olivLaw · US equity research
Electromed, Inc. ELMD
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Electromed, Inc. develops and sells the SmartVest system, a high-frequency chest wall oscillation device that clears airways in patients with compromised lung function. In fiscal 2026 net revenue reached a record 73.8 million USD, and the company is now concentrating its growth on bronchiectasis, a chronic lung condition that is widely under-diagnosed.
At the close of 04 Nov 2026, Electromed, Inc. (ELMD) stock was 28.01 USD (+4.83% on the day), with market capitalisation 234.3 m USD, P/E 21.5 on diluted EPS of 1.30 USD over the last 12 months, beta 0.84, 52-week range 23.15–46.31 USD. Latest reported quarter (Q4 2026): revenue of 19.4 m USD (+11.6% YoY), net income of 3.4 m USD (+54.3% YoY), diluted EPS 0.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.0
- neutral
- Bollinger (20, 2)
- 26.31 – 28.33
- in the upper half of the band · %B 0.84 · band width 7.4%
- SMA 50 / 200
- 27.62 / 31.27
- mixed trend
- MACD (12, 26, 9)
- -0.41 / -0.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | +0.0 pp | — |
| 3 months | −33.1% | −0.5% | −32.7 pp | — |
| 6 months | +8.0% | +4.4% | +3.6 pp | — |
| Year to date | −3.8% | +12.3% | −16.1 pp | — |
| 1 year | +12.4% | +13.5% | −1.2 pp | −0.4% |
| 3 years | +170.4% | +76.4% | +94.0 pp | −29.1% |
| 5 years | +149.6% | +63.7% | +86.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.7 m | 16.3 m | 15.7 m | 17.4 m | 16.9 m | 18.9 m | 18.6 m | 19.4 m |
| Cost of revenue | 3.2 m | 3.6 m | 3.5 m | 3.8 m | 3.7 m | 4.1 m | 3.9 m | 4.1 m |
| Gross profit | 11.5 m | 12.6 m | 12.2 m | 13.6 m | 13.2 m | 14.8 m | 14.6 m | 15.3 m |
| Research & development | 166.0 k | 251.0 k | 277.0 k | 302.0 k | 241.0 k | 384.0 k | 361.0 k | 328.0 k |
| SG&A | 9.4 m | 9.8 m | 9.8 m | 10.3 m | 10.3 m | 10.8 m | 10.5 m | 11.1 m |
| Operating income | 1.9 m | 2.5 m | 2.1 m | 3.0 m | 2.7 m | 3.6 m | 3.8 m | 3.8 m |
| Pre-tax income | 2.1 m | 2.7 m | 2.3 m | 3.2 m | 2.8 m | 3.7 m | 3.9 m | 4.0 m |
| Income tax | 659.0 k | 726.0 k | 391.0 k | 971.0 k | 668.0 k | 968.0 k | 863.0 k | 560.0 k |
| Net income | 1.5 m | 2.0 m | 1.9 m | 2.2 m | 2.1 m | 2.8 m | 3.0 m | 3.4 m |
| Diluted EPS | 0.16 | 0.22 | 0.21 | 0.25 ≈ | 0.25 | 0.32 | 0.35 | 0.39 ≈ |
| Operating cash flow | 2.3 m | 3.2 m ≈ | 2.1 m ≈ | 3.9 m | 169.0 k | 3.0 m ≈ | 3.5 m ≈ | 3.0 m |
| Capex | 37.0 k | 233.0 k ≈ | -153.0 k ≈ | 145.0 k | 252.0 k | 634.0 k ≈ | 147.0 k ≈ | 219.0 k |
| Share repurchases | 4.5 m | 0 ≈ | 1.8 m ≈ | 3.7 m | 1.0 m | 2.8 m ≈ | 152.0 k ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 10 percentile of its own 39-quarter history (min 20.0, median 28.2, max 57.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.3 m | 32.5 m | 35.8 m | 41.7 m | 48.1 m | 54.7 m | 64.0 m | 73.8 m |
| Revenue YoY | +10.6% | +3.7% | +10.1% | +16.5% | +15.4% | +13.8% | +17.0% | +15.3% |
| Net income | 2.0 m | 4.2 m | 2.4 m | 2.3 m | 3.2 m | 5.2 m | 7.5 m | 11.3 m |
| Net income YoY | +8.1% | +110.1% | −43.2% | −2.4% | +37.4% | +62.7% | +46.3% | +49.9% |
| Diluted EPS | 0.23 | 0.47 | 0.27 | 0.26 | 0.36 | 0.58 | 0.85 | 1.30 |
| Diluted EPS YoY | +9.5% | +104.3% | −42.6% | −3.7% | +38.5% | +61.1% | +46.6% | +52.9% |
| net % | 6.3% | 12.8% | 6.6% | 5.5% | 6.6% | 9.4% | 11.8% | 15.3% |
| Free cash flow | 1.3 m | 3.4 m | 2.8 m | -2.1 m | -333.0 k | 8.8 m | 11.1 m | 8.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 20.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 54.0 m USD
- Total assets
- 66.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.69x
- ROE
- 23.3%
- ROA
- 18.8%
- FCF margin
- 11.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 35.8 m | 41.7 m | 48.1 m | 54.7 m | 64.0 m | 73.8 m | SEC (XBRL)· 25 Aug 2026verified |
| Cost of revenue | 8.5 m | 10.2 m | 11.5 m | 13.0 m | 14.0 m | 15.8 m | SEC (XBRL)· 25 Aug 2026verified |
| Gross profit | 27.3 m | 31.4 m | 36.5 m | 41.7 m | 50.0 m | 57.9 m | SEC (XBRL)· 25 Aug 2026verified |
| Research & development | 1.7 m | 1.4 m | 916.0 k | 656.0 k | 996.0 k | 1.3 m | SEC (XBRL)· 25 Aug 2026verified |
| SG&A | 22.4 m | 27.1 m | 31.6 m | 34.5 m | 39.3 m | 42.7 m | SEC (XBRL)· 25 Aug 2026verified |
| Operating income | 3.1 m | 3.0 m | 4.0 m | 6.6 m | 9.7 m | 13.9 m | SEC (XBRL)· 25 Aug 2026verified |
| Pre-tax income | 3.2 m | 3.0 m | 4.1 m | 7.0 m | 10.3 m | 14.4 m | SEC (XBRL)· 25 Aug 2026verified |
| Income tax | 805.0 k | 692.0 k | 920.0 k | 1.9 m | 2.7 m | 3.1 m | SEC (XBRL)· 25 Aug 2026verified |
| Net income | 2.4 m | 2.3 m | 3.2 m | 5.2 m | 7.5 m | 11.3 m | SEC (XBRL)· 25 Aug 2026verified |
| Diluted EPS | 0.27 | 0.26 | 0.36 | 0.58 | 0.85 | 1.30 | SEC (XBRL)· 25 Aug 2026verified |
| Weighted average diluted shares | 8.9 m | 8.8 m | 8.7 m | 8.9 m | 8.9 m | 8.7 m | SEC (XBRL)· 25 Aug 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.9 m | 8.2 m | 7.4 m | 16.1 m | 15.3 m | 20.5 m | SEC (XBRL)· 25 Aug 2026verified |
| Receivables | 17.0 m | 21.1 m | 24.1 m | 23.3 m | 24.7 m | 29.8 m | SEC (XBRL)· 25 Aug 2026verified |
| Inventories | 2.1 m | 3.2 m | 4.2 m | 3.7 m | 3.3 m | 3.7 m | SEC (XBRL)· 25 Aug 2026verified |
| Current assets | 31.7 m | 34.5 m | 37.8 m | 44.2 m | 45.1 m | 57.4 m | SEC (XBRL)· 25 Aug 2026verified |
| Property, plant & equipment, net | 3.6 m | 4.6 m | 5.7 m | 5.2 m | 4.7 m | 5.2 m | SEC (XBRL)· 25 Aug 2026verified |
| Intangibles (excl. goodwill) | 663.0 k | 599.0 k | 605.0 k | 657.0 k | 371.0 k | 379.0 k | SEC (XBRL)· 25 Aug 2026verified |
| Total assets | 37.1 m | 41.4 m | 45.8 m | 52.2 m | 53.8 m | 66.3 m | SEC (XBRL)· 25 Aug 2026verified |
| Accounts payable | 685.0 k | 1.3 m | 1.4 m | 1.0 m | 2.7 m | 2.6 m | SEC (XBRL)· 25 Aug 2026verified |
| Short-term debt | 33.0 k | — | — | — | — | — | SEC (XBRL)· 24 Aug 2021verified |
| Current liabilities | 4.6 m | 7.2 m | 8.1 m | 7.7 m | 10.5 m | 12.2 m | SEC (XBRL)· 25 Aug 2026verified |
| Total liabilities | 4.7 m | 7.2 m | 8.1 m | 7.7 m | 10.6 m | 12.3 m | SEC (XBRL)· 25 Aug 2026verified |
| Equity | 32.4 m † | 34.2 m † | 37.7 m † | 44.5 m † | 43.2 m † | 54.0 m † | SEC (XBRL)· 25 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.1 m | -686.0 k | 1.3 m | 9.1 m | 11.4 m | 9.7 m | SEC (XBRL)· 25 Aug 2026verified |
| Capex | 287.0 k | 1.4 m | 1.6 m | 287.0 k | 262.0 k | 1.3 m | SEC (XBRL)· 25 Aug 2026verified |
| Free cash flow | 2.8 m ≈ | -2.1 m ≈ | -333.0 k ≈ | 8.8 m ≈ | 11.1 m ≈ | 8.4 m ≈ | SEC (XBRL)· 25 Aug 2026derived |
| Investing cash flow | -448.0 k | -1.5 m | -1.7 m | -395.0 k | -306.0 k | -1.3 m | SEC (XBRL)· 25 Aug 2026verified |
| Financing cash flow | -1.2 m | -1.5 m | -380.0 k | 36.0 k | -11.9 m | -3.2 m | SEC (XBRL)· 25 Aug 2026verified |
| Share repurchases | 1.1 m | 1.4 m | 153.0 k | 275.0 k | 10.0 m | 3.9 m | SEC (XBRL)· 25 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 234.3 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.46 – 42.11 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E26.46 – 42.11 (Mid 33.56)7 companies used · median multiple 25.8x · quartiles 20.4x – 32.4xBLFS, CNMD, INMD, ITGR, LIVN, MDT, TMDX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.3% | 86 (vs peers) | 11% |
| FCF conversion · Quality | 74.4% | 63 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 15.4% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 53.4% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.7x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 21.5x | 71 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.6% | 45 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality75/100 · 2/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation60/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ELECTROMED, INC. (ELMD). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 73.8 m USD in 2026; YoY growth 15.3%; net margin 15.3%; ROE 23.3%.
The estimated value range is 26.46–42.11 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 33.56 USD, the price of 28.01 USD leaves a potential of 19.8% (value / price − 1) and a margin of safety of 16.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.3%
- Revenue CAGR 3Y: 15.4%
- EPS CAGR 3Y: 53.4%
- Current ratio: 4.7x
- P/E (TTM): 21.5x
What contradicts it
- Shareholder yield (distributions): 1.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +12% / +170% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for ELMD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.02 Total return -32% · Per year -32% | 33.47 Total return 19% · Per year 19% | 50.21 Total return 79% · Per year 79% |
| 3 years | 22.56 Total return -19% · Per year -7% | 44.26 Total return 58% · Per year 16% | 72.30 Total return 158% · Per year 37% |
| 5 years | 26.76 Total return -4% · Per year -1% | 58.54 Total return 109% · Per year 16% | 104.11 Total return 272% · Per year 30% |
- Exit P/E± 11.07
- Net margin± 7.75
- Annual revenue growth± 5.78
- Annual dilution± 0.65
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Electromed, Inc. develops and sells the SmartVest system, a high-frequency chest wall oscillation device that clears airways in patients with compromised lung function. In fiscal 2026 net revenue reached a record 73.8 million USD, and the company is now concentrating its growth on bronchiectasis, a chronic lung condition that is widely under-diagnosed.
SWOT
Strengths
- The company has reported rising revenue and profit over 15 consecutive quarters, with no debt and a solid liquidity position.
- The direct to patient model gives control over the reimbursement process and keeps manufacturer and distributor margins.
- The company maintains a body of published clinical evidence on the therapy in bronchiectasis, COPD and other conditions.
Weaknesses
- Revenue depends heavily on the US homecare market and the prescription model, which makes the company vulnerable to local changes.
- Operating cash flow fell compared with the prior year, and the company repurchased shares, reducing resources available for investment.
- Non-homecare segments such as distributors and hospitals are still small, and other revenue declined.
Opportunities
- Internal estimates suggest therapy penetration among diagnosed bronchiectasis patients is still low, which could support growth if the sales force expands.
- If ongoing clinical studies confirm benefits in COPD or other conditions, the eligible patient pool could grow.
- Developing hospital and regional distributor channels could diversify revenue.
Threats
- Changes to Medicare or Medicaid reimbursement rules could reduce patient access and company revenue.
- Pressure on component costs, energy and trade tariffs could reduce gross margins.
- New pharmaceutical treatments could reduce demand for device therapy.
Risks
- Dependence on reimbursementhigh
Most sales depend on coverage by Medicare, Medicaid and insurers. Changes to eligibility criteria could directly reduce revenue.
- Supply chain costsmedium
Management expects component shortages, expensive energy and tariffs to remain a challenge, which could affect margins.
- Geographic and channel concentrationmedium
A large share of sales comes from homecare through the company's own sales force, and changes in productivity could affect results.
- Regulation and approvalsmedium
Maintaining FDA compliance and obtaining new approvals are needed to extend products, and delays could limit growth.
- Information securitylow
Cyberattacks and data breaches are explicitly named risks, with possible effects on operations and patient trust.
Investment thesis
What would need to be true (bull case)
- Revenue and profit growth has continued across several quarters, and the operating margin has risen markedly, indicating operating leverage.
- Therapy penetration remains low relative to the diagnosed population, which could support long-term growth if the sales force expands.
- A debt-free balance sheet and solid liquidity provide flexibility during periods of cost pressure.
What would break the thesis
- Revenue depends on public and private reimbursement, and changes in payment policy could quickly affect volumes.
- Operating cash flow fell compared with the prior year while growth was supported by sales force investment.
- Market and penetration estimates are internal and have not been independently verified, which makes the true potential hard to assess.
What to watch
- Trend in operating margin and sales representative productivityQ1 2027
- Component costs and tariff impact on gross margin2027
- Results of clinical studies on bronchiectasis and COPDnext 10-K
- Trend in operating cash flow compared with the prior yearnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Electromed, Inc., incorporated in Minnesota in 1992 and listed on the NYSE American under ELMD, manufactures, markets and sells airway clearance therapy products, chiefly the SmartVest system. Its model is direct to patient and provider: it receives referrals from clinicians, manages insurance claims and delivers the device to the home, where the patient is trained. This bypasses the traditional home medical equipment channel and keeps both the manufacturer and distributor margin 1.
The main product, SmartVest Clearway, has a programmable generator with a touchscreen, a lightweight vest with 360 degree oscillation coverage and a patented single hose. The company says the therapy is as effective as chest physical therapy given by a respiratory therapist, but can be self-administered, reducing caregiver cost. Revenue depends mainly on US homecare demand, where the company runs its own sales force, while hospital and distributor sales remain much smaller 1.
Reimbursement is central to the model: SmartVest may be billed under Medicare code E0483 for patients with cystic fibrosis, bronchiectasis or certain neuromuscular diseases if a less expensive treatment did not adequately clear secretions. For fiscal 2027 the company plans to accelerate growth by expanding its sales force, raising brand awareness and building clinical evidence for bronchiectasis 1.
Segments
Homecare (direct sales to the home)
The core segment, with revenue of 66.6 million USD in fiscal 2026, grew 16.3% year over year. The increase came mainly from a larger direct sales force, higher sales representative productivity and higher net revenue per approval 12.
Other revenue
Other revenue fell 34.7% in fiscal 2026 because of lower demand from customers outside the other categories 1.
Market context
The company estimates the US homecare market for HFCWO is growing at a compound annual growth rate of about 8%, based on independent market research and claims analysis. It argues that bronchiectasis is the fastest growing diagnostic category, and that current penetration is about 16% of roughly one million diagnosed Americans 1.
The estimated opportunity is larger than the treated population: management refers to about 800,000 diagnosed bronchiectasis patients who could benefit from therapy, and the undiagnosed group is larger still. If under-diagnosis stays at the level described, growth could be supported, but these estimates are internal and have not been independently verified 12.
Trends
- Ageing population and chronic lung diseasetailwind
The company links demand to a growing elderly population, higher incidence of chronic lung disease and a shift of treatment to lower cost home settings. These trends could support long-term demand.
- Rising awareness of bronchiectasistailwind
Clinicians are paying more attention to bronchiectasis and its overlap with COPD, and the company cites studies showing fewer exacerbations and hospitalizations. If clinical interest continues, adoption of the therapy could increase.
- Pressure on component and energy costsheadwind
Management expects component and raw material costs to remain a challenge in fiscal 2027, because of supply constraints, higher energy costs and uncertainty over tariffs. Significant cost increases could reduce gross margins.
- Dependence on reimbursementmixed
Coverage by Medicare, Medicaid and private insurers directly determines SmartVest demand. Changes in health care rules or eligibility criteria could affect sales volume, although reimbursement can also be an advantage over alternatives.
Competitive position
The sources analysed do not detail direct competitors of SmartVest. The company mentions the risk of new entrants, including through new pharmaceutical discoveries, and intense competition in its sector. HFCWO is presented as an alternative to traditional chest physical therapy given by a respiratory therapist.
The declared advantage is the direct to patient model, which bypasses traditional equipment distributors and keeps margins. As defence the company relies on clinical evidence, reimbursement and its own sales force rather than comparison with any named rival.
- Chest physical therapy given by respiratory therapists
Traditional alternative, described in the source as about as effective as HFCWO but requiring a caregiver.
- Home medical equipment (HME) suppliers
Traditional distribution channel that the company says it bypasses through its direct model, though it partly works with regional distributors.
- New entrants from the pharmaceutical field
The source mentions the risk that new pharmaceutical discoveries could create competition for device therapy.
- Other HFCWO device makers
The source mentions intense competition in the industry without naming specific competitors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Electromed (ELMD) Keeps Growing While Wall Street Barely NoticesYahoo Finance — News · 03 Sept 2026 · EN
- Electromed (ELMD) Q4 2026 Earnings Call TranscriptYahoo Finance — News · 01 Sept 2026 · EN
- Electromed, Inc. Q4 2026 Earnings Call SummaryYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 29 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement29 Sept 2026
- Current report25 Aug 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Annual report25 Aug 2026
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Feb 2026
- Current report10 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Dec 2025Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report18 Nov 2025Shareholder vote
- Quarterly report12 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Electromed, Inc. · 25 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Electromed, Inc. · 25 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.