ResMed reports 'strong' earnings
SAN DIEGO – ResMed on Aug. 4 announced a 17% increase in revenue and a 10% increase in net income for the quarter ended June 30, 2011.
Revenue was $341.9 million for the quarter. Net income was $58.5 million.
For the year ended June 30, 2011, revenue was $1.2 billion, an increase of 14% over last year. Net income was $227 million, an increase of 19% over last year.
As part of its earnings report, ResMed also announced that it has bought Grundler GmbH, a developer of medical humidification products based in Germany. These humidifiers can be used with a wide range of ventilators, from neonatal and pediatric, to non-invasive pressure support, to those used in the intensive care unit. ResMed will retain Grundler’s existing staff and facilities, and it will house the business part in its newly created Respiratory Care Strategic Business Unit.
In July, ResMed announced that it had bought BiancaMed, a manufacturer and distributor of a non-contact device for monitoring sleep and breathing in the home and hospital markets based in Ireland.
“We not only had a strong quarter and year, but we have been active in the last few months with small technology-focused acquisitions and partnerships that will further our strategy to reach deeper into the vastly underpenetrated market for sleep-disordered breathing, as well as serve existing patients,” stated Peter Farrell, chairman and CEO, in a release. “Due to the strong correlation between sleep-disordered breathing and comorbidities, such as heart disease and diabetes, chronic obstructive pulmonary disease, peri-operative death, and occupational health and safety, we believe that there are significant opportunities to further penetrate the market.”