Earnings: ResMed up, AHP down
SAN DIEGO - ResMed last week reported revenues of $217.9 million for the quarter ended Sept. 30, 2008, a 17% increase compared to the same period last year. Net income was $28 million, a 16% increase. Research and development expenses for the quarter were $17.3 million, about 8% of revenue. R&D expenses increased 33% year-over-year. The increase reflects ResMed's "continuing commitment to innovation within its product portfolio, as well as an ongoing commitment to clinical research and product development," according to a release. President and CEO Kieran Gallahue stated: "As we move into the second quarter of fiscal 2009, we are well-positioned to grow revenues. Our new product release schedule remains active, particularly in both the mask and bilevel categories. We continue to invest aggressively in developing new technologies and products to serve the growing sleep-disordered breathing marketplace, while maintaining prudent fiscal management."
AHP reports losses
BRENTWOOD, Tenn. - American HomePatient last week reported revenues of $65.6 million for the third quarter ended Sept. 30 compared to $71.3 million for the same period last year, an 8% decrease. Net income was $600,000 compared to $1 million. AHP reported revenues of $199 million for the nine months ended Sept. 30, 2008, compared to $221.6 million for the same period last year, a 10.2% decrease. Net losses were $1 million compared to $5.2 million. The provider attributes the decreases to "a change in inhalation drug product mix" and its "de-emphasis of less profitable product lines such as non-respiratory DME and infusion therapy," according to a release.