The New Prague, Minn.-based airway clearance therapy technology developer posted profits of $653,274, or 7¢ per share, on sales of $8.7 million for the three months ended March 31, 202o, for an 85.1% bottom-line gain on sales growth of 18%.
Electromed’s $8.7 million in revenue narrowly topped Wall Street projections of $8.6 million. Adjusted to exclude one-time items, earnings per share were also 7¢.
“During this challenging time brought on by the COVID-19 pandemic, our priority has been the safety and health of our employees,” Electromed president & CEO Kathleen Skarvan said in a news release. “We have continued to manufacture product and implemented changes to our workplace in accordance with the guidelines from the Centers for Disease Control and Prevention.
“For our clinician and patient protection, we have transitioned our sales team to primarily virtual visits and are training patients virtually since COVID-19 pandemic shelter-in-place orders have prompted many clinics to close temporarily, limit their operating hours or conduct business virtually.”
Electromed did not offer financial guidance for its final quarter of 2020 or for its full-year results.
ELMD shares were down -1% at $15.80 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.3%.