ResMed revenue buoyed by ramped up production
By HME News Staff
Updated 3:56 PM CDT, Thu April 27, 2023
SAN DIEGO – ResMed reported revenue increased 29% to $1.1 billion and net income increased 30% to $232.5 million in the third quarter of fiscal year 2023.
It reported gross margin contracted 150 bps to 55.3% and non-GAAP GM contracted 200 bps to 56.1%, driven primarily by unfavorable product mix and higher component costs, partially offset by an increase in average selling prices.
“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.”
ResMed’s board of directors also declared a cash dividend of $0.44 per share. The dividend will have a record date of May 11, 2023, payable on June 15, 2023.
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