Electromed (NSDQ:ELMD) shares dipped slightly after hours today despite third-quarter results that topped the consensus forecast.
The New Prague, Minn.-based company posted profits of $223,771, or 3¢ per share, on sales of $8.8 million for the three months ended March 31, 2021, for a -65.7% bottom-line slide on sales growth of 0.5%.
Electromed’s EPS of 3¢ came in just ahead of Wall Street’s projection of breakeven on earnings, while revenues also beat projections from the analysts, who were looking for sales of $8.4 million.
“Although this winter’s resurgence of new COVID-19 cases and hospitalizations dampened our home care revenue in January and February, we noted a sharp rebound in March, during which we achieved record monthly referrals and revenue,” Electromed president & CEO Kathleen Skarvan said in a news release. “In March, we benefited from increased patient visits to clinics and greater access for our sales representatives as restrictions were further lifted and vaccines started to become more widely administered throughout the country.
“In our institutional segment, which had the greatest overall impact from the pandemic, we registered 43.4% sequential revenue growth, another positive indication that hospitals are increasing their non-COVID-19 patient census and our sales representatives are gaining greater hospital access.”
Electromed did not offer financial guidance for the remainder of the year.
ELMD shares were down -0.1% at $10.03 per share after hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down -0.8%.