Exiting Covid-19 brings ResMed 20% growth

Sleep apnoea treatment company ResMed had a bumper first quarter of FY22 announcing quarterly revenue up 20 per cent on the previous corresponding quarter and operating profit up 21 per cent.

The company announced revenue for the quarter of US$904 million and net income of US$203.6 million.

ResMed, founded in and with major operations in Sydney, is now headquartered in San Diego, California.

CEO Mick Farrell said growth was driven by ongoing high demand for its continuous positive airway pressure (C-PAP) machines and steady growth of its software as a service businesses.

“As we navigate supply limitations and are forced to allocate products, we continue to ensure priority for highest-acuity and highest-need patients first, as well as working with physicians, providers and community systems to maintain a sensible flow of medical devices….to patients who need care.”

Farrell, the son of founder Peter Farrell, said demand was partly driven by a product recall by one of its competitors.

It also included incremental respiratory care revenue from Covid-19 related demand in the quarter of $US40 million.

ResMed manufactures non-invasive hospital ventilators used to treat seriously ill Covid-19 patients.

During the quarter the company introduced its AirSense 11 PAP device to the US market.

Picture: ResMed

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