Sleep apnoea technology manufacturer ResMed has reported strong revenue growth to $1.07 billion in the September quarter, up 10 per cent on the previous corresponding period.
The San Diego and Sydney company reported net operating profit increased 27 per cent in the period to $308.8 million as gross margins widened to 59.9 per cent.
ResMed’s CEO Mick Farrell said the results reflected solid performance and positive trends across the business, which manufactures CPAP apneoa machines and hospital ventilators in Sydney.
“During the quarter, we continued to support the global COVID-19 pandemic response, providing ventilators, masks, and circuits to countries in need around the world.
“In our core markets of sleep apnea, COPD and asthma, we are encouraged by the sequential improvement in new patient volume, as well as the ongoing strong adoption of our mask and accessories resupply programmes.”
In April ResMed delivered the first 3,000 ventilators to the Federal Government as part of an order for 5,500 ventilators which were added to the national stockpile.
There were some supply chain cost increases caused by the increased use of air freight forced by the pandemic.
During the quarter the company spent $77.6 million on research and development.
Farrell said: “We have accelerated the launch of digital health solutions to help clinicians remotely diagnose, treat, and manage patients during the pandemic and beyond.
“Our global team is effectively…investing in broad-based R&D programmes to help accelerate our ResMed 2025 growth strategy.”
During the quarter ResMed’s AirFit N30 and AirFit F301i reveived Good Design Australia Awards.
The company’s revenues in the US, Canada and Latin America grew by nine per cent, while elsewhere ggrowth was above 10 per cent.
Software as a service revenue increased by six per cent.
Picture: ResMed/Lumis ventilators
Subscribe to our free @AuManufacturing newsletter here.