$ELMD
Electromed, Inc.

2024 Q1 Form 10-Q Financial Statement

#000089710124000070 Filed on February 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $13.87M $13.69M
YoY Change 14.94% 16.71%
Cost Of Revenue $3.489M $3.144M
YoY Change 15.84% 3.18%
Gross Profit $10.38M $10.55M
YoY Change 14.64% 21.46%
Gross Profit Margin 74.85% 77.03%
Selling, General & Admin $8.374M $8.175M
YoY Change 8.84% 12.7%
% of Gross Profit 80.66% 77.52%
Research & Development $167.0K $107.0K
YoY Change 0.6% -30.52%
% of Gross Profit 1.61% 1.01%
Depreciation & Amortization $208.0K $209.0K
YoY Change 101.94% 26.67%
% of Gross Profit 2.0% 1.98%
Operating Expenses $8.541M $8.282M
YoY Change 8.66% 11.8%
Operating Profit $1.841M $2.263M
YoY Change 53.93% 77.63%
Interest Expense $120.0K $96.00K
YoY Change 361.54% 1271.43%
% of Operating Profit 6.52% 4.24%
Other Income/Expense, Net
YoY Change
Pretax Income $1.961M $2.359M
YoY Change 60.47% 84.15%
Income Tax $468.0K $685.0K
% Of Pretax Income 23.87% 29.04%
Net Earnings $1.493M $1.674M
YoY Change 38.88% 71.34%
Net Earnings / Revenue 10.76% 12.23%
Basic Earnings Per Share $0.17 $0.20
Diluted Earnings Per Share $0.17 $0.19
COMMON SHARES
Basic Shares Outstanding 8.605M shares 8.582M shares
Diluted Shares Outstanding 8.893M shares 8.800M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.71M $10.43M
YoY Change 72.85% 51.02%
Cash & Equivalents $11.71M $10.43M
Short-Term Investments
Other Short-Term Assets $592.0K $509.0K
YoY Change -67.26% -70.41%
Inventory $4.178M $4.760M
Prepaid Expenses
Receivables $23.91M $22.99M
Other Receivables $291.0K $0.00
Total Short-Term Assets $41.32M $39.27M
YoY Change 17.5% 14.93%
LONG-TERM ASSETS
Property, Plant & Equipment $5.283M $5.377M
YoY Change -3.98% 6.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $106.0K $125.0K
YoY Change 76.67% 56.25%
Total Long-Term Assets $7.579M $7.699M
YoY Change -1.21% 6.49%
TOTAL ASSETS
Total Short-Term Assets $41.32M $39.27M
Total Long-Term Assets $7.579M $7.699M
Total Assets $48.90M $46.96M
YoY Change 14.15% 13.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $792.0K $1.041M
YoY Change -38.56% 32.61%
Accrued Expenses $4.009M $3.796M
YoY Change 5.64% 0.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.326M $6.573M
YoY Change -1.42% 9.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.00K $49.00K
YoY Change 3.33% 48.48%
Total Long-Term Liabilities $31.00K $49.00K
YoY Change 3.33% 48.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.326M $6.573M
Total Long-Term Liabilities $31.00K $49.00K
Total Liabilities $6.357M $6.622M
YoY Change -1.4% 9.56%
SHAREHOLDERS EQUITY
Retained Earnings $22.12M $20.62M
YoY Change 24.52% 23.6%
Common Stock $87.00K $86.00K
YoY Change 1.16% 1.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.54M $40.34M
YoY Change
Total Liabilities & Shareholders Equity $48.90M $46.96M
YoY Change 14.15% 13.46%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $1.493M $1.674M
YoY Change 38.88% 71.34%
Depreciation, Depletion And Amortization $208.0K $209.0K
YoY Change 101.94% 26.67%
Cash From Operating Activities $1.351M $3.471M
YoY Change 109.13% 154.47%
INVESTING ACTIVITIES
Capital Expenditures $129.0K $87.00K
YoY Change -76.88% -81.13%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$129.0K -$87.00K
YoY Change -76.88% -81.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.00K 26.00K
YoY Change -125.34% 225.0%
NET CHANGE
Cash From Operating Activities 1.351M 3.471M
Cash From Investing Activities -129.0K -87.00K
Cash From Financing Activities 56.00K 26.00K
Net Change In Cash 1.278M 3.410M
YoY Change -1060.9% 274.31%
FREE CASH FLOW
Cash From Operating Activities $1.351M $3.471M
Capital Expenditures $129.0K $87.00K
Free Cash Flow $1.222M $3.384M
YoY Change 1288.64% 274.75%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8153000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10434000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6909000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
833000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
182000 usd
elmd Property And Equipment Acquisitions In Accounts Payable
PropertyAndEquipmentAcquisitionsInAccountsPayable
13000 usd
elmd Property And Equipment Acquisitions In Accounts Payable
PropertyAndEquipmentAcquisitionsInAccountsPayable
73000 usd
elmd Intangible Asset Acquisitions In Accounts Payable
IntangibleAssetAcquisitionsInAccountsPayable
5000 usd
elmd Demonstration Equipment Returned To Inventory
DemonstrationEquipmentReturnedToInventory
30000 usd
elmd Demonstration Equipment Returned To Inventory
DemonstrationEquipmentReturnedToInventory
26000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
34173000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
81000 usd
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-60000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
95000 usd
CY2022Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
145000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
34144000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
977000 usd
CY2022Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
16000 usd
CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
221000 usd
CY2022Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
8000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
35350000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
37667000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
155000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
29000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
371000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
38222000 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
1674000 usd
CY2023Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
26000 usd
CY2023Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
420000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
40342000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zr6W5gesgiml" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zmwczKg3p5Xj">Use of estimates</span>. </b>Management uses estimates and assumptions in preparing the unaudited Condensed Financial Statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. The Company believes the critical accounting policies that require the most significant assumptions and judgments in the preparation of its unaudited Condensed Financial Statements include revenue recognition and the related estimation of variable consideration, inventory valuation, share-based compensation and warranty reserve.</span></p>
CY2023Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
405974 shares
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200499 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
404973 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
206261 shares
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13689000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11729000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26013000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22387000 usd
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
286000 usd
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-994000 usd
CY2023 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-1220000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1340000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1351000 usd
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
-260000 usd
CY2023 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
71000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
574000 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1378000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1256000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
296000 usd
CY2023Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
3666000 usd
CY2023Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
3420000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
507000 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
470000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
708000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
323000 usd
CY2023Q4 us-gaap Other Inventory In Transit
OtherInventoryInTransit
261000 usd
CY2023Q2 us-gaap Other Inventory In Transit
OtherInventoryInTransit
265000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
382000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
257000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
4760000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
4221000 usd
CY2023 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
416000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
191000 usd
CY2023 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
294000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1483000 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1378000 usd
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
685000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
749000 usd
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.288 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.289 pure
CY2023Q4 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1000 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
304000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
271000 usd
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.237 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.204 pure
CY2022Q4 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
43000 usd
CY2023Q4 elmd Debt Instrument Covenant Compliance Amount
DebtInstrumentCovenantComplianceAmount
10125000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
239995 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
2725000 usd
CY2023Q4 us-gaap Share Price
SharePrice
11.36
us-gaap Share Based Compensation
ShareBasedCompensation
791000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
316000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0407 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0464 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0288 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0423 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.52 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.53 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.53 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.54 pure
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
699356 shares

Files In Submission

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0000897101-24-000070-index-headers.html Edgar Link pending
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0000897101-24-000070.txt Edgar Link pending
0000897101-24-000070-xbrl.zip Edgar Link pending
elmd-20231231.xsd Edgar Link pending
elmd240150_10q.htm Edgar Link pending
elmd240150_ex10-3.htm Edgar Link pending
elmd240150_ex31-1.htm Edgar Link pending
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elmd240150_10q_htm.xml Edgar Link completed
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