The New Prague, Minn.-based airway clearance therapy technology developer posted profits of $1.2 million, or 13¢ per share, on sales of $9.5 million for the three months ended Dec. 31, 2020, for a 1.6% bottom-line gain on sales growth of 11.1%.
Adjusted to exclude one-time items, earnings per share were also 13¢, coming in 11¢ ahead of Wall Street projections.
“In the second quarter we continued to adapt successfully to healthcare system disruption caused by the COVID-19 pandemic,” Electromed president & CEO Kathleen Skarvan said in a news release. “Our strong execution of a hybrid virtual and face-to-face selling approach combined with the ability for prescribers to more easily provide care via the provisional CMS waiver drove a 16.1% increase in home care revenue compared to the prior-year period. The home care success more than offset the ongoing challenges to the other markets of our business negatively impacted by the pandemic, most clearly seen in the year over year decline in the institutional market.
“However, compared to the first quarter of our current fiscal year our business benefited from increased face-to-face interaction between patients and physicians and improved access to clinics for our sales staff.”
Electromed did not offer financial guidance for the full fiscal 2021 year.
ELMD shares were up 10.1% at $12.38 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.