Electromed, Inc. Announces Share Repurchase Authorization
11 September 2024 - 11:00PM
Business Wire
Electromed, Inc. (“Electromed”) (NYSE American: ELMD), a leader
in innovative airway clearance technologies, today announced that
effective as of September 11, 2024, its board of directors
authorized the repurchase of up to $5.0 million of Electromed
common stock. The new authorization follows the exhaustion of
Electromed’s previous share repurchase authorization in the fourth
quarter of fiscal 2024, as previously reported.
The timing and amount of share repurchases pursuant to the
authorization, if any, will be determined by management based on
market conditions and other considerations. Repurchases may be made
from time to time on the open market at prevailing market prices,
in privately negotiated transactions, in block trades and/or
through other legally permissible means, depending on market
conditions and in accordance with applicable rules and regulations.
Electromed’s board of directors expects to review the share
repurchase authorization periodically and may approve changes to
its terms and size.
“I am pleased to announce Electromed’s next share repurchase
authorization, which follows the recent announcement of our record
performance in fiscal 2024, and the successful completion of our
previous repurchase authorization during Q4,” said Jim Cunniff,
President, and Chief Executive Officer. “Electromed’s revenue
growth and profitability profile are driving strong free cash flow,
providing us with the flexibility to opportunistically provide
incremental value to shareholders while also continuing to invest
in the business. This new repurchase authorization reflects the
confidence the board and management team have in achieving future
growth as well as the belief that our stock has been undervalued
after continued delivery of strong financial results. We believe
that the repurchase of our common stock has represented an
attractive investment opportunity and reinforces our commitment to
deliver opportunities for returns to Electromed shareholders.”
About Electromed, Inc.
Electromed, Inc. manufactures, markets, and sells products that
provide airway clearance therapy, including the SmartVest® Airway
Clearance System, to patients with compromised pulmonary function.
The company is headquartered in New Prague, Minnesota, and was
founded in 1992. Further information about Electromed can be found
at www.smartvest.com.
Cautionary Statements
Certain statements in this press release, including the prospect
of future repurchases of Electromed’s equity securities, constitute
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can generally be identified by words such as
“anticipate,” “believe,” “estimate,” “continue,” “expect,”
“intend,” “may,” “plan,” “potential,” “should,” “will,” and similar
expressions, including the negative of these terms, but they are
not the exclusive means of identifying such statements.
Forward-looking statements cannot be guaranteed, and actual results
may vary materially due to the uncertainties and risks, known or
unknown associated with such statements. Examples of risks and
uncertainties for Electromed include, but are not limited to, the
competitive nature of our market; changes to Medicare, Medicaid, or
private insurance reimbursement policies; changes to state and
federal health care laws; changes affecting the medical device
industry; our ability to develop new sales channels for our
products such as the homecare distributor channel; our need to
maintain regulatory compliance and to gain future regulatory
approvals and clearances; new drug or pharmaceutical discoveries;
general economic and business conditions; alternative capital
deployment opportunities; our ability to renew our line of credit
or obtain additional credit as necessary; our ability to protect
and expand our intellectual property portfolio; the risks
associated with expansion into international markets, as well as
other factors we may describe from time to time in Electromed’s
reports filed with the Securities and Exchange Commission
(including Electromed’s most recent Annual Report on Form 10-K, as
amended from time to time, and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K). Investors should not
consider any list of such factors to be an exhaustive statement of
all the risks, uncertainties or potentially inaccurate assumptions
investors should take into account when making investment
decisions. Shareholders and other readers should not place undue
reliance on “forward-looking statements,” as such statements speak
only as of the date of this press release. We undertake no
obligation to update them in light of new information or future
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20240911963748/en/
Brad Nagel, Chief Financial Officer (952) 758-9299
investorrelations@electromed.com
Mike Cavanaugh, Investor Relations ICR Westwicke (617) 877-9641
mike.cavanaugh@westwicke.com
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