An adjustable tracheostoma valve includes a housing having a first opening that is adapted to open to a tracheostoma and a second opening that opens to ambient. The housing includes a lower housing portion defining the first opening and an upper housing portion movably attached to the lower housing portion and defining the second opening. A closure member is disposed in the housing and adapted to close the second opening. A flexible membrane includes a first region connected to the closure member and a plurality of spiral shaped legs extending from the first region and connected to the housing. The upper and lower housings are axially adjustable relative to one another to adjust an amount of air flow through the valve that would cause closure of the closure member. A heat and moisture exchanger is disposed in the housing between the first opening and the second opening.
