ResMed Inc. Announces Results for the Third Quarter of Fiscal Year 2019
Year-over-year revenue grows 12%, gross margin improves 100 basis points, operating profit up 15%
MatrixCare contributes positively to revenue, gross margin, and profit
ResMed well-positioned for the future

Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

 

SAN DIEGO, May 2, 2019 – ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading connected health company, today announced results for its quarter ended March 31, 2019.

Third Quarter 2019 Highlights

  • Revenue increased 12% to $662.2 million; up 15% on a constant currency basis
  • Gross margin expanded 100bps to 59.2%
  • Net operating profit increased 15%; non-GAAP operating profit up 15%
  • GAAP diluted earnings per share of $0.73; non-GAAP diluted earnings per share of $0.89

“We had another strong quarter with top-line revenue growth across all categories of our business, including a solid contribution from recently acquired SaaS companies and growth in international device sales,” said Mick Farrell, ResMed’s CEO. “Our expanding mask portfolio continues to drive share growth across all geographies and we have a solid product pipeline to support future growth, including the recent launch of the AirFit P30i. We delivered operating leverage this quarter, even as we execute on our long-term strategy to provide innovative products, software, and solutions to improve outcomes, create efficiencies, and reduce overall healthcare system costs. We are on a trajectory to improve 250 million lives in out-of-hospital healthcare in 2025.”

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

 

Three Months Ended

 

 

March 31,
2019

 

March 31,
2018

 

% Change

 

Constant Currency (A)

 

Revenue

$

 662.2

 

 

$

 591.6

 

 

 12

%

 

 15

%

 

Gross margin

 

 59.2

%

 

 

 58.2

%

 

 2

 

 

 

 

 

Selling, general and administrative expenses

 

 164.5

 

 

 

 147.9

 

 

 11

 

 

 17

 

 

Research and development expenses

 

 47.6

 

 

 

 37.4

 

 

 27

 

 

 32

 

 

Income from operations

 

 157.0

 

 

 

 136.4

 

 

 15

 

 

 

 

 

Non-GAAP income from operations

 

 182.0

 

 

 

 159.0

 

 

 15

 

 

 

 

 

Net income

 

 105.4

 

 

 

 110.1

 

 

 (4)

 

 

 

 

 

Non-GAAP net income

 

 128.1

 

 

 

 132.5

 

 

 (3)

 

 

 

 

 

Diluted earnings per share

$

 0.73

 

 

$

 0.76

 

 

 (4)

 

 

 

 

 

Non-GAAP diluted earnings per share

$

 0.89

 

 

$

 0.92

 

 

 (3)

 

 

 

 

 

 

                           

 

Nine Months Ended

 

 

March 31,
2019

 

March 31,
2018

 

% Change

 

Constant Currency (A)

 

Revenue

$

 1,901.6

 

 

$

 1,716.6

 

 

 11

%

 

 12

%

 

Gross margin

 

 58.8

%

 

 

 58.2

%

 

 1

 

 

 

 

 

Selling, general and administrative expenses

 

 473.4

 

 

 

 443.6

 

 

 7

 

 

 10

 

 

Research and development expenses

 

 129.5

 

 

 

 115.5

 

 

 12

 

 

 16

 

 

Income from operations

 

 458.2

 

 

 

 394.9

 

 

 16

 

 

 

 

 

Non-GAAP income from operations

 

 520.1

 

 

 

 440.6

 

 

 18

 

 

 

 

 

Net income

 

 335.8

 

 

 

 205.8

 

 

 63

 

 

 

 

 

Non-GAAP net income

 

 388.8

 

 

 

 371.6

 

 

 5

 

 

 

 

 

Diluted earnings per share

$

 2.33

 

 

$

 1.43

 

 

 63

 

 

 

 

 

Non-GAAP diluted earnings per share

$

 2.69

 

 

$

 2.58

 

 

 4

 

 

 

 

 

  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 Third Quarter Results

  • Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 10 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 6 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 101 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 100 basis points over the prior year period, primarily due to higher margin contribution from MatrixCare, benefits from manufacturing and procurement efficiencies and product mix changes, partially offset by declines in average selling prices.
  • Selling, general and administrative expenses increased by 11 percent compared to the prior year period, or by 17 percent on a constant currency basis. Excluding the impact of recent acquisitions, selling, general and administrative expenses increased by 6 percent on a constant currency basis. SG&A expenses improved to 24.8 percent of revenue in the quarter, compared with 25.0 percent in the same period of the prior year.
  • Income from operations and non-GAAP income from operations increased by 15 percent compared to the prior year period.
  • Net income decreased by 4 percent, predominantly attributable to the impact of recent acquisitions, higher interest and income tax expense compared to the prior year quarter, and non-GAAP net income decreased by 3 percent compared to the prior year period. Non-GAAP measures adjust for amortization of acquired intangibles, MatrixCare deferred revenue, and the impact of U.S. tax reform.
  • GAAP diluted earnings per share decreased by 4 percent, predominantly attributable to impact of recent acquisitions, higher interest and income tax expense compared to the prior year quarter, and non-GAAP diluted earnings per share were 3 percent lower compared with the same period of the prior year. 
  • Cash flow from operations for the quarter was $139.6 million, compared to net income in the current quarter of $105.4 million. During the quarter we paid $53.0 million in dividends.

Other Business and Operational Highlights

  • Completed 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.
  • Announced the broad availability of Mobi, ResMed’s premier portable oxygen concentrator, offering an optimal balance of oxygen delivery, weight, and battery life for people with chronic obstructive pulmonary disease (COPD) and other chronic diseases.
  • Introduced AirFit N30i, ResMed’s first top-of-head CPAP mask, expanding the mask portfolio with an option to keep tubing out of the wearer’s way, letting them move and sleep in any position.
  • Announced an agreement to settle all outstanding patent infringement disputes with Fisher & Paykel Healthcare.
  • Announced the acquisition of HB Healthcare, a fast-growing, privately held South Korean home medical equipment provider, expanding ResMed’s leading role in Korea’s CPAP and respiratory care market.

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 May 9, 2019, payable on June 13, 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 May 8, 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 May 8, 2019 through May 9, 2019, inclusive.          

Webcast details

ResMed will discuss its third 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 “Q3 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 3977963. The telephone replay will be available until May 16, 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.

 

Condensed Consolidated Statements of Income

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

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,
2019

 

March 31,
2018

 

March 31,
2019

 

March 31,
2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

$

 662,228

 

$

 591,634

 

$

 1,901,608

 

$

 1,716,566

 

Cost of sales

 

 270,318

 

 

 247,339

 

 

 782,874

 

 

 716,874

 

Gross profit

$

 391,910

 

$

 344,295

 

$

 1,118,734

 

$

 999,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 164,529

 

 

 147,893

 

 

 473,410

 

 

 443,559

 

Research and development

 

 47,610

 

 

 37,434

 

 

 129,513

 

 

 115,492

 

Amortization of acquired intangible assets (1)

 

 22,794

 

 

 11,673

 

 

 51,501

 

 

 34,772

 

Restructuring expenses (1)

 

 -

 

 

 10,922

 

 

 -

 

 

 10,922

 

Acquisition related expenses (1)

 

 -

 

 

 -

 

 

 6,123

 

 

 -

 

Total operating expenses

$

 234,933

 

$

 207,922

 

$

 660,547

 

$

 604,745

 

Income from operations (1)

 

 156,977

 

 

 136,373

 

 

 458,187

 

 

 394,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

$

 (11,998)

 

$

 (3,491)

 

$

 (21,594)

 

$

 (9,196)

 

Loss attributable to equity method investments

 

 (5,996)

 

 

 -

 

 

 (9,371)

 

 

 -

 

Other, net

 

 (1,054)

 

 

 (2,739)

 

 

 (4,140)

 

 

 (5,357)

 

Total other income (expenses), net

 

 (19,048)

 

 

 (6,230)

 

 

 (35,105)

 

 

 (14,553)

 

Income before income taxes

$

 137,929

 

$

 130,143

 

$

 423,082

 

$

 380,394

 

Income taxes

 

 32,513

 

 

 20,018

 

 

 87,291

 

 

 174,617

 

Net income

$

 105,416

 

$

 110,125

 

$

 335,791

 

$

 205,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

 0.74

 

$

 0.77

 

$

 2.35

 

$

 1.44

 

Diluted earnings per share

$

 0.73

 

$

 0.76

 

$

 2.33

 

$

 1.43

 

Non-GAAP diluted earnings per share (1)

$

 0.89

 

$

 0.92

 

$

 2.69

 

$

 2.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 143,316

 

 

 142,898

 

 

 142,907

 

 

 142,688

 

Diluted shares outstanding

 

 144,333

 

 

 143,985

 

 

 144,344

 

 

 143,895

 

  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)

 

 

March 31,
2019

 

June 30,
2018

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

 146,513

 

$

 188,701

 

Accounts receivable, net

 

 511,403

 

 

 483,681

 

Inventories

 

 319,930

 

 

 268,701

 

Prepayments and other current assets

 

 124,850

 

 

 124,634

 

Total current assets

$

 1,102,696

 

$

 1,065,717

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

$

 382,496

 

$

 386,550

 

Goodwill and other intangibles, net

 

 2,455,586

 

 

 1,284,128

 

Deferred income taxes and other non-current assets

 

 157,748

 

 

 327,528

 

Total non-current assets

$

 2,995,830

 

$

 1,998,206

 

Total assets

$

 4,098,526

 

$

 3,063,923

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

$

 124,466

 

$

 92,723

 

Accrued expenses

 

 191,130

 

 

 185,805

 

Deferred revenue

 

 82,288

 

 

 60,828

 

Income taxes payable

 

 52,739

 

 

 160,427

 

Short-term debt

 

 12,346

 

 

 11,466

 

Total current liabilities

$

 462,969

 

$

 511,249

 

Non-current liabilities:

 

 

 

 

 

 

Deferred revenue

$

 76,703

 

$

 71,596

 

Deferred income taxes

 

 87,312

 

 

 13,084

 

Other long term liabilities

 

 865

 

 

 924

 

Long-term debt

 

 1,323,349

 

 

 269,988

 

Long-term income taxes payable

 

 125,999

 

 

 138,102

 

Total non-current liabilities

$

 1,614,228

 

$

 493,694

 

Total liabilities

$

 2,077,197

 

$

 1,004,943

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Common stock

$

 573

 

$

 571

 

Additional paid-in capital

 

 1,476,099

 

 

 1,450,821

 

Retained earnings

 

 2,420,731

 

 

 2,432,328

 

Treasury stock

 

 (1,623,256)

 

 

 (1,600,412)

 

Accumulated other comprehensive income

 

 (252,818)

 

 

 (224,328)

 

Total stockholders’ equity

$

 2,021,329

 

$

 2,058,980

 

Total liabilities and stockholders' equity

$

 4,098,526

 

$

 3,063,923

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

 

Nine Months Ended

 

       

 

 

March 31,
2019

 

March 31,
2018

Cash flows from operating activities:

 

 

 

 

 

Net income

$

 335,791

 

$

 205,777

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

 

 

 

 

 

Depreciation and amortization

 

 108,203

 

 

 88,256

Loss attributable to equity method investments

 

 9,371

 

 

 -

Stock-based compensation costs

 

 37,856

 

 

 35,933

Impairment of equity investments

 

 8,801

 

 

 3,620

Changes in fair value of business combination contingent consideration

 

 (272)

 

 

 383

Gain on previously held equity interest

 

 (1,909)

 

 

 -

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

 

 

 

 

 

Accounts receivable, net

 

 (1,482)

 

 

 (39,421)

Inventories, net

 

 (55,002)

 

 

 (11,146)

Prepaid expenses, net deferred income taxes and other current assets

 

 (17,453)

 

 

 (72,332)

Accounts payable, accrued expenses and other

 

 (106,671)

 

 

 164,540

Net cash provided by operating activities

$

 317,233

 

$

 375,610

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

 (46,507)

 

 

 (44,961)

Patent registration costs

 

 (6,556)

 

 

 (6,743)

Business acquisitions, net of cash acquired

 

 (951,565)

 

 

 (482)

Purchases of cost-method investments

 

 -

 

 

 (6,445)

Purchases of equity-method investments

 

 (31,092)

 

 

 -

Proceeds / (Payments) on maturity of foreign currency contracts

 

 3,902

 

 

 (4,667)

Net cash used in investing activities

$

 (1,031,818)

 

$

 (63,298)

Cash flows from financing activities:

 

 

 

 

 

Proceeds from issuance of common stock, net

 

 15,346

 

 

 9,603

Taxes paid related to net share settlement of equity awards

 

 (27,880)

 

 

 -

Purchases of treasury stock

 

 (22,844)

 

 

 (27,897)

Payment of business combination contingent consideration

 

 (648)

 

 

 (205)

Proceeds from borrowings, net of borrowing costs

 

 1,414,230

 

 

 120,000

Repayment of borrowings

 

 (541,394)

 

 

 (390,000)

Dividends paid

 

 (158,592)

 

 

 (149,527)

Net cash (used in) / provided by financing activities

$

 678,218

 

$

 (438,026)

Effect of exchange rate changes on cash

$

 (5,821)

 

$

 8,060

Net increase / (decrease) in cash and cash equivalents

 

 (42,188)

 

 

 (117,654)

Cash and cash equivalents at beginning of period

 

 188,701

 

 

 821,935

Cash and cash equivalents at end of period

$

 146,513

 

$

 704,281

 

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

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

March 31,
2019

 

March 31,
2018

 

March 31,
2019

 

March 31,
2018

 

GAAP income from operations

$

 156,977

 

$

 136,373

 

$

 458,187

 

$

 394,947

 

Amortization of acquired intangible assets (A)

 

 22,794

 

 

 11,673

 

 

 51,501

 

 

 34,772

 

Deferred revenue fair value adjustment  (A)

 

 2,254

 

 

 -

 

 

 4,283

 

 

 -

 

Restructuring expenses (A)

 

 -

 

 

 10,922

 

 

 -

 

 

 10,922

 

Acquisition related expenses (A)

 

 -

 

 

 -

 

 

 6,123

 

 

 -

 

Non-GAAP income from operations

$

 182,025

 

$

 158,968

 

$

 520,094

 

$

 440,641

 

 

                       

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

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

March 31,
2019

 

March 31,
2018

 

March 31,
2019

 

March 31,
2018

 

GAAP net income

$

 105,416

 

$

 110,125

 

$

 335,791

 

$

 205,777

 

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

 

 17,588

 

 

 8,483

 

 

 39,846

 

 

 25,260

 

Deferred revenue fair value adjustment, net of tax  (A)

 

 1,727

 

 

 -

 

 

 3,281

 

 

 -

 

U.S. tax reform

 

 3,327

 

 

 5,621

 

 

 4,505

 

 

 132,224

 

Acquisition related expenses (A)

 

 -

 

 

 -

 

 

 5,362

 

 

 -

 

Restructuring expenses, net of tax (A)

 

 -

 

 

 8,316

 

 

 -

 

 

 8,316

 

Non-GAAP net income (A)

$

 128,058

 

$

 132,545

 

$

 388,785

 

$

 371,577

 

Diluted shares outstanding

 

 144,333

 

 

 143,985

 

 

 144,344

 

 

 143,895

 

GAAP diluted earnings per share

$

 0.73

 

$

 0.76

 

$

 2.33

 

$

 1.43

 

Non-GAAP diluted earnings per share (A)

$

 0.89

 

$

 0.92

 

$

 2.69

 

$

 2.58

 

  1. ResMed adjusts for the impact of the amortization of acquired intangibles, deferred revenue fair value adjustment, the impact of U.S. tax reform on income tax expense, acquisition-related expenses, and restructuring-related expenses 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

March 31, 2018

 

% Change

 

Constant Currency (A)

 

U.S., Canada and Latin America

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 181.3

 

$

 168.1

 

 8

%

 

 

 

 

Masks and other

 

 168.7

 

 

 149.4

 

 13

 

 

 

 

 

Total Sleep and Respiratory Care

$

 350.0

 

$

 317.5

 

 10

 

 

 

 

 

Software as a Service

 

 79.9

 

 

 39.9

 

 101

 

 

 

 

 

Total

$

 429.9

 

$

 357.4

 

 20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Europe, Asia and other markets

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 155.2

 

$

 160.1

 

- 3

%

 

 3

%

 

Masks and other

 

 77.1

 

 

 74.1

 

 4

 

 

 12

 

 

Total Sleep and Respiratory Care

$

 232.3

 

$

 234.2

 

- 1

 

 

 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global revenue

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 336.5

 

$

 328.2

 

 3

%

 

 6

%

 

Masks and other

 

 245.8

 

 

 223.5

 

 10

 

 

 13

 

 

Total Sleep and Respiratory Care

$

 582.3

 

$

 551.7

 

 6

 

 

 9

 

 

Software as a Service

 

 79.9

 

 

 39.9

 

 101

 

 

 101

 

 

Total

$

 662.2

 

$

 591.6

 

 12

 

 

 15

 

 

 

                       

 

Nine Months Ended

 

 

                     

 

 

March 31, 2019

 

March 31, 2018

 

% Change

 

 

Constant Currency (A)

 

U.S., Canada and Latin America

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 540.2

 

$

 499.7

 

 8

%

 

 

 

 

Masks and other

 

 494.8

 

 

 443.7

 

 12

 

 

 

 

 

Total Sleep and Respiratory Care

$

 1,035.0

 

$

 943.4

 

 10

 

 

 

 

 

Software as a Service

 

 190.6

 

 

 116.6

 

 63

 

 

 

 

 

Total

$

 1,225.6

 

$

 1,060.0

 

 16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Europe, Asia and other markets

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 463.0

 

$

 451.8

 

 2

%

 

 6

%

 

Masks and other

 

 213.0

 

 

 204.8

 

 4

 

 

 9

 

 

Total Sleep and Respiratory Care

$

 676.0

 

$

 656.6

 

 3

 

 

 7

 

 

 

                     

 

Global revenue

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

 1,003.2

 

$

 951.5

 

 5

%

 

 7

%

 

Masks and other

 

 707.8

 

 

 648.5

 

 9

 

 

 11

 

 

Total Sleep and Respiratory Care

$

 1,711.0

 

$

 1,600.0

 

 7

 

 

 9

 

 

Software as a Service

 

 190.6

 

 

 116.6

 

 63

 

 

 63

 

 

Total

$

 1,901.6

 

$

 1,716.6

 

 11

 

 

 12

 

 

                         
 
  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.

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