ResMed Inc. Announces Results for the Second Quarter of Fiscal Year 2019
Year-over-year growth in revenue, gross margin, and operating profit
Well-positioned for future growth through further penetration of untreated sleep apnea and expanding portfolio in respiratory care and Software as a Service

SAN DIEGO, January 24, 2019 – ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading connected health company, today announced results for its quarter ended December 31, 2018.

Second Quarter 2019 Highlights

  • Revenue increased 8% to $651.1 million; up 9% on a constant currency basis
  • Gross Margin expanded 70bps to 58.9%
  • Net operating profit increased 8%; non-GAAP operating profit up 15%
  • GAAP diluted earnings per share of $0.86; non-GAAP diluted earnings per share of $1.00

“We had a solid quarter with top-line growth and gross margin expansion, as well as continued fiscal discipline to drive leverage and improved operating profit”, said Mick Farrell, ResMed’s CEO. “Our new AirFit F30 and AirFit N30i masks have been launched in many markets, and mask sales are growing well globally. During the quarter we further expanded our software and device ecosystems, through the acquisitions of MatrixCare and Propeller Health, to provide digital health solutions to millions more people worldwide. We are empowering people to live healthier and happier lives where they live, and we are doing this by providing innovative software, services, and solutions to improve outcomes, create efficiencies, and reduce overall healthcare system costs.”

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

Three Months Ended

 

 

December 31, 2018

 

December 31, 2017

 

% Change

 

Constant Currency (A)

 

Revenue

$

 651.1

 

 

$

 601.3

 

 

 8

%

 

 9

%

 

Gross margin

 

 58.9

%

 

 

 58.2

%

 

 1

 

 

 

 

 

Selling, general and administrative expenses

 

 161.6

 

 

 

 151.8

 

 

 6

 

 

 8

 

 

Research and development expenses

 

 43.1

 

 

 

 40.6

 

 

 6

 

 

 9

 

 

Income from operations

 

 157.1

 

 

 

 146.0

 

 

 8

 

 

 

 

 

Non-GAAP income from operations

 

 181.1

 

 

 

 157.3

 

 

 15

 

 

 

 

 

Net income

 

 124.6

 

 

 

 9.5

 

 

 1,208

 

 

 

 

 

Non-GAAP net income

 

 144.5

 

 

 

 143.8

 

 

 0

 

 

 

 

 

Diluted earnings per share

$

 0.86

 

 

$

 0.07

 

 

 1,129

 

 

 

 

 

Non-GAAP diluted earnings per share

$

 1.00

 

 

$

 1.00

 

 

 -

 

 

 

 

 

 

                           

 

Six Months Ended

 

 

December 31, 2018

 

December 31, 2017

 

% Change

 

Constant Currency (A)

 

Revenue

$

 1,239.4

 

 

$

 1,124.9

 

 

 10

%

 

 11

%

 

Gross margin

 

 58.6

%

 

 

 58.3

%

 

 1

 

 

 

 

 

Selling, general and administrative expenses

 

 308.9

 

 

 

 295.7

 

 

 4

 

 

 6

 

 

Research and development expenses

 

 81.9

 

 

 

 78.1

 

 

 5

 

 

 9

 

 

Income from operations

 

 301.2

 

 

 

 258.6

 

 

 16

 

 

 

 

 

Non-GAAP income from operations

 

 338.1

 

 

 

 281.7

 

 

 20

 

 

 

 

 

Net income

 

 230.4

 

 

 

 95.7

 

 

 141

 

 

 

 

 

Non-GAAP net income

 

 260.7

 

 

 

 238.0

 

 

 10

 

 

 

 

 

Diluted earnings per share

$

 1.60

 

 

$

 0.67

 

 

 139

 

 

 

 

 

Non-GAAP diluted earnings per share

$

 1.81

 

 

$

 1.66

 

 

 9

 

 

 

 

 

  1. In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis”, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

Discussion of Second Quarter Results

  • Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 9 percent compared to the prior year period, driven by strong sales across our mask and device product portfolios.
  • Revenue in combined Europe, Asia and other markets grew by 1 percent on a constant currency basis compared to the same period of the prior year. Mask sales were strong across these markets. As expected, device sales in France and Japan were impacted as customers completed their connected device upgrade programs. Device sales outside France and Japan grew well.
  • Software as a Service revenue increased by 63 percent, compared to the prior year period, due to continued growth in our Brightree service offerings and incremental contribution from the acquisition of MatrixCare, which closed in the second quarter and HEALTHCAREfirst, which closed in the first quarter.
  • Gross margin expanded by 70 basis points over the prior year period, primarily due to benefits from manufacturing and procurement efficiencies, product mix changes and higher margin contribution from MatrixCare, partially offset by declines in average selling prices.
  • Selling, general and administrative expenses increased by 6 percent compared to the prior year period, or by 8 percent on a constant currency basis. Excluding the impact of recent acquisitions, selling, general and administrative expenses increased by 4 percent on a constant currency basis. SG&A expenses improved to 24.8 percent of revenue in the quarter, compared with 25.2 percent in the same period of the prior year.
  • Income from operations increased by 8 percent and non-GAAP income from operations increased by 15 percent compared to the prior year period.  
  • Net income increased by 1,208 percent, predominantly attributable to the one-time transition tax recognized in the prior year quarter, and non-GAAP net income remained stable compared to the prior year period. Non-GAAP measures adjust for amortization of acquired intangibles, MatrixCare deferred revenue, acquisition-related expenses, and the impact of U.S. tax reform.
  • GAAP diluted earnings per share increased by 1,129 percent, predominantly attributable to the one-time transition tax recognized in the prior year quarter, and non-GAAP diluted earnings per share remained stable compared with the same period of the prior year. 
  • Cash flow from operations for the quarter was $129.5 million, compared to net income in the current quarter of $124.6 million. During the quarter we paid $52.8 million in dividends.

Other Business and Operational Highlights

  • Completed the acquisition of MatrixCare, a leader in software solutions for more than 15,000 providers across skilled nursing, life plan communities, senior living and private duty, for consideration of $750.0 million.
  • Commenced the previously announced joint venture with Verily, combining ResMed’s expertise in sleep apnea and Verily’s advanced health data analytics technologies, to study the health and financial impacts of undiagnosed and untreated sleep apnea, and to develop software solutions that enable healthcare providers to more efficiently identify, diagnose, treat and manage individuals with sleep apnea and other breathing-related sleep disorders.
  • Announced the acquisition of Propeller Health, a digital therapeutics company providing connected health solutions for people living with chronic obstructive pulmonary disease (COPD) and asthma, for $225.0 million. The transaction closed on January 7, 2019.
  • Through Brightree, acquired Apacheta Corporation, a cloud-based Software as a Service provider offering mobile applications that empower companies to automate and streamline processes in route sales, field marketing, pick-up and delivery, transportation, and field services.
  • Named one of America’s top 100 corporate citizens for the third straight year by Forbes and JUST Capital. ResMed ranked #18 out of 890 large publicly traded U.S. companies, and #1 out of 32 “Health Care Equipment & Services” companies.

Share repurchase program

We have temporarily suspended our repurchase program due to recent acquisitions. Accordingly, we did not repurchase any shares during the three months ended December 31, 2018.

Dividend program

The ResMed board of directors today declared a quarterly cash dividend of $0.37 per share. The dividend will have a record date of February 7, 2019, payable on March 14, 2019. The dividend will be paid in U.S. currency to holders of ResMed’s common stock trading on the New York Stock Exchange. Holders of Chess Depositary Instruments trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be February 6, 2019 for common stockholders and for CDI holders. ResMed has received a waiver from the ASX’s settlement operating rules, which will allow ResMed to defer processing conversions between its common stock and CDI registers from February 6, 2019 through February 7, 2019, inclusive.            

Webcast details

ResMed will discuss its second quarter fiscal year 2019 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on ResMed’s Investor Relations website at investor.resmed.com.  Please go to this section of the website and click on the icon for the “Q2 2019 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on our website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately two hours after the webcast by dialing +1 800-585-8367 (U.S.) or +1 416-621-4642 (outside U.S.), and entering the passcode 6179558. The telephone replay will be available until February 7, 2019.

About ResMed

At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our cloud-connected medical devices transform care for people with sleep apnea, COPD and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease and lower costs for consumers and healthcare systems in more than 120 countries. To learn more, visit ResMed.com and follow @ResMed.

Safe harbor statement

Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, litigation, and tax outlook – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.

 

ResMed Inc. And Subsidiaries

 

Condensed Consolidated Statements of Income

(Unaudited; $ in thousands, except for per share amounts)

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

December 31, 2017

 

December 31, 2018

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

$

 651,100

 

$

 601,273

 

$

 1,239,380

 

$

 1,124,932

 

Cost of sales

 

 267,369

 

 

 251,481

 

 

 512,556

 

 

 469,535

 

Gross profit

$

 383,731

 

$

 349,792

 

$

 726,824

 

$

 655,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 161,579

 

 

 151,816

 

 

 308,881

 

 

 295,666

 

Research and development

 

 43,111

 

 

 40,643

 

 

 81,902

 

 

 78,058

 

Amortization of acquired intangible assets (1)

 

 15,840

 

 

 11,317

 

 

 28,707

 

 

 23,099

 

Acquisition related expenses (1)

 

 6,123

 

 

 -

 

 

 6,123

 

 

 -

 

Total operating expenses

$

 226,653

 

$

 203,776

 

$

 425,613

 

$

 396,823

 

Income from operations (1)

 

 157,078

 

 

 146,016

 

 

 301,211

 

 

 258,574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

$

 (6,809)

 

$

 (2,791)

 

$

 (9,595)

 

$

 (5,706)

 

Other, net

 

 (621)

 

 

 (1,460)

 

 

 (3,086)

 

 

 (2,618)

 

Total other income (expenses), net

 

 (7,430)

 

 

 (4,251)

 

 

 (12,681)

 

 

 (8,324)

 

Income before income taxes

$

 149,648

 

$

 141,765

 

$

 288,530

 

$

 250,250

 

Income taxes

 

 21,634

 

 

 132,238

 

 

 54,778

 

 

 154,599

 

Loss attributable to equity method investments

 

 3,375

 

 

 -

 

 

 3,375

 

 

 -

 

Net income

$

 124,639

 

$

 9,527

 

$

 230,377

 

$

 95,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

 0.87

 

$

 0.07

 

$

 1.61

 

$

 0.67

 

Diluted earnings per share

$

 0.86

 

$

 0.07

 

$

 1.60

 

$

 0.67

 

Non-GAAP diluted earnings per share (1)

$

 1.00

 

$

 1.00

 

$

 1.81

 

$

 1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 142,923

 

 

 142,715

 

 

 142,796

 

 

 142,511

 

Diluted shares outstanding

 

 144,349

 

 

 143,855

 

 

 144,418

 

 

 143,757

 

  1. See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

Condensed Consolidated Balance Sheets

(Unaudited; $ in thousands)

 

 

December 31, 2018

 

June 30,
2018

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

 149,468

 

$

 188,701

 

Accounts receivable, net

 

 477,191

 

 

 483,681

 

Inventories

 

 296,511

 

 

 268,701

 

Prepayments and other current assets

 

 140,369

 

 

 124,634

 

Total current assets

$

 1,063,539

 

$

 1,065,717

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

$

 381,505

 

$

 386,550

 

Goodwill and other intangibles, net

 

 2,243,971

 

 

 1,284,128

 

Deferred income taxes and other non-current assets

 

 170,801

 

 

 327,528

 

Total non-current assets

$

 2,796,277

 

$

 1,998,206

 

Total assets

$

 3,859,816

 

$

 3,063,923

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

$

 110,335

 

$

 92,723

 

Accrued expenses

 

 191,564

 

 

 185,805

 

Deferred revenue

 

 72,685

 

 

 60,828

 

Income taxes payable

 

 49,881

 

 

 160,427

 

Short-term debt

 

 11,978

 

 

 11,466

 

Total current liabilities

$

 436,443

 

$

 511,249

 

Non-current liabilities:

 

 

 

 

 

 

Deferred revenue

$

 76,773

 

$

 71,596

 

Deferred income taxes

 

 79,057

 

 

 13,084

 

Other long term liabilities

 

 -

 

 

 924

 

Long-term debt

 

 1,185,500

 

 

 269,988

 

Long-term income taxes payable

 

 125,999

 

 

 138,102

 

Total non-current liabilities

$

 1,467,329

 

$

 493,694

 

Total liabilities

$

 1,903,772

 

$

 1,004,943

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Common stock

$

 573

 

$

 571

 

Additional paid-in capital

 

 1,460,705

 

 

 1,450,821

 

Retained earnings

 

 2,368,339

 

 

 2,432,328

 

Treasury stock

 

 (1,623,256)

 

 

 (1,600,412)

 

Accumulated other comprehensive income

 

 (250,317)

 

 

 (224,328)

 

Total stockholders’ equity

$

 1,956,044

 

$

 2,058,980

 

Total liabilities and stockholders' equity

$

 3,859,816

 

$

 3,063,923

 

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

 

Six Months Ended

 

 

 

 

 

 

 

December 31, 2018

 

December 31, 2017

Cash flows from operating activities:

 

 

 

 

 

Net income

$

 230,377

 

$

 95,651

Adjustment to reconcile net income to cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

 66,453

 

 

 58,945

Loss attributable to equity method investments

 

 3,375

 

 

 -

Stock-based compensation costs

 

 25,011

 

 

 23,958

Impairment of equity investments

 

 2,959

 

 

 2,254

Changes in fair value of business combination contingent consideration

 

 (272)

 

 

 -

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

Accounts receivable, net

 

 32,366

 

 

 (26,145)

Inventories, net

 

 (30,570)

 

 

 (20,760)

Prepaid expenses, net deferred income taxes and other current assets

 

 (26,922)

 

 

 (2,858)

Accounts payable, accrued expenses and other

 

 (125,190)

 

 

 95,489

Net cash provided by operating activities

$

 177,587

 

$

 226,534

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

 (31,425)

 

 

 (32,000)

Patent registration costs

 

 (4,643)

 

 

 (4,624)

Business acquisitions, net of cash acquired

 

 (739,249)

 

 

 -

Purchases of cost-method investments

 

 (2,967)

 

 

 (3,725)

Purchases of equity-method investments

 

 (25,000)

 

 

 -

Proceeds / (Payments) on maturity of foreign currency contracts

 

 (3,127)

 

 

 (3,330)

Net cash used in investing activities

$

 (806,411)

 

$

 (43,679)

Cash flows from financing activities:

 

 

 

 

 

Proceeds from issuance of common stock, net

 

 12,784

 

 

 20,440

Taxes paid related to net share settlement of equity awards

 

 (27,340)

 

 

 (13,853)

Purchases of treasury stock

 

 (22,844)

 

 

 (8,541)

Payment of business combination contingent consideration

 

 (430)

 

 

 -

Proceeds from borrowings, net of borrowing costs

 

 1,091,230

 

 

 50,000

Repayment of borrowings

 

 (352,798)

 

 

 (110,000)

Dividends paid

 

 (105,567)

 

 

 (99,553)

Net cash (used in) / provided by financing activities

$

 595,035

 

$

 (161,507)

Effect of exchange rate changes on cash

$

 (5,444)

 

$

 15,616

Net increase / (decrease) in cash and cash equivalents

 

 (39,233)

 

 

 36,964

Cash and cash equivalents at beginning of period

 

 188,701

 

 

 821,935

Cash and cash equivalents at end of period

$

 149,468

 

$

 858,899

Reconciliation of Non-GAAP Financial Measures

(Unaudited; $ in thousands, except for per share amounts)

The measure, “non-GAAP income from operations” is reconciled with GAAP income from operations below:

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

December 31, 2018

 

December 31, 2017

 

December 31, 2018

 

December 31, 2017

 

GAAP income from operations

$

 157,078 

 

$

 146,016 

 

$

 301,211 

 

$

 258,574 

 

Amortization of acquired intangible assets (A)

 

 15,840 

 

 

 11,317 

 

 

 28,707 

 

 

 23,099 

 

Deferred revenue fair value adjustment  (A)

 

 2,029 

 

 

 -

 

 

 2,029 

 

 

 -

 

Acquisition related expenses (A)

 

 6,123 

 

 

 -

 

 

 6,123 

 

 

 -

 

Non-GAAP income from operations

$

 181,070 

 

$

 157,333 

 

$

 338,070 

 

$

 281,673 

 

 

                       

The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:

 

 

Three Months Ended

 

Six Months Ended

 

 

       

 

 

 

December 31, 2018

 

December 31, 2017

 

December 31, 2018

 

December 31, 2017

 

GAAP net income

$

 124,639 

 

$

 9,527 

 

$

 230,377 

 

$

 95,651 

 

Amortization of acquired intangible assets, net of tax (A)

 

 12,271 

 

 

 7,697 

 

 

 22,258 

 

 

 15,710 

 

Deferred revenue fair value adjustment  (A)

 

 1,554 

 

 

 -

 

 

 1,554 

 

 

 -

 

Acquisition related expenses (A)

 

 5,362 

 

 

 -

 

 

 5,362 

 

 

 -

 

U.S. tax reform transition impact (A)

 

 644 

 

 

 119,880 

 

 

 1,178 

 

 

 119,880 

 

U.S. tax reform impact on deferred taxes (A)

 

 -

 

 

 6,723 

 

 

 -

 

 

 6,723 

 

Non-GAAP net income (A)

$

 144,470 

 

$

 143,827 

 

$

 260,729 

 

$

 237,964 

 

Diluted shares outstanding

 

 144,349 

 

 

 143,855 

 

 

 144,418 

 

 

 143,757 

 

GAAP diluted earnings per share

$

 0.86 

 

$

 0.07 

 

$

 1.60 

 

$

 0.67 

 

Non-GAAP diluted earnings per share (A)

$

 1.00 

 

$

 1.00 

 

$

 1.81 

 

$

 1.66 

 

  1. ResMed adjusts for the impact of the amortization of acquired intangibles, deferred revenue fair value adjustment, acquisition-related expenses, and the impact of U.S. tax reform on income tax expense from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.

ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.

 

Revenue by Product and Region

(Unaudited; $ in thousands, except for per share amounts)

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

December 31, 2017

 

% Change

 

Constant Currency (A)

 

U.S., Canada and Latin America

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 186.5 

 

$

 173.7 

 

 7 

%

 

 

 

 

Masks

 

 172.0 

 

 

 155.5 

 

 11 

 

 

 

 

 

Total Sleep and Respiratory Care

$

 358.5 

 

$

 329.2 

 

 9 

 

 

 

 

 

Software as a Service

 

 63.2 

 

 

 38.7 

 

 63 

 

 

 

 

 

Total

$

 421.7 

 

$

 367.9 

 

 15 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Europe, Asia and other markets

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 156.2 

 

$

 163.3 

 

- 4

%

 

- 2

%

 

Masks

 

 73.2 

 

 

 70.1 

 

 4 

 

 

 8 

 

 

Total Sleep and Respiratory Care

$

 229.4 

 

$

 233.4 

 

- 2

 

 

 1 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global revenue

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 342.7 

 

$

 337.0 

 

 2 

%

 

 3 

%

 

Masks

 

 245.2 

 

 

 225.6 

 

 9 

 

 

 10 

 

 

Total Sleep and Respiratory Care

$

 587.9 

 

$

 562.6 

 

 4 

 

 

 6 

 

 

Software as a Service

 

 63.2 

 

 

 38.7 

 

 63 

 

 

 63 

 

 

Total

$

 651.1 

 

$

 601.3 

 

 8 

 

 

 9 

 

 

 

                       

 

Six Months Ended

 

 

                     

 

 

December 31, 2018

 

December 31, 2017

 

% Change

 

 

Constant Currency Growth (A)

 

U.S., Canada and Latin America

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 358.9 

 

$

 331.6 

 

 8 

%

 

 

 

 

Masks

 

 326.1 

 

 

 294.2 

 

 11 

 

 

 

 

 

Total Sleep and Respiratory Care

$

 685.0 

 

$

 625.8 

 

 9 

 

 

 

 

 

Software as a Service

 

 110.7 

 

 

 76.8 

 

 44 

 

 

 

 

 

Total

$

 795.7 

 

$

 702.6 

 

 13 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Europe, Asia and other markets

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 307.9 

 

$

 291.6 

 

 6 

%

 

 8 

%

 

Masks

 

 135.8 

 

 

 130.7 

 

 4 

 

 

 7 

 

 

Total Sleep and Respiratory Care

$

 443.7 

 

$

 422.3 

 

 5 

 

 

 8 

 

 

 

                     

 

Global revenue

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 666.8 

 

$

 623.2 

 

 7 

%

 

 8 

%

 

Masks

 

 461.9 

 

 

 424.9 

 

 9 

 

 

 10 

 

 

Total Sleep and Respiratory Care

$

 1,128.7 

 

$

 1,048.1 

 

 8 

 

 

 9 

 

 

Software as a Service

 

 110.7 

 

 

 76.8 

 

 44 

 

 

 44 

 

 

Total

$

 1,239.4 

 

$

 1,124.9 

 

 10 

 

 

 11 

 

 

                         
  1. In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis”, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

– End –

INVESTORS: Amy Wakeham, 858.836.5000, investorrelations@resmed.com | MEDIA: Jayme Rubenstein, 858.836.6798, news@resmed.com
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news@resmed.com

 

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