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>>> ResMed Inc. Announces Results for the Third Quarter of Fiscal Year 2023


Globe Newswire

ResMed Inc.

April 27, 2023


https://finance.yahoo.com/news/resmed-inc-announces-results-third-200500994.html


Year-over-year revenue grows 29%, operating profit up 28%, non-GAAP operating profit up 27%

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, April 27, 2023 (GLOBE NEWSWIRE) -- ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended March 31, 2023.

Third Quarter 2023 Highlights

All comparisons are to the prior year period

Revenue increased by 29% to $1,116.9 million; up 31% on a constant currency basis

Gross margin contracted 150 bps to 55.3%; non-GAAP gross margin contracted 200 bps to 56.1%

Income from operations increased 28%; non-GAAP operating profit up 27%

Operating cash flow of $282.6 million

Diluted earnings per share of $1.58; non-GAAP diluted earnings per share of $1.68


“During the third quarter, we significantly ramped up production and delivery of our cloud-connected flow generator devices to meet ongoing high demand from customers, resulting in strong device sales growth across our global markets,” said Mick Farrell, ResMed’s CEO. “We now have full global availability of our connected AirSense 10 platform, while we continue to ramp production and availability across more geographies of our AirSense 11 platform. The bottom line is this: We can now support global customer demand for CPAP and APAP devices to serve the entire sleep device market. This is great news for physicians, providers, and especially for patients. We also saw very strong growth in our mask and patient interfaces businesses globally, demonstrating a sustainable focus on patient adherence and resupply. Our outside-hospital software-as-a-service business achieved high-single-digit growth organically and reached well into double-digit growth with a full quarter of contribution from our MEDIFOX DAN acquisition that we closed last November. We remain laser-focused on delivering lifesaving therapy solutions and accelerating the adoption of digital health in sleep apnea, COPD, insomnia, and out-of-hospital care. During the last 12 months, we improved over 156 million lives, and we are well on our way to our goal of helping 250 million people sleep better, breathe better, and live higher-quality lives with outside-hospital care in 2025.”

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