Summary: ResMed Inc reported an 11% revenue increase for the quarter ending Sept 30, 2024, largely due to high demand for CPAP devices and masks, along with growth in its residential care software business. Alongside revenue growth, ResMed achieved operating margin expansion and a significant increase in operating profit. During the quarter, the company unveiled its 2030 strategy, highlighting plans to accelerate growth through product innovation, commercial execution, and financial strength. ResMed also introduced new products, including the AirTouch N30i fabric mask, aimed at enhancing patient comfort and engagement with sleep therapy.
Key Takeaways:
- Double-Digit Revenue Growth: ResMed achieved an 11% increase in quarterly revenue, primarily driven by demand for CPAP devices and masks, along with growth in residential care technology.
- New 2030 Strategy: The company’s 2030 strategy, introduced at Investor Day, focuses on driving long-term growth through innovation, operational excellence, and expanded digital health integration.
- Product Launches and Innovation: ResMed launched the AirTouch N30i fabric mask and several digital health tools, aiming to enhance comfort and personalization in sleep apnea therapy.
ResMed Inc announced results for its quarter ended Sept 30, 2024, which was marked by an 11% year-over-year revenue growth, driven by increased demand for sleep devices and CPAP masks, as well as strong growth across its residential care software (formerly SaaS) business.
“Our first-quarter fiscal year 2025 results reflect ongoing momentum and strong execution across all areas of our business,” says Mick Farrell, chairman and CEO of ResMed, in a release. “We delivered 11% year-over-year revenue growth, and our focus on operational excellence resulted in another quarter of year-over-year margin expansion and a 34% increase in operating profit.”
ResMed highlighted other business and operational highlights in its quarterly results. These include:
- Held its 2024 Investor Day and unveiled ResMed’s 2030 strategy to drive growth, profitability, and shareholder returns. As part of Investor Day, announced five-year revenue and earnings growth outlook, supported by ResMed’s plans to accelerate product and technology innovation, operational excellence, commercial execution, and financial strength.
- ResMed operates two reporting units, historically named sleep and respiratory care and SaaS. In alignment with the 2030 strategy announced during Investor Day in September, these reporting units have been renamed to sleep and breathing health (formerly sleep and respiratory care) and residential care software (formerly SaaS).
- Announced the upcoming launch of ResMed’s first fabric mask, the AirTouch N30i. With a fabric-wrapped frame featuring a soft, breathable, and moisture-wicking design, the AirTouch N30i is designed to create a more natural and comfortable experience for users making it even easier to embrace CPAP therapy. AirTouch N30i will be available in the US beginning next week.
- Introduced several new patient-centric products encompassing digital and personalized solutions to enhance the therapy journey for sleep apnea patients. The innovations integrate with digital wearable devices and incorporate generative artificial intelligence to deliver a more personalized sleep health experience.
- Celebrated 35 years of innovation and 25 years listed on the New York Stock Exchange (NYSE) by ringing the Opening Bell at the NYSE on its listing anniversary.
“As we celebrate 35 years of growth and innovation, our recently launched 2030 strategy will further enable us to transform sleep health, breathing health, and healthcare technology at home,” says Farrell in a release. “By building on our leadership in connected digital health, we are driving better care, simplifying the health journey, and improving access to our therapies globally so even more people worldwide are empowered to live healthier, higher-quality lives using products and services they love.”
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