<SEC-DOCUMENT>0001398344-19-017029.txt : 20190923
<SEC-HEADER>0001398344-19-017029.hdr.sgml : 20190923
<ACCEPTANCE-DATETIME>20190920192933
ACCESSION NUMBER:		0001398344-19-017029
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190923
DATE AS OF CHANGE:		20190920

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Electromed, Inc.
		CENTRAL INDEX KEY:			0001488917
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				411732920
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-85992
		FILM NUMBER:		191105877

	BUSINESS ADDRESS:	
		STREET 1:		500 SIXTH AVENUE NW
		CITY:			NEW PRAGUE
		STATE:			MN
		ZIP:			56071
		BUSINESS PHONE:		952-758-9299

	MAIL ADDRESS:	
		STREET 1:		500 SIXTH AVENUE NW
		CITY:			NEW PRAGUE
		STATE:			MN
		ZIP:			56071

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zenith Sterling Advisers LLC
		CENTRAL INDEX KEY:			0001779206
		IRS NUMBER:				830847582
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1219

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		9075 DEER RIDGE DRIVE
		CITY:			BLOOMINGTON
		STATE:			IL
		ZIP:			61705
		BUSINESS PHONE:		630-901-5972

	MAIL ADDRESS:	
		STREET 1:		9075 DEER RIDGE DRIVE
		CITY:			BLOOMINGTON
		STATE:			IL
		ZIP:			61705
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>fp0046051_sc13da.htm
<TEXT>
<HTML>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. 1)*</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Electromed, Inc.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Common Stock, $0.01 par value</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">285409108</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Zenith Sterling Advisers LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attn: Joshua J. Peters</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">9075 Deer Ridge Drive</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Bloomington, Illinois 61705</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: 630-901-5972</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Person</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Authorized to Receive Notices and Communications)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">September 20, 2019</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Event which Requires Filing of this
Statement)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. [ ]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Note</B>: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties to whom copies are to be
sent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>*</SUP></FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The information required on the remainder of this cover page shall
not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&quot;Act&quot;) or
otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).</P>



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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DIV STYLE="width: 100%"><TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt"><TR VALIGN="BOTTOM"><TD STYLE="width: 30%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSIP No. [285409108]</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">13D</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 30%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
    1            of 5  Pages</FONT></TD></TR>
<TR VALIGN="BOTTOM" STYLE="height: 20pt">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt">
<TR VALIGN="BOTTOM">
    <TD STYLE="width: 5%"></TD>
    <TD STYLE="width: 85%"></TD>
    <TD STYLE="width: 10%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">NAMES OF
REPORTING PERSONS <BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR>
<BR>
Zenith Sterling Advisers LLC</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CHECK
                                         THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
                                         instructions)</FONT></P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;&nbsp;]</FONT></P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;[X]</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC
                                         USE ONLY</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top">4.</TD>
    <TD STYLE="border-bottom: black 1pt solid">SOURCE OF FUNDS(see instructions)<BR>
<BR>
OO &ndash; Client Funds</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top">5.</TD>
    <TD STYLE="border-bottom: black 1pt solid">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CITIZENSHIP
                                         OR PLACE OF ORGANIZATION</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delaware</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt">
<TR VALIGN="TOP">
    <TD ROWSPAN="4" STYLE="vertical-align: middle; text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">NUMBER
    OF <BR>
SHARES <BR>
BENEFICIALLY <BR>
OWNED BY EACH<BR>
 REPORTING<BR>
 PERSON WITH</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid; width: 77%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOLE
                                         VOTING POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SHARED
                                         VOTING POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">501,300*</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOLE
                                         DISPOSITIVE POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SHARED
                                         DISPOSITIVE POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">501,300*</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt">
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 85%"><P STYLE="margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>


</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">501,300</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CHECK
                                         BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
                                         instructions)&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;]</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">PERCENT
                                         OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.94%</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">TYPE
                                         OF REPORTING PERSON (see instructions)</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0">IA</P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE></DIV>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Includes 305,939 shares held in accounts owned by Joshua
Peters over which Zenith Sterling Advisers, LLC has discretionary authority. Mr. Peters is the sole managing member of Zenith
Sterling Advisers, LLC.</TD>
</TR></TABLE>



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<DIV STYLE="width: 100%"><TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt"><TR VALIGN="BOTTOM"><TD STYLE="width: 30%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSIP No. [285409108]</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">13D</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 30%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
    2       of 5  Pages</FONT></TD></TR>
<TR VALIGN="BOTTOM" STYLE="height: 20pt">
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"></TD></TR>
</TABLE>

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<TR VALIGN="BOTTOM">
    <TD STYLE="width: 5%"></TD>
    <TD STYLE="width: 85%"></TD>
    <TD STYLE="width: 10%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin: 0">NAMES OF REPORTING PERSONS <BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR>
<BR>
Joshua J. Peters</P>

                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CHECK
                                         THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
                                         instructions)</FONT></P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;&nbsp;]</FONT></P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;[X]</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC
                                         USE ONLY</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top">4.</TD>
    <TD STYLE="border-bottom: black 1pt solid">SOURCE OF FUNDS(see instructions)<BR>
<BR>
PF, OO &ndash; Client Funds</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top">5.</TD>
    <TD STYLE="border-bottom: black 1pt solid">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CITIZENSHIP
                                         OR PLACE OF ORGANIZATION</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">United States</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt">
<TR VALIGN="TOP">
    <TD ROWSPAN="4" STYLE="vertical-align: middle; text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">NUMBER
    OF <BR>
SHARES <BR>
BENEFICIALLY <BR>
OWNED BY EACH<BR>
 REPORTING<BR>
 PERSON WITH</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid; width: 77%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOLE
                                         VOTING POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SHARED
                                         VOTING POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">501,300*</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOLE
                                         DISPOSITIVE POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">SHARED
                                         DISPOSITIVE POWER</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">501,300*</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt">
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 85%"><P STYLE="margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>


</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">501,300</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CHECK
                                         BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(see
                                         instructions)&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;]</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">PERCENT
                                         OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.94%</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">TYPE
                                         OF REPORTING PERSON (see instructions)</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0">IN</P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE></DIV>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Includes 305,939 shares held in accounts owned by Joshua
Peters over which Zenith Sterling Advisers, LLC has discretionary authority. Mr. Peters is the sole managing member of Zenith
Sterling Advisers, LLC.</TD>
</TR></TABLE>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<TR VALIGN="BOTTOM"><TD STYLE="border: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSIP No. [285409108]</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">13D</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
    3            of 5  Pages</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Explanatory Note</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Reference is hereby made to the statement on Schedule 13D filed
with the Securities and Exchange Commission on June 13, 2019 (as amended from time to time, the &ldquo;Schedule 13D&rdquo;) filed
by Zenith Sterling Advisers LLC and Joshua J. Peters with respect to the Common Stock, $0.01 par value (the &ldquo;Common Stock&rdquo;),
of Electromed, Inc., a Minnesota Corporation (the &ldquo;Corporation&rdquo;). Capitalized terms not otherwise defined herein are
used as defined in the Schedule 13D. This Amendment No. 1 amends the Schedule 13D to supplement the Schedule 13D as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 1. Security and Issuer.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">No change.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 2. Identity and Background.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">No change.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 3. Source or Amount of Funds or Other Consideration.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Item 3 is hereby amended to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The aggregate purchase price of the 501,300 shares of Common Stock
beneficially owned by the Reporting Persons is approximately $3,013,796, not including brokerage commissions. The source of funds
for these purchases were individual client funds. No part of the purchase price represents borrowed funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 4. Purpose of Transaction.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Item 4 is hereby amended to add the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">On September 20, 2019, Zenith Sterling Advisers delivered a letter
by e-mail to the Corporation&rsquo;s chief executive officer, chief financial officer, and its seven independent directors, a copy
of which is attached as Exhibit 99.2 and is incorporated herein by reference. The Reporting Persons continue to believe that the
Common Stock of the Corporation is significantly undervalued compared to other publicly-traded firms in its industry, and the letter
recommends that the Corporation to institute a share repurchase program.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 5. Interest in Securities of the Issuer.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Item 5 is hereby amended to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>As of the date of this filing, the Reporting Persons beneficially own 501,300 shares of Corporation&rsquo;s Common Stock. This
represents approximately 5.94% of the Corporation&rsquo;s outstanding Common Stock, based on the Form 10-K filed by the Corporation
for the fiscal year ended June 30, 2019, which reported that 8,440,851 shares were outstanding as of August 26, 2019.<BR>
<BR>
</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>See Items 7, 8, 9 and 10 of the cover pages to this Schedule 13D, which Items are incorporated herein by reference, for the
aggregate number of shares of Common Stock beneficially owned by each of the Reporting Persons as to which there is sole or shared
power to vote or direct the vote and/or sole or shared power to dispose or to direct the disposition of such shares of Common Stock</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" BORDER="0" STYLE="width: 100%; font-size: 11pt">
<TR VALIGN="BOTTOM"><TD STYLE="border: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSIP No. [285409108]</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">13D</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
    4                 of 5  Pages</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As an investment adviser, Zenith has the discretionary
authority over its client&rsquo;s accounts and, as a result, may be deemed to have the shared power to vote and dispose of the
501,300 shares of Common Stock held in such client accounts. This includes 305,939 shares held in accounts owned by Peters which
are managed by Zenith.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As the sole managing member of Zenith, Peters may be
deemed to have the shared power to vote (or to direct the vote of) and dispose (or direct the disposition of) the 501,300 shares
deemed to be beneficially owned by Zenith solely as a result of its discretionary authority over the client accounts. This includes
305,939 shares held in accounts owned by Peters which are managed by Zenith.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Each of the Reporting Persons declares that neither the
filing of this Schedule 13D nor anything herein shall be construed as an admission that such person is, for the purposes of Section
13(d) or 13(g) of the Act or any other purposes, the beneficial owner of any of the securities covered by this Schedule 13D.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Each Reporting Person may be deemed to be a member of
a group with respect to the Corporation or securities of the Corporation for the purposes of Section 13(d) or 13(g) of the Act.
Each Reporting Person declares that neither the filing of this Schedule 13D nor anything herein shall be construed as an admission
that such person is acting as a statutory group within the meaning of Rule 13d-5(b)(1) of the Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD></TD><TD>(c)</TD><TD>Since the initial Schedule 13D filed on June 13, 2019, Zenith effected the following transactions in the Corporation&rsquo;s
Common Stock on behalf of its client accounts:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; border: Black 1pt solid">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trade Date</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Nature of Transaction</B> (Purchase/Sale)</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Weighted Average Price Per Share</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Maximum Price Traded on Trade Date</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Minimum Price Traded on Trade Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">08/01/2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">700</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.4026</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.4299</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.3000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">08/01/2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sale*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">700</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.3690</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.3701</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$5.3675</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">09/13/2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,800</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.1629</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.1846</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.1500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">09/16/2019</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.1962</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.2484</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.1371</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">09/18/2019</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,700</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.3007</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.4500</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$6.1390</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The purchase and sale transactions effected on August
1, 2019 were undertaken to consolidate Joshua J. Peters&rsquo; personal investment position into fewer brokerage accounts.</TD>
</TR></TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The weighted average prices noted above do not include
any brokerage fees. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff
of the Securities and Exchange Commission, upon request, further information regarding the number of shares purchased at each separate
price within the ranges set forth above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Zenith&rsquo;s advisory clients have the right to receive or direct the receipt of dividends from, or the proceeds from the
sale of, the securities held for their respective accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">No change.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 7. Material to Be Filed as Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter dated September
20, 2019 to the Corporation&rsquo;s chief executive officer, chief financial officer, and independent members of the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSIP No. [285409108]</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">13D</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page 5 of 5 Pages</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zenith Sterling Advisers LLC, a Delaware limited liability company</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Joshua J. Peters </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joshua J. Peters</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Managing Member</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">Sept. 20, 2019<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Joshua J. Peters</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Joshua J. Peters</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sept.
    20, 2019</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>EXHIBIT 99.2</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">DELIVERED BY ELECTRONIC MAIL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Zenith Sterling Advisers LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Joshua J. Peters, CFA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Chief Investment Officer and Principal</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">9075 Deer Ridge Drive, Bloomington, Illinois
61705</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">630-901-5972 | josh.peters@zenithsterling.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">September 20, 2019</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Electromed, Inc.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Attn:</TD><TD STYLE="text-align: justify">Stephen Craney, Chairman of the Board of Directors, and<BR>
Kathleen Skarvan, Chief Executive Officer</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">500 Sixth Avenue NW</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New Prague, MN 56071</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dear Steve and Kathleen,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Let me begin by thanking both of you, as well as Electromed&rsquo;s
independent directors and CFO Jeremy Brock, for meeting with me in person on August 28 and 29. I know these meetings demonstrate
a valuable commitment of everyone&rsquo;s time, and I believe we all share the desire to work toward the best possible outcomes
for all shareholders, Electromed employees, and especially the multitude of bronchiectasis patients who currently and will in the
future benefit from SmartVest&trade; therapy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">I also wish to commend Electromed&rsquo;s leadership on the progress
shown in the June 2019 fiscal quarter. Having had several weeks to carefully reflect on these results as well as our subsequent
discussions, I am confident that if we stick with our present strategy, we can strike a balance between revenue growth and current
profitability that will optimize shareholder value over time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Even so, and recognizing the risk of muddling my praise with unsolicited
advice, <U>I strongly recommend that the Board develop a plan for returning cash to shareholders</U>. In my view, this is the largest
remaining piece in the puzzle that turns what is already a good investment case for Electromed&rsquo;s stock into a truly compelling
one.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">My recommendation starts from a view that Electromed possesses ample
means to start distributing cash to shareholders. As of June 30, our company had no debt, $7.8 million in cash, and had generated
positive free cash flow in 20 of the past 21 quarters. More important, I believe the business can generate an additional $12 million
worth of free cash flow cumulatively over the next three years&mdash;even after reinvesting heavily in the business through expanded
selling costs, marketing, research, product development, and capital spending. (My forecast, summarized below, contemplates low
double-digit revenue growth, rising profit margins due to operating leverage on higher sales and cost control, and investment in
working capital consistent with past levels in relation to sales. I will be happy to furnish a more detailed outlook upon request.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Actual FY19</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Est. FY2020</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Est. FY2021</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Est. FY2022</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3-Yr Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net Revenue ($000)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31,300</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34,743</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38,565</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42,807</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Revenue Growth:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>+10.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>+11.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>+11.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>+11.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net Income ($000)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,969</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,473</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,697</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,918</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14,088</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Net Margin:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>10.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>12.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>13.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Free Cash Flow ($000)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,203</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,666</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,206</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,251</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12,123</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Source: Company reports, Bloomberg, and forecasts by Zenith Sterling Advisers LLC.</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Combined, this gives the Board approximately $20 million of cash
to allocate through the end of fiscal 2022&mdash;fully 38% of Electromed&rsquo;s equity market value as of this writing. Left idle
at current interest rates, these reserves are unlikely to earn much more than 1%-2% annually after taxes, far less than the return
on capital that I believe investors typically expect from micro-cap companies. Doing nothing with Electromed&rsquo;s cash is not
merely a neutral choice; it will erode shareholder value and cause more concern than comfort in the minds of investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">I do not recommend that <I>all</I> of this current and forthcoming
cash be dispensed to shareholders. At least some of the company&rsquo;s cash is needed for the efficient management of working
capital&mdash;at least a month&rsquo;s worth of total expenses, or $2.3 million at the most recent quarter&rsquo;s run rate&mdash;and
it seems prudent to hold one to two months&rsquo; worth of additional reserves as well.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">But I believe we can and should devote a substantial portion of
future free cash flows to shareholder returns. Therefore, <U>I recommend that Electromed authorize the repurchase of at least $2
million worth of its shares in each of the next three years.</U> The Securities and Exchange Commission&rsquo;s Rule 10b-18 sets
certain limits on open-market repurchases, but $2 million over the course of a year represents an average of about $8,000 per trading
day, or roughly 1,300 shares at the current price. Relative to the stock&rsquo;s average daily volume of 11,200 shares over the
past six months, 1,300 shares a day strikes me as a practical and obtainable goal (especially if the repurchases themselves result
in improved volume).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>I also recommend that we start repurchasing shares immediately</U>,
as Electromed&rsquo;s low valuation provides an opportunity to increase the underlying fair value of the stock and accelerate growth
in earnings per share. While there are a variety of ways to demonstrate that our stock is deeply undervalued, I will cite three
common metrics&mdash;enterprise value<FONT STYLE="font-size: 11pt"><SUP>*</SUP></FONT>/sales, enterprise value/EBITDA<FONT STYLE="font-size: 11pt"><SUP>&dagger;</SUP></FONT>,
and stock price/earnings per share&mdash;to compare the value of our stock with industry medians. I believe these valuation metrics
reflect investors&rsquo; dissatisfaction with the stagnation in earnings and falling margins over the <I>past</I> three years,
but given Electromed&rsquo;s prospects for rapid earnings growth and rising profitability over the <I>next</I> three years, I do
not believe any meaningful valuation discount will prove justifiable in the future.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">EV/Sales</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">EV/EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Price/Earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Average</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">ELMD Forward Valuation Multiple</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.3x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.3x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.6x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">Industry Median Forward Multiple</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.0x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.0x</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27.8x</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-indent: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">ELMD Value at Industry Median</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$16.98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$13.12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$11.12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$13.74</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Industry medians reflect members of the S&amp;P Total Market
Index that are classified in the GICS Health Care Equipment &amp; Supplies industry, and for which forward 12 months' consensus
estimates are available with positive EBITDA (for EV/EBITDA) or earnings (for price/earnings). Forward valuation multiples for
Electromed are based on my fiscal 2020 estimates of $34.7 million in sales, $5.5 million in EBITDA, and earnings per share of $0.40.
Source: Bloomberg, company reports, and forecasts by Zenith Sterling Advisers LLC.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>*</SUP></TD><TD STYLE="text-align: justify">Enterprise value represents the current market capitalization
of the stock (shares outstanding multiplied by the current share price) plus any debt on the company&rsquo;s balance sheet, minus
its cash balance.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>&dagger;</SUP></TD><TD STYLE="text-align: justify">Earnings before interest, taxes, depreciation and amortization.
A flawed metric, perhaps, but one that allows for more accurate comparisons with other companies in the GICS Health Care Equipment
&amp; Supplies industry, as a number of these firms record large but economically irrelevant charges for amortization associated
with acquisitions.</TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Nothing will be more important for the stock&rsquo;s future performance
than for Electromed to deliver improved financial results from here. Given today&rsquo;s low valuation, I believe clear articulation
of, and execution on, key financial metrics&mdash;sales growth, gross margin, operating margin, and free cash flow&mdash;will appeal
to potential investors across the spectrum from growth to value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In the meantime, though, we must not ignore the opportunity for
the Board to add directly to the potential value of our stock by repurchasing shares at low prices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">I estimate each $1 million worth of shares repurchased at the Sept.
19, 2019 closing price of $6.23 would reduce the diluted share count by nearly 2%, while the foregone after-tax interest income
on the cash represents less than 0.4% of my fiscal 2020 earnings forecast. As a result, each $1 million spent on repurchases stands
to enhance per-share earnings growth by approximately 1.5% ($0.006 per share). If we value the additional earnings per share at
the industry median forward price/earnings ratio of 27.8, each $1 million of repurchases would add $0.17, or 2.7%, to the potential
fair value of each Electromed share.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assuming
(as I think fair) that the $13.74 a share average indicated by the three metrics shown above reflects a reasonable, industry-derived
proxy for the fair value of Electromed stock, I also estimate that each $1 million of shares repurchased at the stock&rsquo;s
current price of $6.23 would add at least $0.15 to the fair value of each remaining share<FONT STYLE="font-size: 11pt"><SUP>&Dagger;</SUP></FONT>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Of course, these two examples are hypothetical. The actual impact
of share repurchases on the stock&rsquo;s value will depend on a variety of factors, not least of which is the stock price itself.
All else being equal, higher prices paid mean less value added for continuing shareholders&mdash;but from where we start today,
I think repurchases would remain worthwhile even at double the stock&rsquo;s current price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Value creation isn&rsquo;t the only advantage of a repurchase plan.
The <U>signals</U> that Electromed would send to the market with a vigorous repurchase plan may be even more powerful. In conjunction
with improved financial performance, a repurchase authorization could serve as a catalyst to narrow the gap between the market
price of the stock and the fair value implied by industry median valuation multiples. A repurchase plan will demonstrate that the
Board believes the business is on a solid footing, that the stock is undervalued, and that the Board sees its responsibility to
reward shareholders with the cash generated by the business. Repurchases would also mitigate the potential drag on per-share earnings
growth from the issuance of restricted stock and options to employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Indeed, I believe the present absence of any plan for cash returns
fosters unnecessary concerns for current and potential investors: Rather than viewing the company&rsquo;s rising cash balance as
a sign of health, does it instead betray a sign of fragility? Doesn&rsquo;t the Board understand that the stock price is depressed?
Can the company be counted on to reward, or at least support, minority investors who hold 81% of the shares? Stumbling blocks like
these, which crop up frequently among micro-cap stocks, can be addressed forthrightly with a substantial repurchase plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&Dagger;</TD><TD STYLE="text-align: justify">I calculate this &ldquo;captured value&rdquo; as the
initial fair value per share, minus the cost of a repurchased share, multiplied by the number of shares repurchased, then divided
by the remaining number of shares outstanding. In the case of a $1 million purchase, it is $13.74 of initial fair value, minus
the $6.23 cost ($7.51 per share), multiplied by 161,000 shares repurchased ($1.21 million of total captured value), then divided
by the 8.25 million remaining shares outstanding ($0.15 per share).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Also, rather than depleting the liquidity of Electromed&rsquo;s
stock, <U>a repurchase plan may well enhance liquidity</U>. Yes, share repurchases will reduce the number of shares in public hands,
but I think liquidity is more accurately understood in terms of <I>dollars</I> rather than <I>shares</I>. Excluding the 1.6 million
shares owned by officers and directors, the company&rsquo;s public float is 6.8 million shares, worth about $42.4 million at the
stock&rsquo;s Sept. 19 closing price of $6.23. If we repurchase $1 million of stock at that price, the float declines by 161,000
shares to about 6.64 million. But as long as the stock price rises by just $0.15 a share (to $6.38 or more) as a result of the
repurchases, the dollar value of the float holds steady at $42.4 million. If Electromed&rsquo;s stock price rises further as a
result of share repurchases, the dollar value of the float&mdash;and therefore potential trading liquidity&mdash;would improve
as well.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Finally, having a repurchase plan in place ameliorates another obstacle
for potential investors&mdash;the uncertainty that there will be a buyer if they want or need to sell shares in the future. For
micro-cap companies, liquidity can have a chicken-and-egg quality to it: Investors are reluctant to buy if the stock doesn&rsquo;t
trade enough, but the stock doesn&rsquo;t trade enough because investors are reluctant to buy (even if many might agree that the
stock is undervalued). Knowing that the company itself is prepared to act as a buyer of last resort can help break this circular
logic, giving institutional investors more confidence that they won&rsquo;t be caught with shares that are difficult to sell.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">I will admit that proposing a repurchase plan is a bit odd for me
on a personal level, as I built much of my professional investment career at Morningstar and OppenheimerFunds as a dividend-oriented
investor. Anyone hunting through my past writings will find that I was often highly critical of share repurchases. Especially for
large-cap companies, I regarded repurchases as an inferior substitute for the more consistent returns that could be furnished by
higher cash dividends. I also observed that companies rarely cared about the prices they paid for repurchased shares and, in the
aggregate, had an unfortunate tendency to buy high and sell low.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">At some point in the next several years, by which time I expect
Electromed&rsquo;s stock to reach a more reasonable valuation, I think shareholders would also benefit from cash dividends. Dividends
are relatively rare among non-financial micro-cap companies, so paying them might provide an even stronger signal of investment
merit than share repurchases would. Moreover, dividends would put cash into every shareholder&rsquo;s pocket; the realization of
value by continuing shareholders wouldn&rsquo;t hinge on the market recognizing the value of repurchases through a higher stock
price. If and when the Board takes an interest in initiating a small cash dividend, I will be the first to applaud.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">For our present circumstances, however, I believe repurchases will
realize greater value for shareholders given the stock&rsquo;s low valuation and the potential benefits to the stock&rsquo;s liquidity.
Repurchase plans are also discretionary, affording management the flexibility to curtail or cease repurchases if the stock price
runs too high, or if other needs emerge for Electromed&rsquo;s cash.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">I hope that both of you, as well as the Board, will find these recommendations
helpful as we work toward the best future for all shareholders. I will be pleased to make myself available for any questions or
further dialogue at your convenience, and I look forward to visiting with you again at the annual shareholders&rsquo; meeting later
this year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Respectfully submitted,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Joshua J. Peters</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Josh Peters, CFA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chief Investment Officer and Principal</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Zenith Sterling Advisers LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">630-901-5972 | josh.peters@zenithsterling.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Jeremy Brock, Chief Financial Officer<BR>
John L. Erb, Director</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Gregory J. Fluet, Director</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Stan K. Erickson, Director</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">William V. Eckles, Director</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Lee A. Jones, Director</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dr. George H. Winn, Director</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Note: The foregoing opinions, forecasts, and recommendations are
solely those of Zenith Sterling Advisers LLC and are intended for the Board of Directors of Electromed, Inc. Nothing herein should
be construed as representing investment advice to any third party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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