Electromed, Inc.

Electromed, Inc. (NYSE American: ELMD) develops, manufactures, markets, and sells innovative airway clearance therapy products, primarily the SmartVest Airway Clearance System, which generates high-frequency chest wall oscillation (HFCWO) therapy for patients with compromised pulmonary function. The company's website is www.electromed.com.

The SmartVest System is the company's core product, available in two models: SmartVest SQL and SmartVest Clearway, a next-generation system introduced in November 2022 featuring enhanced patient experience and modern design. The system consists of a programmable air pulse generator, an inflatable therapy garment, and a single-hose delivery mechanism that creates oscillatory pressure on the chest wall to clear retained secretions and mucus from airways. The company also markets single-patient-use SmartVest products and SmartVest Wrap devices for acute care hospital settings.

Electromed primarily employs a direct-to-patient and provider model, managing insurance claims on behalf of patients and delivering systems directly to homes while providing training and ongoing support. The company maintains a domestic sales force averaging 58 field sales employees and a network of approximately 167 respiratory therapists across the United States. For fiscal year 2026, the company generated approximately $73.4 million in U.S. revenue, with homecare representing 95.3 percent and hospital sales comprising 4.7 percent. International sales accounted for less than one percent of total revenues.

The SmartVest System is primarily prescribed for patients with bronchiectasis, cystic fibrosis, and neuromuscular conditions including cerebral palsy and amyotrophic lateral sclerosis. The company estimates the U.S. homecare HFCWO market grows at approximately eight percent annually, with bronchiectasis representing the fastest-growing diagnostic category at twelve percent annually. Internal analysis indicates approximately sixteen percent penetration of HFCWO within the approximately one million Americans diagnosed with bronchiectasis, suggesting significant market opportunity.

Electromed holds multiple U.S. and foreign patents covering HFCWO technology and maintains manufacturing and engineering facilities in New Prague, Minnesota. The company is certified to ISO 13485 quality system standards and has received FDA clearance to market its products. The company estimates it has over 275 million contracted lives representing eighty-seven percent coverage in the United States across Medicare, Medicaid, commercial payers, and Veterans Affairs.