when a performance obligation is satisfied by transferring control of a distinct good or service to a customer,
as further described below under Performance obligations and transaction price.
Individual promised goods
and services in a contract are considered a performance obligation and accounted for separately if the individual good or service
is distinct (i.e., the customer can benefit from the good or service on its own or with other resources that are readily available
to the customer and the good or service is separately identifiable from other promises in the arrangement). If an arrangement includes
multiple performance obligations, the consideration is allocated between the performance obligations in proportion to their estimated
standalone selling price, unless discounts or variable consideration is attributable to one or more but not all the performance
obligations. Costs related to products delivered are recognized in the period incurred, unless criteria for capitalization of costs
under Accounting Standards Codification (“ASC”) 340-40, “Other Assets and Deferred Costs” (“ASC 340”),
or other applicable guidance are met.
The Company includes shipping and handling
fees in net revenues. Shipping and handling costs associated with the shipment of the Company’s SmartVest® Airway Clearance
System (“SmartVest System”) after control has transferred to a customer are accounted for as a fulfillment cost and
are included in cost of revenues in the Condensed Statements of Operations.
The timing of revenue recognition, billings and
cash collections results in accounts receivable on the Condensed Balance Sheets as further described below under Accounts receivable
and Contract assets.
Disaggregation of revenues. In the following
table, net revenues are disaggregated by market:
Schedule of disaggregated revenue
| |
Three Months Ended March 31, | | |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Homecare | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 36,108,000 | | |
$ | 31,335,000 | |
Hospital | |
| 783,000 | | |
| 440,000 | | |
| 1,909,000 | | |
| 1,420,000 | |
Homecare distributor | |
| 524,000 | | |
| 501,000 | | |
| 1,377,000 | | |
| 1,391,000 | |
Other | |
| 277,000 | | |
| 156,000 | | |
| 490,000 | | |
| 309,000 | |
Total | |
$ | 13,871,000 | | |
$ | 12,068,000 | | |
$ | 39,884,000 | | |
$ | 34,455,000 | |
In the following table, net homecare revenue is
disaggregated by payer type:
| |
Three Months Ended March 31, | | |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Commercial | |
$ | 5,974,000 | | |
$ | 4,787,000 | | |
$ | 17,684,000 | | |
$ | 12,706,000 | |
Medicare | |
| 4,825,000 | | |
| 4,544,000 | | |
| 13,666,000 | | |
| 13,753,000 | |
Medicare Supplemental | |
| 1,177,000 | | |
| 1,278,000 | | |
| 3,447,000 | | |
| 3,681,000 | |
Medicaid | |
| 115,000 | | |
| 128,000 | | |
| 722,000 | | |
| 618,000 | |
Other homecare | |
| 196,000 | | |
| 234,000 | | |
| 589,000 | | |
| 577,000 | |
Total | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 36,108,000 | | |
$ | 31,335,000 | |
Revenues are recognized at a point in time when
control passes to the customer upon product shipment or delivery.
Performance obligations and transaction price.
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account
under ASC 606, “Revenue From Contracts With Customers” (“ASC 606”). A contract’s transaction price
is allocated to each distinct performance obligation in proportion to the standalone selling price for each and recognized as revenue
when, or as, the performance obligation is satisfied. The Company’s performance obligations and the timing or method of revenue
recognition in each of the Company’s markets are discussed below:
Homecare market. In the Company’s
homecare market, its customers are patients who use the SmartVest System. The various models of the SmartVest System are comprised
of three main components – a generator, a vest and a connecting hose – that are sold together as an integrated unit.
Accordingly, in contracts within the homecare market, the Company regards the SmartVest System to be a single performance obligation.
The Company makes available to its homecare
patients limited post-sale services that are not material in the context of the contracts, either individually or taken together,
and therefore does not consider them to be performance obligations. The costs associated with the services are accrued and expensed
when the related revenues are recognized. As such, transactions in the homecare market consist of a single performance obligation:
the SmartVest System.
Homecare patients generally will rely on third-party
payers, including commercial payers and governmental payers such as Medicare, Medicaid and the U.S. Department of Veterans Affairs
to cover and reimburse all or part of the cost of the SmartVest System. The third-party payers’ reimbursement programs fall
into three types, distinguished by the differences in the timing of payments from the payer, consisting of either (i) outright
sale, in which payment is received from the payer based on standard terms, (ii) capped installment sale, under which the SmartVest
System is sold for a series of payments that are capped not to exceed a prescribed or negotiated amount over a period of time or
(iii) installment sale, under which the SmartVest System is paid for over a period of several months as long as the patient continues
to use the SmartVest System.
Regardless of the type of transaction, provided
criteria for an enforceable contract are met, it is the Company’s long- standing business practice to regard all homecare
agreements as transferring control to the patient upon shipment or delivery, despite possible payment cancellation under government
or commercial programs where the payer is controlling the payment over specified time periods. For homecare sales that feature
installment payments, the ultimate amount of consideration received from Medicare, Medicaid or commercial payers can be significantly
less than expected if the contract is terminated due to changes in the patient’s status, including insurance coverage, hospitalization,
death or otherwise becoming unable to use the SmartVest System. However, once delivered to a patient who needs the SmartVest System,
the patient is under no obligation to return the SmartVest System should payments be terminated because of the described contingencies.
As a result, the Company’s product sales qualify for point-in-time revenue recognition. Control transfers to the patient,
and revenue is recognized, upon shipment of the SmartVest System. At this point, physical possession and the significant risks
and rewards of ownership are transferred to the patient and either a current or future right to payment is triggered, as further
discussed under Accounts receivable and Contract assets below.
The Company’s contractually stated transaction
prices in the homecare market are generally set by the terms of the contracts negotiated with insurance companies or by government
programs. The transaction price for the Company’s products may be further impacted by variable consideration. ASC 606 requires
the Company to adjust the transaction price at contract inception and throughout the contract duration for the estimated value
of payments to be received from insurance payers based on historical experience and other available information, subject to the
constraint on estimates of variable consideration. Transactions requiring estimates of variable consideration primarily include
(i) capped installment payments, which are subject to the third-party payer’s termination due to changes in insurance coverage,
death or the patient’s discontinued use of the SmartVest System, (ii) contracts under appeal and (iii) patient responsibility
amounts for deductibles, coinsurance, copays and other similar payments.
Although estimates may be made on a contract-by-contract
basis, whenever possible, the Company uses all available information, including historical collection patterns, to estimate variable
consideration for portfolios of contracts. The Company’s estimates of variable consideration consist of amounts it may receive
from insurance providers in excess of its initial revenue estimate due to patients meeting deductibles or coinsurance during the
payment duration, changes to a patient’s insurance status, changes in an insurance allowable, claims in appeals with Medicare
and amounts received directly from patients for their allowable or coinsurance. The Company believes it has representative historical
information to estimate the amount of variable consideration in relevant portfolios considering the significant experience it has
with each portfolio and the similarity of patient accounts within a portfolio. The analysis includes steps to ensure that revenue
recognized on a portfolio basis does not result in a material difference when compared with an individual contract approach. The
Company also leverages its historical experience and all available relevant information for each portfolio of contracts to minimize
the risk its estimates used to arrive at the transaction price will result in a significant reversal in the amount of cumulative
revenue recognized when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration
is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of
cumulative revenue under the contract will not occur.
For example, for contracts in which the Company
believes the criteria for reimbursement under government or commercial payer contracts have been met but for which coverage is
unconfirmed or payments are under appeal, the Company has significant observable evidence of relatively consistent claims recovery
experience over the prior three to five years. The Company believes the low volatility in historical claims approval rates for
populations of patients whose demographics are similar to those of current patients provides reliable predictive value in arriving
at estimates of variable consideration in such contracts. Similarly, historical payment trends for recovery of claims subject to
payer installments and payments from patients have remained relatively consistent over the past five years. No significant changes
in patient demographics or other relevant factors have occurred that would limit the predictive value of such payment trends in
estimating variable consideration for current contracts. As a result, the Company believes its estimates of variable consideration
are generally not subject to the risk of significant revenue reversal.
For each type of variable consideration discussed
above, there are many contracts with similar characteristics with a wide range of possible transaction prices. For that reason,
the Company uses the probability-weighted expected value method provided under ASC 606 to estimate variable consideration.
The Company often receives payment from third-party
payers for SmartVest System sales over a period of time that may exceed one year. Despite these extended payment terms, no significant
financing component is deemed to exist because the purpose of such terms is not to provide financing to the patient, the payer
or the Company. Rather, the extended payment terms are mandated by the government or commercial insurance programs; the fundamental
purpose of which is to avoid paying the full purchase price of equipment that may potentially be used by the patient for only a
short period of time.
Homecare distributors. Sales
to distributors, who sell direct to patients, are made at fixed contract prices and may include tiered pricing structures or volume-based
rebates which offer more favorable pricing once certain volumes are achieved per the negotiated contract. The distributor’s
purchases accumulate to give the distributor the right to a higher discount on purchases more than the specified level within the
contract period. As a result, to the extent the Company expects the distributor to exceed the specified volume of purchases in
the annual period, it recognizes revenue at a blended rate based on estimated total annual volume and sales revenue. This effectively
defers a portion of the transaction price on initial purchases below the specified volumes for recognition when the higher discount
is earned on purchases in excess of specified volumes. Transfer of control of the products occurs upon shipment or delivery to
the distributor, as applicable.
Hospital market. The Company’s
hospital sales are made to hospitals and other clinics. Sales to these hospitals are negotiated with the individual hospital or
with group purchasing organizations, with payments received directly from the hospital. No insurance reimbursement is involved.
Generators are either sold or leased to the hospitals and associated hoses and wraps (used in hospital settings rather than vests)
are sold separately. Accordingly, each product is distinct and considered a separate performance obligation in sales to hospital
customers. The agreements with hospitals fall into two main types, distinguished by differences in the timing of transfer of control
and timing of payments:
| ● | Outright sale – Under these transactions, the Company
sells its products for a prescribed or negotiated price. Transfer of control of the product, and associated revenue recognition,
occurs at the time of shipment and payment is made within normal credit terms, usually within thirty days. |
| ● | Wrap usage agreements – Under these transactions,
the Company provides a generator device at no cost to the hospital in return for a fixed annual commitment to purchase consumable
wraps. These agreements are cancellable upon at least sixty days prior written notice by either party. If cancelled, the generator
is returned to the Company, where it can be refurbished and used again later. Revenue for the consumable wraps is recognized when
control transfers to the customer. |
Other. Other
revenue consists of international sales which are made directly to several independent distributors at fixed contract prices that
are not subject to further adjustments for variable consideration or sales to other customers that do not fall into the markets
described above. Transfer of control of the products occurs upon shipment or delivery to the distributor or customer, as applicable.
Product warranty. The Company offers warranties
on its products. These warranties are assurance-type warranties not sold on a standalone basis or are otherwise considered immaterial
in the context of the contract, and therefore are not considered distinct performance obligations under ASC 606. The Company estimates
the costs that may be incurred under its warranties and records a liability in the amount of such costs at the time the product
is sold.
Accounts receivable.
The Company’s accounts receivable balance is comprised of amounts due from individuals, -hospitals, and distributors.
Balances due from individuals are typically remitted to the Company by third-party reimbursement agencies such as Medicare, Medicaid,
and private insurance companies. Accounts receivables are carried at amounts estimated to be received from patients under reimbursement
arrangements with third-party payers. Accounts receivable is also net of an allowance for credit losses. Management determines
the allowance for credit losses by regularly evaluating individual customer accounts and determining expected losses.
Contract assets. Contract
assets include amounts recognized as revenue that are estimates of variable consideration for Medicare appeals where the final
determination of the insurance coverage amount is dependent on future approval of an appeal, or when the consideration due to the
Company is dependent on a future event such as the patient meeting a deductible prior to the Company’s claim being processed
by the payer. Contract assets are classified as current as amounts will turn into accounts receivable and be collected during the
Company’s normal business operating cycle. Contract assets are reclassified to accounts receivable when the right to receive
payment is unconditional.
Contract balances. The following table
provides information about contract assets from contracts with customers:
Schedule of contract asset
| |
Nine Months Ended March 31, 2024 | | |
Fiscal Year Ended June 30, 2023 | |
| |
Increase (decrease) | | |
Increase (decrease) | |
Contract assets, beginning | |
$ | 487,000 | | |
$ | 286,000 | |
Reclassification of contract assets to accounts receivable | |
| (1,453,000 | ) | |
| (1,220,000 | ) |
Contract assets recognized | |
| 1,829,000 | | |
| 1,351,000 | |
Increase (decrease) as a result of changes in the estimate of amounts to be realized from payers, excluding amounts transferred to receivables during the period | |
| (221,000 | ) | |
| 70,000 | |
Contract assets, ending | |
$ | 642,000 | | |
$ | 487,000 | |
Incremental costs to
obtain a contract. Sales incentives paid to sales representatives are eligible for capitalization as they are incremental costs
that would not have been incurred without entering into a specific sales arrangement and are recoverable through the expected margin
on the transaction. However, the recovery period is less than one year as the performance obligation is satisfied upon shipment
or delivery. Consequently, the Company applies the practical expedient provided by ASC 340 and expenses sales incentives as incurred.
These costs are included in selling, general and administrative expenses in the Condensed Statements of Operations.
Note 3. Inventories
The components of inventory were as follows:
| |
March 31, 2024 | | |
June 30, 2023 | |
Parts inventory | |
$ | 3,016,000 | | |
$ | 3,420,000 | |
Work in process | |
| 449,000 | | |
| 470,000 | |
Finished goods | |
| 856,000 | | |
| 323,000 | |
Estimated inventory to be returned | |
| 260,000 | | |
| 265,000 | |
Less: Reserve for obsolescence | |
| (403,000 | ) | |
| (257,000 | ) |
Total | |
$ | 4,178,000 | | |
$ | 4,221,000 | |
Note 4. Warranty Reserve
The Company provides a lifetime warranty on
its products to the prescribed patient for sales within the U.S. and a three-year warranty for all hospital sales and sales to
individuals outside the U.S. The Company estimates the costs that may be incurred under its warranty and records a liability in
the amount of such costs at the time the product is shipped. Factors that affect the Company’s warranty reserve include the
number of units shipped, historical and anticipated rates of warranty claims, the product’s useful life and cost per claim.
The Company periodically assesses the adequacy of its recorded warranty reserve and adjusts the amounts as necessary.
Changes in the Company’s warranty
reserve were as follows:
| |
Nine Months Ended March 31, 2024 | | |
Fiscal Year Ended June 30, 2023 | |
Warranty reserve, beginning | |
$ | 1,378,000 | | |
$ | 1,256,000 | |
Accrual for products sold | |
| 426,000 | | |
| 416,000 | |
Expenditures and costs incurred for warranty claims | |
| (279,000 | ) | |
| (294,000 | ) |
Warranty reserve, ending | |
$ | 1,525,000 | | |
$ | 1,378,000 | |
Note 5. Income Taxes
Income tax expense was estimated at $468,000
and $1,217,000, and the effective tax rate was 23.9% and 26.8% for the three and nine months ended March 31, 2024, respectively.
Estimated income tax expense for the three and nine months ended March 31, 2024, includes a discrete current tax benefit of $99,000
and $95,000, respectively, primarily related to the exercise of stock options.
Income tax expense was estimated at $147,000
and $418,000, and the effective tax rate was 12.0% and 16.4% for the three and nine months ended March 31, 2023, respectively.
Estimated income tax expense for the three and nine months ended March 31, 2023, includes a discrete current tax benefit of $176,000
and $219,000, respectively, related to the exercise of stock options.
The Company is subject to U.S. federal and state
income tax in multiple jurisdictions. With limited exceptions, years prior to the Company’s fiscal year ended June 30, 2020,
are no longer open to U.S. federal, state or local examinations by taxing authorities. The Company is not under any current income
tax examinations by any federal, state or local taxing authority. If any issues addressed in the Company’s tax audits are
resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision
for income taxes in the period such resolution occurs.
Note 6. Financing Arrangements
The Company has a credit facility that provides
for a $2,500,000 revolving line of credit through December 18, 2025, if not renewed before such date. There was no outstanding
principal balance on the line of credit as of March 31, 2024, or June 30, 2023. Interest on borrowings under the line of credit,
if any, accrues at the prime rate (8.50% on March 31, 2024) less 1.00% and is payable monthly. The amount eligible for borrowing
on the line of credit is limited to the lesser of $2,500,000 or 57.00% of eligible accounts receivable. On March 31, 2024, the
maximum $2,500,000 was eligible for borrowing. Payment obligations under the line of credit, if any, are secured by a security
interest in substantially all the tangible and intangible assets of the Company.
The documents governing
the line of credit contain certain financial and non-financial covenants that include a minimum tangible net worth covenant of
not less than $10,125,000 and restrictions on the Company’s ability to incur certain additional indebtedness or pay dividends.
Note 7. Common Stock
Authorized
shares: The Company’s Articles of Incorporation, as amended, have established 15,000,000 authorized shares
of capital stock consisting of 13,000,000 shares of common stock, par value $0.01 per share, and 2,000,000 shares
of undesignated stock.
On
May 26, 2021, the Company’s Board of Directors (the “Board”) approved a stock repurchase authorization. Under
the authorization, the Company was originally able to repurchase up to $3.0 million of shares of common stock through
May 26, 2022. On May 26, 2022, the Board removed the date limitation. As of March 31, 2024, a total of 239,995 shares
have been repurchased and retired under this authorization for a total cost of $2,725,000, or $11.36 per share. Repurchased
shares have been retired and constitute authorized but unissued shares. There were no share repurchases for the three and nine
months ended March 31, 2024.
Note 8. Share-Based Compensation
The Company’s share-based compensation
plans are described in Note 8 to the financial statements included in the Company’s Annual Report on Form 10-K for fiscal
2023. Share-based compensation expense was $1,250,000 and $506,000 for the nine months ended March 31, 2024, and 2023, respectively.
This expense is included in selling, general and administrative expense in the Condensed Statements of Operations.
Stock Options
Stock option transactions during
the nine months ended March 31, 2024, are summarized as follows:
| |
Number
of Shares | | |
Weighted-Average Exercise Price per Share | |
Outstanding on June 30, 2023 | |
| 451,570 | | |
$ | 6.93 | |
Granted | |
| 263,162 | | |
$ | 10.70 | |
Exercised | |
| (56,063 | ) | |
$ | 5.45 | |
Cancelled or Forfeited | |
| (21,079 | ) | |
$ | 10.46 | |
Outstanding on March 31, 2024 | |
| 637,590 | | |
$ | 8.50 | |
The following assumptions were
used to estimate the fair value of stock options granted:
| |
Nine Months Ended
March 31, 2024 | |
Fiscal Year Ended
June 30, 2023 |
|
Risk-free interest rate | |
3.85 – 4.64% | |
2.88 - 4.23% |
|
Expected term (years) | |
6 | |
6 |
|
Expected volatility | |
51 - 53% | |
53% - 54% |
|
The intrinsic value of an option is the amount
by which the fair value of the underlying stock exceeds its exercise price. On March 31, 2024, the weighted average remaining contractual
term for all outstanding stock options was 6.7 years and the aggregate intrinsic value of the options was $4,878,000. Outstanding
on March 31, 2024, were 637,590 stock options issued to employees, of which 319,088 were vested and exercisable and had an aggregate
intrinsic value of $3,118,000. As of March 31, 2024, $925,000 of total unrecognized compensation expense related to stock options
is expected to be recognized over a weighted-average period of approximately 2.8 years.
Restricted Stock
During the nine months ended March 31, 2024,
the Company issued restricted stock awards to employees totaling 23,428 shares of common stock, with a weighted average vesting
term of 3.0 years and a weighted average fair value of $10.74 per share, and to directors totaling 21,000 shares of common stock,
with a vesting term of six months and a weighted average fair value of $10.44 per share. There were 57,661 shares of unvested restricted
stock with a weighted average fair value of $10.53 per share outstanding as of March 31, 2024. As of March 31, 2024, $253,000 of
total unrecognized compensation expense related to restricted stock awards is expected to be recognized over a weighted-average
period of approximately 1.6 years.
Performance-Based Restricted Stock Units
The Company granted 175,000 performance-based
restricted stock units (“PSUs”) to our CEO in connection with his appointment as CEO on July 1, 2023. The PSUs are
to be earned based on the extent to which performance goals tied to Total Shareholder Return (“TSR”) are achieved.
The performance-based restricted stock units will be eligible to vest and settle into shares of common stock on a 1-for-1 basis
with respect to one-half of the shares upon achieving a total shareholder return of 50% and the remaining shares upon a total shareholder
return of 100%, in each case within four years of the date of grant. The grant date fair value of the awards was determined using
a Monte Carlo valuation model with an expected term of four years.
Stock based compensation expense recognized for
PSUs was $217,000 and $0 for the nine months ended March 31, 2024, and 2023, respectively. The weighted average grant date fair
value per unit was $6.58 and as of March 31, 2024, there are 175,000 PSUs outstanding. On March 31, 2024, there was approximately
$935,000 of total unrecognized compensation expense related to outstanding PSUs that is expected to be recognized over a period
of 3.25 years.
Note 9. Commitments and Contingencies
The Company is occasionally involved in claims
and disputes arising in the ordinary course of business. The Company insures certain business risks where possible to mitigate
the financial impact of individual claims and establishes reserves for an estimate of any probable cost of settlement or other
disposition.
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Condensed Financial
Statements and related notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q, and our audited financial
statements and related notes thereto included in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended June
30, 2023 (“fiscal 2023”).
Overview
Electromed, Inc. (“we,”
“our,” “us,” “Electromed” or the “Company”) develops and provides innovative airway
clearance products applying High Frequency Chest Wall Oscillation (“HFCWO”) technologies in pulmonary care for patients.
We manufacture, market, and sell
products that provide HFCWO, including the SmartVest® Airway Clearance System (“SmartVest System”) that includes
our newest generation SmartVest Clearway® Airway Clearance System (“Clearway”), previous generation SmartVest SQL®,
and related garments and accessories to patients with compromised pulmonary function. The SmartVest Clearway, which received 510(k)
clearance from the U.S. Food and Drug Administration in December 2022, provides patients with proven quality of life outcomes while
offering a state-of-the-art patient experience with a simple touch screen user interface, small footprint and lightest HFCWO generator
on the market.
Our products are sold in both
the homecare market and the hospital market for inpatient use, which we refer to as “hospital sales.” Since 2000, we
have marketed the SmartVest System and its predecessor products to patients suffering from bronchiectasis, cystic fibrosis, and
other chronic pulmonary conditions which require external chest manipulation to enhance mucus transport. Additionally, we offer
our products to a patient population that includes neuromuscular disorders such as cerebral palsy, muscular dystrophies, amyotrophic
lateral sclerosis (“ALS”), patients with post-surgical complications or who are ventilator dependent and patients who
have other conditions involving excess secretion and impaired mucus transport.
The SmartVest System is often
eligible for reimbursement from major private insurance providers, health maintenance organizations (“HMOs”), state
Medicaid systems, and the federal Medicare system, which we believe is an important consideration for patients considering an HFCWO
course of therapy. For domestic sales, the SmartVest System may be reimbursed under the Medicare-assigned billing code (E0483)
for HFCWO devices if the patient has cystic fibrosis, bronchiectasis (including chronic bronchitis or COPD that has resulted in
a diagnosis of bronchiectasis), or any one of certain enumerated neuromuscular diseases and myopathies and can demonstrate that
another less expensive physical or mechanical treatment did not adequately mobilize retained secretions. Private payers consider
a variety of sources, including Medicare, as guidelines in setting their coverage policies and payment amounts.
Critical Accounting Estimates
For a description of our
critical accounting estimates and assumptions used in the preparation of our financial statements, including the unaudited Condensed
Financial Statements in this Quarterly Report on Form 10-Q, see Note 1 and Note 2 to our unaudited Condensed Financial Statements
included in Part I, Item 1 of this Quarterly Report on Form 10-Q and Part II, Item 7, and Note 1 to our audited financial statements
included in Part II, Item 8, of our Annual
Report on Form 10-K for fiscal 2023.
There were no material changes
in our critical accounting estimates and assumptions since the filing of our Annual Report on Form 10-K for fiscal 2023.
Change Healthcare Update
In late February 2024,
UnitedHealth Group’s Change Healthcare was impacted by a cybersecurity incident, negatively impacting financial operations
for hospitals, insurers, pharmacies, and medical groups nationwide. Change Healthcare is a financial clearinghouse that works across
the health system to make clinical, administrative and financial processes simpler and more efficient for payers, providers and
consumers.
Electromed had historically
filed all non-Medicare claims through Change Healthcare’s clearinghouse. However, we resolved nearly 75% of our delayed claims
by the end of the quarter with successful submissions through an alternate clearinghouse. Although we experienced an approximately
three-week delay in non-Medicare claims submissions, our impact to cashflow was less than $1,000,000 for the quarter ended March
31, 2024, and is expected to fully resolve by the end of the current fiscal year, June 30, 2024. In spite of this headwind,
we finished the quarter ended March 31, 2024 with $11,712,000 of cash, a $1,278,000 improvement from our prior quarter ($10,434,000
for the quarter ended December 31, 2023).
Although we were able
to adapt quickly to mitigate the direct impacts of the Change Healthcare cyberattack on our business and operations future disruptions
through Change Healthcare or any other financial clearinghouse could have a material adverse impact on our cash flow and ultimate
ability to receive payment on our claims.
Results of Operations
Net Revenues
Net revenues for the
three and nine months ended March 31, 2024, and 2023 are summarized in the table below.
| |
Three Months Ended March 31, | | |
| | |
| | |
Nine Months Ended March 31, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Increase | | |
2024 | | |
2023 | | |
Increase (Decrease) | |
Homecare | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 1,316,000 | | |
| 12.0 | % | |
$ | 36,108,000 | | |
$ | 31,335,000 | | |
$ | 4,773,000 | | |
| 15.2 | % |
Hospital | |
| 783,000 | | |
| 440,000 | | |
| 343,000 | | |
| 78.0 | % | |
| 1,909,000 | | |
| 1,420,000 | | |
| 489,000 | | |
| 34.4 | % |
Homecare distributor | |
| 524,000 | | |
| 501,000 | | |
| 23,000 | | |
| 4.6 | % | |
| 1,377,000 | | |
| 1,391,000 | | |
| (14,000 | ) | |
| (1.0 | %) |
Other | |
| 277,000 | | |
| 156,000 | | |
| 121,000 | | |
| 77.6 | % | |
| 490,000 | | |
| 309,000 | | |
| 181,000 | | |
| 58.6 | % |
Total | |
$ | 13,871,000 | | |
$ | 12,068,000 | | |
$ | 1,803,000 | | |
| 14.9 | % | |
$ | 39,884,000 | | |
$ | 34,455,000 | | |
$ | 5,429,000 | | |
| 15.8 | % |
Homecare revenue.
Homecare revenue increased by $1,316,000, or 12.0%, for the three months ended March 31, 2024, compared to the same period
in the prior year. For the nine months ended March 31, 2024, homecare revenue was $36,108,000, representing an increase of $4,773,000,
or 15.2%, compared to the same period in the prior year. The increase in revenue was due to an increase in direct sales representatives,
and efficiencies recognized within our reimbursement department as a result of recent investments made to streamline the claims
process in the nine months ended March 31, 2024.
Hospital revenue.
Hospital revenue was $783,000, an increase of $343,000, or 78.0%, for the three months ended March 31, 2024, compared to
the same period in the prior year. For the nine months ended March 31, 2024, hospital revenue was $1,909,000, an increase of $489,000,
or 34.4%, compared to the same period in the prior year. The increases were primarily due to an increase in sales representatives
focused on the hospital market as well as increased capital and disposable demand.
Homecare distributor
revenue. Homecare distributor revenue increased by $23,000, or 4.6%, for the three months ended March 31, 2024,
compared to the same period in the prior year. For the nine months ended March 31, 2024, homecare distributor revenue was $1,377,000,
a decrease of $14,000, or 1.0%, compared to the same period in the prior year. The change in Homecare distributor sales were primarily
a result of the timing of distributor purchases that can cause significant fluctuations in reported revenue on a quarterly basis.
Other revenue.
Other revenue was $277,000, an increase of $121,000, or 77.6%, for the three months ended March 31, 2024, compared to the same
period in the prior year. For the nine months ended March 31, 2024, other revenue was $490,000, an increase of $181,000, or 58.6%,
compared to the same period in the prior year. The increase in other revenue was primarily due to the timing of international distributor
purchases and purchases by customers that do not fall within the other markets described above, which caused significant fluctuations
in reported revenue on a quarterly basis.
Gross profit
Gross profit increased
to $10,382,000, or 74.8% of net revenues, for the three months ended March 31, 2024, from $9,056,000, or 75.0% of net revenues,
in the same period in the prior year. Gross profit increased to $30,425,000, or 76.3% of net revenues, for the nine months ended
March 31, 2024, from $26,069,000, or 75.7% of net revenues, in the same period in the prior year. The decrease in gross profit
as a percentage of net revenues compared to the same three-month period in the prior year was primarily due to costs associated
with the wind down of our previous generator models. The increase in gross profit as a percentage of net revenues compared to the
same nine-month period in the prior year was primarily due to decreased shipping expenses and increased material costs in the prior
year to expedite inventory purchases which did not recur in the current year.
Operating expenses
Selling, general and
administrative expenses. Selling, general and administrative (“SG&A”) expenses were $8,374,000 and $25,699,000
for the three and nine months ended March 31, 2024, respectively, representing increases of $680,000 and $2,762,000, or 8.8% and
12.0%, respectively, compared to the same periods in the prior year.
Payroll and compensation-related
expenses were $5,721,000 and $17,111,000 for the three and nine months ended March 31, 2024, respectively, representing increases
of $684,000 and $2,191,000, or 13.6% and 14.7%, respectively, compared to the same periods in the prior year. The increase in the
current year periods were primarily due to increases in share-based compensation, salaries, and incentive compensation related
to the higher average number of sales, sales support, marketing, and reimbursement personnel to process higher patient referrals.
We have also continued to provide regular merit-based increases for our employees and are regularly benchmarking our compensation
ranges including share-based compensation for new and existing employees to ensure we can hire and retain the talent needed to
drive growth in our business. Field sales employees totaled 59 as of March 31, 2024, 51 of which were direct sales representatives,
compared to 57 field sales employees and 48 direct sales representatives as of March 31, 2023.
Travel, meals and entertainment
expenses were $760,000 and $2,453,000 for the three and nine months ended March 31, 2024, respectively, representing increases
of $102,000 and $163,000, or 15.5% and 7.1%, respectively, compared to the same periods in the prior year. The increase in the
current year periods were due to a higher average number of direct sales representatives, higher travel costs, an increased number
of sales territories, and a mid-year sales meeting held in Q3 FY 2024.
Total discretionary marketing
expenses were $304,000 and $1,095,000 for the three and nine months ended March 31, 2024, respectively, representing increases
of $92,000 and $514,000, or 43.4% and 88.5%, respectively, compared to the same periods in the prior year. The increases were primarily
due to an investment in market research, direct-to-consumer and direct-to-physician marketing.
Professional fees were
$978,000 and $3,222,000 for the three and nine months ended March 31, 2024, respectively, representing decreases of $410,000 and
$628,000, or 29.5% and 16.3%, respectively, compared to the same periods in the prior year. Professional fees are primarily for
services related to legal costs, shareowner services and reporting requirements, information technology technical support and consulting
fees. The decrease in the three months ended March 31, 2024, were primarily related to legal and consulting costs associated with
the termination of the Public Health Emergency for COVID-19 and recruiting costs for multiple senior leadership positions that
has not recurred in the fiscal year ending June 30, 2024 (“fiscal 2024”). In addition to those fees that did not recur
in the third quarter, the decreases in the nine months ended March 31, 2024, were due to legal fees in fiscal 2023 related to a
reimbursement project that has not recurred in fiscal 2024.
Research and development
expenses. Research and development (“R&D”) expenses were $167,000 and $480,000 for the three and nine months
ended March 31, 2024, respectively, representing an increase of $1,000, or 0.6%, and a decrease of $138,000, or 22.3%, respectively,
compared to the same periods in the prior year. The decrease in the nine months ended March 31, 2024, were primarily due to reduced
costs associated with our SmartVest Clearway platform development in the prior year which has now been launched into the Homecare
and Hospital markets.
Interest income, net
Net interest income for
the three and nine months ended March 31, 2024, was $120,000 and $293,000, respectively, compared to $26,000 and $37,000, respectively,
for the same periods in the prior year. These increases were due to increased savings rates on higher cash balances.
Income tax expense
Income tax expense was estimated
at $468,000 and $1,217,000, and the effective tax rate was 23.9% and 26.8%, for the three and nine months ended March 31, 2024,
respectively. Estimated income tax expense for the three and nine months ended March 31, 2024, includes a discrete tax benefit
of $99,000 and $95,000, respectively, primarily related to the exercise of stock options.
Income tax expense was estimated
at $147,000 and $418,000, and the effective tax rate was 12.0% and 16.4%, for the three and nine months ended March 31, 2023, respectively.
Estimated income tax expense for the three and nine months ended March 31, 2023, includes a discrete tax benefit of $176,000 and
$219,000, respectively, related to the exercise of stock options.
Net income
Net income for the three
and nine months ended March 31, 2024, was $1,493,000 and $3,322,000, respectively, compared to $1,075,000 and $2,133,000 for the
same periods in the prior year. The increases in net income were driven primarily by net revenues growth and an increase in interest
income.
Liquidity and Capital Resources
Cash Flows and Sources of Liquidity
Cash Flows provided by Operating Activities
For the nine months ended
March 31, 2024, net cash provided by operating activities was $4,578,000. Cash flows provided by operating activities consisted
of net income of $3,322,000, non-cash expenses of $1,920,000, a decrease in prepaid expenses and other assets of $1,234,000, an
increase in income tax receivable, net, of $627,000, a decrease in accounts receivable of $223,000, and a decrease in inventory
of $78,000. These cash flows from operating activities were offset by a decrease in accounts payable and accrued liabilities of
$1,386,000, an increase in contract assets of $155,000, and a decrease in accrued compensation of $31,000.
The decrease in prepaid
expenses and other assets, as well as the decrease in accounts payable and other accrued liabilities are primarily due to a litigation
settlement payment related to our previously disclosed cyber security breach. The payment to the settlement fund during the first
quarter of fiscal 2024 for the settlement amount of $825,000 was covered by insurance resulting in a reduction in other current
assets and other accrued liabilities.
Cash Flows used in Investing Activities
For the nine months
ended March 31, 2024, cash used in investing activities was $349,000. Cash used in investing activities consisted of $265,000 in
expenditures for property and equipment and $84,000 in expenditures for intangible asset costs.
Cash Flows provided by Financing Activities
For the nine months ended
March 31, 2024, cash provided by financing activities was $111,000, consisting of cash received for stock option exercises.
Adequacy of Capital Resources
Our primary working capital
requirements relate to adding employees to our sales force and support functions, continuing infrastructure investments, and supporting
general corporate needs, including financing equipment purchases and other capital expenditures incurred in the ordinary course
of business. Based on our current operational performance, we believe our working capital of $34,996,000 and available borrowings
under our existing credit facility will provide sufficient liquidity to meet our anticipated working capital and other liquidity
needs for the next twelve months from the date of this report.
Our credit facility provides
us with a revolving line of credit. Interest on borrowings on the line of credit accrues at the prime rate (8.50% on March 31,
2024) less 1.00% and is payable monthly. There was no outstanding principal balance on the line of credit as of March 31, 2024,
or June 30, 2023. The amount eligible for borrowing on the line of credit is limited to the lesser of $2,500,000 or 57.00% of eligible
accounts receivable, and the line of credit expires on December 17, 2025, if not renewed. As of March 31, 2024, the maximum $2,500,000
was available under the line of credit. Payment obligations under the line of credit are secured by a security interest in substantially
all of our tangible and intangible assets.
The documents governing
our line of credit contain certain financial and nonfinancial covenants that include a minimum tangible net worth of not less than
$10,125,000 and restrictions on our ability to incur certain additional indebtedness or pay dividends.
Any failure to comply with
these covenants in the future may result in an event of default, which if not cured or waived, could result in the lender accelerating
the maturity of our indebtedness, preventing access to additional funds under the line of credit, requiring prepayment of outstanding
indebtedness, or refusing to renew the line of credit. If the maturity of the indebtedness is accelerated or the line of credit
is not renewed, sufficient cash resources to satisfy the debt obligations may not be available and we may not be able to continue
operations as planned. If we are unable to repay such indebtedness, the lender could foreclose on these assets.
For the nine months ended March
31, 2024, and 2023, we spent $265,000 and $1,221,000, respectively, on property and equipment. We currently expect to finance planned
equipment purchases with cash flows from operations or borrowings under our credit facility. We may need to incur additional debt
if we have an unforeseen need for additional capital equipment or if our operating performance does not generate adequate cash
flows.
While the impact of macroeconomic
factors such as inflation are difficult to predict, we believe our cash, cash equivalents and cash flows from operations will be
sufficient to meet our working capital, capital expenditure, operational cash requirements for fiscal 2024 and the foreseeable
future. We will continue to evaluate our projected expenditures relative to our available cash and evaluate financing alternatives
to satisfy our working capital and other cash requirements.
Information Regarding Forward-Looking Statements
Statements contained in
this Quarterly Report on Form 10-Q that are not statements of historical fact should be considered forward-looking statements within
the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Forward- looking statements include, but are not limited to,
statements regarding: our business strategy, including our intended level of investment in R&D and marketing activities; our
expectations with respect to earnings, gross margins and sales growth, industry relationships, marketing strategies and international
sales; estimated sizes of markets into which our products are or may be sold; our business strengths and competitive advantages;
our ability to grow additional sales distribution channels; our intent to retain any earnings for use in operations rather than
paying dividends; our expectation that our products will continue to qualify for reimbursement and payment under government and
private insurance programs; our intellectual property plans and practices; the expected impact of applicable regulations on our
business; our beliefs about our manufacturing processes; our expectations and beliefs with respect to our employees and our relationships
with them; our belief that our current facilities are adequate to support our growth plans; our expectations with respect to ongoing
compliance with the terms of our credit facility; our expectations regarding the ongoing availability of credit and our ability
to renew our line of credit; enhancements to our products and services; expected excise tax exemption for the SmartVest System;
and our anticipated revenues, expenses, capital requirements and liquidity. Words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“ongoing,” “plan,” “potential,” “project,” “goal,” “target,”
“should,” “will,” “would,” and similar expressions, including the negative of these terms,
are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Although we
believe these forward-looking statements are reasonable, they involve risks and uncertainties that may cause actual results to
differ materially from those projected by such statements. Such statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results or our industry’s actual results, levels of activity, performance or achievements
to be materially different from the information expressed or implied by the forward-looking statements.
Factors that could
cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, the following:
| ● | ability to obtain reimbursement from Medicare, Medicaid, or private insurance
payers for our products including potential adverse impact with an expiration of the Centers for Medicare and Medicaid Services
waiver for certain respiratory diseases; |
| ● | component or raw material shortages, changes to lead times or significant
price increases; |
| ● | 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; |
| ● | the risks associated with our planned salesforce expansion; |
| ● | 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 homecare
distributor channel; |
| ● | 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. |
This list of factors is
not exhaustive, however, and these or other factors, many of which are outside of our control, could have a material adverse effect
on us and our results of operations. Therefore, you should consider these risk factors with caution and form your own critical
and independent conclusions about the likely effect of these risk factors on our future performance. Forward-looking statements
speak only as of the date on which the statements are made, and we undertake no obligation, and expressly disclaim any such obligation,
to update any forward-looking statement for any reason other than as required by law, even if new information becomes available
or other events occur in the future. You should carefully review the disclosures and the risk factors described in this and other
documents we file from time to time with the Securities and Exchange Commission (the “SEC”), including our Annual Report
on Form 10-K for fiscal 2023. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified
in their entirety by the cautionary statements set forth herein.
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
As a smaller reporting company, we are not required
to provide disclosure pursuant to this Item.
| Item 4. | Controls and Procedures. |
Evaluation of Disclosure Controls and Procedures
Our principal executive
officer and principal financial officer evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules
13a-15(e) and 15d-15(e) of the Exchange Act, as of the end of the period subject to this Quarterly Report on Form 10-Q. Based on
this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures
were effective as of the date of such evaluation to provide reasonable assurance that information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the
time periods specified by the SEC’s rules and forms.
Changes to Internal Control Over Financial Reporting
There were no changes
in our internal control over financial reporting that occurred during the quarter ended March 31, 2024, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
| Item 1. | Legal Proceedings. |
Occasionally, we may
be party to legal actions, proceedings, or claims in the ordinary course of business, including claims based on assertions of patent
and trademark infringement. We are not party to any material pending legal proceedings.
Item 1A. Risk Factors.
As a smaller reporting company, we are not required
to provide disclosure pursuant to this Item.
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
On May 26, 2021, our Board
of Directors (the “Board”) approved the repurchase of up to $3.0 million of outstanding shares of our common stock.
The shares of our common stock may be repurchased under the authorization on the open market or in privately negotiated transactions
subject to applicable securities laws and regulations. The current repurchase authorization does not expire and the approximate
dollar value of shares that may yet be purchased under the plan as of March 31, 2024, was approximately $275,000. There were no
share repurchases for the period covered by this Quarterly Report on Form 10-Q.
| Item 3. | Defaults Upon Senior Securities. |
None.
| Item 4. | Mine Safety Disclosures. |
None.
| Item 5. | Other Information. |
During the
three months ended March 31, 2024, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1
trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation
S-K.
Exhibit
Number |
|
Description |
|
Method of Filing |
3.1 |
|
Composite Articles of Incorporation, as amended through November 8, 2010 (incorporated by reference to Exhibit 3.1 to Annual Report on Form 10-K for the fiscal year ended June 30, 2015) |
|
Incorporated by Reference |
|
|
|
|
|
3.2 |
|
Amended and Restated Bylaws, effective September 29, 2020 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed September 29, 2020) |
|
Incorporated by Reference |
|
|
|
|
|
31.1 |
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
Filed Electronically |
|
|
|
|
|
31.2 |
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
Filed Electronically |
|
|
|
|
|
32.1 |
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
Furnished Electronically |
|
|
|
|
|
32.2 |
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
Furnished Electronically |
|
|
|
|
|
101 |
|
Financial statements from the Quarterly Report on Form 10-Q for the period ended March 31, 2024, formatted in inline XBRL: (i) Condensed Balance Sheets, (ii) Condensed Statements of Operations, (iii) Condensed Statements of Cash Flows, (iv) Condensed Statements of Shareholders’ Equity, and (v) Notes to Condensed Financial Statements |
|
Filed Electronically |
|
|
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the inline XBRL Document) |
|
Filed Electronically |
* Management compensatory contract or arrangement
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
ELECTROMED, INC. |
|
|
Date: |
May 7, 2024 |
/s/ James L. Cunniff |
|
|
James L. Cunniff, President and Chief Executive Officer (duly authorized officer) |
|
|
|
Date: |
May 7, 2024 |
/s/ Bradley M. Nagel |
|
|
Bradley M. Nagel,
Chief Financial Officer |
|
|
(principal financial officer and principal accounting officer) |
Exhibit
31.1
Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
James L. Cunniff, certify that:
| 1. | I
have reviewed this report on Form 10-Q of Electromed, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and |
| d. | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
| 5. | The
registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of registrant’s board of directors (or persons performing
the equivalent functions): |
| a. | All
significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information;
and |
| b. | Any
fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant’s internal control over financial reporting. |
Date: May
7, 2024 |
/s/
James L. Cunniff |
|
James
L. Cunniff |
|
President
and Chief Executive Officer |
Exhibit 31.2
Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
Bradley M. Nagel, certify that:
| 1. | I
have reviewed this report on Form 10-Q of Electromed, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed
such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and |
| d. | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
| 5. | The
registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of registrant’s board of directors (or persons performing
the equivalent functions): |
| a. | All
significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information;
and |
| b. | Any
fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant’s internal control over financial reporting. |
Date: May
7, 2024 |
/s/
Bradley M. Nagel |
|
Bradley
M. Nagel |
|
Chief
Financial Officer |
Exhibit 32.1
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Electromed, Inc. (the “Company”) on Form 10-Q for the quarter ended March
31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, James L. Cunniff, President and
Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley
Act of 2002, that:
| (1) | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| (2) | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: May
7, 2024 |
/s/ James
L. Cunniff |
|
James
L. Cunniff |
|
President
and Chief Executive Officer |
Exhibit 32.2
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Electromed, Inc. (the “Company”) on Form 10-Q for the quarter ended March
31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Bradley M. Nagel, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act
of 2002, that:
| (1) | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| (2) | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: May
7, 2024 |
/s/ Bradley
M. Nagel |
|
Bradley
M. Nagel |
|
Chief
Financial Officer |
v3.24.1.u1
Cover - shares
|
9 Months Ended |
|
Mar. 31, 2024 |
May 02, 2024 |
Cover [Abstract] |
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Document Type |
10-Q
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false
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true
|
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
001-34839
|
|
Entity Registrant Name |
Electromed, Inc.
|
|
Entity Central Index Key |
0001488917
|
|
Entity Tax Identification Number |
41-1732920
|
|
Entity Incorporation, State or Country Code |
MN
|
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Entity Address, Address Line One |
500
Sixth Avenue NW
|
|
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New
Prague
|
|
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MN
|
|
Entity Address, Postal Zip Code |
56071
|
|
City Area Code |
(952)
|
|
Local Phone Number |
758-9299
|
|
Title of 12(b) Security |
Common
Stock, $0.01 par value
|
|
Trading Symbol |
ELMD
|
|
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NYSEAMER
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v3.24.1.u1
Condensed Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2024 |
Jun. 30, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 11,712,000
|
$ 7,372,000
|
Accounts receivable (net of allowances for credit losses of $45,000) |
23,907,000
|
24,130,000
|
Contract assets |
642,000
|
487,000
|
Inventories |
4,178,000
|
4,221,000
|
Prepaid expenses and other current assets |
592,000
|
1,577,000
|
Income tax receivable |
291,000
|
|
Total current assets |
41,322,000
|
37,787,000
|
Property and equipment, net |
5,283,000
|
5,672,000
|
Finite-life intangible assets, net |
648,000
|
605,000
|
Other assets |
106,000
|
161,000
|
Deferred income taxes |
1,542,000
|
1,581,000
|
Total assets |
48,901,000
|
45,806,000
|
Current Liabilities |
|
|
Accounts payable |
792,000
|
1,372,000
|
Accrued compensation |
2,987,000
|
3,018,000
|
Income tax payable |
|
336,000
|
Warranty reserve |
1,525,000
|
1,378,000
|
Other accrued liabilities |
1,022,000
|
1,949,000
|
Total current liabilities |
6,326,000
|
8,053,000
|
Other long-term liabilities |
31,000
|
86,000
|
Total liabilities |
6,357,000
|
8,139,000
|
Shareholders’ Equity |
|
|
Common stock, $0.01 par value per share, 13,000,000 shares authorized; 8,655,727 and 8,555,238 shares issued and outstanding, as of March 31, 2024, and June 30, 2023, respectively |
87,000
|
86,000
|
Additional paid-in capital |
20,342,000
|
18,788,000
|
Retained earnings |
22,115,000
|
18,793,000
|
Total shareholders' equity |
42,544,000
|
37,667,000
|
Total liabilities and shareholders' equity |
$ 48,901,000
|
$ 45,806,000
|
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v3.24.1.u1
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|
Mar. 31, 2024 |
Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, allowance for doubtful accounts |
$ 45,000
|
$ 45,000
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, authorized |
13,000,000
|
13,000,000
|
Common stock, outstanding |
8,655,727
|
8,555,238
|
Common stock, issued |
8,655,727
|
8,555,238
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.1.u1
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net revenues |
$ 13,871,000
|
$ 12,068,000
|
$ 39,884,000
|
$ 34,455,000
|
Cost of revenues |
3,489,000
|
3,012,000
|
9,459,000
|
8,386,000
|
Gross profit |
10,382,000
|
9,056,000
|
30,425,000
|
26,069,000
|
Operating expenses |
|
|
|
|
Selling, general and administrative |
8,374,000
|
7,694,000
|
25,699,000
|
22,937,000
|
Research and development |
167,000
|
166,000
|
480,000
|
618,000
|
Total operating expenses |
8,541,000
|
7,860,000
|
26,179,000
|
23,555,000
|
Operating income |
1,841,000
|
1,196,000
|
4,246,000
|
2,514,000
|
Interest income, net |
120,000
|
26,000
|
293,000
|
37,000
|
Net income before income taxes |
1,961,000
|
1,222,000
|
4,539,000
|
2,551,000
|
Income tax expense |
468,000
|
147,000
|
1,217,000
|
418,000
|
Net income |
$ 1,493,000
|
$ 1,075,000
|
$ 3,322,000
|
$ 2,133,000
|
Income per share: |
|
|
|
|
Basic |
$ 0.17
|
$ 0.13
|
$ 0.39
|
$ 0.25
|
Diluted |
$ 0.17
|
$ 0.12
|
$ 0.38
|
$ 0.25
|
Weighted-average common shares outstanding: |
|
|
|
|
Basic |
8,565,725
|
8,461,531
|
8,549,352
|
8,449,623
|
Diluted |
8,892,821
|
8,710,106
|
8,822,938
|
8,694,407
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.1.u1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash Flows From Operating Activities |
|
|
Net income |
$ 3,322,000
|
$ 2,133,000
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation |
594,000
|
370,000
|
Amortization of finite-life intangible assets |
37,000
|
52,000
|
Share-based compensation expense |
1,250,000
|
506,000
|
Deferred income taxes |
39,000
|
32,000
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
223,000
|
(1,293,000)
|
Contract assets |
(155,000)
|
(284,000)
|
Inventories |
78,000
|
(264,000)
|
Prepaid expenses and other assets |
1,234,000
|
105,000
|
Income tax receivable, net |
(627,000)
|
(270,000)
|
Accounts payable and accrued liabilities |
(1,386,000)
|
(111,000)
|
Accrued compensation |
(31,000)
|
(660,000)
|
Net cash provided by operating activities |
4,578,000
|
316,000
|
Cash Flows From Investing Activities |
|
|
Expenditures for property and equipment |
(265,000)
|
(1,221,000)
|
Expenditures for finite-life intangible assets |
(84,000)
|
(54,000)
|
Net cash used in investing activities |
(349,000)
|
(1,275,000)
|
Cash Flows From Financing Activities |
|
|
Issuance of common stock upon exercise of options |
111,000
|
40,000
|
Taxes paid on net share settlement of stock option exercises |
|
(305,000)
|
Repurchase of common stock |
|
(153,000)
|
Net cash provided by (used in) financing activities |
111,000
|
(418,000)
|
Net increase (decrease) in cash |
4,340,000
|
(1,377,000)
|
Cash and cash equivalents |
|
|
Beginning of period |
7,372,000
|
8,153,000
|
End of period |
11,712,000
|
6,776,000
|
Supplemental Disclosures of Cash Flow Information |
|
|
Cash paid for income taxes |
1,806,000
|
655,000
|
Supplemental Disclosures of Noncash Investing and Financing Activities |
|
|
Property and equipment acquisitions in accounts payable |
35,000
|
136,000
|
Intangible asset acquisitions in accounts payable |
|
6,000
|
Option exercise proceeds in other assets |
194,000
|
|
Demonstration equipment returned to inventory |
$ 35,000
|
$ 9,000
|
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v3.24.1.u1
Condensed Statements of Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance on December 31, 2023 at Jun. 30, 2022 |
$ 85,000
|
$ 18,308,000
|
$ 15,780,000
|
$ 34,173,000
|
Balance at beginning (in shares) at Jun. 30, 2022 |
8,475,438
|
|
|
|
Net income |
|
|
81,000
|
81,000
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock (in shares) |
27,400
|
|
|
|
Forfeiture of restricted stock |
|
|
|
|
Forfeiture of restricted stock (in shares) |
(14,166)
|
|
|
|
Issuance of common stock upon exercise of options |
|
|
|
|
Issuance of common stock upon exercise of options (in shares) |
11,760
|
|
|
|
Taxes paid on stock options exercised on a net basis |
|
(60,000)
|
|
(60,000)
|
Share-based compensation expense |
|
95,000
|
|
95,000
|
Repurchase of common stock |
|
|
(145,000)
|
(145,000)
|
Repurchase of common stock (in shares) |
(14,568)
|
|
|
|
Balance on March 31, 2024 at Sep. 30, 2022 |
$ 85,000
|
18,343,000
|
15,716,000
|
34,144,000
|
Balance at ending (in shares) at Sep. 30, 2022 |
8,485,864
|
|
|
|
Balance on December 31, 2023 at Jun. 30, 2022 |
$ 85,000
|
18,308,000
|
15,780,000
|
34,173,000
|
Balance at beginning (in shares) at Jun. 30, 2022 |
8,475,438
|
|
|
|
Net income |
|
|
|
2,133,000
|
Repurchase of common stock |
|
|
|
(153,000)
|
Balance on March 31, 2024 at Mar. 31, 2023 |
$ 86,000
|
18,548,000
|
17,760,000
|
36,394,000
|
Balance at ending (in shares) at Mar. 31, 2023 |
8,556,600
|
|
|
|
Balance on December 31, 2023 at Sep. 30, 2022 |
$ 85,000
|
18,343,000
|
15,716,000
|
34,144,000
|
Balance at beginning (in shares) at Sep. 30, 2022 |
8,485,864
|
|
|
|
Net income |
|
|
977,000
|
977,000
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock (in shares) |
26,000
|
|
|
|
Issuance of common stock upon exercise of options |
|
16,000
|
|
16,000
|
Issuance of common stock upon exercise of options (in shares) |
3,100
|
|
|
|
Share-based compensation expense |
|
221,000
|
|
221,000
|
Repurchase of common stock |
|
|
(8,000)
|
(8,000)
|
Repurchase of common stock (in shares) |
(800)
|
|
|
|
Balance on March 31, 2024 at Dec. 31, 2022 |
$ 85,000
|
18,580,000
|
16,685,000
|
35,350,000
|
Balance at ending (in shares) at Dec. 31, 2022 |
8,514,164
|
|
|
|
Net income |
|
|
1,075,000
|
1,075,000
|
Issuance of common stock upon exercise of options |
1,000
|
23,000
|
|
$ 24,000
|
Issuance of common stock upon exercise of options (in shares) |
|
|
|
42,436
|
Taxes paid on stock options exercised on a net basis |
|
(245,000)
|
|
$ (245,000)
|
Share-based compensation expense |
|
190,000
|
|
190,000
|
Balance on March 31, 2024 at Mar. 31, 2023 |
$ 86,000
|
18,548,000
|
17,760,000
|
36,394,000
|
Balance at ending (in shares) at Mar. 31, 2023 |
8,556,600
|
|
|
|
Balance on December 31, 2023 at Jun. 30, 2023 |
$ 86,000
|
18,788,000
|
18,793,000
|
$ 37,667,000
|
Balance at beginning (in shares) at Jun. 30, 2023 |
8,555,238
|
|
|
8,555,238
|
Net income |
|
|
155,000
|
$ 155,000
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock (in shares) |
20,878
|
|
|
|
Issuance of common stock upon exercise of options |
|
29,000
|
|
29,000
|
Issuance of common stock upon exercise of options (in shares) |
2,934
|
|
|
|
Share-based compensation expense |
|
371,000
|
|
371,000
|
Balance on March 31, 2024 at Sep. 30, 2023 |
$ 86,000
|
19,188,000
|
18,948,000
|
38,222,000
|
Balance at ending (in shares) at Sep. 30, 2023 |
8,579,050
|
|
|
|
Balance on December 31, 2023 at Jun. 30, 2023 |
$ 86,000
|
18,788,000
|
18,793,000
|
$ 37,667,000
|
Balance at beginning (in shares) at Jun. 30, 2023 |
8,555,238
|
|
|
8,555,238
|
Net income |
|
|
|
$ 3,322,000
|
Repurchase of common stock |
|
|
|
|
Repurchase of common stock (in shares) |
|
|
|
(239,995)
|
Balance on March 31, 2024 at Mar. 31, 2024 |
$ 87,000
|
20,342,000
|
22,115,000
|
$ 42,544,000
|
Balance at ending (in shares) at Mar. 31, 2024 |
8,655,727
|
|
|
8,655,727
|
Balance on December 31, 2023 at Sep. 30, 2023 |
$ 86,000
|
19,188,000
|
18,948,000
|
$ 38,222,000
|
Balance at beginning (in shares) at Sep. 30, 2023 |
8,579,050
|
|
|
|
Net income |
|
|
1,674,000
|
1,674,000
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock (in shares) |
21,000
|
|
|
|
Issuance of common stock upon exercise of options |
|
26,000
|
|
26,000
|
Issuance of common stock upon exercise of options (in shares) |
2,627
|
|
|
|
Share-based compensation expense |
|
420,000
|
|
420,000
|
Balance on March 31, 2024 at Dec. 31, 2023 |
$ 86,000
|
19,634,000
|
20,622,000
|
40,342,000
|
Balance at ending (in shares) at Dec. 31, 2023 |
8,602,677
|
|
|
|
Net income |
|
|
1,493,000
|
1,493,000
|
Issuance of restricted stock |
|
|
|
|
Issuance of restricted stock (in shares) |
2,550
|
|
|
|
Issuance of common stock upon exercise of options |
$ 1,000
|
249,000
|
|
250,000
|
Issuance of common stock upon exercise of options (in shares) |
50,500
|
|
|
|
Share-based compensation expense |
|
459,000
|
|
459,000
|
Balance on March 31, 2024 at Mar. 31, 2024 |
$ 87,000
|
$ 20,342,000
|
$ 22,115,000
|
$ 42,544,000
|
Balance at ending (in shares) at Mar. 31, 2024 |
8,655,727
|
|
|
8,655,727
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.1.u1
Interim Financial Reporting
|
9 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Interim Financial Reporting |
Note 1. Interim Financial Reporting
Nature of business: Electromed, Inc.
(the “Company”) develops, manufactures, and markets innovative airway clearance products that apply High Frequency
Chest Wall Oscillation (“HFCWO”) therapy for pulmonary care patients. The Company markets its products in the U.S.
to the homecare and hospital markets. The Company also sells internationally through distributors.
Since its inception, the Company has operated
in a single industry segment: developing, manufacturing, and marketing medical equipment.
Basis of presentation: The accompanying
unaudited Condensed Financial Statements of the Company have been prepared in accordance with U.S. generally accepted accounting
principles (“U.S. GAAP”) for interim financial statements and pursuant to the rules and regulations of the U.S. Securities
and Exchange Commission. In the opinion of management, the accompanying unaudited Condensed Financial Statements reflect all adjustments
consisting of normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results
of operations as required by Regulation S-X. Interim results of operations are not necessarily indicative of the results that may
be achieved for the full year. The financial statements and related notes do not include all information and footnotes required
by U.S. GAAP for annual reports. This interim report should be read in conjunction with the financial statements included in the
Company’s Annual
Report on Form 10-K for the fiscal year ended June 30, 2023 (“fiscal 2023”).
A summary of the Company’s significant accounting
policies follows:
Use of estimates. Management uses estimates
and assumptions in preparing the unaudited Condensed Financial Statements in accordance with U.S. GAAP. Those estimates and assumptions
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues
and expenses. Actual results could vary from the estimates that were used. The Company believes the critical accounting policies
that require the most significant assumptions and judgments in the preparation of its unaudited Condensed Financial Statements
include revenue recognition and the related estimation of variable consideration, inventory valuation, share-based compensation
and warranty reserve.
Net income per common share. Net income
is presented on a per share basis for both basic and diluted common shares. Basic net income per common share is computed using
the weighted average number of common shares outstanding during the period, excluding any restricted stock awards which have not
vested. The diluted net income per common share calculation includes outstanding restricted stock grants and assumes that all stock
options were exercised and converted into common stock at the beginning of the period unless their effect would be anti-dilutive.
Common stock equivalents excluded from the calculation of diluted earnings per share because their impact was anti-dilutive were
289,362 and 179,992 for the three months ended March 31, 2024, and 2023, respectively, and were 400,639 and 200,140 for the nine
months ended March 31, 2024, and 2023, respectively.
Recently Issued Accounting Standards
In June 2016, the Financial Accounting Board issued
Accounting Standards Update (“ASU”) 2016-13, Financial Instruments -- Credit Losses: Measurement of Credit Losses
on Financial Instruments, which was subsequently amended by ASU 2018-19, ASU 2019-04, 2019-05, 2019-10, 2019-11, and 2020-02.
The standard introduces new accounting guidance for credit losses on financial instruments within its scope, including trade receivables.
This new guidance adds an impairment model that is based on expected losses rather than incurred losses. The company adopted the
standard effective July 1, 2023. The Company’s adoption of the standard did not have a material impact on the financial statements.
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v3.24.1.u1
Revenues
|
9 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenues |
Note 2. Revenues
Revenue is measured based on consideration specified
in the contract with a customer, adjusted for any applicable estimates of variable consideration and other factors affecting the
transaction price, including consideration paid or payable from customers and significant financing components. Revenue from all
customers is recognized when a performance obligation is satisfied by transferring control of a distinct good or service to a customer,
as further described below under Performance obligations and transaction price.
Individual promised goods
and services in a contract are considered a performance obligation and accounted for separately if the individual good or service
is distinct (i.e., the customer can benefit from the good or service on its own or with other resources that are readily available
to the customer and the good or service is separately identifiable from other promises in the arrangement). If an arrangement includes
multiple performance obligations, the consideration is allocated between the performance obligations in proportion to their estimated
standalone selling price, unless discounts or variable consideration is attributable to one or more but not all the performance
obligations. Costs related to products delivered are recognized in the period incurred, unless criteria for capitalization of costs
under Accounting Standards Codification (“ASC”) 340-40, “Other Assets and Deferred Costs” (“ASC 340”),
or other applicable guidance are met.
The Company includes shipping and handling
fees in net revenues. Shipping and handling costs associated with the shipment of the Company’s SmartVest® Airway Clearance
System (“SmartVest System”) after control has transferred to a customer are accounted for as a fulfillment cost and
are included in cost of revenues in the Condensed Statements of Operations.
The timing of revenue recognition, billings and
cash collections results in accounts receivable on the Condensed Balance Sheets as further described below under Accounts receivable
and Contract assets.
Disaggregation of revenues. In the following
table, net revenues are disaggregated by market:
Schedule of disaggregated revenue
| |
Three Months Ended March 31, | | |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Homecare | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 36,108,000 | | |
$ | 31,335,000 | |
Hospital | |
| 783,000 | | |
| 440,000 | | |
| 1,909,000 | | |
| 1,420,000 | |
Homecare distributor | |
| 524,000 | | |
| 501,000 | | |
| 1,377,000 | | |
| 1,391,000 | |
Other | |
| 277,000 | | |
| 156,000 | | |
| 490,000 | | |
| 309,000 | |
Total | |
$ | 13,871,000 | | |
$ | 12,068,000 | | |
$ | 39,884,000 | | |
$ | 34,455,000 | |
In the following table, net homecare revenue is
disaggregated by payer type:
| |
Three Months Ended March 31, | | |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Commercial | |
$ | 5,974,000 | | |
$ | 4,787,000 | | |
$ | 17,684,000 | | |
$ | 12,706,000 | |
Medicare | |
| 4,825,000 | | |
| 4,544,000 | | |
| 13,666,000 | | |
| 13,753,000 | |
Medicare Supplemental | |
| 1,177,000 | | |
| 1,278,000 | | |
| 3,447,000 | | |
| 3,681,000 | |
Medicaid | |
| 115,000 | | |
| 128,000 | | |
| 722,000 | | |
| 618,000 | |
Other homecare | |
| 196,000 | | |
| 234,000 | | |
| 589,000 | | |
| 577,000 | |
Total | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 36,108,000 | | |
$ | 31,335,000 | |
Revenues are recognized at a point in time when
control passes to the customer upon product shipment or delivery.
Performance obligations and transaction price.
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account
under ASC 606, “Revenue From Contracts With Customers” (“ASC 606”). A contract’s transaction price
is allocated to each distinct performance obligation in proportion to the standalone selling price for each and recognized as revenue
when, or as, the performance obligation is satisfied. The Company’s performance obligations and the timing or method of revenue
recognition in each of the Company’s markets are discussed below:
Homecare market. In the Company’s
homecare market, its customers are patients who use the SmartVest System. The various models of the SmartVest System are comprised
of three main components – a generator, a vest and a connecting hose – that are sold together as an integrated unit.
Accordingly, in contracts within the homecare market, the Company regards the SmartVest System to be a single performance obligation.
The Company makes available to its homecare
patients limited post-sale services that are not material in the context of the contracts, either individually or taken together,
and therefore does not consider them to be performance obligations. The costs associated with the services are accrued and expensed
when the related revenues are recognized. As such, transactions in the homecare market consist of a single performance obligation:
the SmartVest System.
Homecare patients generally will rely on third-party
payers, including commercial payers and governmental payers such as Medicare, Medicaid and the U.S. Department of Veterans Affairs
to cover and reimburse all or part of the cost of the SmartVest System. The third-party payers’ reimbursement programs fall
into three types, distinguished by the differences in the timing of payments from the payer, consisting of either (i) outright
sale, in which payment is received from the payer based on standard terms, (ii) capped installment sale, under which the SmartVest
System is sold for a series of payments that are capped not to exceed a prescribed or negotiated amount over a period of time or
(iii) installment sale, under which the SmartVest System is paid for over a period of several months as long as the patient continues
to use the SmartVest System.
Regardless of the type of transaction, provided
criteria for an enforceable contract are met, it is the Company’s long- standing business practice to regard all homecare
agreements as transferring control to the patient upon shipment or delivery, despite possible payment cancellation under government
or commercial programs where the payer is controlling the payment over specified time periods. For homecare sales that feature
installment payments, the ultimate amount of consideration received from Medicare, Medicaid or commercial payers can be significantly
less than expected if the contract is terminated due to changes in the patient’s status, including insurance coverage, hospitalization,
death or otherwise becoming unable to use the SmartVest System. However, once delivered to a patient who needs the SmartVest System,
the patient is under no obligation to return the SmartVest System should payments be terminated because of the described contingencies.
As a result, the Company’s product sales qualify for point-in-time revenue recognition. Control transfers to the patient,
and revenue is recognized, upon shipment of the SmartVest System. At this point, physical possession and the significant risks
and rewards of ownership are transferred to the patient and either a current or future right to payment is triggered, as further
discussed under Accounts receivable and Contract assets below.
The Company’s contractually stated transaction
prices in the homecare market are generally set by the terms of the contracts negotiated with insurance companies or by government
programs. The transaction price for the Company’s products may be further impacted by variable consideration. ASC 606 requires
the Company to adjust the transaction price at contract inception and throughout the contract duration for the estimated value
of payments to be received from insurance payers based on historical experience and other available information, subject to the
constraint on estimates of variable consideration. Transactions requiring estimates of variable consideration primarily include
(i) capped installment payments, which are subject to the third-party payer’s termination due to changes in insurance coverage,
death or the patient’s discontinued use of the SmartVest System, (ii) contracts under appeal and (iii) patient responsibility
amounts for deductibles, coinsurance, copays and other similar payments.
Although estimates may be made on a contract-by-contract
basis, whenever possible, the Company uses all available information, including historical collection patterns, to estimate variable
consideration for portfolios of contracts. The Company’s estimates of variable consideration consist of amounts it may receive
from insurance providers in excess of its initial revenue estimate due to patients meeting deductibles or coinsurance during the
payment duration, changes to a patient’s insurance status, changes in an insurance allowable, claims in appeals with Medicare
and amounts received directly from patients for their allowable or coinsurance. The Company believes it has representative historical
information to estimate the amount of variable consideration in relevant portfolios considering the significant experience it has
with each portfolio and the similarity of patient accounts within a portfolio. The analysis includes steps to ensure that revenue
recognized on a portfolio basis does not result in a material difference when compared with an individual contract approach. The
Company also leverages its historical experience and all available relevant information for each portfolio of contracts to minimize
the risk its estimates used to arrive at the transaction price will result in a significant reversal in the amount of cumulative
revenue recognized when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration
is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of
cumulative revenue under the contract will not occur.
For example, for contracts in which the Company
believes the criteria for reimbursement under government or commercial payer contracts have been met but for which coverage is
unconfirmed or payments are under appeal, the Company has significant observable evidence of relatively consistent claims recovery
experience over the prior three to five years. The Company believes the low volatility in historical claims approval rates for
populations of patients whose demographics are similar to those of current patients provides reliable predictive value in arriving
at estimates of variable consideration in such contracts. Similarly, historical payment trends for recovery of claims subject to
payer installments and payments from patients have remained relatively consistent over the past five years. No significant changes
in patient demographics or other relevant factors have occurred that would limit the predictive value of such payment trends in
estimating variable consideration for current contracts. As a result, the Company believes its estimates of variable consideration
are generally not subject to the risk of significant revenue reversal.
For each type of variable consideration discussed
above, there are many contracts with similar characteristics with a wide range of possible transaction prices. For that reason,
the Company uses the probability-weighted expected value method provided under ASC 606 to estimate variable consideration.
The Company often receives payment from third-party
payers for SmartVest System sales over a period of time that may exceed one year. Despite these extended payment terms, no significant
financing component is deemed to exist because the purpose of such terms is not to provide financing to the patient, the payer
or the Company. Rather, the extended payment terms are mandated by the government or commercial insurance programs; the fundamental
purpose of which is to avoid paying the full purchase price of equipment that may potentially be used by the patient for only a
short period of time.
Homecare distributors. Sales
to distributors, who sell direct to patients, are made at fixed contract prices and may include tiered pricing structures or volume-based
rebates which offer more favorable pricing once certain volumes are achieved per the negotiated contract. The distributor’s
purchases accumulate to give the distributor the right to a higher discount on purchases more than the specified level within the
contract period. As a result, to the extent the Company expects the distributor to exceed the specified volume of purchases in
the annual period, it recognizes revenue at a blended rate based on estimated total annual volume and sales revenue. This effectively
defers a portion of the transaction price on initial purchases below the specified volumes for recognition when the higher discount
is earned on purchases in excess of specified volumes. Transfer of control of the products occurs upon shipment or delivery to
the distributor, as applicable.
Hospital market. The Company’s
hospital sales are made to hospitals and other clinics. Sales to these hospitals are negotiated with the individual hospital or
with group purchasing organizations, with payments received directly from the hospital. No insurance reimbursement is involved.
Generators are either sold or leased to the hospitals and associated hoses and wraps (used in hospital settings rather than vests)
are sold separately. Accordingly, each product is distinct and considered a separate performance obligation in sales to hospital
customers. The agreements with hospitals fall into two main types, distinguished by differences in the timing of transfer of control
and timing of payments:
| ● | Outright sale – Under these transactions, the Company
sells its products for a prescribed or negotiated price. Transfer of control of the product, and associated revenue recognition,
occurs at the time of shipment and payment is made within normal credit terms, usually within thirty days. |
| ● | Wrap usage agreements – Under these transactions,
the Company provides a generator device at no cost to the hospital in return for a fixed annual commitment to purchase consumable
wraps. These agreements are cancellable upon at least sixty days prior written notice by either party. If cancelled, the generator
is returned to the Company, where it can be refurbished and used again later. Revenue for the consumable wraps is recognized when
control transfers to the customer. |
Other. Other
revenue consists of international sales which are made directly to several independent distributors at fixed contract prices that
are not subject to further adjustments for variable consideration or sales to other customers that do not fall into the markets
described above. Transfer of control of the products occurs upon shipment or delivery to the distributor or customer, as applicable.
Product warranty. The Company offers warranties
on its products. These warranties are assurance-type warranties not sold on a standalone basis or are otherwise considered immaterial
in the context of the contract, and therefore are not considered distinct performance obligations under ASC 606. The Company estimates
the costs that may be incurred under its warranties and records a liability in the amount of such costs at the time the product
is sold.
Accounts receivable.
The Company’s accounts receivable balance is comprised of amounts due from individuals, -hospitals, and distributors.
Balances due from individuals are typically remitted to the Company by third-party reimbursement agencies such as Medicare, Medicaid,
and private insurance companies. Accounts receivables are carried at amounts estimated to be received from patients under reimbursement
arrangements with third-party payers. Accounts receivable is also net of an allowance for credit losses. Management determines
the allowance for credit losses by regularly evaluating individual customer accounts and determining expected losses.
Contract assets. Contract
assets include amounts recognized as revenue that are estimates of variable consideration for Medicare appeals where the final
determination of the insurance coverage amount is dependent on future approval of an appeal, or when the consideration due to the
Company is dependent on a future event such as the patient meeting a deductible prior to the Company’s claim being processed
by the payer. Contract assets are classified as current as amounts will turn into accounts receivable and be collected during the
Company’s normal business operating cycle. Contract assets are reclassified to accounts receivable when the right to receive
payment is unconditional.
Contract balances. The following table
provides information about contract assets from contracts with customers:
Schedule of contract asset
| |
Nine Months Ended March 31, 2024 | | |
Fiscal Year Ended June 30, 2023 | |
| |
Increase (decrease) | | |
Increase (decrease) | |
Contract assets, beginning | |
$ | 487,000 | | |
$ | 286,000 | |
Reclassification of contract assets to accounts receivable | |
| (1,453,000 | ) | |
| (1,220,000 | ) |
Contract assets recognized | |
| 1,829,000 | | |
| 1,351,000 | |
Increase (decrease) as a result of changes in the estimate of amounts to be realized from payers, excluding amounts transferred to receivables during the period | |
| (221,000 | ) | |
| 70,000 | |
Contract assets, ending | |
$ | 642,000 | | |
$ | 487,000 | |
Incremental costs to
obtain a contract. Sales incentives paid to sales representatives are eligible for capitalization as they are incremental costs
that would not have been incurred without entering into a specific sales arrangement and are recoverable through the expected margin
on the transaction. However, the recovery period is less than one year as the performance obligation is satisfied upon shipment
or delivery. Consequently, the Company applies the practical expedient provided by ASC 340 and expenses sales incentives as incurred.
These costs are included in selling, general and administrative expenses in the Condensed Statements of Operations.
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Inventories
|
9 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
Note 3. Inventories
The components of inventory were as follows:
| |
March 31, 2024 | | |
June 30, 2023 | |
Parts inventory | |
$ | 3,016,000 | | |
$ | 3,420,000 | |
Work in process | |
| 449,000 | | |
| 470,000 | |
Finished goods | |
| 856,000 | | |
| 323,000 | |
Estimated inventory to be returned | |
| 260,000 | | |
| 265,000 | |
Less: Reserve for obsolescence | |
| (403,000 | ) | |
| (257,000 | ) |
Total | |
$ | 4,178,000 | | |
$ | 4,221,000 | |
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v3.24.1.u1
Warranty Reserve
|
9 Months Ended |
Mar. 31, 2024 |
Guarantees and Product Warranties [Abstract] |
|
Warranty Reserve |
Note 4. Warranty Reserve
The Company provides a lifetime warranty on
its products to the prescribed patient for sales within the U.S. and a three-year warranty for all hospital sales and sales to
individuals outside the U.S. The Company estimates the costs that may be incurred under its warranty and records a liability in
the amount of such costs at the time the product is shipped. Factors that affect the Company’s warranty reserve include the
number of units shipped, historical and anticipated rates of warranty claims, the product’s useful life and cost per claim.
The Company periodically assesses the adequacy of its recorded warranty reserve and adjusts the amounts as necessary.
Changes in the Company’s warranty
reserve were as follows:
| |
Nine Months Ended March 31, 2024 | | |
Fiscal Year Ended June 30, 2023 | |
Warranty reserve, beginning | |
$ | 1,378,000 | | |
$ | 1,256,000 | |
Accrual for products sold | |
| 426,000 | | |
| 416,000 | |
Expenditures and costs incurred for warranty claims | |
| (279,000 | ) | |
| (294,000 | ) |
Warranty reserve, ending | |
$ | 1,525,000 | | |
$ | 1,378,000 | |
|
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- DefinitionThe entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
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v3.24.1.u1
Income Taxes
|
9 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 5. Income Taxes
Income tax expense was estimated at $468,000
and $1,217,000, and the effective tax rate was 23.9% and 26.8% for the three and nine months ended March 31, 2024, respectively.
Estimated income tax expense for the three and nine months ended March 31, 2024, includes a discrete current tax benefit of $99,000
and $95,000, respectively, primarily related to the exercise of stock options.
Income tax expense was estimated at $147,000
and $418,000, and the effective tax rate was 12.0% and 16.4% for the three and nine months ended March 31, 2023, respectively.
Estimated income tax expense for the three and nine months ended March 31, 2023, includes a discrete current tax benefit of $176,000
and $219,000, respectively, related to the exercise of stock options.
The Company is subject to U.S. federal and state
income tax in multiple jurisdictions. With limited exceptions, years prior to the Company’s fiscal year ended June 30, 2020,
are no longer open to U.S. federal, state or local examinations by taxing authorities. The Company is not under any current income
tax examinations by any federal, state or local taxing authority. If any issues addressed in the Company’s tax audits are
resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision
for income taxes in the period such resolution occurs.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.1.u1
Financing Arrangements
|
9 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Financing Arrangements |
Note 6. Financing Arrangements
The Company has a credit facility that provides
for a $2,500,000 revolving line of credit through December 18, 2025, if not renewed before such date. There was no outstanding
principal balance on the line of credit as of March 31, 2024, or June 30, 2023. Interest on borrowings under the line of credit,
if any, accrues at the prime rate (8.50% on March 31, 2024) less 1.00% and is payable monthly. The amount eligible for borrowing
on the line of credit is limited to the lesser of $2,500,000 or 57.00% of eligible accounts receivable. On March 31, 2024, the
maximum $2,500,000 was eligible for borrowing. Payment obligations under the line of credit, if any, are secured by a security
interest in substantially all the tangible and intangible assets of the Company.
The documents governing
the line of credit contain certain financial and non-financial covenants that include a minimum tangible net worth covenant of
not less than $10,125,000 and restrictions on the Company’s ability to incur certain additional indebtedness or pay dividends.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.u1
Common Stock
|
9 Months Ended |
Mar. 31, 2024 |
Common Stock |
|
Common Stock |
Note 7. Common Stock
Authorized
shares: The Company’s Articles of Incorporation, as amended, have established 15,000,000 authorized shares
of capital stock consisting of 13,000,000 shares of common stock, par value $0.01 per share, and 2,000,000 shares
of undesignated stock.
On
May 26, 2021, the Company’s Board of Directors (the “Board”) approved a stock repurchase authorization. Under
the authorization, the Company was originally able to repurchase up to $3.0 million of shares of common stock through
May 26, 2022. On May 26, 2022, the Board removed the date limitation. As of March 31, 2024, a total of 239,995 shares
have been repurchased and retired under this authorization for a total cost of $2,725,000, or $11.36 per share. Repurchased
shares have been retired and constitute authorized but unissued shares. There were no share repurchases for the three and nine
months ended March 31, 2024.
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v3.24.1.u1
Share-Based Compensation
|
9 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Share-Based Compensation |
Note 8. Share-Based Compensation
The Company’s share-based compensation
plans are described in Note 8 to the financial statements included in the Company’s Annual Report on Form 10-K for fiscal
2023. Share-based compensation expense was $1,250,000 and $506,000 for the nine months ended March 31, 2024, and 2023, respectively.
This expense is included in selling, general and administrative expense in the Condensed Statements of Operations.
Stock Options
Stock option transactions during
the nine months ended March 31, 2024, are summarized as follows:
| |
Number
of Shares | | |
Weighted-Average Exercise Price per Share | |
Outstanding on June 30, 2023 | |
| 451,570 | | |
$ | 6.93 | |
Granted | |
| 263,162 | | |
$ | 10.70 | |
Exercised | |
| (56,063 | ) | |
$ | 5.45 | |
Cancelled or Forfeited | |
| (21,079 | ) | |
$ | 10.46 | |
Outstanding on March 31, 2024 | |
| 637,590 | | |
$ | 8.50 | |
The following assumptions were
used to estimate the fair value of stock options granted:
| |
Nine Months Ended
March 31, 2024 | |
Fiscal Year Ended
June 30, 2023 |
|
Risk-free interest rate | |
3.85 – 4.64% | |
2.88 - 4.23% |
|
Expected term (years) | |
6 | |
6 |
|
Expected volatility | |
51 - 53% | |
53% - 54% |
|
The intrinsic value of an option is the amount
by which the fair value of the underlying stock exceeds its exercise price. On March 31, 2024, the weighted average remaining contractual
term for all outstanding stock options was 6.7 years and the aggregate intrinsic value of the options was $4,878,000. Outstanding
on March 31, 2024, were 637,590 stock options issued to employees, of which 319,088 were vested and exercisable and had an aggregate
intrinsic value of $3,118,000. As of March 31, 2024, $925,000 of total unrecognized compensation expense related to stock options
is expected to be recognized over a weighted-average period of approximately 2.8 years.
Restricted Stock
During the nine months ended March 31, 2024,
the Company issued restricted stock awards to employees totaling 23,428 shares of common stock, with a weighted average vesting
term of 3.0 years and a weighted average fair value of $10.74 per share, and to directors totaling 21,000 shares of common stock,
with a vesting term of six months and a weighted average fair value of $10.44 per share. There were 57,661 shares of unvested restricted
stock with a weighted average fair value of $10.53 per share outstanding as of March 31, 2024. As of March 31, 2024, $253,000 of
total unrecognized compensation expense related to restricted stock awards is expected to be recognized over a weighted-average
period of approximately 1.6 years.
Performance-Based Restricted Stock Units
The Company granted 175,000 performance-based
restricted stock units (“PSUs”) to our CEO in connection with his appointment as CEO on July 1, 2023. The PSUs are
to be earned based on the extent to which performance goals tied to Total Shareholder Return (“TSR”) are achieved.
The performance-based restricted stock units will be eligible to vest and settle into shares of common stock on a 1-for-1 basis
with respect to one-half of the shares upon achieving a total shareholder return of 50% and the remaining shares upon a total shareholder
return of 100%, in each case within four years of the date of grant. The grant date fair value of the awards was determined using
a Monte Carlo valuation model with an expected term of four years.
Stock based compensation expense recognized for
PSUs was $217,000 and $0 for the nine months ended March 31, 2024, and 2023, respectively. The weighted average grant date fair
value per unit was $6.58 and as of March 31, 2024, there are 175,000 PSUs outstanding. On March 31, 2024, there was approximately
$935,000 of total unrecognized compensation expense related to outstanding PSUs that is expected to be recognized over a period
of 3.25 years.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.u1
Commitments and Contingencies
|
9 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 9. Commitments and Contingencies
The Company is occasionally involved in claims
and disputes arising in the ordinary course of business. The Company insures certain business risks where possible to mitigate
the financial impact of individual claims and establishes reserves for an estimate of any probable cost of settlement or other
disposition.
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v3.24.1.u1
Interim Financial Reporting (Policies)
|
9 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Use of estimates |
Use of estimates. Management uses estimates
and assumptions in preparing the unaudited Condensed Financial Statements in accordance with U.S. GAAP. Those estimates and assumptions
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues
and expenses. Actual results could vary from the estimates that were used. The Company believes the critical accounting policies
that require the most significant assumptions and judgments in the preparation of its unaudited Condensed Financial Statements
include revenue recognition and the related estimation of variable consideration, inventory valuation, share-based compensation
and warranty reserve.
|
Net income per common share |
Net income per common share. Net income
is presented on a per share basis for both basic and diluted common shares. Basic net income per common share is computed using
the weighted average number of common shares outstanding during the period, excluding any restricted stock awards which have not
vested. The diluted net income per common share calculation includes outstanding restricted stock grants and assumes that all stock
options were exercised and converted into common stock at the beginning of the period unless their effect would be anti-dilutive.
Common stock equivalents excluded from the calculation of diluted earnings per share because their impact was anti-dilutive were
289,362 and 179,992 for the three months ended March 31, 2024, and 2023, respectively, and were 400,639 and 200,140 for the nine
months ended March 31, 2024, and 2023, respectively.
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards
In June 2016, the Financial Accounting Board issued
Accounting Standards Update (“ASU”) 2016-13, Financial Instruments -- Credit Losses: Measurement of Credit Losses
on Financial Instruments, which was subsequently amended by ASU 2018-19, ASU 2019-04, 2019-05, 2019-10, 2019-11, and 2020-02.
The standard introduces new accounting guidance for credit losses on financial instruments within its scope, including trade receivables.
This new guidance adds an impairment model that is based on expected losses rather than incurred losses. The company adopted the
standard effective July 1, 2023. The Company’s adoption of the standard did not have a material impact on the financial statements.
|
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v3.24.1.u1
Revenues (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of disaggregated revenue |
Disaggregation of revenues. In the following
table, net revenues are disaggregated by market:
Schedule of disaggregated revenue
| |
Three Months Ended March 31, | | |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Homecare | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 36,108,000 | | |
$ | 31,335,000 | |
Hospital | |
| 783,000 | | |
| 440,000 | | |
| 1,909,000 | | |
| 1,420,000 | |
Homecare distributor | |
| 524,000 | | |
| 501,000 | | |
| 1,377,000 | | |
| 1,391,000 | |
Other | |
| 277,000 | | |
| 156,000 | | |
| 490,000 | | |
| 309,000 | |
Total | |
$ | 13,871,000 | | |
$ | 12,068,000 | | |
$ | 39,884,000 | | |
$ | 34,455,000 | |
In the following table, net homecare revenue is
disaggregated by payer type:
| |
Three Months Ended March 31, | | |
Nine Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Commercial | |
$ | 5,974,000 | | |
$ | 4,787,000 | | |
$ | 17,684,000 | | |
$ | 12,706,000 | |
Medicare | |
| 4,825,000 | | |
| 4,544,000 | | |
| 13,666,000 | | |
| 13,753,000 | |
Medicare Supplemental | |
| 1,177,000 | | |
| 1,278,000 | | |
| 3,447,000 | | |
| 3,681,000 | |
Medicaid | |
| 115,000 | | |
| 128,000 | | |
| 722,000 | | |
| 618,000 | |
Other homecare | |
| 196,000 | | |
| 234,000 | | |
| 589,000 | | |
| 577,000 | |
Total | |
$ | 12,287,000 | | |
$ | 10,971,000 | | |
$ | 36,108,000 | | |
$ | 31,335,000 | |
|
Schedule of contract asset |
Contract balances. The following table
provides information about contract assets from contracts with customers:
Schedule of contract asset
| |
Nine Months Ended March 31, 2024 | | |
Fiscal Year Ended June 30, 2023 | |
| |
Increase (decrease) | | |
Increase (decrease) | |
Contract assets, beginning | |
$ | 487,000 | | |
$ | 286,000 | |
Reclassification of contract assets to accounts receivable | |
| (1,453,000 | ) | |
| (1,220,000 | ) |
Contract assets recognized | |
| 1,829,000 | | |
| 1,351,000 | |
Increase (decrease) as a result of changes in the estimate of amounts to be realized from payers, excluding amounts transferred to receivables during the period | |
| (221,000 | ) | |
| 70,000 | |
Contract assets, ending | |
$ | 642,000 | | |
$ | 487,000 | |
|
X |
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v3.24.1.u1
Inventories (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
The components of inventory were as follows: |
The components of inventory were as follows:
| |
March 31, 2024 | | |
June 30, 2023 | |
Parts inventory | |
$ | 3,016,000 | | |
$ | 3,420,000 | |
Work in process | |
| 449,000 | | |
| 470,000 | |
Finished goods | |
| 856,000 | | |
| 323,000 | |
Estimated inventory to be returned | |
| 260,000 | | |
| 265,000 | |
Less: Reserve for obsolescence | |
| (403,000 | ) | |
| (257,000 | ) |
Total | |
$ | 4,178,000 | | |
$ | 4,221,000 | |
|
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v3.24.1.u1
Warranty Reserve (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Guarantees and Product Warranties [Abstract] |
|
Changes in the Company’s warranty reserve were as follows: |
Changes in the Company’s warranty
reserve were as follows:
| |
Nine Months Ended March 31, 2024 | | |
Fiscal Year Ended June 30, 2023 | |
Warranty reserve, beginning | |
$ | 1,378,000 | | |
$ | 1,256,000 | |
Accrual for products sold | |
| 426,000 | | |
| 416,000 | |
Expenditures and costs incurred for warranty claims | |
| (279,000 | ) | |
| (294,000 | ) |
Warranty reserve, ending | |
$ | 1,525,000 | | |
$ | 1,378,000 | |
|
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Share-Based Compensation (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock option transactions during the nine months ended March 31, 2024, are summarized as follows: |
Stock option transactions during
the nine months ended March 31, 2024, are summarized as follows:
| |
Number
of Shares | | |
Weighted-Average Exercise Price per Share | |
Outstanding on June 30, 2023 | |
| 451,570 | | |
$ | 6.93 | |
Granted | |
| 263,162 | | |
$ | 10.70 | |
Exercised | |
| (56,063 | ) | |
$ | 5.45 | |
Cancelled or Forfeited | |
| (21,079 | ) | |
$ | 10.46 | |
Outstanding on March 31, 2024 | |
| 637,590 | | |
$ | 8.50 | |
|
The following assumptions were used to estimate the fair value of stock options granted: |
The following assumptions were
used to estimate the fair value of stock options granted:
| |
Nine Months Ended
March 31, 2024 | |
Fiscal Year Ended
June 30, 2023 |
|
Risk-free interest rate | |
3.85 – 4.64% | |
2.88 - 4.23% |
|
Expected term (years) | |
6 | |
6 |
|
Expected volatility | |
51 - 53% | |
53% - 54% |
|
|
X |
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v3.24.1.u1
Schedule of disaggregated revenue (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 13,871,000
|
$ 12,068,000
|
$ 39,884,000
|
$ 34,455,000
|
Home Care [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
12,287,000
|
10,971,000
|
36,108,000
|
31,335,000
|
Home Care [Member] | Commercial [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
5,974,000
|
4,787,000
|
17,684,000
|
12,706,000
|
Home Care [Member] | Medicare [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
4,825,000
|
4,544,000
|
13,666,000
|
13,753,000
|
Home Care [Member] | Medicare Supplemental [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,177,000
|
1,278,000
|
3,447,000
|
3,681,000
|
Home Care [Member] | Medicaid [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
115,000
|
128,000
|
722,000
|
618,000
|
Home Care [Member] | Other Homecare [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
196,000
|
234,000
|
589,000
|
577,000
|
Hospital [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
783,000
|
440,000
|
1,909,000
|
1,420,000
|
Home Care Distributor [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
524,000
|
501,000
|
1,377,000
|
1,391,000
|
Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 277,000
|
$ 156,000
|
$ 490,000
|
$ 309,000
|
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v3.24.1.u1
Schedule of contract asset (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Contract assets beginning |
$ 487,000
|
$ 487,000
|
Reclassification of contract assets to accounts receivable |
(1,453,000)
|
(1,220,000)
|
Contract assets recognized |
1,829,000
|
1,351,000
|
Increase (decrease) as a result of changes in the estimate of amounts to be realized frompayers, excluding amounts transferred to receivables during the period |
(221,000)
|
70,000
|
Contract assets, ending |
$ 642,000
|
$ 487,000
|
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v3.24.1.u1
The components of inventory were as follows: (Details) - USD ($)
|
Mar. 31, 2024 |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Parts inventory |
$ 3,016,000
|
$ 3,420,000
|
Work in process |
449,000
|
470,000
|
Finished goods |
856,000
|
323,000
|
Estimated inventory to be returned |
260,000
|
265,000
|
Less: Reserve for obsolescence |
(403,000)
|
(257,000)
|
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$ 4,178,000
|
$ 4,221,000
|
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v3.24.1.u1
Changes in the Company’s warranty reserve were as follows: (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Jun. 30, 2023 |
Guarantees and Product Warranties [Abstract] |
|
|
Warranty reserve, beginning |
$ 1,378,000
|
$ 1,256,000
|
Accrual for products sold |
426,000
|
416,000
|
Expenditures and costs incurred for warranty claims |
(279,000)
|
(294,000)
|
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$ 1,525,000
|
$ 1,378,000
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v3.24.1.u1
Income Taxes (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Income tax expense |
$ 468,000
|
$ 147,000
|
$ 1,217,000
|
$ 418,000
|
Effective tax rate |
23.90%
|
12.00%
|
26.80%
|
16.40%
|
Current income tax expense |
$ 99,000
|
$ 176,000
|
$ 95,000
|
$ 219,000
|
v3.24.1.u1
Financing Arrangements (Details Narrative) - USD ($)
|
9 Months Ended |
|
Mar. 31, 2024 |
Jun. 30, 2023 |
Line of Credit Facility [Line Items] |
|
|
Minimum tangible net worth to be maintained |
$ 10,125,000
|
|
Revolving Credit Facility [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maximum borrowing capacity |
2,500,000
|
|
Line of credit balance |
$ 0
|
$ 0
|
Basis spread on rate |
1.00%
|
|
Available borrowing capacity |
$ 2,500,000
|
|
Borrowing capacity of eligible accounts receivable percent |
57.00%
|
|
Available borrowing capacity |
$ 2,500,000
|
|
Revolving Credit Facility [Member] | Prime Rate [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Interest rate |
8.50%
|
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v3.24.1.u1
Common Stock (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
Dec. 31, 2022 |
Sep. 30, 2022 |
Mar. 31, 2024 |
Jun. 30, 2023 |
May 26, 2022 |
Common stock, authorized |
|
|
13,000,000
|
13,000,000
|
|
Common stock, par value (in dollars per share) |
|
|
$ 0.01
|
$ 0.01
|
|
Number of share repurchased |
|
|
239,995
|
|
|
Repurchase of common stock |
|
|
$ 2,725,000
|
|
|
Share price |
|
|
$ 11.36
|
|
|
Board of Directors Chairman [Member] |
|
|
|
|
|
Common stock, authorized |
|
|
|
|
3,000,000
|
Common Stock [Member] |
|
|
|
|
|
Common stock, authorized |
|
|
13,000,000
|
|
|
Common stock, par value (in dollars per share) |
|
|
$ 0.01
|
|
|
Number of share repurchased |
800
|
14,568
|
|
|
|
Capital Stock [Member] |
|
|
|
|
|
Common stock, authorized |
|
|
15,000,000
|
|
|
Authorized Shares Undesignated Stock [Member] |
|
|
|
|
|
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|
|
2,000,000
|
|
|
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- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.u1
Stock option transactions during the nine months ended March 31, 2024, are summarized as follows: (Details) - $ / shares
|
3 Months Ended |
9 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Exercised |
(42,436)
|
|
Option outstanding, ending |
|
637,590
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Option outstanding , beginning |
|
451,570
|
Weighted average grant date fair value, beginning |
|
$ 6.93
|
Granted |
|
263,162
|
Granted |
|
$ 10.70
|
Exercised |
|
(56,063)
|
Exercised |
|
$ 5.45
|
Cancelled or Forfeited |
|
(21,079)
|
Cancelled or Forfeited |
|
$ 10.46
|
Option outstanding, ending |
|
637,590
|
Weighted average grant date fair value, ending |
|
$ 8.50
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.1.u1
Share-Based Compensation (Details Narrative) - USD ($)
|
9 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Share-based compensation expense |
$ 1,250,000
|
$ 506,000
|
|
Shares outstanding |
637,590
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Unrecognized compensation expense, period for recognition |
6 years 8 months 12 days
|
|
|
Options exercisable, intrinsic value |
$ 4,878,000
|
|
|
Shares outstanding |
637,590
|
|
451,570
|
Vested and exercisable |
319,088
|
|
|
Options exercisable, intrinsic value |
$ 3,118,000
|
|
|
Unrecognized compensation expense |
$ 925,000
|
|
|
Unrecognized compensation expense, period for recognition |
2 years 9 months 18 days
|
|
|
Shares granted |
263,162
|
|
|
Restricted Stock [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Unrecognized compensation expense, period for recognition |
1 year 4 months 24 days
|
|
|
Unrecognized compensation expense |
$ 253,000
|
|
|
Restricted stock - unvested |
57,661
|
|
|
Weight average fair value - unvested restricted stock (per share) |
$ 10.53
|
|
|
Restricted Stock [Member] | Director [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Stock issued |
21,000
|
|
|
Fair value of per share |
$ 10.44
|
|
|
Restricted Stock [Member] | Employee [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Stock issued |
23,428
|
|
|
Vesting term |
3 years
|
|
|
Fair value of per share |
$ 10.74
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Share-based compensation expense |
$ 217,000
|
$ 0
|
|
Unrecognized compensation expense, period for recognition |
3 years 2 months 30 days
|
|
|
Shares outstanding |
175,000
|
|
|
Unrecognized compensation expense |
$ 935,000
|
|
|
Fair value of per share |
$ 6.58
|
|
|
Shares granted |
175,000
|
|
|
Other description |
The performance-based restricted stock units will be eligible to vest and settle into shares of common stock on a 1-for-1 basis
with respect to one-half of the shares upon achieving a total shareholder return of 50% and the remaining shares upon a total shareholder
return of 100%, in each case within four years of the date of grant. The grant date fair value of the awards was determined using
a Monte Carlo valuation model with an expected term of four years.
|
|
|
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