Electromed, Inc.
ELMD Healthcare Medical Devices
Electromed, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $73.8 million, up 15.3% from fiscal 2025. In the quarter to June 2026, revenue grew 11.6%, EPS grew 57.7% and free cash flow fell 25.2%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Electromed, Inc. (ELMD) Beneish M-score
Electromed, Inc.'s Beneish M-score for fiscal 2026 is −2.20; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.20 | 0.56 |
| FY2025 | −2.76 | 0.03 |
| FY2024 | −2.79 | (0.62) |
| FY2023 | −2.17 | (0.18) |
| FY2022 | −1.99 | 0.39 |
| FY2021 | −2.38 | (0.05) |
| FY2020 | −2.33 | 0.01 |
| FY2019 | −2.34 | 0.22 |
| FY2018 | −2.56 | (0.49) |
| FY2017 | −2.07 | 0.30 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.99 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.75 | — | 0.30 | |
| Sales growth index | 1.15 | — | 1.03 | |
| Depreciation index | 1.33 | — | 0.15 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | 0.02 | — | 0.12 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Elevated | −2.20 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TLSI TriSalus Life Sciences, Inc. compare | −5.1× |
| TMCI Treace Medical Concepts, Inc. compare | −3.5× |
| INFU InfuSystems Holdings, Inc. compare | −3.3× |
| RXST RxSight, Inc. compare | −3.1× |
| LAB Standard BioTools Inc. compare | −2.9× |
| PROF Profound Medical compare | −2.6× |
| ELMD Electromed, Inc. | −2.2× |
| CATX Perspective Therapeutics, Inc. compare | 0.6× |
| QSI Quantum-Si Incorporated compare | 2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI