New Prague-based Electromed Inc. reported a $292,000 net income in its second quarter, as sales of its products continues to grow.
Electromed, which went public last year, sells an electric vest that mimics the actions of a cough to help patients with cystic fibrosis and other health conditions breathe easier. The company's net income during the second quarter in 2009 was $35,000.
Sales increased 45 percent to nearly $4.7 million for the three-month period ending Dec. 31.
CEO Robert Hansen said the company is "well-positioned" to reach its goal of reaching $20 million or more in annual sales by the end of its 2012 fiscal year.
Electromed filed its IPO last year, raising $5.5 million, setting the initial price at $4 a share. It was the third public offering for a Minnesota company since 2008.
The company's stock opened on Thursday at $3.61 a share on the Nasdaq.
