Electromed Inc. (NSDQ:ELMD) plans to switch from the Nasdaq Capital Market exchange to NYSE Amex beginning next month.
The New Prague, Minn.-based airway clearance device firm, which went public last year, will continue to trade under the ELMD ticker on the new exchange.
"After careful consideration of our capital market alternatives, our board of directors determined it would be appropriate to transfer our listing to the NYSE Amex," chairman & CEO Robert Hansen said in prepared remarks. "We believe this decision will afford added visibility to our investors and reflects our effort to provide our current and future shareholders with an efficient market for trading Electromed shares."
The news comes on the heels of Electromed’s doubling of its fourth-quarter profits. The airway clearance device firm, which took itself public a year ago, posted profits of $165,000, or 2 cents per share, on sales of $5.0 million during the three months ended June 30. That compares with net income of $71,000, or 1 cent per share, on sales of $3.6 million during the same period last year.
"Electromed Inc. is a rapidly growing company. It is using a portion of the capital received from its IPO to grow its sales force and support its infrastructure," Hansen said at the time. "We believe these actions are essential investments in driving longer-term profitable results. We have also continued to make important investments in research and development. We believe that new innovations are the surest path to sustainable growth and higher profits. We have pursued these investments while maintaining solid profitability and a strong balance sheet."