On this page of StockholderLetter.com we present the latest annual shareholder letter from Electromed, Inc. — ticker symbol ELMD. Reading current and past ELMD letters to shareholders can bring important insights into the investment thesis.
2025 CEO Letter to Shareholders Dear Fellow Shareholders: !S WE CLOSE ANOTHER SCAL YEAR ) WANT TO THANK YOU FOR YOUR CONTINUED TRUST AND SUPPORT OF %LECTROMED )NC 4HIS HAS BEEN ANOTHER BANNER YEAR FOR THE ORGANIZATION AND ) AM PROUD TO SHARE HOW OUR TEAM HAS CONTINUED TO ADVANCE OUR MISSION Making life s important moments possible one breath at a time. )N THE SCAL YEAR ENDED *UNE g&9 s %LECTROMED DELIVERED SOLID NANCIAL PERFORMANCE WHILE CONTINUING TO INVEST IN LONG TERM GROWTH 7E ACHIEVED RECORD REVENUE OF $64 million REPRESENTING A 17% year-over-year increase DRIVEN BY STRONGER DEMAND FOR THE SmartVest Airway Clearance System across HOMECARE HOSPITAL AND $-% CHANNELS 7E ALSO IMPROVED GROSS MARGINS TO 78.1% DUE TO INCREASED REVENUE GAINS AND HIGHER NET REVENUE PER DEVICE /PERATING INCOME OF $9.7 million WAS ALSO A RECORD AND GREW 47% versus prior year 7E SUCCESSFULLY COMPLETED MILLION IN STOCK REPURCHASES DURING &9 DEMONSTRATING OUR CON DENCE IN THE COMPANY S FUTURE AND OUR COMMITMENT TO ENHANCING SHAREHOLDER VALUE /UR BALANCE SHEET REMAINS STRONG WITH NO LONG TERM DEBT AND A HEALTHY CASH POSITION PROVIDING EXIBILITY TO INVEST IN 2 $ AND STRATEGIC INITIATIVES 7E VE ALSO ACHIEVED A SIGNI CANT MILESTONE WITH THE ADDITION OF OUR COMMON STOCK TO THE 2USSELL AND INDEXES WHICH WE BELIEVE SHOULD PROVIDE IMPROVED LIQUIDITY AND TRADING VOLUME THROUGH BROADER INSTITUTIONAL EXPOSURE )NDEX INCLUSION IS BASED ON MARKET CAPITALIZATION THEREFORE THIS WAS A RESULT OF %LECTROMED S CONSIDERABLY HIGHER VALUATION RELATIVE TO THE MARKET 7E WERE ALSO HONORED TO BE RECOGNIZED BY THE -INNEAPOLIS 3T 0AUL "USINESS *OURNAL AS THE TH FASTEST GROWING PUBLIC COMPANY IN -INNESOTA k A NOTABLE ACHIEVEMENT IN A STATE KNOWN FOR ITS IMPRESSIVE ROSTER OF PUBLIC COMPANIES INCLUDING SEVERAL WELL KNOWN MEDICAL TECHNOLOGY LEADERS Revenue $64.0 (in millions) Operating Income Operating Cash Flow (in millions) (in millions) $9.7 $54.7 $9.1 $6.6 $48.1 $1.3 $4.0 FY 2023 FY 2024 FY 2025 FY 2023 $11.4 FY 2024 1 FY 2025 FY 2023 FY 2024 FY 2025
Our Core Values and People .ONE OF OUR SUCCESS WOULD BE POSSIBLE WITHOUT THE PASSION AND DEDICATION OF OUR EMPLOYEES (AVING A STRONG CULTURE STARTS WITH PEOPLE AND A SHARED SENSE OF PURPOSE 7E FURTHER UPDATED OUR #ORE 6ALUES THIS YEAR TO BETTER RE ECT WHO WE SERVE AND THE BEHAVIOR WE EXPECT AS %LECTROMED EMPLOYEES CUSTOMER-FOCUSED 7E CONCENTRATE ON HOW EVERY INTERACTION HELPS THE CUSTOMER INTEGRITY 7E ARE ACCOUNTABLE FOR OUR BEHAVIOR AND ACT ETHICALLY RESOURCEFUL 7E CREATIVELY COPE WITH DIF CULT SITUATIONS AND PURSUE NEW OPPORTUNITIES COLLABORATIVE 7E WORK TOGETHER COMMUNICATE CLEARLY SHARE KNOWLEDGE EFFECTIVELY AND ALWAYS ASSUME POSITIVE INTENT RESULTS-DRIVEN 7E FOCUS ON ACHIEVING DESIRED OUTCOMES AND ARE MOTIVATED TO SET AND ACCOMPLISH CHALLENGING GOALS !LSO TO SUPPORT OUR RAPID GROWTH DURING THE YEAR WE BOLSTERED OUR TEAM WITH ADDITIONAL SALES TALENT AND NEW LEADERSHIP ROLES IN MARKETING PAYOR ACCESS AND INFORMATION TECHNOLOGY Clinical Impact & Market Expansion /NE OF THE OPPORTUNITIES FOR %LECTROMED IS PENETRATING THE LARGE UNRECOGNIZED MARKET FOR BRONCHIECTASIS TREATMENT 7E ESTIMATE THAT TODAY IN THE 53 THERE ARE APPROXIMATELY PATIENTS DIAGNOSED WITH "RONCHIECTASIS AND OF THOSE ONLY ARE USING (/ THERAPY WHICH SUGGESTS A PATIENT OPPORTUNITY OF NEARLY PATIENTS WITH BRONCHIECTASIS WHO COULD BENE T FROM OUR 3MART6EST %VEN MORE EYE OPENING WE ESTIMATE THAT OVER MILLION MORE PEOPLE HAVE "RONCHIECTASIS BUT ARE UNDIAGNOSED 4O ADDRESS THIS KNOWLEDGE GAP OUR 4RIPLE $OWN ON "RONCHIECTASIS CAMPAIGN IS DESIGNED TO BRING AWARENESS OF BOTH THE DISEASE AND THE IMPORTANT ROLE (/ THERAPY CAN PLAY IN IMPROVING THE QUALITY OF LIFE FOR PATIENTS WITH "RONCHIECTASIS 4HE CAMPAIGN IS SUCCEEDING IN NOT ONLY RAISING AWARENESS ABOUT "RONCHIECTASIS BUT ALSO HIGHLIGHTING HOW OUR 3MART6EST THERAPY PLAYS A CRUCIAL ROLE IN SUCCESSFUL LONG TERM DISEASE MANAGEMENT 4HIS IS DONE THROUGH A THREE PRONGED TREATMENT APPROACH OF AIRWAY CLEARANCE INFECTION TREATMENT AND IN AMMATION REDUCTION CL EA R A I R WA YS
7E RE ALSO TARGETING INDUSTRY EVENTS FOR MEDICAL PROFESSIONALS WHO DIAGNOSE AND TREAT "RONCHIECTASIS THROUGH THE GENERATION OF CLINICAL EVIDENCE SUPPORTING THE USE OF 3MART6EST AS A KEY COMPONENT OF EFFECTIVE TREATMENT !N EXAMPLE IS OUR RECENT ABSTRACT PRESENTATION AT THE 7ORLD "RONCHIECTASIS #ONFERENCE IN !USTRALIA WHICH SHOWCASED COMPELLING DATA FROM THE "RONCHIECTASIS 2ESEARCH 2EGISTRY DEMONSTRATING THE CLINICAL VALUE OF (/ THERAPY AND SUGGESTING OPPORTUNITIES FOR EARLIER INTERVENTION IN THE DISEASE PROCESS 3PECI CALLY THE STUDY ANALYZED A COHORT OF BRONCHIECTASIS PATIENTS AND WHILE ONLY OF PATIENTS HAD BEEN PRESCRIBED (/ AT BASELINE OF NON (/ USERS AT BASELINE MET #-3 GUIDELINE CRITERIA FOR (/ THERAPY 4HIS ANALYSIS SUGGESTS THE NEED FOR EDUCATION ON (/ PRESCRIBING INDICATIONS AND GUIDELINES EARLIER IN THE DISEASE PROCESS !DDITIONALLY WE SAW POSITIVE TRENDS IN REIMBURSEMENT WITH MORE PAYORS RECOGNIZING THE CLINICAL AND ECONOMIC VALUE OF EARLY AIRWAY CLEARANCE INTERVENTION 7E REMAIN FOCUSED ON STRENGTHENING OUR RELATIONSHIPS WITH PHYSICIANS RESPIRATORY THERAPISTS AND PAYOR PARTNERS TO REDUCE BARRIERS TO PATIENT ACCESS Strategic Priorities ,OOKING AHEAD WE CONTINUE TO BELIEVE BRONCHIECTASIS IS MISDIAGNOSED UNDERDIAGNOSED AND (/ IS UNDER PRESCRIBED AND OUR STRATEGIC PRIORITIES ARE CLEAR Drive sustainable revenue growth Market development TO IMPROVE THROUGH SALES FORCE EXPANSION AND DIAGNOSIS RATES AND EVIDENCE TO SUPPORT DEEPER MARKET PENETRATION THE ADOPTION OF THE 3MART6EST SYSTEM FOR PATIENTS Increase brand awareness and revenue WITH DIRECT TO CONSUMER SmartAdvantage best-in-class AND PHYSICIAN MARKETING customer care AND SUPPORT Expand SmartOrder e-prescribing CAPABILITY Real World Patient Data 2EAL WORLD PATIENT DATA SHOW CONSISTENT BENE TS IN BOTH HEALTHCARE OUTCOMES AND PATIENT SATISFACTION 97% 7E ARE ALSO EXPLORING SELECTIVE PARTNERSHIPS THAT ALIGN WITH OUR MISSION report feeling better after using SmartVest 81% report less rescue inhaler use 99% report improved ability to expel sputum 94% would recommend SmartVest to others
Looking Ahead 7E HAVE ENTERED SCAL WITH OPTIMISM AND DETERMINATION /UR BUSINESS FUNDAMENTALS ARE STRONG AND THE NEED FOR EFFECTIVE NON INVASIVE AIRWAY CLEARANCE THERAPY HAS NEVER BEEN MORE CRITICAL 7ITH OUR FOCUSED STRATEGY CLINICAL REPUTATION AND STRONG TEAM ) AM CON DENT %LECTROMED IS WELL POSITIONED TO DELIVER LONG TERM VALUE TO BOTH PATIENTS AND SHAREHOLDERS 4HANK YOU FOR YOUR CONTINUED CON DENCE IN %LECTROMED 7E REMAIN COMMITTED TO ADVANCING RESPIRATORY HEALTH CREATING SHAREHOLDER VALUE AND TRANSFORMING LIVES ONE BREATH AT A TIME 3INCERELY Jim Cunniff 0RESIDENT AND #HIEF %XECUTIVE /F CER $IRECTOR Electromed, Inc. Corporate Headquarters 3IXTH !VENUE .7 .EW 0RAGUE -. Phone: OR Fax: www.smartvest.com Cautionary Statement Regarding Forward-Looking Statements 3TATEMENTS IN THIS LETTER THAT ARE NOT STATEMENTS OF HISTORICAL OR CURRENT FACTS CONSTITUTE FORWARD LOOKING STATEMENTS AS DE NED IN STA TATE ATE ATEMENTS AS DE NED IN THE 5 3 0RIVATE 3ECURITIES ,ITIGATION 2EFORM !CT OF &ORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTI ED BY WORDS SUCH AS NTI NTI E TI ED ED BY WORDS SUCH AS gANTICIPATE s gBELIEVE s gESTIMATE s gCONTINUE s gEXPECT s gINTEND s gMAY s gPLANs gPOTENTIAL s gSHOULD s gWELL ELL POSITIONED s gWILL s s AND SIMILAR EXPRESSIONS INCLUDING THE NEGATIVE OF THESE TERMS BUT THEY ARE NOT THE EXCLUSIVE MEANS OF IDENTIFYING SUCH STATEMENTS SUCH CH STATEMENTS STATEMENTS &ORWARD LOOKING STATEMENTS CANNOT BE GUARANTEED AND ACTUAL RESULTS MAY VARY MATERIALLY DUE TO THE UNCERTAINTIES AND RISKS KNOWN OR UNKNOWN ASSOCIATED WITH SUCH STATEMENTS %XAMPLES OF RISKS AND UNCERTAINTIES FOR %LECTROMED INCLUDE BUT ARE NOT LIMITED TO THE COMPETITIVE NATURE OF OUR MARKET CHANGES TO -EDICARE -EDICAID OR PRIVATE INSURANCE REIMBURSEMENT POLICIES CHANGES TO STATE AND FEDERAL HEALTH CARE LAWS CHANGES AFFECTING THE MEDICAL DEVICE INDUSTRY OUR ABILITY TO DEVELOP NEW SALES CHANNELS FOR OUR PRODUCTS SUCH AS THE HOMECARE DISTRIBUTOR CHANNEL OUR NEED TO MAINTAIN REGULATORY COMPLIANCE AND TO GAIN FUTURE REGULATORY APPROVALS AND CLEARANCES NEW DRUG OR PHARMACEUTICAL DISCOVERIES GENERAL ECONOMIC AND BUSINESS CONDITIONS ALTERNATIVE CAPITAL DEPLOYMENT OPPORTUNITIES OUR ABILITY TO RENEW OUR LINE OF CREDIT OR OBTAIN ADDITIONAL CREDIT AS NECESSARY OUR ABILITY TO PROTECT AND EXPAND OUR INTELLECTUAL PROPERTY PORTFOLIO THE RISKS ASSOCIATED WITH EXPANSION INTO INTERNATIONAL MARKETS AS WELL AS OTHER FACTORS WE MAY DESCRIBE FROM TIME TO TIME IN %LECTROMED S REPORTS LED WITH THE 3ECURITIES AND %XCHANGE #OMMISSION )NVESTORS SHOULD NOT CONSIDER THE FOREGOING LIST OF FACTORS TO BE AN EXHAUSTIVE STATEMENT OF ALL THE RISKS UNCERTAINTIES OR POTENTIALLY INACCURATE ASSUMPTIONS INVESTORS SHOULD TAKE INTO ACCOUNT WHEN MAKING INVESTMENT DECISIONS 3HAREHOLDERS AND OTHER READERS SHOULD NOT PLACE UNDUE RELIANCE ON gFORWARD LOOKING STATEMENTS s AS SUCH STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS LETTER 7E UNDERTAKE NO OBLIGATION TO UPDATE THEM IN LIGHT OF NEW INFORMATION OR FUTURE EVENTS
 • shareholder letter icon 9/30/2025 Letter Continued (Full PDF)
 • stockholder letter icon 10/1/2024 ELMD Stockholder Letter
 • stockholder letter icon More "Medical Instruments & Supplies" Category Stockholder Letters
 • Benford's Law Stocks icon ELMD Benford's Law Stock Score = 71


ELMD Shareholder/Stockholder Letter Transcript:

2025 CEO Letter to Shareholders
Dear Fellow Shareholders:
!S  WE  CLOSE  ANOTHER    SCAL  YEAR   )  WANT  TO  THANK  YOU  FOR  YOUR  CONTINUED  TRUST  AND  
SUPPORT  OF  %LECTROMED   )NC   4HIS  HAS  BEEN  ANOTHER  BANNER  YEAR  FOR  THE  ORGANIZATION   
AND  )  AM  PROUD  TO  SHARE  HOW  OUR  TEAM  HAS  CONTINUED  TO  ADVANCE  OUR  MISSION   
Making life   s important moments possible     one breath at a time.   
)N  THE    SCAL  YEAR  ENDED  *UNE              g&9  s   %LECTROMED  DELIVERED  SOLID    NANCIAL  PERFORMANCE  WHILE  
CONTINUING  TO  INVEST  IN  LONG TERM  GROWTH   7E  ACHIEVED  RECORD  REVENUE  OF  $64 million   REPRESENTING  A  17%
year-over-year increase   DRIVEN  BY  STRONGER  DEMAND  FOR  THE  SmartVest   Airway Clearance System across
HOMECARE   HOSPITAL  AND  $-%  CHANNELS 
7E  ALSO  IMPROVED  GROSS  MARGINS  TO  78.1%   DUE  TO  INCREASED  REVENUE  GAINS   AND  HIGHER  NET  REVENUE  
PER  DEVICE   /PERATING  INCOME  OF  $9.7 million  WAS  ALSO  A  RECORD  AND  GREW  47% versus prior year   7E  
SUCCESSFULLY  COMPLETED       MILLION  IN  STOCK  REPURCHASES  DURING  &9     DEMONSTRATING  OUR  CON  DENCE  IN  THE  
COMPANY S  FUTURE  AND  OUR  COMMITMENT  TO  ENHANCING  SHAREHOLDER  VALUE   
/UR  BALANCE  SHEET  REMAINS  STRONG   WITH  NO  LONG TERM  DEBT  AND  A  HEALTHY  CASH  POSITION   PROVIDING    EXIBILITY  
TO  INVEST  IN  2 $  AND  STRATEGIC  INITIATIVES 
7E VE  ALSO  ACHIEVED  A  SIGNI  CANT  MILESTONE  WITH  THE  ADDITION  OF  OUR  COMMON  STOCK  TO  THE  2USSELL        AND  
      INDEXES   WHICH  WE  BELIEVE  SHOULD  PROVIDE  IMPROVED  LIQUIDITY  AND  TRADING  VOLUME  THROUGH  BROADER  
INSTITUTIONAL  EXPOSURE   )NDEX  INCLUSION  IS  BASED  ON  MARKET  CAPITALIZATION   THEREFORE   THIS  WAS  A  RESULT  OF  
%LECTROMED S  CONSIDERABLY  HIGHER  VALUATION  RELATIVE  TO  THE  MARKET 
7E  WERE  ALSO  HONORED  TO  BE  RECOGNIZED  BY  THE  -INNEAPOLIS 3T   0AUL  "USINESS  *OURNAL  AS  THE   TH  FASTEST   
GROWING  PUBLIC  COMPANY  IN  -INNESOTA  k  A  NOTABLE  ACHIEVEMENT  IN  A  STATE  KNOWN  FOR  ITS  IMPRESSIVE  ROSTER  OF  
PUBLIC  COMPANIES   INCLUDING  SEVERAL  WELL KNOWN  MEDICAL  TECHNOLOGY  LEADERS 
Revenue
$64.0
(in millions)
Operating Income
Operating Cash Flow
(in millions)
(in millions)
$9.7
$54.7
$9.1
$6.6
$48.1
$1.3
$4.0
FY 2023
FY 2024
FY 2025
FY 2023
$11.4
FY 2024
1
FY 2025
FY 2023
FY 2024
FY 2025

Our Core Values and People
.ONE  OF  OUR  SUCCESS  WOULD  BE  POSSIBLE  WITHOUT  THE  PASSION  AND  DEDICATION  OF  OUR  EMPLOYEES   (AVING  A  
STRONG  CULTURE  STARTS  WITH  PEOPLE  AND  A  SHARED  SENSE  OF  PURPOSE   7E  FURTHER  UPDATED  OUR  #ORE  6ALUES  THIS  
YEAR  TO  BETTER  RE  ECT  WHO  WE  SERVE  AND  THE  BEHAVIOR  WE  EXPECT  AS  %LECTROMED  EMPLOYEES 
CUSTOMER-FOCUSED
7E  CONCENTRATE  ON  HOW  EVERY  INTERACTION  HELPS  THE  CUSTOMER 
INTEGRITY
7E  ARE  ACCOUNTABLE  FOR  OUR  BEHAVIOR  AND  ACT  ETHICALLY 
RESOURCEFUL
7E  CREATIVELY  COPE  WITH  DIF  CULT  SITUATIONS  AND  PURSUE  
NEW  OPPORTUNITIES 
COLLABORATIVE
7E  WORK  TOGETHER   COMMUNICATE  CLEARLY   SHARE  KNOWLEDGE  
EFFECTIVELY  AND  ALWAYS  ASSUME  POSITIVE  INTENT   
RESULTS-DRIVEN
7E  FOCUS  ON  ACHIEVING  DESIRED  OUTCOMES  AND  ARE  MOTIVATED  TO  
SET  AND  ACCOMPLISH  CHALLENGING  GOALS   
!LSO   TO  SUPPORT  OUR  RAPID  GROWTH   DURING  THE  YEAR  WE  BOLSTERED  OUR  TEAM  WITH  ADDITIONAL  SALES  TALENT  AND  
NEW  LEADERSHIP  ROLES  IN  MARKETING   PAYOR  ACCESS  AND  INFORMATION  TECHNOLOGY 
Clinical Impact & Market Expansion
/NE  OF  THE  OPPORTUNITIES  FOR  %LECTROMED  IS  PENETRATING  THE  LARGE   UNRECOGNIZED  MARKET  FOR  BRONCHIECTASIS  
TREATMENT   7E  ESTIMATE  THAT  TODAY  IN  THE  53   THERE  ARE  APPROXIMATELY           PATIENTS  DIAGNOSED  WITH  
"RONCHIECTASIS   AND  OF  THOSE  ONLY       ARE  USING  (/  THERAPY   WHICH  SUGGESTS  A  PATIENT  OPPORTUNITY  OF  
NEARLY           PATIENTS  WITH  BRONCHIECTASIS  WHO  COULD  BENE  T  FROM  OUR  3MART6EST   %VEN  MORE  EYE OPENING   
WE  ESTIMATE  THAT  OVER     MILLION  MORE  PEOPLE  HAVE  "RONCHIECTASIS  BUT  ARE  UNDIAGNOSED 
4O  ADDRESS  THIS  KNOWLEDGE  GAP   OUR  4RIPLE  $OWN  ON  "RONCHIECTASIS  
CAMPAIGN  IS  DESIGNED  TO  BRING  AWARENESS  OF  BOTH  THE  DISEASE  AND  
THE  IMPORTANT  ROLE  (/  THERAPY  CAN  PLAY  IN  IMPROVING  THE  
QUALITY  OF  LIFE  FOR  PATIENTS  WITH  "RONCHIECTASIS   4HE  CAMPAIGN  IS  
SUCCEEDING  IN  NOT  ONLY  RAISING  AWARENESS  ABOUT  "RONCHIECTASIS  BUT  
ALSO  HIGHLIGHTING  HOW  OUR  3MART6EST  THERAPY  PLAYS  A  CRUCIAL  ROLE  IN  
SUCCESSFUL   LONG TERM  DISEASE  MANAGEMENT   4HIS  IS  DONE  THROUGH  A  
THREE PRONGED  TREATMENT  APPROACH  OF  AIRWAY  CLEARANCE   INFECTION  
TREATMENT   AND  IN  AMMATION  REDUCTION 

CL
EA
R A I R WA
YS

7E RE  ALSO  TARGETING  INDUSTRY  EVENTS  FOR  MEDICAL  PROFESSIONALS  WHO  DIAGNOSE  AND  TREAT  "RONCHIECTASIS   
THROUGH  THE  GENERATION  OF  CLINICAL  EVIDENCE  SUPPORTING  THE  USE  OF  3MART6EST  AS  A  KEY  COMPONENT  OF  EFFECTIVE  
TREATMENT   !N  EXAMPLE  IS  OUR  RECENT  ABSTRACT  PRESENTATION  AT  THE  7ORLD  "RONCHIECTASIS  #ONFERENCE  IN  
!USTRALIA   WHICH  SHOWCASED  COMPELLING  DATA  FROM  THE  "RONCHIECTASIS  2ESEARCH  2EGISTRY   DEMONSTRATING  THE  
CLINICAL  VALUE  OF  (/  THERAPY  AND  SUGGESTING  OPPORTUNITIES  FOR  EARLIER  INTERVENTION  IN  THE  DISEASE  PROCESS   
3PECI  CALLY   THE  STUDY  ANALYZED  A  COHORT  OF         BRONCHIECTASIS  PATIENTS  AND  WHILE  ONLY      OF  PATIENTS  HAD  
BEEN  PRESCRIBED  (/  AT  BASELINE        OF  NON (/  USERS  AT  BASELINE  MET  #-3  GUIDELINE  CRITERIA  
FOR  (/  THERAPY   4HIS  ANALYSIS  SUGGESTS  THE  NEED  FOR  EDUCATION  ON  (/  PRESCRIBING  INDICATIONS  AND  
GUIDELINES  EARLIER  IN  THE  DISEASE  PROCESS 
!DDITIONALLY   WE  SAW  POSITIVE  TRENDS  IN  REIMBURSEMENT   WITH  MORE  PAYORS  RECOGNIZING  THE  CLINICAL  AND  
ECONOMIC  VALUE  OF  EARLY  AIRWAY  CLEARANCE  INTERVENTION   7E  REMAIN  FOCUSED  ON  STRENGTHENING  OUR  RELATIONSHIPS  
WITH  PHYSICIANS   RESPIRATORY  THERAPISTS   AND  PAYOR  PARTNERS  TO  REDUCE  BARRIERS  TO  PATIENT  ACCESS 
Strategic Priorities
,OOKING  AHEAD   WE  CONTINUE  TO  BELIEVE  BRONCHIECTASIS  IS  MISDIAGNOSED   UNDERDIAGNOSED  AND  (/  IS  
UNDER PRESCRIBED   AND  OUR  STRATEGIC  PRIORITIES  ARE  CLEAR 
Drive sustainable revenue growth
Market development TO  IMPROVE  
THROUGH  SALES  FORCE  EXPANSION  AND  
DIAGNOSIS  RATES  AND  EVIDENCE  TO  SUPPORT  
DEEPER  MARKET  PENETRATION 
THE  ADOPTION  OF  THE  3MART6EST  SYSTEM  
FOR  PATIENTS
Increase brand awareness and
revenue WITH  DIRECT TO CONSUMER  
SmartAdvantage    best-in-class
AND  PHYSICIAN  MARKETING
customer care AND  SUPPORT
Expand SmartOrder    e-prescribing
CAPABILITY
Real World Patient Data
2EAL  WORLD  PATIENT  DATA  SHOW  CONSISTENT  BENE  TS  IN  BOTH  HEALTHCARE  OUTCOMES  AND  PATIENT  SATISFACTION 
97%
7E  ARE  ALSO  EXPLORING  SELECTIVE  PARTNERSHIPS  THAT  ALIGN  WITH  OUR  MISSION 
report feeling
better after using
SmartVest
81%
report less
rescue
inhaler use

99%
report improved
ability to expel
sputum
94%
would recommend
SmartVest
to others

Looking Ahead
7E  HAVE  ENTERED    SCAL        WITH  OPTIMISM  AND  DETERMINATION   /UR  
BUSINESS  FUNDAMENTALS  ARE  STRONG   AND  THE  NEED  FOR  EFFECTIVE   NON
INVASIVE  AIRWAY  CLEARANCE  THERAPY  HAS  NEVER  BEEN  MORE  CRITICAL   7ITH  OUR  
FOCUSED  STRATEGY   CLINICAL  REPUTATION   AND  STRONG  TEAM   )  AM  CON  DENT  
%LECTROMED  IS  WELL POSITIONED  TO  DELIVER  LONG TERM  VALUE  TO  BOTH  PATIENTS  
AND  SHAREHOLDERS 
4HANK  YOU  FOR  YOUR  CONTINUED  CON  DENCE  IN  %LECTROMED   7E  REMAIN  
COMMITTED  TO  ADVANCING  RESPIRATORY  HEALTH   CREATING  SHAREHOLDER  VALUE   
AND  TRANSFORMING  LIVES ONE  BREATH  AT  A  TIME 
3INCERELY
Jim Cunniff
0RESIDENT  AND  #HIEF  %XECUTIVE  /F  CER   $IRECTOR
Electromed, Inc.
Corporate Headquarters
     3IXTH  !VENUE  .7
.EW  0RAGUE   -.       
Phone:                OR              
Fax:             
www.smartvest.com
Cautionary Statement Regarding Forward-Looking Statements
3TATEMENTS  IN  THIS  LETTER  THAT  ARE  NOT  STATEMENTS  OF  HISTORICAL  OR  CURRENT  FACTS  CONSTITUTE  FORWARD LOOKING  STATEMENTS  AS  DE  NED  IN  
STA
TATE
ATE
ATEMENTS  AS  DE  NED  IN  
THE  5 3   0RIVATE  3ECURITIES  ,ITIGATION  2EFORM  !CT  OF         &ORWARD LOOKING  STATEMENTS  CAN  GENERALLY  BE  IDENTI  ED  BY  WORDS  SUCH  AS  
NTI  
NTI  E
TI  ED
  ED  BY  WORDS  SUCH  AS  
gANTICIPATE s  gBELIEVE s  gESTIMATE s  gCONTINUE s  gEXPECT s  gINTEND s  gMAY s  gPLANs  gPOTENTIAL s  gSHOULD s  gWELL
ELL POSITIONED s  gWILL s  
s
AND  SIMILAR  EXPRESSIONS   INCLUDING  THE  NEGATIVE  OF  THESE  TERMS   BUT  THEY  ARE  NOT  THE  EXCLUSIVE  MEANS  OF  IDENTIFYING  SUCH  STATEMENTS   
SUCH
CH STATEMENTS 
STATEMENTS
&ORWARD LOOKING  STATEMENTS  CANNOT  BE  GUARANTEED   AND  ACTUAL  RESULTS  MAY  VARY  MATERIALLY  DUE  TO  THE  UNCERTAINTIES  AND  RISKS   KNOWN  
OR  UNKNOWN  ASSOCIATED  WITH  SUCH  STATEMENTS   %XAMPLES  OF  RISKS  AND  UNCERTAINTIES  FOR  %LECTROMED  INCLUDE   BUT  ARE  NOT  LIMITED  TO   THE  
COMPETITIVE  NATURE  OF  OUR  MARKET   CHANGES  TO  -EDICARE   -EDICAID   OR  PRIVATE  INSURANCE  REIMBURSEMENT  POLICIES   CHANGES  TO  STATE  AND  
FEDERAL  HEALTH  CARE  LAWS   CHANGES  AFFECTING  THE  MEDICAL  DEVICE  INDUSTRY   OUR  ABILITY  TO  DEVELOP  NEW  SALES  CHANNELS  FOR  OUR  PRODUCTS  
SUCH  AS  THE  HOMECARE  DISTRIBUTOR  CHANNEL   OUR  NEED  TO  MAINTAIN  REGULATORY  COMPLIANCE  AND  TO  GAIN  FUTURE  REGULATORY  APPROVALS  AND  
CLEARANCES   NEW  DRUG  OR  PHARMACEUTICAL  DISCOVERIES   GENERAL  ECONOMIC  AND  BUSINESS  CONDITIONS   ALTERNATIVE  CAPITAL  DEPLOYMENT  
OPPORTUNITIES   OUR  ABILITY  TO  RENEW  OUR  LINE  OF  CREDIT  OR  OBTAIN  ADDITIONAL  CREDIT  AS  NECESSARY   OUR  ABILITY  TO  PROTECT  AND  EXPAND  OUR  
INTELLECTUAL  PROPERTY  PORTFOLIO   THE  RISKS  ASSOCIATED  WITH  EXPANSION  INTO  INTERNATIONAL  MARKETS   AS  WELL  AS  OTHER  FACTORS  WE  MAY  DESCRIBE  
FROM  TIME  TO  TIME  IN  %LECTROMED S  REPORTS    LED  WITH  THE  3ECURITIES  AND  %XCHANGE  #OMMISSION     )NVESTORS  SHOULD  NOT  CONSIDER  THE  
FOREGOING  LIST  OF  FACTORS  TO  BE  AN  EXHAUSTIVE  STATEMENT  OF  ALL  THE  RISKS   UNCERTAINTIES  OR  POTENTIALLY  INACCURATE  ASSUMPTIONS  INVESTORS  
SHOULD  TAKE  INTO  ACCOUNT  WHEN  MAKING  INVESTMENT  DECISIONS   3HAREHOLDERS  AND  OTHER  READERS  SHOULD  NOT  PLACE  UNDUE  RELIANCE  ON  
gFORWARD   LOOKING  STATEMENTS s  AS  SUCH  STATEMENTS  SPEAK  ONLY  AS  OF  THE  DATE  OF  THIS  LETTER   7E  UNDERTAKE  NO  OBLIGATION  TO  UPDATE  
THEM  IN  LIGHT  OF  NEW  INFORMATION  OR  FUTURE  EVENTS 




shareholder letter icon 9/30/2025 Letter Continued (Full PDF)
 

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