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ResMed saw ‘strong sales growth’

ResMed saw ‘strong sales growth’

SAN DIEGO – ResMed reported that revenue increased 5% to $950.3 million and net income increased 3% to $210.5 million in the first quarter of fiscal year 2023 compared to the same period last year. 

Revenue in the U.S., Canada, and Latin America, excluding software-as-a-service, grew 18%, primarily due to increased demand and reduced competitive supply, as well as a recovery of core sleep patient flow that was previously impacted by COVID-19. 

“Our first quarter fiscal year 2023 results demonstrate strong sales growth in the Americas and solid overall performance for our businesses,” said Mick Farrell, CEO. “Our global ResMed team continues to power through the dynamic supply chain environment to increase production volumes and deliver more products and software solutions into the hands of people who need them. During the quarter, we saw strong customer uptake of our reengineered AirSense 10 card-to-cloud device. We also continued to increase our access to semiconductor communications chips, allowing us to produce more of our industry-leading, 100%-connectable platforms.” 

ResMed reported software-as-a-service revenue increased by 9%, due to continued growth in its home medical equipment vertical. 

Other financial results: 

  • Gross margin expanded by 90 bps to 56.9%; non-GAAP gross margin expanded by 40 bps to 57.6%. 
  • Income from operations increased 5%; non-GAAP operating profit up 4%. 
  • Diluted earnings per share of $1.43; non-GAAP diluted earnings per share of $1.51. 


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