Sleep disorder company ResMed has announced rising profits and revenues during a pandemic year where its ventilators were called upon to treat Covid-19 sufferers.
The US-Australian company announced a 12 per cent rise in operating profit for the year to June 30, on revenues up eight per cent to $4.3 billion (US$3.2 billion).
The final quarter saw an eight per cent rise in operating profit on a 14 per cent increase in revenue to $1.18 billion (US$876 million).
ResMed CEO Mick Farrell said: “Our fourth quarter and full-year fiscal 2021 results continue to demonstrate the strength and resiliency of our business.
“During the quarter we saw the ongoing recovery of core…patient flow across our businesses, as health care systems continue to adopt new models of patient care.”
ResMed is the pioneer of positive airway pressure as a treatment for sleep apnea and has been expanding in treating chronic obstructive pulmonary disease.
Covid-related ventilator sales, including those manufactured in Sydney for the national stockpile, for the year were $167 million (US$125 million).
“At this time of incredible demand for ResMed products we are doing everything we can to increase our manufacturing of sleep and respiratory care devices.”
During the year ResMed spent $80.9 million on R&D.
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