ResMed powers ahead with double digit profit growth

Sleep apnoea technology company ResMed boosted revenue by nine per cent and net operating profit by 12 per cent during the quarter ended 31 December as product sales and digital health businesses prospered during the Covid-19 pandemic.

The US-Australian listed company reported revenue of $1.04 million (US$800 million) and net income of $233.98 million, up from $209.3 million in the previous corresponding period.

CEO Mick Farrell said: “Our second quarter results reflect continued solid performance and positive trends across our businesses resulting in top-line growth as well as double-digit improvement in operating income and earnings per share.

“In our core markets of sleep apnoea, COPD and asthma we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs.”

Chronic obstructive pulmonary disease afflicts advanced cases of Covid-19, with ResMed manufactured ventilators in use in intensive care units and treatment rooms globally.

At the height of the pandemic ResMed received an order for 5,500 ventilators from the federal government.

Farrell said the past 12 months had seen great adoption of digital health and out of hospital healthcare.

“We have continued to invest in focused R&D programs in digital health and core medtech innovation to help accelerate ResMed’s growth strategy.”

Picture: AW Edwards/ResMed Campus

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