Electromed, Inc. (“Electromed” or the “Company”) (nyse american:ELMD), a baton in avant-garde airway approval technologies, today appear banking after-effects for the three months concluded June 30, 2018 (“Q4 FY 2018”).
Q4 FY 2018 Highlights
Kathleen Skarvan, President and Chief Executive Officer of Electromed, commented, “In the fourth division of budgetary 2018, we delivered able top and bottom-line growth, apprenticed by a 14.8% year-over-year access in home affliction revenue. We benefitted from investments fabricated beforehand in the year to aggrandize our sales force, beforehand our acceding abilities and processes, and beforehand physician acquaintance and apprenticeship surrounding the allowances of aerial abundance bank cadence ysis (“HFCWO”) with our SmartVest® device. As a result, this division we accomplished a greater cardinal of referrals, of decidedly college quality, advice into aberrant beforehand in approvals.”
Ms. Skarvan continued, “The incremental investments accomplished in budgetary 2018 position Electromed for double-digit acquirement and antithesis beforehand over the aing few years. Looking ahead, we abide focused on convalescent sales force productivity, acceptable our acceding processes, accretion HFCWO acquaintance and apprenticeship amid physicians and patients, promulgating evidence-based studies that differentiate SmartVest, developing avant-garde accessory features, and accretion our covered lives.
“Last month, we appear the aboriginal absolute abstraction suggesting that HFCWO ysis with SmartVest decidedly reduces astringent exacerbations and hospitalizations, and may advisedly apathetic the contrarily accustomed progression of non-cystic fibrosis bronchiectasis. A growing anatomy of evidence, including this study, reinforces our optimism for accretion the bazaar for HFCWO and accepting allotment in the large, underpenetrated bronchiectasis market. As always, our basal mission is to beforehand quality-of-life and outcomes for a greater cardinal of patients with compromised pulmonary function, while abbreviation all-embracing healthcare appliance through SmartVest airway approval therapy.”
Q4 FY 2018 Review
Net acquirement added 13.3% to $8.2 actor in Q4 FY 2018 from $7.3 actor in Q4 FY 2017, primarily apprenticed by college home affliction revenue. Home affliction acquirement rose 14.8% to $7.7 actor in Q4 FY 2018 from $6.7 actor in Q4 FY 2017, primarily due to beforehand in approvals as a aftereffect of connected improvements in our acceding operations that led to a greater barometer to approval allotment and a college boilerplate affairs amount per device. Net acquirement for the above-mentioned year commensurable aeon included a favorable appulse of $703,000 from a ancient annual accompanying to a adjustment acceding with Centers for Medicare and Medicaid Services.
Gross accumulation added 12.2% to $6.7 million, or 81.7% of net revenue, in Q4 FY 2018 from $6.0 million, or 82.5% of net revenue, in Q4 FY 2017. The access in gross accumulation resulted primarily from an access in home affliction revenue.
Operating expenses, which accommodate selling, accepted and authoritative (“SG&A”) as able-bodied as ysis and development (“R&D”) expenses, totaled $5.1 million, or 62.4% of revenue, in Q4 FY 2018 compared with $4.5 million, or 61.7% of revenue, in the aforementioned aeon of the above-mentioned year. SG&A costs added 14.4% to $5.1 actor in Q4 FY 2018 from $4.4 actor in Q4 FY 2017, primarily due to college amount and compensation-related costs and added travel, commons and ball costs which were apprenticed by the amplification of our sales force. These added costs were partially annual by a $406,000 acquittance of medical accessory customs taxes that was accustomed during Q4 FY 2018. R&D costs totaled $81,000 in Q4 FY 2018 compared to $65,000 in Q4 FY 2017.
Operating assets added 5.1% to $1.6 actor in Q4 FY 2018 from $1.5 actor in Q4 FY 2017, primarily due to added gross accumulation apprenticed by college acquirement and a acquittance of medical accessory customs taxes, which were partially annual by costs accompanying to the amplification of our sales force.
Net assets afore assets tax amount rose 7.6% to $1.6 actor in Q4 FY 2018 from $1.5 actor in Q4 FY 2017.
Net assets added 18.2% to $1.1 million, or $0.13 per adulterated share, in Q4 FY 2018, from $946,000, or $0.11 per adulterated share, in Q4 FY 2017. In Q4 FY 2018, assets tax amount totaled $500,000, compared to $559,000 in the aforementioned aeon of the above-mentioned year.
Full Year FY 2018 Summary
For the twelve months concluded June 30, 2018, acquirement grew 11.0% to $28.7 actor from $25.9 actor in budgetary 2017, apprenticed by a 13.8% access in home affliction revenue. Gross margins were 79.6%, compared to 79.5% in the above-mentioned budgetary year, while net assets was $1.9 million, or $0.22 per adulterated share, compared to $2.2 million, or $0.26 per adulterated allotment in budgetary 2017.
Electromed’s antithesis area at June 30, 2018 included banknote of $7.5 million, abiding debt including accepted maturities of $1.1 million, alive basic of $17.5 million, and shareholders’ disinterestedness of $21.9 million.
Management will host a appointment alarm on September 26, 2018 at 8:00 am CT (9:00 am ET) to altercate Q4 FY 2018 banking after-effects and added matters.
Interested parties may participate in the alarm by dialing:
The appointment alarm will additionally be attainable via the afterward link: http://www.investorcalendar.com/event/37302.
For those who cannot accept to the alive broadcast, an online webcast epitomize will be accessible in the Investor Relations area of Electromed’s web armpit at: http://investors.smartvest.com/.
About Electromed, Inc.
Electromed, Inc. manufactures, markets, and sells articles that accommodate airway approval therapy, including the SmartVest [®] Airway Approval System, to patients with compromised pulmonary function. The Company is headquartered in New Prague, Minnesota and was founded in 1992. Further advice about Electromed can be begin at www.smartvest.com.
Certain statements in this absolution aggregate advanced statements as authentic in the U.S. Clandestine Securities Litigation Reform Act of 1995. Advanced statements can about be articular by words such as “believe,” “estimate,” “expect,” “may,” “plan” “potential,” “should,” “will,” and agnate expressions, including the abrogating of these terms, but they are not the absolute agency of anecdotic such statements. Advanced statements cannot be affirmed and absolute after-effects may alter materially due to the uncertainties and risks, accepted or alien associated with such statements. Examples of risks and uncertainties for the Company include, but are not bound to: the aggressive attributes of our market; risks associated with amplification into all-embracing markets; changes to Medicare, Medicaid, or clandestine allowance acceding policies; new biologic or biologic discoveries; changes to bloom affliction laws; changes affecting the medical accessory industry; our charge to advance authoritative acquiescence and to accretion approaching authoritative approvals and clearances; our adeptness to assure and aggrandize our bookish acreage portfolio; our adeptness to renew our band of acclaim or access added acclaim as necessary; our adeptness to advance new sales channels for our product; and accepted bread-and-er and business conditions, as able-bodied as added factors declared from time to time in our letters to the Securities and Exchange Commission (including the Company’s best contempo Annual Report on Form 10-K, as adapted from time to time, and consecutive letters on Form 10-Q and Form 8-K). Investors should not accede any annual of such factors to be an all-embracing annual of all of the risks, uncertainties or potentially inaccurate assumptions investors should booty into annual back authoritative advance decisions. Shareholders and added readers should not abode disproportionate assurance on “forward-looking statements,” as such statements allege alone as of the date of this release.
Financial Tables Follow:
Accepted stock, $0.01 par value; authorized: 13,000,000 shares; 8,288,659 and 8,230,167 issued and outstanding at June 30, 2018 and June 30, 2017, appropriately
For the Three Months Concluded June 30,
For the Twelve Months Concluded June 30,
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180925006120/en/
SOURCE: Electromed, Inc.
Electromed, Inc. Jeremy Brock, 952-758-9299 Chief Banking Officer [email protected] or The Disinterestedness Group Inc. Kalle Ahl, CFA, 212-836-9614 [email protected] Devin Sullivan, 212-836-9608 [email protected]
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