ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its
quarter ended June 30, 2024.
Fourth Quarter 2024 HighlightsAll
comparisons are to the prior year period
- Revenue increased by 9% to $1.2 billion; up 10% on a constant
currency basis
- Gross margin improved 350 bps to
58.5%; non-GAAP gross margin improved 330 bps to
59.1%
- Income from operations increased 38%; non-GAAP income
from operations up 30%
- Operating cash flow of $440 million and debt repayments of $300
million
- Diluted earnings per share of $1.98; non-GAAP diluted
earnings per share of $2.08
Full Year 2024 HighlightsAll
comparisons are to the prior year period
- Revenue increased by 11% to $4.7 billion; up 11% on a constant
currency basis
- Gross margin improved 90 bps to 56.7%; non-GAAP gross
margin improved 120 bps to 57.7%
- Income from operations increased 17%; non-GAAP income
from operations up 21%
- Operating cash flow of $1.4 billion and debt repayments of $0.8
billion
- Diluted earnings per share of $6.92; non-GAAP diluted
earnings per share of $7.72
“Our fourth quarter and full-year fiscal year 2024
results demonstrate strong performance across all sectors of our
business,” said Mick Farrell, Chairman & CEO of ResMed.
“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.
“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. 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.”
Financial Results and Operating
Metrics
Unaudited; $ in millions, except for per share
amounts
|
Three Months Ended |
|
June 30,2024 |
|
June 30,2023 |
|
% Change |
|
ConstantCurrency(A) |
Revenue |
$ |
1,223.2 |
|
|
$ |
1,122.1 |
|
|
9 |
% |
|
10 |
% |
Gross margin |
|
58.5 |
% |
|
|
55.0 |
% |
|
6 |
|
|
|
Non-GAAP gross margin(B) |
|
59.1 |
% |
|
|
55.8 |
% |
|
6 |
|
|
|
Selling, general, and administrative expenses |
|
242.2 |
|
|
|
240.7 |
|
|
1 |
|
|
1 |
|
Research and development expenses |
|
80.9 |
|
|
|
78.1 |
|
|
3 |
|
|
4 |
|
Income from operations |
|
381.2 |
|
|
|
275.3 |
|
|
38 |
|
|
|
Non-GAAP income from operations(B) |
|
400.5 |
|
|
|
307.0 |
|
|
30 |
|
|
|
Net income |
|
292.2 |
|
|
|
229.7 |
|
|
27 |
|
|
|
Non-GAAP net income(B) |
|
306.3 |
|
|
|
235.5 |
|
|
30 |
|
|
|
Diluted earnings per share |
$ |
1.98 |
|
|
$ |
1.56 |
|
|
27 |
|
|
|
Non-GAAP diluted earnings per share(B) |
$ |
2.08 |
|
|
$ |
1.60 |
|
|
30 |
|
|
|
|
Twelve Months Ended |
|
June 30,2024 |
|
June 30,2023 |
|
% Change |
|
ConstantCurrency(A) |
Revenue |
$ |
4,685.3 |
|
|
$ |
4,223.0 |
|
|
11 |
% |
|
11 |
% |
Gross margin |
|
56.7 |
% |
|
|
55.8 |
% |
|
2 |
|
|
|
Non-GAAP gross margin(B) |
|
57.7 |
% |
|
|
56.5 |
% |
|
2 |
|
|
|
Selling, general, and administrative expenses |
|
917.1 |
|
|
|
874.0 |
|
|
5 |
|
|
5 |
|
Research and development expenses |
|
307.5 |
|
|
|
287.6 |
|
|
7 |
|
|
8 |
|
Income from operations |
|
1,319.9 |
|
|
|
1,131.9 |
|
|
17 |
|
|
|
Non-GAAP income from operations(B) |
|
1,478.4 |
|
|
|
1,224.4 |
|
|
21 |
|
|
|
Net income |
|
1,021.0 |
|
|
|
897.6 |
|
|
14 |
|
|
|
Non-GAAP net income(B) |
|
1,139.3 |
|
|
|
949.8 |
|
|
20 |
|
|
|
Diluted earnings per share |
$ |
6.92 |
|
|
$ |
6.09 |
|
|
14 |
|
|
|
Non-GAAP diluted earnings per share(B) |
$ |
7.72 |
|
|
$ |
6.44 |
|
|
20 |
|
|
|
(A) In order to provide a framework for assessing
how our underlying businesses performed, excluding the effect of
foreign currency fluctuations, we provide certain financial
information on a “constant currency” basis, which is in addition to
the actual financial information presented. In order to calculate
our constant currency information, we translate the current period
financial information using the foreign currency exchange rates
that were in effect during the previous comparable period. However,
constant currency measures should not be considered in isolation or
as an alternative to U.S. dollar measures that reflect current
period exchange rates, or to other financial measures calculated
and presented in accordance with U.S. GAAP.(B) See the
reconciliation of non-GAAP financial measures in the
table at the end of the press release.
Discussion of Fourth Quarter
ResultsAll comparisons are to the prior year period unless
otherwise noted
- Revenue grew by 10 percent on a
constant currency basis, driven by increased demand for our sleep
devices and masks portfolio, as well as strong growth across our
Software as a Service business.
- Revenue in the U.S., Canada, and Latin
America, excluding Software as a Service, grew by 10 percent.
- Revenue in Europe, Asia, and other
markets, excluding Software as a Service, grew by 8 percent on
a constant currency basis.
- Software as a Service revenue
increased by 10 percent, reflecting continued organic growth
in our SaaS portfolio.
- Gross margin increased by 350 basis
points mainly due to reduced freight and manufacturing cost
improvements, an increase in average selling prices as well as
favorable product mix. Non-GAAP gross margin increased by 330
basis points due to the same factors.
- Selling, general, and administrative
expenses increased by 1 percent on a constant currency basis.
SG&A expenses improved to 19.8 percent of revenue in the
quarter, compared with 21.5 percent in the same period of the
prior year. The modest increase in SG&A expenses reflects cost
management initiatives implemented during the December
quarter.
- Income from operations increased by
38 percent, and non-GAAP income from operations
increased by 30 percent.
- Net income for the quarter was $292
million and diluted earnings per share was
$1.98. Non-GAAP net income increased by 30 percent to
$306 million, and non-GAAP diluted earnings per share
increased by 30 percent to $2.08, predominantly attributable to
strong sales and gross margin improvement as well as modest growth
in operating expenses.
- Operating cash flow for the quarter
was $440 million, compared to net income in the current quarter of
$292 million and non-GAAP net income of $306 million.
- During the quarter, we paid $71
million in dividends and repurchased 232,000 shares for
consideration of $50 million as part of our ongoing capital
management.
Other Business and Operational
Highlights
- Supported the presentation of 39
clinical research abstracts at the annual American Thoracic Society
(26 abstracts) and SLEEP (13 abstracts) conferences, demonstrating
the breadth and depth of ResMed’s leadership in generating and
analyzing real-world evidence in support of better clinical and
patient outcomes. 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.
Dividend programThe ResMed board
of directors today declared a quarterly cash dividend of $0.53 per
share. The dividend will have a record date of August 15,
2024, payable on September 19, 2024. The dividend will be paid
in U.S. currency to holders of ResMed’s common stock trading on the
New York Stock Exchange. Holders of CHESS Depositary Interests
(“CDIs”) trading on the Australian Securities Exchange will receive
an equivalent amount in Australian currency, based on the exchange
rate on the record date, and reflecting the 10:1 ratio between CDIs
and NYSE shares. The ex-dividend date will be
August 14, 2024, for common stockholders and for CDI holders.
ResMed has received a waiver from the ASX’s settlement operating
rules, which will allow ResMed to defer processing conversions
between its common stock and CDI registers from August 14,
2024, through August 15, 2024, inclusive.
Webcast detailsResMed will discuss
its fourth quarter fiscal year 2024 results on its webcast at 1:30
p.m. U.S. Pacific Time today. The live webcast of the call can be
accessed on ResMed’s Investor Relations website at
investor.resmed.com. Please go to this section of the website and
click on the icon for the “Q4 2024 Earnings Webcast” to register
and listen to the live webcast. A replay of the earnings webcast
will be accessible on the website and available approximately two
hours after the live webcast. In addition, a telephone replay of
the conference call will be available approximately three hours
after the webcast by dialing +1 877-660-6853 (U.S.) or
+1 201-612-7415 (outside U.S.) and entering the passcode
13747201. The telephone replay will be available until August 15,
2024.
About ResMedAt ResMed (NYSE: RMD,
ASX: RMD) we pioneer innovative solutions that treat and keep
people out of the hospital, empowering them to live healthier,
higher-quality lives. Our digital health technologies and
cloud-connected medical devices transform care for people with
sleep apnea, COPD, and other chronic diseases. Our
comprehensive out-of-hospital software platforms support
the professionals and caregivers who help people stay healthy in
the home or care setting of their choice. By enabling better care,
we improve quality of life, reduce the impact of chronic disease,
and lower costs for consumers and healthcare systems in more than
140 countries. To learn more, visit ResMed.com and
follow @ResMed.
Safe harbor statementStatements
contained in this release that are not historical facts are
“forward-looking” statements as contemplated by the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements – including statements regarding ResMed’s projections of
future revenue or earnings, expenses, new product development, new
product launches, new markets for its products, the integration of
acquisitions, our supply chain, domestic and international
regulatory developments, litigation, tax outlook, and the expected
impact of macroeconomic conditions of our business – are subject to
risks and uncertainties, which could cause actual results to
materially differ from those projected or implied in the
forward-looking statements. Additional risks and uncertainties are
discussed in ResMed’s periodic reports on file with the U.S.
Securities & Exchange Commission. ResMed does not
undertake to update its forward-looking statements.
Condensed Consolidated Statements of
Operations(Unaudited; $ in thousands, except for per share
amounts)
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
|
|
|
|
|
|
|
|
Net revenue |
$ |
1,223,195 |
|
|
$ |
1,122,057 |
|
|
$ |
4,685,297 |
|
|
$ |
4,222,993 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
499,681 |
|
|
|
496,276 |
|
|
|
1,982,769 |
|
|
|
1,836,935 |
|
Amortization of acquired intangibles(1) |
|
7,987 |
|
|
|
8,395 |
|
|
|
32,963 |
|
|
|
30,396 |
|
Masks with magnets field safety notification expenses(1) |
|
— |
|
|
|
— |
|
|
|
6,351 |
|
|
|
— |
|
Astral field safety notification expenses(1) |
|
— |
|
|
|
— |
|
|
|
7,911 |
|
|
|
— |
|
Total cost of sales |
$ |
507,668 |
|
|
$ |
504,671 |
|
|
$ |
2,029,994 |
|
|
$ |
1,867,331 |
|
Gross profit |
$ |
715,527 |
|
|
$ |
617,386 |
|
|
$ |
2,655,303 |
|
|
$ |
2,355,662 |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative |
|
242,187 |
|
|
|
240,687 |
|
|
|
917,136 |
|
|
|
874,003 |
|
Research and development |
|
80,861 |
|
|
|
78,144 |
|
|
|
307,525 |
|
|
|
287,642 |
|
Amortization of acquired intangibles(1) |
|
11,262 |
|
|
|
12,319 |
|
|
|
46,521 |
|
|
|
42,020 |
|
Restructuring expenses(1) |
|
— |
|
|
|
9,177 |
|
|
|
64,228 |
|
|
|
9,177 |
|
Acquisition related expenses(1) |
|
— |
|
|
|
1,792 |
|
|
|
— |
|
|
|
10,949 |
|
Total operating expenses |
$ |
334,310 |
|
|
$ |
342,119 |
|
|
$ |
1,335,410 |
|
|
$ |
1,223,791 |
|
Income from operations |
$ |
381,217 |
|
|
$ |
275,267 |
|
|
$ |
1,319,893 |
|
|
$ |
1,131,871 |
|
|
|
|
|
|
|
|
|
Other income (expenses), net: |
|
|
|
|
|
|
|
Interest expense, net |
$ |
(5,920 |
) |
|
$ |
(14,943 |
) |
|
$ |
(45,708 |
) |
|
$ |
(47,379 |
) |
Gain (loss) attributable to equity method investments |
|
868 |
|
|
|
(2,228 |
) |
|
|
(1,848 |
) |
|
|
(7,265 |
) |
Gain on equity investments(1) |
|
(15,473 |
) |
|
|
(1,583 |
) |
|
|
(4,045 |
) |
|
|
9,922 |
|
Gain on insurance recoveries(1) |
|
— |
|
|
|
20,227 |
|
|
|
— |
|
|
|
20,227 |
|
Other, net |
|
(2,960 |
) |
|
|
61 |
|
|
|
(3,494 |
) |
|
|
(5,712 |
) |
Total other income (expenses), net |
|
(23,485 |
) |
|
|
1,534 |
|
|
|
(55,095 |
) |
|
|
(30,207 |
) |
Income before income taxes |
$ |
357,732 |
|
|
$ |
276,801 |
|
|
$ |
1,264,798 |
|
|
$ |
1,101,664 |
|
Income taxes |
|
65,495 |
|
|
|
47,137 |
|
|
|
243,847 |
|
|
|
204,108 |
|
Net income |
$ |
292,237 |
|
|
$ |
229,664 |
|
|
$ |
1,020,951 |
|
|
$ |
897,556 |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.99 |
|
|
$ |
1.56 |
|
|
$ |
6.94 |
|
|
$ |
6.12 |
|
Diluted earnings per share |
$ |
1.98 |
|
|
$ |
1.56 |
|
|
$ |
6.92 |
|
|
$ |
6.09 |
|
Non-GAAP diluted earnings per share(1) |
$ |
2.08 |
|
|
$ |
1.60 |
|
|
$ |
7.72 |
|
|
$ |
6.44 |
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
146,915 |
|
|
|
147,015 |
|
|
|
147,021 |
|
|
|
146,765 |
|
Diluted shares outstanding |
|
147,533 |
|
|
|
147,554 |
|
|
|
147,550 |
|
|
|
147,455 |
|
(1) See the reconciliation
of non-GAAP financial measures in the table at the end of
the press release.
Condensed Consolidated Balance
Sheets(Unaudited; $ in thousands)
|
June 30,2024 |
|
June 30,2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
238,361 |
|
|
$ |
227,891 |
|
Accounts receivable, net |
|
837,275 |
|
|
|
704,909 |
|
Inventories |
|
822,250 |
|
|
|
998,012 |
|
Prepayments and other current assets |
|
459,833 |
|
|
|
437,018 |
|
Total current assets |
$ |
2,357,719 |
|
|
$ |
2,367,830 |
|
Non-current assets: |
|
|
|
Property, plant, and equipment, net |
$ |
548,025 |
|
|
$ |
537,856 |
|
Operating lease right-of-use assets |
|
151,121 |
|
|
|
127,955 |
|
Goodwill and other intangibles, net |
|
3,327,959 |
|
|
|
3,322,640 |
|
Deferred income taxes and other non-current assets |
|
487,570 |
|
|
|
395,427 |
|
Total non-current assets |
$ |
4,514,675 |
|
|
$ |
4,383,878 |
|
Total assets |
$ |
6,872,394 |
|
|
$ |
6,751,708 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
237,728 |
|
|
$ |
150,756 |
|
Accrued expenses |
|
377,678 |
|
|
|
365,660 |
|
Operating lease liabilities, current |
|
25,278 |
|
|
|
21,919 |
|
Deferred revenue |
|
152,554 |
|
|
|
138,072 |
|
Income taxes payable |
|
107,517 |
|
|
|
72,224 |
|
Short-term debt |
|
9,900 |
|
|
|
9,902 |
|
Total current liabilities |
$ |
910,655 |
|
|
$ |
758,533 |
|
Non-current liabilities: |
|
|
|
Deferred revenue |
$ |
137,343 |
|
|
$ |
119,186 |
|
Deferred income taxes |
|
79,339 |
|
|
|
90,650 |
|
Operating lease liabilities, non-current |
|
141,444 |
|
|
|
116,853 |
|
Other long-term liabilities |
|
42,257 |
|
|
|
68,166 |
|
Long-term debt |
|
697,313 |
|
|
|
1,431,234 |
|
Long-term income taxes payable |
|
— |
|
|
|
37,183 |
|
Total non-current liabilities |
$ |
1,097,696 |
|
|
$ |
1,863,272 |
|
Total liabilities |
$ |
2,008,351 |
|
|
$ |
2,621,805 |
|
Stockholders’ equity |
|
|
|
Common stock |
$ |
588 |
|
|
$ |
588 |
|
Additional paid-in capital |
|
1,896,604 |
|
|
|
1,772,083 |
|
Retained earnings |
|
4,991,647 |
|
|
|
4,253,016 |
|
Treasury stock |
|
(1,773,267 |
) |
|
|
(1,623,256 |
) |
Accumulated other comprehensive income |
|
(251,529 |
) |
|
|
(272,528 |
) |
Total stockholders’ equity |
$ |
4,864,043 |
|
|
$ |
4,129,903 |
|
Total liabilities and stockholders’ equity |
$ |
6,872,394 |
|
|
$ |
6,751,708 |
|
Condensed Consolidated Statements of Cash
Flows(Unaudited; $ in thousands)
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
292,237 |
|
|
$ |
229,664 |
|
|
$ |
1,020,951 |
|
|
$ |
897,556 |
|
Adjustment to reconcile net income to cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
43,677 |
|
|
|
46,760 |
|
|
|
176,870 |
|
|
|
165,156 |
|
Amortization of right-of-use assets |
|
11,077 |
|
|
|
8,440 |
|
|
|
39,339 |
|
|
|
32,406 |
|
Stock-based compensation costs |
|
21,392 |
|
|
|
19,927 |
|
|
|
80,184 |
|
|
|
71,142 |
|
(Gain) loss attributable to equity method investments, net of
dividends received |
|
(868 |
) |
|
|
5,102 |
|
|
|
1,848 |
|
|
|
10,138 |
|
(Gain) loss on equity investments |
|
15,473 |
|
|
|
1,584 |
|
|
|
4,045 |
|
|
|
(9,922 |
) |
Non-cash restructuring expenses |
|
— |
|
|
|
9,177 |
|
|
|
33,239 |
|
|
|
9,177 |
|
Gain on insurance recoveries |
|
— |
|
|
|
(20,227 |
) |
|
|
— |
|
|
|
(20,227 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
(57,523 |
) |
|
|
(18,059 |
) |
|
|
(134,278 |
) |
|
|
(106,511 |
) |
Inventories, net |
|
8,910 |
|
|
|
6,257 |
|
|
|
172,203 |
|
|
|
(248,833 |
) |
Prepaid expenses, net deferred income taxes and other current
assets |
|
(16,237 |
) |
|
|
(51,518 |
) |
|
|
(115,213 |
) |
|
|
(138,125 |
) |
Accounts payable, accrued expenses, income taxes payable and
other |
|
121,975 |
|
|
|
330 |
|
|
|
122,072 |
|
|
|
31,342 |
|
Net cash provided by operating activities |
$ |
440,113 |
|
|
$ |
237,437 |
|
|
$ |
1,401,260 |
|
|
$ |
693,299 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
(24,881 |
) |
|
|
(34,449 |
) |
|
|
(99,460 |
) |
|
|
(119,672 |
) |
Patent registration and acquisition costs |
|
(1,442 |
) |
|
|
(4,285 |
) |
|
|
(15,396 |
) |
|
|
(14,328 |
) |
Business acquisitions, net of cash acquired |
|
(19,697 |
) |
|
|
(1,524 |
) |
|
|
(133,464 |
) |
|
|
(1,012,749 |
) |
Purchases of investments |
|
(3,073 |
) |
|
|
(2,500 |
) |
|
|
(12,765 |
) |
|
|
(32,229 |
) |
Proceeds from exits of investments |
|
750 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
3,937 |
|
(Payments) / proceeds on maturity of foreign currency
contracts |
|
1,833 |
|
|
|
(3,765 |
) |
|
|
(9,699 |
) |
|
|
15,196 |
|
Net cash used in investing activities |
$ |
(46,510 |
) |
|
$ |
(46,523 |
) |
|
$ |
(269,784 |
) |
|
$ |
(1,159,845 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net |
|
27,696 |
|
|
|
23,493 |
|
|
|
53,094 |
|
|
|
49,142 |
|
Purchases of treasury stock |
|
(50,004 |
) |
|
|
— |
|
|
|
(150,011 |
) |
|
|
— |
|
Taxes paid related to net share settlement of equity awards |
|
(421 |
) |
|
|
(334 |
) |
|
|
(8,757 |
) |
|
|
(30,631 |
) |
Payments of business combination contingent consideration |
|
— |
|
|
|
(2,045 |
) |
|
|
(1,293 |
) |
|
|
(2,361 |
) |
Proceeds from borrowings, net of borrowing costs |
|
— |
|
|
|
— |
|
|
|
105,000 |
|
|
|
1,070,000 |
|
Repayment of borrowings |
|
(300,000 |
) |
|
|
(145,000 |
) |
|
|
(835,000 |
) |
|
|
(405,000 |
) |
Dividends paid |
|
(70,553 |
) |
|
|
(64,705 |
) |
|
|
(282,320 |
) |
|
|
(258,276 |
) |
Net cash (used in) / provided by financing activities |
$ |
(393,282 |
) |
|
$ |
(188,591 |
) |
|
$ |
(1,119,287 |
) |
|
$ |
422,874 |
|
Effect of exchange rate changes on cash |
$ |
130 |
|
|
$ |
(2,326 |
) |
|
$ |
(1,719 |
) |
|
$ |
(2,147 |
) |
Net increase / (decrease) in cash and cash equivalents |
|
451 |
|
|
|
(3 |
) |
|
|
10,470 |
|
|
|
(45,819 |
) |
Cash and cash equivalents at beginning of period |
|
237,910 |
|
|
|
227,894 |
|
|
|
227,891 |
|
|
|
273,710 |
|
Cash and cash equivalents at end of period |
$ |
238,361 |
|
|
$ |
227,891 |
|
|
$ |
238,361 |
|
|
$ |
227,891 |
|
Reconciliation
of Non-GAAP Financial Measures(Unaudited; $ in
thousands, except for per share amounts)
The measures “non-GAAP gross profit”
and “non-GAAP gross margin” exclude amortization expense
from acquired intangibles and restructuring expense related to cost
of sales and are reconciled below:
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
Revenue |
$ |
1,223,195 |
|
|
$ |
1,122,057 |
|
|
$ |
4,685,297 |
|
|
$ |
4,222,993 |
|
|
|
|
|
|
|
|
|
GAAP cost of sales |
$ |
507,668 |
|
|
$ |
504,671 |
|
|
$ |
2,029,994 |
|
|
$ |
1,867,331 |
|
Less:Amortization of acquired intangibles(A) |
|
(7,987 |
) |
|
|
(8,395 |
) |
|
|
(32,963 |
) |
|
|
(30,396 |
) |
Less: Masks with magnets field safety notification expenses(A) |
|
— |
|
|
|
— |
|
|
|
(6,351 |
) |
|
|
— |
|
Less: Astral field safety notification expenses(A) |
|
— |
|
|
|
— |
|
|
|
(7,911 |
) |
|
|
— |
|
Non-GAAP cost of sales |
$ |
499,681 |
|
|
$ |
496,276 |
|
|
$ |
1,982,769 |
|
|
$ |
1,836,935 |
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
715,527 |
|
|
$ |
617,386 |
|
|
$ |
2,655,303 |
|
|
$ |
2,355,662 |
|
GAAP gross margin |
|
58.5 |
% |
|
|
55.0 |
% |
|
|
56.7 |
% |
|
|
55.8 |
% |
Non-GAAP gross profit |
$ |
723,514 |
|
|
$ |
625,781 |
|
|
$ |
2,702,528 |
|
|
$ |
2,386,058 |
|
Non-GAAP gross margin |
|
59.1 |
% |
|
|
55.8 |
% |
|
|
57.7 |
% |
|
|
56.5 |
% |
The measure “non-GAAP income from
operations” is reconciled with GAAP income from operations
below:
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
381,217 |
|
$ |
275,267 |
|
$ |
1,319,893 |
|
$ |
1,131,871 |
Amortization of acquired intangibles—cost of sales(A) |
|
7,987 |
|
|
8,395 |
|
|
32,963 |
|
|
30,396 |
Amortization of acquired intangibles—operating expenses(A) |
|
11,262 |
|
|
12,319 |
|
|
46,521 |
|
|
42,020 |
Restructuring(A) |
|
— |
|
|
9,177 |
|
|
64,228 |
|
|
9,177 |
Masks with magnets field safety notification expenses(A) |
|
— |
|
|
— |
|
|
6,351 |
|
|
— |
Astral field safety notification expenses(A) |
|
— |
|
|
— |
|
|
7,911 |
|
|
— |
Acquisition-related expenses(A) |
|
— |
|
|
1,792 |
|
|
483 |
|
|
10,949 |
Non-GAAP income from operations |
$ |
400,466 |
|
$ |
306,950 |
|
$ |
1,478,350 |
|
$ |
1,224,413 |
Reconciliation
of Non-GAAP Financial Measures(Unaudited; $ in
thousands, except for per share amounts)
The measures “non-GAAP net income”
and “non-GAAP diluted earnings per share” are reconciled
with GAAP net income and GAAP diluted earnings per share in the
table below:
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
292,237 |
|
|
$ |
229,664 |
|
|
$ |
1,020,951 |
|
|
$ |
897,556 |
|
Amortization of acquired intangibles—cost of sales(A) |
|
7,987 |
|
|
|
8,395 |
|
|
|
32,963 |
|
|
|
30,396 |
|
Amortization of acquired intangibles—operating expenses(A) |
|
11,262 |
|
|
|
12,319 |
|
|
|
46,521 |
|
|
|
42,020 |
|
Restructuring expenses(A) |
|
— |
|
|
|
9,177 |
|
|
|
64,228 |
|
|
|
9,177 |
|
Masks with magnets field safety notification expenses(A) |
|
— |
|
|
|
— |
|
|
|
6,351 |
|
|
|
— |
|
Astral field safety notification expenses(A) |
|
— |
|
|
|
— |
|
|
|
7,911 |
|
|
|
— |
|
Acquisition-related expenses(A) |
|
— |
|
|
|
1,792 |
|
|
|
483 |
|
|
|
10,949 |
|
Gain on insurance recoveries(A) |
|
— |
|
|
|
(20,227 |
) |
|
|
— |
|
|
|
(20,227 |
) |
Income tax effect on non-GAAP adjustments(A) |
|
(5,145 |
) |
|
|
(5,631 |
) |
|
|
(40,114 |
) |
|
|
(20,114 |
) |
Non-GAAP net income(A) |
$ |
306,341 |
|
|
$ |
235,489 |
|
|
$ |
1,139,294 |
|
|
$ |
949,757 |
|
|
|
|
|
|
|
|
|
GAAP diluted shares outstanding |
|
147,533 |
|
|
|
147,554 |
|
|
|
147,550 |
|
|
|
147,455 |
|
GAAP diluted earnings per share |
$ |
1.98 |
|
|
$ |
1.56 |
|
|
$ |
6.92 |
|
|
$ |
6.09 |
|
Non-GAAP diluted earnings per share(A) |
$ |
2.08 |
|
|
$ |
1.60 |
|
|
$ |
7.72 |
|
|
$ |
6.44 |
|
(A) ResMed adjusts for the impact of the
amortization of acquired intangibles, restructuring expenses, field
safety notification expenses, acquisition-related expenses, gain on
insurance recoveries, and associated tax effects from their
evaluation of ongoing operations, and believes that investors
benefit from adjusting these items to facilitate a more meaningful
evaluation of current operating performance.
ResMed believes that non-GAAP diluted
earnings per share is an additional measure of performance that
investors can use to compare operating results between reporting
periods. ResMed uses non-GAAP information internally in
planning, forecasting, and evaluating the results of operations in
the current period and in comparing it to past periods. ResMed
believes this information provides investors better insight when
evaluating ResMed’s performance from core operations and provides
consistent financial reporting. The use
of non-GAAP measures is intended to supplement, and not
to replace, the presentation of net income and other GAAP measures.
Like all non-GAAP measures, non-GAAP earnings
are subject to inherent limitations because they do not include all
the expenses that must be included under GAAP.
Revenue by Product and
Region(Unaudited; $ in millions, except for per share
amounts)
|
Three Months Ended |
|
June 30,2024 |
(A) |
June 30,2023 |
(A) |
% Change |
|
ConstantCurrency(B) |
U.S., Canada, and Latin America |
|
|
|
|
|
|
|
Devices |
$ |
406.2 |
|
$ |
387.2 |
|
5 |
% |
|
|
Masks and other |
|
321.2 |
|
|
273.7 |
|
17 |
|
|
|
Total U.S., Canada and Latin America |
$ |
727.4 |
|
$ |
660.9 |
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Combined Europe, Asia, and other markets |
|
|
|
|
|
|
|
Devices |
$ |
228.8 |
|
$ |
215.2 |
|
6 |
% |
|
8 |
% |
Masks and other |
|
115.0 |
|
|
107.4 |
|
7 |
|
|
9 |
|
Total Combined Europe, Asia and other markets |
$ |
343.9 |
|
$ |
322.6 |
|
7 |
|
|
8 |
|
|
|
|
|
|
|
|
|
Global revenue |
|
|
|
|
|
|
|
Total Devices |
$ |
635.1 |
|
$ |
602.4 |
|
5 |
% |
|
6 |
% |
Total Masks and other |
|
436.2 |
|
|
381.0 |
|
14 |
|
|
15 |
|
Total Sleep and Respiratory Care |
$ |
1,071.3 |
|
$ |
983.5 |
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
Software as a Service |
|
151.9 |
|
|
138.6 |
|
10 |
|
|
10 |
|
Total |
$ |
1,223.2 |
|
$ |
1,122.1 |
|
9 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
June 30,2024 |
(A) |
June 30,2023 |
(A) |
%Change |
|
ConstantCurrency(B) |
U.S., Canada, and Latin America |
|
|
|
|
|
|
|
Devices |
$ |
1,522.8 |
|
$ |
1,444.4 |
|
5 |
% |
|
|
Masks and other |
|
1,199.8 |
|
|
1,039.0 |
|
15 |
|
|
|
Total U.S., Canada and Latin America |
$ |
2,722.6 |
|
$ |
2,483.4 |
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Combined Europe, Asia, and other markets |
|
|
|
|
|
|
|
Devices |
$ |
921.3 |
|
$ |
826.3 |
|
11 |
% |
|
10 |
% |
Masks and other |
|
457.4 |
|
|
415.3 |
|
10 |
|
|
8 |
|
Total Combined Europe, Asia and other markets |
$ |
1,378.6 |
|
$ |
1,241.6 |
|
11 |
|
|
10 |
|
|
|
|
|
|
|
|
|
Global revenue |
|
|
|
|
|
|
|
Total Devices |
$ |
2,444.0 |
|
$ |
2,270.7 |
|
8 |
% |
|
7 |
% |
Total Masks and other |
|
1,657.2 |
|
|
1,454.3 |
|
14 |
|
|
13 |
|
Total Sleep and Respiratory Care |
$ |
4,101.2 |
|
$ |
3,725.0 |
|
10 |
|
|
10 |
|
|
|
|
|
|
|
|
|
Software as a Service |
|
584.1 |
|
|
498.0 |
|
17 |
|
|
17 |
|
Total |
$ |
4,685.3 |
|
$ |
4,223.0 |
|
11 |
|
|
11 |
|
(A) Totals and subtotals may not add due to
rounding.
(B) In order to provide a framework for assessing
how our underlying businesses performed excluding the effect of
foreign currency fluctuations, we provide certain financial
information on a “constant currency basis,” which is in addition to
the actual financial information presented. In order to calculate
our constant currency information, we translate the current period
financial information using the foreign currency exchange rates
that were in effect during the previous comparable period. However,
constant currency measures should not be considered in isolation or
as an alternative to U.S. dollar measures that reflect current
period exchange rates, or to other financial measures calculated
and presented in accordance with U.S. GAAP.
For investors |
For media |
+1 858-836-5000 |
+1 619-510-1281 |
investorrelations@resmed.com |
news@resmed.com |
ResMed (NYSE:RMD)
過去 株価チャート
から 9 2024 まで 10 2024
ResMed (NYSE:RMD)
過去 株価チャート
から 10 2023 まで 10 2024