Electromed, Inc. (ELMD) Income Statement

The progression from $13.9M to $19.4M over ten quarters represents roughly 40% cumulative top-line expansion, yet the latest quarter's 11.6% growth trails the 18.4% posted in 2026Q3, so the trend does not read as clean acceleration. Because the data provides no volume-versus-price split or acquisition disclosure, attribution of the growth to units, pricing, or channel expansion cannot be resolved here; investors should monitor whether the mid-teens cadence holds as the revenue base nears $20M per quarter.

A 78.7% gross margin suggests either favorable pricing power or a highly leveraged manufacturing cost base, both of which would imply limited exposure to input inflation at current scale. The steadiness of the improvement — every quarter since 2024Q3 has printed at least 77.7% — indicates a structural rather than cyclical shift, though sustaining a spread of roughly 31 points over INGN warrants monitoring for any competitive or reimbursement response.

The pattern is textbook fixed-cost absorption: each incremental revenue dollar has fallen largely to operating income, which expanded 111% versus a 39.6% revenue increase. The caveat is that the leverage appears modest in absolute magnitude — SG&A still absorbs well over half of every revenue dollar, so any reacceleration in commercial spend could quickly flatten the operating margin trend, which already dipped to 15.8% in 2026Q1.