ResMed posts ‘solid’ quarter
By HME News Staff
Updated 7:27 AM CST, Fri January 29, 2021
SAN DIEGO – ResMed reported revenues increased to $800 million for the three months ended Dec. 31, 2020, a 7% increase compared to the same period in 2019.
Net income was $179.5 million vs. $160.6 million.
“Our second quarter results reflect continued solid performance and positive trends across our business, resulting in top-line growth,” said Mick Farrell, CEO. “In our core markets of sleep apnea, COPD and asthma, we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs.”
Other financial results:
- Non-GAAP operating profit was up 16% and net operating profit was up 12%.
- GAAP diluted earnings per share of $1.23, and non-GAAP diluted earnings per share of $1.41.
- GAAP gross margin of 57.8%; and non-GAAP gross margin of 59.5%, an increase of 20 bps.
“We have seen great adoption of digital health and an increase in the importance of out-of-hospital health care these last 12 months, and that will only expand throughout 2021 as vaccines become more widely available, and our communities open up worldwide,” Farrell said. “We have continued to invest in focused R&D programs in digital health and core medtech innovation, to help accelerate our ResMed growth strategy (of) improving 250 million lives in out-of-hospital health care in 2025.”
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