ResMed on growth ‘trajectory’

Friday, July 29, 2016

SAN DIEGO – ResMed ended its fiscal year 2016 with double-digit growth and is on a “trajectory to be the world’s leading tech-driven medical device company,” say company execs.

ResMed reported revenue of $518.6 million for the fourth quarter compared to $453 million for the same period in 2015, a 14% increase. Revenue for the year was $1.8 billion.

Revenue in the Americas was $324.5 million for the quarter, including Brightree revenue of $28.9 million. ResMed closed on its $800 million acquisition of Brightree in April. Net income for the quarter was $83.1 million, a 5% decrease.

"We finished the year with double-digit constant currency revenue growth, fueled by solid performance in masks, devices, and our first quarter of software-as-a-service revenue from Brightree,” said Mick Farrell, ResMed's CEO. “Our board of directors has declared a 10 % increase in our dividend this quarter, reflecting confidence in our long-term strategy and outlook."

The company currently has more than 2 million patients using its cloud-connected devices, and is looking to have 20 million by 2020, he said.