ResMed continues product and service growth

Sleep apnoea equipment developer ResMed has reported continuing growth in sales as equipment sales grow and software as a service (SAAS) offerings gain traction.

CEO Mick Farrell said second quarter 2022 revenues grew 12 per cent to $1.27 billion, or 13 per cent in constant currency terms.

Farrell said: “Our second quarter results reflect continued strong performance across our business resulting in double digit top of line revenue growth, driven by ongoing high demand for our sleep and respiratory care products, and solid growth in our SAAS business.”

He said the company was experiencing continued supply chain challenges that was limiting access to critical electronic components.

Revenue growth was strong in the US, Canada and Latin America as sleep patient numbers continued to recover from their Covid-19 influenced drop.

Software as a service revenue grew 12 per cent.

Income from operations and net income increased 12 per cent, generating operating cash flow of $308 million.

“We are working every day to meet the extraordinary demand generated by our competitor’s ongoing device recall.

“We continue to ensure priority for the highest-need patients first.”

Last year Philips issued a recall of all its respirators and sleep apnoea machines due to defective foam insulation.

During the quarter Resmed invested $88.8 million in R&D.

Picture: AW Edwards/ResMed Campus

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