Tag: Mick Farrell

SAN DIEGO – ResMed has reduced its global workforce by 5%, or about 500 people, to “accelerate profitable growth and power long-term success,” says CEO Mick Farrell.   Reductions are never easy, but “we know we are doing the right thing,” he said during a conference call to discuss the company’s financial results for the first quarter of its fiscal year 2024.  “We have stopped some projects that were not working out as well as we thought,”...

SAN DIEGO – ResMed posted a 48% increase in device sales in the U.S., Canada and Latin America for the third quarter of FY2023 compared to the same period in 2022, on the backs of “unconstrained access” to its AirSense 10 cloud-connected CPAP machine.  “Incredible growth – an all-time high,” said Mick Farrell, CEO, during a conference call to discuss the company’s financial results on April 27. “Many factors have gone into that, but primarily,...

SAN DIEGO – ResMed was able to take its AirSense 10 fully connected CPAP device off allocation in the U.S. market in January, CEO Mick Farrell said during a conference call to discuss its financial results for the second quarter fiscal year 2023.  Furthermore, the company expects to be able to meet all demand before the end of this calendar year, he said, paving the way for providers to get patients on therapy in days or weeks vs. months at the height of a supply crisis created by a...

SAN DIEGO – ResMed is taking another step to diversify its product offerings, as well as boost its digital health presence, with its recently announced acquisition of mementor, says CEO Mick Farrell.  mementor, which is based in Leipzig, Germany, develops and sells digital medical products and has the only permanently listed digital health application in sleep medicine that is reimbursed by statutory insurances in the country.  “As we consider opportunities to address...

SAN DIEGO – Mick Farrell’s tone has shifted slightly when it comes to ResMed increasing its market share amid a major competitor’s recall.  During a conference call to discuss the company’s fourth quarter and fiscal year 2022 financial results, the CEO said he no longer looks at it as “incremental or temporal.”  “This is permanent share taking,” he said. “We’re going to go in, we’re going to get share and we’re...

SAN DIEGO – ResMed has “five lines of work” to pump more of its CPAP devices into the market amid ongoing supply chain challenges, including a new AirSense 10 card-to-cloud device, says CEO Mick Farrell.  The company has launched the device – which is “basically an AirSense 10 without the cell chip in it,” says Jim Hollingshead, president, Sleep and Respiratory Care Business – only in select markets, but it’s in the process of adding markets.  “Look,...

SAN DIEGO – Demand for CPAP devices is so high right now that, despite current supply chain constraints, ResMed was able to increase sales by double digits in the United States, Canada and Latin America for the second quarter in a row.  The company posted a 19% increase in sales for CPAP devices in the second quarter of its fiscal year 2022, on the back of a 40% increase in the first quarter, largely as a result of a competitor’s recall.  “In relation to the impact...

SAN DIEGO – ResMed reported revenue of $894.9 million for the second quarter of fiscal year 2022, a 12% increase compared to the same period the prior year.  It reported net income of $201.8 million, also a 12% increase.  “Our second-quarter results reflect continued strong performance across our business resulting in double-digit top-line revenue growth, driven by ongoing high demand for our sleep and respiratory care products, and solid growth in our software-as-a-service...

SAN DIEGO – ResMed reported revenue increased 14% to $876.1 million for the fourth quarter of 2021 compared to the same period last year. Net income was $195.1 million vs. $177.8 million.  The company reported revenue increased 8% to $3.2 billion for fiscal year 2021 compared to the previous year. Net income was $474.5 million vs. $621.7 million.  “Our fourth quarter and full-year fiscal year 2021 results continue to demonstrate the strength and resiliency of our business,”...

SAN DIEGO – The odds were against ResMed in a number of ways in the third quarter of fiscal year 2021, but the company expects a rebound in the next several quarters.  ResMed’s third quarter is typically slower due to insurance deductibles resetting in March, then the company faced a tough comparable – it generated $35 million in COVID-related revenues in the same quarter last year that haven’t been sustained.  “As we look further forward, we...