ResMed revenues, profit surge

Sleep apnoea technology manufacturer ResMed has seen its revenues surge 12 percent to $5.07 billion (US$3.6 billion) and operating profit rise four percent in the latest full year following a quarter that saw steady growth in all its markets.

In the latest, fourth quarter the San Diego-based company grew revenue four percent to $1.29 billion, with operating profit also up four percent.

During the quarter the positive airway pressure (PAP) market was in crisis with a shortage of devices on sale following a recall by a competitor.

ResMed responded by releasing AirSense 10 Card-to-Cloud, a product that unlike other ResMed devices is not connected to the cloud with an inbuilt modem.

A SD card stores sleep data that can be uploaded to the cloud manually.

ResMed CEO Mick Farrell said: “This redesign allowed us to increase deliveries to customers and ultimately to get many more patients onto life-saving sleep apnoea and respiratory care therapy.

“…Looking ahead, we are confident in our ability to grow steadily throughout fiscal year 2023 and to continue to deliver to stakeholders.”

ResMed benefitted during the quarter by reduced competitor supplies.

Equipment revenues grew in all the company’s markets, driven by sales in the Americas.

Software as a service continues to be critical for the company with sales rising 12 percent in the Americas and eight percent in Europe and Asia.

Picture: ResMed/AirSense 10 Card-to-Cloud

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