Electromed (NSDQ:ELMD) shares dipped slightly today despite fourth-quarter results that topped the consensus forecast.
The New Prague, Minn.-based airway clearance therapy technology developer posted profits of $1.3 million, or 15¢ per share, on sales of $6.9 million for the three months ended June 30, 2020, for a 20.1% bottom-line gain despite a sales decline of -20.1%.
Electromed’s 15¢ per share earnings came in 30¢ ahead of projections on Wall Street, where analysts were looking for sales of $5.7 million.
The company attributed dips in revenues and gross profits to the COVID-19 pandemic, which slowed down the industry over the past several months and resulted in fewer referrals and less home care.
“In fiscal 2020 we delivered revenue growth and record profitability, despite a challenging fourth quarter during which the COVID-19 pandemic significantly impacted our operating and financial results,” Electromed president & CEO Kathleen Skarvan said in a news release. “Encouragingly, our home care referrals approached pre-COVID-19 levels as we exited the fourth quarter, in tandem with an uptick in the reopening of physician offices and related activities.
“I commend our entire Electromed team for their unwavering commitment to ensuring seamless manufacturing and delivery of SmartVest airway clearance during these challenging times.”
Electromed did not offer guidance for 2021 but Skarvan noted that the pandemic will likely continue to impact the company’s operational results.
ELMD shares were down -1.7% at $14.63 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 -0.5%.