Electromed, Inc. Announces Authorization of $3.0 Million Stock Repurchase Program
May 27 2021 - 4:30PM
Business Wire
Electromed, Inc. (“Electromed” or the “Company”) (NYSE American:
ELMD), a leader in innovative airway clearance technologies, today
announced that its Board of Directors has approved a $3.0 million
stock repurchase authorization, effective as of May 26, 2021.
Under the authorization, the Company may repurchase common
stock, par value $0.01 per share, with an aggregate value of up to
$3.0 million through May 26, 2022. The authorization does not
obligate the Company to repurchase any particular amount of common
stock, and it could be modified, suspended, or discontinued at any
time. Purchases of the Company’s common stock may be made in open
market transactions effected through a broker-dealer at prevailing
market prices, in block trades, or by other means in accordance
with federal securities laws.
“Our strong balance sheet and positive cash flow have enabled us
to invest in our business and to repurchase our common stock, which
we believe is undervalued given our optimism for Electromed’s
long-term growth prospects,” commented Kathleen Skarvan, President
and Chief Executive Officer of Electromed.
This press release is for informational purposes only and is
neither an offer to buy, nor the solicitation of an offer to sell,
any securities.
About Electromed, Inc.
Electromed, Inc. manufactures, makes, and sells products that
provide airway clearance therapy, including the SmartVest® Airway
Clearance System, to patients with compromised pulmonary function.
The Company is headquartered in New Prague, Minnesota and was
founded in 1992. Further information about the Company can be found
at www.smartvest.com.
Cautionary Statements
Certain statements in this press release constitute
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can generally be identified by words such as “believe,”
“intend,” “may,” “potential,” “should,” “will,” and similar
expressions, including the negative of these terms, but they are
not the exclusive means of identifying such statements.
Forward-looking statements include statements regarding the amount
and timing of repurchases, if any, under the authorization.
Forward-looking statements cannot be guaranteed, and actual results
may vary materially due to the uncertainties and risks, known or
unknown associated with such statements. Examples of risks and
uncertainties for the Company include, but are not limited to, the
duration, extent and severity of the COVID-19 pandemic, including
its effects on our business, operations and employees as well as
its impact on our customers and distribution channels and on
economies and markets more generally; the competitive nature of our
market; changes to Medicare, Medicaid, 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 Home Care
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; 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; and the risks associated with
our planned sales force expansion, as well as other factors we may
describe from time to time in the Company’s reports filed with the
Securities and Exchange Commission (including the Company’s most
recent Annual Report on Form 10-K, as amended from time to time,
and subsequent Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K). Investors should not consider any list of such
factors to be an exhaustive statement of all of the risks,
uncertainties or potentially inaccurate assumptions investors
should take into account when making investment decisions.
Shareholders and other readers should not place undue reliance on
“forward-looking statements,” as such statements speak only as of
the date of this press release. We undertake no obligation to
update them in light of new information or future events.
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version on businesswire.com: https://www.businesswire.com/news/home/20210527005830/en/
Electromed, Inc. Mike MacCourt, Chief Financial Officer
(952) 758-9299 investorrelations@electromed.com
The Equity Group Inc. Kalle Ahl, CFA (212) 836-9614
kahl@equityny.com
Devin Sullivan (212) 836-9608 dsullivan@equityny.com
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