Electromed Inc

Electromed, Inc. is a medical device company that manufactures, markets, and sells airway clearance therapy products, primarily the SmartVest® Airway Clearance System, which uses High Frequency Chest Wall Oscillation (HFCWO) technology. The company's devices are prescribed to patients with compromised pulmonary function, with bronchiectasis representing approximately 76% of homecare qualified referral volume, followed by neuromuscular conditions (19%) and cystic fibrosis (3%). Electromed operates a direct-to-patient distribution model that bypasses traditional home medical equipment distributors, enabling gross margins near 78%. The company's revenue is predominantly generated from its U.S. homecare business (approximately 94% of FY2026 revenues), with smaller contributions from hospital sales and homecare distributors. Its homecare payer mix is approximately 50% commercial/other (including managed Medicare and Medicaid) and 48% Medicare. The company estimates there are approximately 1 million diagnosed bronchiectasis patients in the U.S. with only about 16% HFCWO penetration, representing a significant growth opportunity. Electromed has 197 employees and manufactures its products in Minnesota. The company trades on the NYSE American under the ticker ELMD and is debt-free with a strong cash position. Updated Aug 25, 2026