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2024 CEO Letter to Shareholders Making life s important moments possible one breath at a time. Dear Fellow Electromed Stakeholders: I am honored to be part of an organization that is driven to help people breathe better, stay healthier, AND LEAD ACTIVE AND FULlLLING LIVES 4HE lSCAL YEAR ENDED *UNE h&9 v WAS AN important year for Electromed marked by a successful LEADERSHIP CHANGE AND RECORD lNANCIAL PERFORMANCE INCLUDING A SIGNIlCANT INCREASE IN SHAREHOLDER VALUE These results are a testament to the excellent work of our entire team, as well as the strength of our relatively new, but highly IMPACTFUL LEADERSHIP TEAM !LSO ) WANT TO EXPRESS MY GRATITUDE TO +ATHLEEN 3KARVAN THE FORMER 0RESIDENT AND #HIEF %XECUTIVE /FlCER OF %LECTROMED AND current Board Chair for her exceptional leadership for over a decade and for her support as I transitioned into my role as President and CEO and Board MEMBER !NOTHER RECENT MILESTONE FOR OUR COMPANY WAS BEING RECOGNIZED AS ONE OF THE FASTEST GROWING PUBLIC COMPANIES IN -INNESOTA FOR BY The Minneapolis/St. Paul Business Journal )N A STATE WITH A DYNAMIC MEDICAL device sector, it is gratifying to be recognized for our operational execution, UNIQUE FOCUS AND GROWTH Our Mission, Values and People Our mission and values are the cornerstone of our culture, and our PEOPLE ARE AT THE HEART OF IT /UR employees stayed focused on caring for our patients as well as each other, and our employee engagement is AT AN ALL TIME HIGH $URING THE YEAR we added key leadership talent in THE AREAS OF lNANCE AND ACCOUNTING OPERATIONS 1!2! 2 $ AND SALES operations, who are bringing fresh ideas and energy to propel the COMPANY S GROWTH The Bronchiectasis (BE) Opportunity Revenue (in millions) $48.1 $41.7 FY 2022 FY 2023 FY 2024 Operating Income (in millions) $6.6 CoreValues Core Unwavering passion for patients $54.7 $4.0 $3.0 Committed to helping people around the world breathe better. Make it happen Going above and beyond and having a can do attitude. Encourage innovation and creativity Take pride in continuous improvement and value provided to our customers. FY 2022 FY 2023 FY 2024 Embrace change Proactively adjust to the ever-changing health care environment. Always do what s right Represent yourself as a member of a highly ethical and wellrespected team of professionals. Listen, learn and deliver Provide the service our customers deserve. Be agile and skillful to quickly deliver solutions with positive results. BE is a chronic, progressive disease resulting in failure to clear sputum, CHARACTERIZED BY REPEATED EPISODES OF PULMONARY INmAMMATION AND INFECTIONS that progressively destroys the normal lung architecture particularly, THE ELASTIC lBERS OF BRONCHI "ASED ON CURRENT MARKET DATA THERE ARE million people in the United States with BE, many of whom have not been DIAGNOSED 7E ESTIMATE THAT PEOPLE HAVE BEEN DIAGNOSED WITH "% IN THE 5NITED 3TATES AND COULD BENElT FROM HIGH FREQUENCY CHEST WALL OSCILLATION h(/v THERAPY LIKE OUR 3MART6EST !IRWAY #LEARANCE 3YSTEM YET ONLY A SMALL PERCENTAGE ESTIMATED AT PATIENTS OR APPROXIMATELY Operating Cash Flow (in millions) $9.1 $1.3 FY 2022 ($0.7) FY 2023 FY 2024
#%/ ,ETTER TO 3HAREHOLDERS CONTINUED PENETRATION ARE CURRENTLY BEING TREATED WITH A DEVICE 7E ESTIMATE THAT "% PATIENT PREVALENCE HAS GROWN APPROXIMATELY ANNUALLY AND THAT THE (/ MARKET HAS GROWN AT APPROXIMATELY Investing for Growth 7E CONTINUE TO BELIEVE BRONCHIECTASIS IN MISDIAGNOSED UNDERDIAGNOSED AND (/ IS UNDER PRESCRIBED For this reason, we continue to invest in our commercial team and in market development to unlock the BRONCHIECTASIS MARKET OPPORTUNITY "Y THE END OF &9 WE EXPANDED OUR DIRECT SALES REPRESENTATIVES TO FROM IN lSCAL YEAR ENDED *UNE h&9 v AND OUR SALES REPRESENTATIVE PRODUCTIVITY IMPROVED (OMECARE REVENUE PER WEIGHTED AVERAGE DIRECT SALES REPRESENTATIVE IN &9 WAS SLIGHTLY HIGHER THAN %LECTROMED S ANNUAL TARGET RANGE OF TO 7E ALSO INTRODUCED SEVERAL hlRSTSv FOR THE COMPANY INCLUDING 4HE INTRODUCTION OF SmartVest ClearwayTM INTO THE HOSPITAL MARKET WHICH GREW IN &9 COMPARED TO &9 4HE HOSPITAL MARKET HAS REPRESENTED A SMALL PERCENTAGE OF OUR TOTAL REVENUE BUT IS AN EXCITING AREA FOR FUTURE GROWTH FOR OUR COMPANY SmartAdvantageTM, which consists of sales programs and clinic support resources that highlight our EXCEPTIONAL CUSTOMER SERVICE AND SEAMLESS ORDERING PROCESS IN SUPPORT OF THE CLINICS WE SERVE SmartNotesTM AN IMPORTANT DISEASE MANAGEMENT TOOL FOR PHYSICIANS WHO PRESCRIBE THE 3MART6EST FOR THEIR PATIENTS 3MART.OTES GIVES PROVIDERS UPDATES ON A PATIENT S PROGRESS AND THEIR COMPLIANCE IN USING 3MART6EST #LEARWAY %LECTROMED S web-based Clinical Resource Center was also launched during the year, which is tailored to the needs of clinicians, enabling them to explore our prescriber resources, upcoming EVENTS PROGRAMS FOR #-% CREDITS EDUCATIONAL VIDEOS AND OUR LATEST CLINICAL STUDIES ,ASTLY WE INTRODUCED A Continuing Medical Education course /UR PROGRAM FOCUSED ON BRONCHIECTASIS AND THE (/ THERAPY THAT CAN BE HIGHLY EFFECTIVE AT TREATING AND MANAGING THE DISEASE 7E ISSUED TOTAL CERTIlCATIONS TO COURSE PARTICIPANTS DURING &9 SmartVest users have reported: % of patients would recommend 95 SmartVest to others report feeling better 97% ofor patients the same after SmartVest use patients report an increase 98% ofin sputum production* I > i `> > w i FY24 Financial Highlights .ET REVENUE INCREASED YEAR OVER YEAR TO A RECORD MILLION FROM MILLION IN &9 'ROSS PROlT MARGIN WAS MILLION OR OF NET REVENUES /PERATING INCOME TOTALED A RECORD MILLION A INCREASE COMPARED TO MILLION IN &9 .ET INCOME TOTALED A RECORD MILLION OR PER DILUTED SHARE COMPARED TO MILLION OR PER DILUTED SHARE IN &9 !S OF *UNE %LECTROMED HAD MILLION IN CASH MILLION IN ACCOUNTS RECEIVABLE AND NO DEBT ACHIEVING A WORKING CAPITAL OF MILLION AND TOTAL SHAREHOLDERS EQUITY OF MILLION /UR BOARD OF DIRECTORS RECENTLY AUTHORIZED THE REPURCHASE OF UP TO MILLION OF OUR COMMON STOCK
#%/ ,ETTER TO 3HAREHOLDERS CONTINUED )N CLOSING lSCAL WAS A YEAR OF SUCCESSFUL EVOLUTION FOR THE COMPANY 7E LAUNCHED THE INNOVATIVE 3MART6EST #LEARWAY 3YSTEM TO THE HOSPITAL MARKET REPORTED RECORD REVENUE DELIVERED STRONG GROSS PROlT MARGINS RECORD EARNINGS AND ENDED THE YEAR WITH A STRONG BALANCE SHEET AND NO DEBT 7E ALSO ATTRACTED NEW TALENT AND CAPABILITIES TO THE BUSINESSES WHICH WILL ENABLE CONTINUED SUCCESS ,OOKING AHEAD WE INTEND TO CONTINUE TO EXPAND OUR COMMERCIAL REACH BY EXPANDING OUR SALES FORCE AND increasing brand awareness, improve our customer experience with best-in-class service, and increase our FOCUS ON THERAPY ADOPTION THROUGH MARKET DEVELOPMENT 7E PLAN TO CONTINUE TO EXECUTE ON THESE GROWTH initiatives, while also working diligently to enhance our exposure to investors and the Street; our goal is TO ENSURE THAT OUR OPERATIONAL EXECUTION IS RECOGNIZED BY INVESTORS )T IS IMPORTANT TO NOTE THAT A LARGE PORTION OF MY INITIAL INCENTIVE COMPENSATION IS BASED ON INCREASING TOTAL SHAREHOLDER RETURN %LECTROMED is a growing, medical device company with expertise in direct sales, clinical support, payor management AND IN HOME PATIENT CARE WITH STRONG FUNDAMENTALS AND PROlTABILITY THAT WE BELIEVE IS AN APPEALING COMBINATION 4HANK YOU FOR YOUR CONTINUED SUPPORT AND INVESTMENT IN %LECTROMED Sincerely, *IM #UNNIFF 0RESIDENT AND #%/ $IRECTOR Corporate Headquarters 3IXTH !VENUE .7 .EW 0RAGUE -. 0HONE OR &AX ZZZ VPDUWYHVW FRP Cautionary Statement Regarding Forward-Looking Statements i > > i i i i ] V ` } L i` Q i > v i >VV i > ` i v > Vi] > ` i iV v v i i V > i v i iV i R] V i v > ` } > i i > `iw i` i 1 - * > i -iV i }> ,iv V v x > ` } > i i V> }i i > Li `i wi` L ` V > > V > i] Li i i] i > i] V i] i iV ] i `] > ] > i > ] `] ] > ` > i i ] V ` } i i}> i v i i i ] L i > i i i V i i> v `i v } V > i i > ` } > i i V> Li } > > ii`] > ` >V > i > > > i > ` i i Vi > i > ` ] > V > i` V > i i > i v > ` Vi > i v iV i` V `i] L > i i` ] i V i i > i v > i V > }i i` V> i] i` V> `] > i > Vi i L i i V i V > }i > i > ` vi`i > i> V> i > V > }i >vviV } i i` V> `i Vi ` >L `i i i > i V > i v ` V V > i iV> i ` L V > i ii` > > i} > V > Vi > ` }> v i i} > > > > ` V i> > Vi i ` } > >Vi V> ` V i i }i i > iV V > ` L i V ` > i > i V> > `i i i >L i i i v V i` L > >`` > V i` > iVi > >L iV > ` i > ` i iV > i v i > V > i` i > i > > > i ] > i > i v>V i > `i V Li v i i iV i` i w i` i -iV i > ` V > }i V ` } iV i` iVi > ,i ] > > i `i` v i i] > ` L i i + > i ,i + > ` i ,i n i ` V `i > v V v>V Li > i > i > i i v > i ] Vi > i i > >VV > i > i ` > i >VV i > } i i `iV - > i `i > ` i i>`i ` >Vi ` i i > Vi v > ` } > i i ] > V > i i i> > v i `> i v i i 7i `i > i L }> `> i i } v i v > v i i i
 • shareholder letter icon 10/1/2024 Letter Continued (Full PDF)
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ELMD Shareholder/Stockholder Letter Transcript:

2024 CEO Letter to Shareholders
Making life   s important moments possible     one breath at a time.  
Dear Fellow Electromed Stakeholders:
I am honored to be part of an organization that is
driven to help people breathe better, stay healthier,
AND LEAD ACTIVE AND FULlLLING LIVES  
4HE lSCAL YEAR ENDED *UNE           h&9  v  WAS AN 
important year for Electromed marked by a successful
LEADERSHIP CHANGE AND RECORD lNANCIAL PERFORMANCE  
INCLUDING A SIGNIlCANT INCREASE IN SHAREHOLDER VALUE  
These results are a testament to the excellent work
of our entire team, as well as the strength of our relatively new, but highly
IMPACTFUL LEADERSHIP TEAM  !LSO  ) WANT TO EXPRESS MY GRATITUDE TO +ATHLEEN 
3KARVAN  THE FORMER 0RESIDENT AND #HIEF %XECUTIVE /FlCER OF %LECTROMED  AND 
current Board Chair for her exceptional leadership for over a decade and for
her support as I transitioned into my role as President and CEO and Board
MEMBER  
!NOTHER RECENT MILESTONE FOR OUR COMPANY WAS BEING RECOGNIZED AS ONE 
OF THE FASTEST GROWING PUBLIC COMPANIES IN -INNESOTA FOR      BY The
Minneapolis/St. Paul Business Journal  )N A STATE WITH A DYNAMIC MEDICAL 
device sector, it is gratifying to be recognized for our operational execution,
UNIQUE FOCUS  AND GROWTH 
Our Mission, Values
and People
Our mission and values are the
cornerstone of our culture, and our
PEOPLE ARE AT THE HEART OF IT  /UR 
employees stayed focused on caring
for our patients as well as each other,
and our employee engagement is
AT AN ALL TIME HIGH  $URING THE YEAR  
we added key leadership talent in
THE AREAS OF lNANCE AND ACCOUNTING  
OPERATIONS  1!2!  2 $  AND SALES 
operations, who are bringing fresh
ideas and energy to propel the
COMPANY S GROWTH   
The Bronchiectasis (BE)
Opportunity
Revenue
(in millions)
$48.1
$41.7
FY 2022
FY 2023
FY 2024
Operating Income
(in millions)
$6.6
CoreValues
Core
Unwavering passion for patients
$54.7
$4.0
$3.0
Committed to helping people around the world
breathe better.
Make it happen Going above and beyond
and having a    can do    attitude.
Encourage innovation and creativity
Take pride in continuous improvement and value
provided to our customers.
FY 2022
FY 2023
FY 2024
Embrace change Proactively adjust to the
ever-changing health care environment.
Always do what   s right Represent
yourself as a member of a highly ethical and wellrespected team of professionals.
Listen, learn and deliver Provide the
service our customers deserve. Be agile and skillful
to quickly deliver solutions with positive results.
BE is a chronic, progressive disease resulting in failure to clear sputum,
CHARACTERIZED BY REPEATED EPISODES OF PULMONARY INmAMMATION AND INFECTIONS 
that progressively destroys the normal lung architecture     particularly,
THE ELASTIC lBERS OF BRONCHI  "ASED ON CURRENT MARKET DATA  THERE ARE   
million people in the United States with BE, many of whom have not been
DIAGNOSED  7E ESTIMATE THAT         PEOPLE HAVE BEEN DIAGNOSED WITH "% IN 
THE 5NITED 3TATES AND COULD BENElT FROM HIGH FREQUENCY CHEST WALL OSCILLATION 
 h(/v  THERAPY LIKE OUR 3MART6EST   !IRWAY #LEARANCE 3YSTEM  YET ONLY 
A SMALL PERCENTAGE  ESTIMATED AT         PATIENTS OR APPROXIMATELY     
Operating Cash Flow
(in millions)
$9.1
$1.3
FY 2022
($0.7)
FY 2023
FY 2024

     #%/ ,ETTER TO 3HAREHOLDERS  CONTINUED
PENETRATION  ARE CURRENTLY BEING TREATED WITH A DEVICE  7E ESTIMATE THAT "% PATIENT PREVALENCE HAS GROWN 
APPROXIMATELY     ANNUALLY AND THAT THE (/ MARKET HAS GROWN AT APPROXIMATELY      
Investing for Growth
7E CONTINUE TO BELIEVE BRONCHIECTASIS IN MISDIAGNOSED  UNDERDIAGNOSED AND (/ IS UNDER PRESCRIBED  
For this reason, we continue to invest in our commercial team and in market development to unlock the
BRONCHIECTASIS MARKET OPPORTUNITY  "Y THE END OF &9    WE EXPANDED OUR DIRECT SALES REPRESENTATIVES TO 
   FROM    IN lSCAL YEAR ENDED *UNE           h&9  v  AND OUR SALES REPRESENTATIVE PRODUCTIVITY IMPROVED   
(OMECARE REVENUE PER WEIGHTED AVERAGE DIRECT SALES REPRESENTATIVE IN &9   WAS           SLIGHTLY HIGHER 
THAN %LECTROMED S ANNUAL TARGET RANGE OF          TO          
7E ALSO INTRODUCED SEVERAL hlRSTSv FOR THE COMPANY INCLUDING  
    4HE INTRODUCTION OF SmartVest ClearwayTM INTO THE HOSPITAL MARKET  WHICH GREW     IN &9   
COMPARED TO &9    4HE HOSPITAL MARKET HAS REPRESENTED A SMALL PERCENTAGE OF OUR TOTAL REVENUE BUT 
IS AN EXCITING AREA FOR FUTURE GROWTH FOR OUR COMPANY  
    SmartAdvantageTM, which consists of sales programs and clinic support resources that highlight our
EXCEPTIONAL CUSTOMER SERVICE AND SEAMLESS ORDERING PROCESS IN SUPPORT OF THE CLINICS WE SERVE 
   SmartNotesTM  AN IMPORTANT DISEASE MANAGEMENT TOOL FOR PHYSICIANS WHO PRESCRIBE THE 3MART6EST 
FOR THEIR PATIENTS  3MART.OTES GIVES PROVIDERS UPDATES ON A PATIENT S PROGRESS AND THEIR COMPLIANCE IN 
USING 3MART6EST #LEARWAY 
    %LECTROMED S web-based Clinical Resource Center was also launched during the year, which is
tailored to the needs of clinicians, enabling them to explore our prescriber resources, upcoming
EVENTS  PROGRAMS FOR #-% CREDITS  EDUCATIONAL VIDEOS  AND OUR LATEST CLINICAL STUDIES 
    ,ASTLY  WE INTRODUCED A Continuing Medical Education course  /UR PROGRAM FOCUSED ON 
BRONCHIECTASIS AND THE (/ THERAPY THAT CAN BE HIGHLY EFFECTIVE AT TREATING AND MANAGING THE 
DISEASE  7E ISSUED     TOTAL CERTIlCATIONS TO COURSE PARTICIPANTS DURING &9   
SmartVest users have reported:
% of patients would recommend
95
SmartVest to others
report feeling better
97% ofor patients
the same after SmartVest use
patients report an increase
98% ofin sputum
production*
I  >    i     `>  >      w  i
FY24 Financial Highlights
.ET REVENUE INCREASED       YEAR OVER YEAR TO A RECORD       MILLION  FROM       MILLION IN &9   
'ROSS PROlT MARGIN WAS       MILLION  OR       OF NET REVENUES  
/PERATING INCOME TOTALED A RECORD      MILLION  A       INCREASE COMPARED TO      MILLION IN &9   
.ET INCOME TOTALED A RECORD      MILLION  OR       PER DILUTED SHARE  COMPARED TO      MILLION  OR       
PER DILUTED SHARE  IN &9    
!S OF *UNE           %LECTROMED HAD       MILLION IN CASH        MILLION IN ACCOUNTS RECEIVABLE  AND NO 
DEBT  ACHIEVING A WORKING CAPITAL OF       MILLION  AND TOTAL SHAREHOLDERS  EQUITY OF       MILLION 
/UR BOARD OF DIRECTORS RECENTLY AUTHORIZED THE REPURCHASE OF UP TO      MILLION OF OUR COMMON STOCK 

     #%/ ,ETTER TO 3HAREHOLDERS  CONTINUED
)N CLOSING  lSCAL      WAS A YEAR OF SUCCESSFUL EVOLUTION FOR THE COMPANY  7E LAUNCHED THE INNOVATIVE 
3MART6EST #LEARWAY 3YSTEM TO THE HOSPITAL MARKET  REPORTED RECORD REVENUE  DELIVERED STRONG GROSS PROlT 
MARGINS  RECORD EARNINGS AND ENDED THE YEAR WITH A STRONG BALANCE SHEET AND NO DEBT  7E ALSO ATTRACTED 
NEW TALENT AND CAPABILITIES TO THE BUSINESSES  WHICH WILL ENABLE CONTINUED SUCCESS  
,OOKING AHEAD  WE INTEND TO CONTINUE TO EXPAND OUR COMMERCIAL REACH BY EXPANDING OUR SALES FORCE AND 
increasing brand awareness, improve our customer experience with best-in-class service, and increase our
FOCUS ON THERAPY ADOPTION THROUGH MARKET DEVELOPMENT  7E PLAN TO CONTINUE TO EXECUTE ON THESE GROWTH 
initiatives, while also working diligently to enhance our exposure to investors and the Street; our goal is
TO ENSURE THAT OUR OPERATIONAL EXECUTION IS RECOGNIZED BY INVESTORS  )T IS IMPORTANT TO NOTE THAT A LARGE 
PORTION OF MY INITIAL INCENTIVE COMPENSATION IS BASED ON INCREASING TOTAL SHAREHOLDER RETURN  %LECTROMED 
is a growing, medical device company with expertise in direct sales, clinical support, payor management
AND IN HOME PATIENT CARE WITH STRONG FUNDAMENTALS AND PROlTABILITY THAT WE BELIEVE IS AN APPEALING 
COMBINATION  
4HANK YOU FOR YOUR CONTINUED SUPPORT AND INVESTMENT IN %LECTROMED 
Sincerely,
*IM #UNNIFF
0RESIDENT AND #%/  $IRECTOR
Corporate Headquarters
    3IXTH !VENUE .7
.EW 0RAGUE  -.      
0HONE               OR              
&AX              
ZZZ VPDUWYHVW FRP
Cautionary Statement Regarding Forward-Looking Statements
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shareholder letter icon 10/1/2024 Letter Continued (Full PDF)
 

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