Sales by obstructive sleep apnea treatment pioneer ResMed (ASX: RMD) powered ahead 13 per cent in the final quarter of 2018-19, driven by the release of new products.
The Sydney company announced revenue up 13 per cent for the final quarter ended June 30 to $1.02 billion, bringing full year revenue to $3.8 billion.
Net profit for the year was up seven percent to $838.2 million for the year.
ResMed CEO Mick Farrell said: “Recent mask launches have driven market share gains while continued adoption of our SaaS solutions is driving both revenue growth and a steady margin profile.
“We delivered another quarter of operating leverage which gives us flexibility as we execute on our long-term strategy to provide innovative products, software and solutions.”
During the quarter the company delivered its second AirFit top of the head-connected mask. The masks provide continuous air pressure to the patient overnight, keeping airways open.
ResMed’s cloud-based software services allow patients and doctors to monitor use of their machines, and deliver better outcomes for those suffering apnea.
Farrel, son of ResMed founder Peter Farrell, said the company’s pipeline of innovative products was ‘solid’.
“We are well positioned as enter fiscal year 2020 on a trajectory to improve 250 million lives in ut of hospital health care.”
The company spent $260 million on research and development during the year, making it one of Australia’s biggest spenders on innovation.
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