Summary: ResMed Inc announced its fourth-quarter results, reporting a 10% revenue growth on a constant currency basis, driven by increased demand for its sleep devices, masks, and Software as a Service (SaaS) business. Mick Farrell, chairman and CEO, emphasized the company’s leadership in addressing major sleep health and breathing disorders, focusing on expanding access to therapies and delivering value to stakeholders. The quarter also saw ResMed support 39 clinical research abstracts at major conferences, highlighting the prevalence and economic benefits of treating obstructive sleep apnea (OSA). The company achieved strong performance across all sectors, with revenue growth in both the Americas and international markets.
Key Takeaways:
- Revenue Growth: ResMed reported a 10% increase in revenue for Q4, driven by strong demand for sleep devices, masks, and SaaS offerings.
- Market Leadership and Expansion: CEO Mick Farrell highlighted ResMed’s role as a market leader in sleep health and breathing disorders, with a strategic focus on increasing awareness, expanding access to therapies, and driving market penetration and growth.
- Clinical Research Support: During the quarter, ResMed supported the presentation of 39 clinical research abstracts at major conferences.
ResMed Inc announced results for its fourth quarter, reporting that revenue grew by 10% on a constant currency basis, driven by increased demand for its sleep devices and masks portfolio, as well as strong growth across its Software as a Service business.
“Nearly 2.5 billion suffer from major sleep health and breathing disorders. As the market leader in these significantly underpenetrated markets, we’re well-positioned as the clear leader to drive increased market penetration, demand generation, and accelerate growth for our businesses,” says Mick Farrell, chairman and CEO of ResMed, in a release. “We’re laser-focused on increasing awareness with the fast-growth population of sleep-health-interested consumers, creating virtual pathways that expand access to therapies, while offering a broad portfolio of medical device products, software solutions, and beyond, as we deliver value for all ResMed stakeholders.”
For the quarter, excluding Software as a Service, revenue in the US, Canada, and Latin America grew by 10%, while revenue in Europe, Asia, and other markets grew by 8% on a constant currency basis. Software as a Service revenue increased by 10%
Operational highlights for the quarter include ResMed supporting the presentation of 39 clinical research abstracts at the annual American Thoracic Society (26 abstracts) and SLEEP (13 abstracts) conferences. Research focused on a variety of topics including the increasing prevalence of obstructive sleep apnea (OSA), the economic benefits of treating OSA, and the relationship between OSA and depression in women.
“Our fourth quarter and full-year fiscal year 2024 results demonstrate strong performance across all sectors of our business,” says Farrell in a release. “Ongoing patient and customer demand for our best-in-class products and software solutions is incredibly strong, driving solid growth across our devices, masks, and software businesses. The global ResMed team’s focus on operating excellence, ongoing cost discipline, and profitable growth acceleration resulted in gross margin expansion, strong operating leverage, and double-digit growth in bottom-line profitability.”
Photo 202095407 © Andrii Yalanskyi | Dreamstime.com
Leave a Reply