Electromed names new president and CEO

Jim Cunniff, Electromed president and CEO [Image courtesy of LinkedIn]Electromed today announced it appointed Jim Cunniff as president and CEO, effective July 1.

He will replace Kathleen Skarvan, who is retiring after 10 years at the company.

Cunniff joins the company with more than 30 years of executive leadership experience in the medtech industry with demonstrated success in general management, sales and marketing, finance, manufacturing, distribution, mergers and acquisitions. He most recently was president and CEO of Provista, a Vizient company.

“We are pleased to announce the appointment of Jim Cunniff as president and CEO,” Board Chair Lee Jones said in a news release. “Jim is a proven executive with deep experience driving growth and profitability through excellence in products and services that benefit patients and support care teams.”

He has held numerous other leadership positions, including president and CEO at Leiters, senior VP of…

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Electromed wins FDA clearance for next-gen airway clearance generator

Electromed (NYSE:ELMD) announced today that it received FDA 510(k) clearance for its SmartVest Clearway airway clearance system.

New Prague, Minnesota-based Electromed designed the system for high-frequency chest wall oscillation (HFCWO) therapy. It represents the fifth generation of Electromed’s technology.

According to a news release, the updated approach to HFCWO offers an enhanced patient experience with proven patient outcomes.

“It is our goal to make home airway clearance easier and more convenient for patients, while continuing to provide a superior product, proven outcomes, and outstanding patient service,” said Kathleen Skarvan, president and CEO of Electromed. “SmartVest Clearway meets these goals with its intuitive touch screen, the lightest weight generator on the market, and smaller footprint than our previous generation, which continues our history of innovation in HFCWO therapy.

“We are proud to further our mission and a…

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Electromed beats The Street in Q2 results

Electromed (NSDQ:ELMD) posted second-quarter results this week that beat the overall consensus on Wall Street.

The New Prague, Minnesota-based airway clearance maker reported profits of $838,000, or 10¢ per share, on sales of $10.2 million for the three months ended Dec. 31, 2021, for a sales growth of 7.92% compared with Q2 2020.

Earnings per share were 10¢, 3¢ ahead of The Street, where analysts were looking for sales of $9.7 million.

“I’m very pleased to report our second consecutive quarter of record revenue, driven by strong results in our flagship home care segment, with 14.2% growth in-home care revenue in the first six months of our fiscal year compared to the same period in the prior year. Despite difficult macroeconomic conditions and another surge in the COVID-19 pandemic, the team clearly executed at a high level, and we believe these results demonstrate the benefits of our strategic growth initiatives,”  CEO Kathleen Skarvan said in a news r…

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Electromed posts Street-beating Q3

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 representa…

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Electromed rises on Street-beating Q2

Electromed (NSDQ:ELMD) shares ticked up today on second-quarter results that topped the consensus earnings forecast.

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 mo…

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Electromed posts Street-beating Q4

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 Kathl…

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Electromed appoints new chief financial officer

Electromed has appointed Michael MacCourt as chief financial officer.

MacCourt brings nearly two decades of financial leadership and multidimensional business experience in medical devices to the company, Electromed said yesterday.

Prior to joining Electromed, MacCourt was the senior director of commercial finance at Starkey Hearing Technologies. He has also spent over nine years in leadership roles at Medtronic and has a consulting background at PricewaterhouseCoopers.

“On behalf of our Board of Directors and management team, I am delighted to welcome Mike to Electromed. He is a dynamic financial executive with a strong track record of building high-performing teams, solving complex business problems, driving market development and optimizing the finance function through a collaborative leadership style. In Mike, we found an incredible cultural fit. He is a high-energy team player with a keen strategic mind, complemented by top-notch financial and…

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Medtech 100 roundup: Stocks dip slightly after strong start to month

Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point total at the same time a week prior (May 8).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 32.6% growth in total. However, they are still down -10.7% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.

Compared to the S&P 500 Index, which experienced a -2.2% increase from May 8 to May 15, the medtech index took a similarly small dip. The Dow Jones Index suffered even more with a -2.6%  decline over the same period of time.

More often than not, recent earnings reports are revealing negative results in large part due to COVID-19. E…

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