Airway clearance device maker Electromed's Q1 revenue rises on homecare growth
ELMD•ELMD•ELMD•ELMD•Electromed's fiscal first-quarter revenue rose 10.6% year over year to $18.68 million, driven by 17.6% growth in homecare sales. Net income increased 29.3% to $2.76 million.
Electromed reported fiscal first-quarter revenue of $18.68 million, up 10.6% year over year, and net income of $2.76 million, up 29.3%. Revenue was slightly below the $18.85 million consensus estimate, while net income exceeded the $2.45 million estimate.
Revenue growth was primarily driven by a 17.6% increase in the core homecare market, which the company attributed to more sales representatives and higher productivity. Higher gross margin reflected a greater contribution from higher-margin homecare sales. Electromed repurchased $4.3 million in shares and remained debt-free; it provided no full-year or upcoming-quarter financial outlook.
