Electromed Inc

NYSE American:ELMDUnited States

================ =========== Liabilities and Shareholders' Equity Current Liabilities Accounts payable 1,784,000 $ 1,010,000 Accrued compensation 2,150,000 3,893,000 Income tax payable 188,000 277,000 Warranty reserve 1,641,000 1,567,000 Other accrued liabilities 1,656,000 930,000 ---------------- ----------- Total current liabilities 7,419,000 7,677,000 Other long-term liabilities 8,000 12,000 ---------------- ----------- Total liabilities 7,427,000 7,689,000 ---------------- ----------- Shareholders' Equity Common stock, $0.01 par value per share, 13,000,000 shares authorized; 8,457,071 and 8,637,883 shares issued and outstanding, as of September 30, 2024, and June 30, 2024, respectively 85,000 87,000 Additional paid-in capital 20,816,000 20,790,000 Retained earnings 20,587,000 23,668,000 ---------------- ----------- Total shareholders' equity 41,488,000 44,545,000 ---------------- ----------- Total liabilities and shareholders' equity $ 48,915,000 $ 52,234,000 ================ =========== Electromed, Inc. Condensed Statements of Operations Three Months Ended September 30 ------------------------ 2024 2023 ----------- ----------- (Unaudited) (Unaudited) Net revenues $14,668,000 $12,324,000 Cost of revenues 3,177,000 2,826,000 ---------- ---------- Gross profit 11,491,000 9,498,000 ---------- ---------- Operating expenses Selling, general and administrative 9,387,000 9,150,000 Research and development 166,000 206,000 ---------- ---------- Total operating expenses 9,553,000 9,356,000 ---------- ---------- Operating income 1,938,000 142,000 Interest income, net 195,000 77,000 ---------- ---------- Net income before income taxes 2,133,000 219,000 Income tax expense (benefit) 659,000 64,000 ---------- ---------- Net income $ 1,474,000 $ 155,000 ========== ========== Income per share: Basic $ 0.17 $ 0.02 ========== ========== Diluted $ 0.16 $ 0.02 ========== ========== Weighted-average common shares outstanding: Basic 8,564,489 8,537,388 ========== ========== Diluted 8,980,714 8,782,824 ========== ========== Electromed, Inc. Condensed Statements of Cash Flows Three Months Ended September 30, -------------------------------------- 2024 2023 ------------------- ----------------- (Unaudited) (Unaudited) Cash Flows from Operating Activities Net income $ 1,474,000 $ 155,000 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation 202,000 202,000 Amortization of finite-life intangible assets 18,000 12,000 Share-based compensation expense 697,000 371,000 Changes in operating assets and liabilities: Accounts receivable 967,000 675,000 Contract assets (35,000) (57,000) Inventories 278,000 (240,000) Prepaid expenses and other assets (266,000) 901,000 Income tax payable, net (89,000) (226,000) Accounts payable and accrued liabilities 806,000 (863,000) Accrued compensation (1,743,000) (1,174,000) -------------- ------------- Net cash provided by (used for) operating activities 2,309,000 (244,000) -------------- ------------- Cash Flows from Investing Activities Expenditures for property and equipment (37,000) (109,000) Expenditures for finite-life intangible assets (21,000) (24,000) -------------- ------------- Net cash used for investing activities (58,000) (133,000) -------------- ------------- Cash Flows from Financing Activities Issuance of common stock upon exercise of options 84,000 29,000 Taxes paid on net share settlement of stock awards (15,000) - Repurchase of common stock (4,536,000) - -------------- ------------- Net cash (used for) provided by financing activities (4,467,000) 29,000 -------------- ------------- Net decrease in cash (2,216,000) (348,000) Cash And Cash Equivalents Beginning of period 16,080,000 7,372,000 -------------- ------------- End of period $ 13,864,000 $ 7,024,000 ============== =============