Electromed 2Q profit rises on SmartVest sales
Medical device maker Electromed Inc. said Thursday its net income climbed in the fiscal second quarter on better sales of its SmartVest Airway Clearance System.
Electromed said its profit grew to $292,000, or 4 cents per share, in the three months ended Dec. 31. A year earlier it earned $35,000, or a penny per share. Its revenue rose to $4.7 million from $3.2 million.
The company completed its initial public offering in August. Electromed's SmartVest system is used to treat conditions like cystic fibrosis and chronic obstructive pulmonary disease, which cause secretions to build up in the lungs. It is worn around the chest and compresses it five to 20 times per second. The compressions mimic the action of a cough, breaking up secretions so patients can cough them out.
Looking ahead, the company said it is on track to meet its goal for $20 million or more in annual sales by the end of fiscal 2012.
Shares of Electromed fell 16 cents, or 4.4 percent, to $3.45 in afternoon trading.