ResMed Inc. Announces Results for the First Quarter of Fiscal Year 2025
ResMed reported strong Q1 FY2025 results with 11% year-over-year revenue growth to $1.2 billion. The company achieved significant improvements in profitability with operating profit up 34% and non-GAAP operating profit increasing 27%. Gross margin improved 420 basis points to 58.6%, while operating cash flow reached $326 million. Diluted earnings per share grew to $2.11, with non-GAAP EPS at $2.20. Growth was driven by increased demand for sleep devices and masks, along with strong performance in the Residential Care Software business. The company declared a quarterly dividend of $0.53 per share.
ResMed ha riportato risultati solidi nel primo trimestre dell'anno fiscale 2025, con una crescita dei ricavi dell'11% rispetto all'anno precedente, raggiungendo 1,2 miliardi di dollari. L'azienda ha ottenuto miglioramenti significativi nella redditività, con un aumento del profitti operativi del 34% e un incremento del 27% del profitto operativo non GAAP. Il margine lordo è migliorato di 420 punti base, raggiungendo il 58,6%, mentre il flusso di cassa operativo ha raggiunto 326 milioni di dollari. Gli utili per azione diluiti sono aumentati a 2,11 dollari, con un EPS non GAAP a 2,20 dollari. La crescita è stata sostenuta dall'aumento della domanda per dispositivi e maschere per il sonno, insieme a forti performance nel settore Software per la Cura Residenziale. L'azienda ha dichiarato un dividendo trimestrale di 0,53 dollari per azione.
ResMed reportó resultados sólidos en el primer trimestre del año fiscal 2025, con un crecimiento en los ingresos del 11% en comparación con el año anterior, alcanzando los 1.2 mil millones de dólares. La empresa logró mejoras significativas en rentabilidad, con un aumento del 34% en la utilidad operativa y un incremento del 27% en la utilidad operativa no GAAP. El margen bruto mejoró en 420 puntos básicos, alcanzando el 58.6%, mientras que el flujo de efectivo operativo llegó a 326 millones de dólares. Las ganancias por acción diluidas crecieron a 2.11 dólares, con un EPS no GAAP de 2.20 dólares. El crecimiento fue impulsado por un aumento en la demanda de dispositivos y mascarillas para el sueño, junto con un sólido rendimiento en el negocio de Software de Cuidado Residencial. La empresa declaró un dividendo trimestral de 0.53 dólares por acción.
ResMed는 2025 회계년도 1분기 실적에서 전년 대비 11%의 매출 성장을 기록하며 12억 달러에 이르는 강력한 결과를 보고했습니다. 회사는 영업 이익이 34% 증가하고 비 GAAP 영업 이익이 27% 증가하는 등 수익성에서 상당한 개선을 이루었습니다. 총 마진은 420포인트 상승하여 58.6%에 도달했으며, 운영 현금 흐름은 3억 2600만 달러에 이르렀습니다. 희석된 주당 순이익은 2.11달러로 성장했으며, 비 GAAP EPS는 2.20달러입니다. 성장은 수면 장치와 마스크에 대한 수요 증가와 주거 치료 소프트웨어 사업의 뛰어난 실적에 의해 촉진되었습니다. 회사는 주당 0.53달러의 분기 배당금을 선언했습니다.
ResMed a annoncé de solides résultats pour le premier trimestre de l'exercice 2025, avec une croissance des revenus de 11% par rapport à l'année précédente, atteignant 1,2 milliard de dollars. L'entreprise a enregistré des améliorations significatives de sa rentabilité, avec un profit opérationnel en hausse de 34% et un profit opérationnel non GAAP en augmentation de 27%. La marge brute s'est améliorée de 420 points de base, atteignant 58,6%, tandis que le cash-flow opérationnel a atteint 326 millions de dollars. Le bénéfice par action dilué a augmenté à 2,11 dollars, tandis que le BPA non GAAP était de 2,20 dollars. Cette croissance a été impulsée par une demande accrue pour les dispositifs et masques de sommeil, ainsi qu'une forte performance dans l'activité Logiciel de soins résidentiels. L'entreprise a annoncé un dividende trimestriel de 0,53 dollar par action.
ResMed berichtete über starke Ergebnisse im ersten Quartal des Geschäftsjahres 2025 mit einem Umsatzwachstum von 11% im Vergleich zum Vorjahr auf 1,2 Milliarden Dollar. Das Unternehmen erzielte erhebliche Verbesserungen in der Rentabilität, wobei der operative Gewinn um 34% und der nicht-GAAP betriebliche Gewinn um 27% zunahm. Die Bruttomarge verbesserte sich um 420 Basispunkte auf 58,6%, während der operative Cashflow 326 Millionen Dollar erreichte. Der verwässerte Gewinn pro Aktie wuchs auf 2,11 Dollar, während der nicht-GAAP EPS bei 2,20 Dollar lag. Das Wachstum wurde durch die steigende Nachfrage nach Schlafgeräten und -masken sowie durch starke Leistungen im Bereich Wohnpflege-Software getragen. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,53 Dollar pro Aktie.
- Revenue grew 11% to $1.2 billion
- Operating profit increased 34% year-over-year
- Gross margin improved significantly by 420 basis points to 58.6%
- Strong operating cash flow of $326 million
- Diluted EPS grew 42% to $2.11
- SG&A expenses improved to 19.5% of revenue from 20.2% year-over-year
- SG&A expenses increased 7% on a constant currency basis
- R&D expenses increased 5% to $79.5 million
Insights
ResMed's Q1 FY2025 results showcase robust financial performance with significant improvements across key metrics. Revenue growth of
The company's strong cash flow generation of
The launch of AirTouch N30i fabric mask represents a significant innovation in CPAP therapy comfort, addressing a key barrier to patient compliance. The integration of digital wearables and AI for personalized sleep health solutions positions ResMed at the forefront of connected healthcare technology. The company's 2030 strategy, aiming to reach 500 million people, demonstrates ambitious scaling plans in the sleep and breathing health market.
The
- Year-over-year revenue grows
11% , operating profit up34% , non-GAAP operating profit up27% - Operating cash flow of
$326 million
Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com
SAN DIEGO, Oct. 24, 2024 (GLOBE NEWSWIRE) -- ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended September 30, 2024.
First Quarter 2025 Highlights
All comparisons are to the prior year period
- Revenue increased by
11% to$1.2 billion ; up11% on a constant currency basis - Gross margin improved 420 bps to
58.6% ; non-GAAP gross margin improved 320 bps to59.2% - Income from operations increased
34% ; non-GAAP income from operations up27% - Operating cash flow of
$326 million - Diluted earnings per share of
$2.11 ; non-GAAP diluted earnings per share of$2.20
“Our first-quarter fiscal year 2025 results reflect ongoing momentum and strong execution across all areas of our business,” said Mick Farrell, Chairman and CEO of ResMed. “We delivered
Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts
Three Months Ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | % Change | Constant Currency(A) | ||||||||||||
Revenue | $ | 1,224.5 | $ | 1,102.3 | 11 | % | 11 | % | |||||||
Gross margin | 58.6 | % | 54.4 | % | 8 | ||||||||||
Non-GAAP gross margin(B) | 59.2 | % | 56.0 | % | 6 | ||||||||||
Selling, general, and administrative expenses | 239.0 | 222.9 | 7 | 7 | |||||||||||
Research and development expenses | 79.5 | 75.7 | 5 | 4 | |||||||||||
Income from operations | 387.3 | 289.0 | 34 | ||||||||||||
Non-GAAP income from operations(B) | 406.4 | 318.8 | 27 | ||||||||||||
Net income | 311.4 | 219.4 | 42 | ||||||||||||
Non-GAAP net income(B) | 325.4 | 241.2 | 35 | ||||||||||||
Diluted earnings per share | $ | 2.11 | $ | 1.49 | 42 | ||||||||||
Non-GAAP diluted earnings per share(B) | $ | 2.20 | $ | 1.64 | 34 | ||||||||||
(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 First Quarter Results
All comparisons are to the prior year period unless otherwise noted
- Revenue grew by 11 percent on a constant currency basis, driven by increased demand for our sleep devices and masks portfolio, as well as strong growth across our Residential Care Software business.
- Revenue in the U.S., Canada, and Latin America, excluding Residential Care Software, grew by 11 percent.
- Revenue in Europe, Asia, and other markets, excluding Residential Care Software, grew by 10 percent on a constant currency basis.
- Residential Care Software revenue increased by 12 percent on a constant currency basis, reflecting continued organic growth in our Residential Care Software portfolio.
- Gross margin increased by 420 basis points mainly due to manufacturing efficiencies and component cost improvements and an increase in average selling prices. Non-GAAP gross margin increased by 320 basis points due to the same factors.
- Selling, general, and administrative expenses increased by 7 percent on a constant currency basis. The increase in SG&A expenses was mainly due to increases in employee-related expenses. SG&A expenses improved to 19.5 percent of revenue in the quarter, compared with 20.2 percent in the same period of the prior year.
- Income from operations increased by 34 percent, and non-GAAP income from operations increased by 27 percent.
- Net income for the quarter was
$311 million and diluted earnings per share was$2.11 . Non-GAAP net income increased by 35 percent to$325 million , and non-GAAP diluted earnings per share increased by 34 percent to$2.20 , predominantly attributable to strong sales growth and gross margin improvement. - Operating cash flow for the quarter was
$326 million , compared to net income in the current quarter of$311 million and non-GAAP net income of$325 million . - During the quarter, we paid
$78 million in dividends and repurchased 222,000 shares for consideration of$50 million as part of our ongoing capital management.
Other Business and Operational Highlights
- 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.
- 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’s updated ambition is to help more than 500 million people achieve their full health potential in 2030.
- 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). The methodology for attributing financial results to these reporting units remains unchanged. Revenue from prior periods is consistent and comparable to previous reporting.
- 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 U.S. 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.
Dividend program
The ResMed board of directors today declared a quarterly cash dividend of
Webcast details
ResMed will discuss its first quarter fiscal year 2025 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 “Q1 2025 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 13749420. The telephone replay will be available until November 7, 2024.
About ResMed
At 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 statement
Statements 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 | |||||||
September 30, 2024 | September 30, 2023 | ||||||
Net revenue | $ | 1,224,509 | $ | 1,102,321 | |||
Cost of sales | 499,620 | 485,442 | |||||
Amortization of acquired intangibles(1) | 7,670 | 8,908 | |||||
Astral field safety notification expenses(1) | — | 7,911 | |||||
Total cost of sales | $ | 507,290 | $ | 502,261 | |||
Gross profit | $ | 717,219 | $ | 600,060 | |||
Selling, general, and administrative | 238,979 | 222,874 | |||||
Research and development | 79,524 | 75,710 | |||||
Amortization of acquired intangibles(1) | 11,404 | 12,479 | |||||
Total operating expenses | $ | 329,907 | $ | 311,063 | |||
Income from operations | $ | 387,312 | $ | 288,997 | |||
Other income (expenses), net: | |||||||
Interest (expense) income, net | $ | (1,661 | ) | $ | (14,957 | ) | |
Gain (loss) attributable to equity method investments | 963 | (3,895 | ) | ||||
Gain (loss) on equity investments(1) | (680 | ) | (602 | ) | |||
Other, net | (2,437 | ) | 2,648 | ||||
Total other income (expenses), net | (3,815 | ) | (16,806 | ) | |||
Income before income taxes | $ | 383,497 | $ | 272,191 | |||
Income taxes | 72,142 | 52,769 | |||||
Net income | $ | 311,355 | $ | 219,422 | |||
Basic earnings per share | $ | 2.12 | $ | 1.49 | |||
Diluted earnings per share | $ | 2.11 | $ | 1.49 | |||
Non-GAAP diluted earnings per share(1) | $ | 2.20 | $ | 1.64 | |||
Basic shares outstanding | 146,861 | 147,075 | |||||
Diluted shares outstanding | 147,599 | 147,486 | |||||
(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)
September 30, 2024 | June 30, 2024 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 426,361 | $ | 238,361 | |||
Accounts receivable, net | 811,198 | 837,275 | |||||
Inventories | 917,982 | 822,250 | |||||
Prepayments and other current assets | 485,584 | 459,833 | |||||
Total current assets | $ | 2,641,125 | $ | 2,357,719 | |||
Non-current assets: | |||||||
Property, plant, and equipment, net | $ | 560,211 | $ | 548,025 | |||
Operating lease right-of-use assets | 157,068 | 151,121 | |||||
Goodwill and other intangibles, net | 3,364,630 | 3,327,959 | |||||
Deferred income taxes and other non-current assets | 499,383 | 487,570 | |||||
Total non-current assets | $ | 4,581,292 | $ | 4,514,675 | |||
Total assets | $ | 7,222,417 | $ | 6,872,394 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 249,278 | $ | 237,728 | |||
Accrued expenses | 365,749 | 377,678 | |||||
Operating lease liabilities, current | 28,278 | 25,278 | |||||
Deferred revenue | 157,188 | 152,554 | |||||
Income taxes payable | 93,690 | 107,517 | |||||
Short-term debt | 9,896 | 9,900 | |||||
Total current liabilities | $ | 904,079 | $ | 910,655 | |||
Non-current liabilities: | |||||||
Deferred revenue | $ | 144,453 | $ | 137,343 | |||
Deferred income taxes | 83,521 | 79,339 | |||||
Operating lease liabilities, non-current | 144,490 | 141,444 | |||||
Other long-term liabilities | 83,270 | 42,257 | |||||
Long-term debt | 667,578 | 697,313 | |||||
Total non-current liabilities | $ | 1,123,312 | $ | 1,097,696 | |||
Total liabilities | $ | 2,027,391 | $ | 2,008,351 | |||
Stockholders’ equity | |||||||
Common stock | $ | 758 | $ | 588 | |||
Additional paid-in capital | 1,924,584 | 1,896,604 | |||||
Retained earnings | 5,225,111 | 4,991,647 | |||||
Treasury stock | (1,823,272 | ) | (1,773,267 | ) | |||
Accumulated other comprehensive income | (132,155 | ) | (251,529 | ) | |||
Total stockholders’ equity | $ | 5,195,026 | $ | 4,864,043 | |||
Total liabilities and stockholders’ equity | $ | 7,222,417 | $ | 6,872,394 |
Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)
Three Months Ended | |||||||
September 30, 2024 | September 30, 2023 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 311,355 | $ | 219,422 | |||
Adjustment to reconcile net income to cash provided by operating activities: | |||||||
Depreciation and amortization | 44,730 | 44,934 | |||||
Amortization of right-of-use assets | 8,980 | 8,508 | |||||
Stock-based compensation costs | 20,156 | 18,510 | |||||
(Gain) loss attributable to equity method investments, net of dividends received | (963 | ) | 3,895 | ||||
(Gain) loss on equity investments | 680 | 602 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | 36,417 | 6,534 | |||||
Inventories, net | (70,254 | ) | 26,911 | ||||
Prepaid expenses, net deferred income taxes and other current assets | (123 | ) | (42,015 | ) | |||
Accounts payable, accrued expenses, income taxes payable and other | (25,440 | ) | (1,018 | ) | |||
Net cash provided by (used in) operating activities | $ | 325,538 | $ | 286,283 | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant, and equipment | (17,840 | ) | (30,035 | ) | |||
Patent registration and acquisition costs | (1,767 | ) | (10,831 | ) | |||
Business acquisitions, net of cash acquired | — | (103,183 | ) | ||||
Purchases of investments | (1,350 | ) | (3,680 | ) | |||
Proceeds from exits of investments | 4,128 | 250 | |||||
Proceeds (payments) on maturity of foreign currency contracts | 18,975 | (1,501 | ) | ||||
Net cash provided by (used in) investing activities | $ | 2,146 | $ | (148,980 | ) | ||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common stock, net | 8,383 | 983 | |||||
Purchases of treasury stock | (50,005 | ) | — | ||||
Taxes paid related to net share settlement of equity awards | (389 | ) | (225 | ) | |||
Payments of business combination contingent consideration | (855 | ) | (1,293 | ) | |||
Proceeds from borrowings, net of borrowing costs | — | 105,000 | |||||
Repayment of borrowings | (30,000 | ) | (185,000 | ) | |||
Dividends paid | (77,891 | ) | (70,597 | ) | |||
Net cash provided by (used in) financing activities | $ | (150,757 | ) | $ | (151,132 | ) | |
Effect of exchange rate changes on cash | $ | 11,073 | $ | (4,962 | ) | ||
Net increase (decrease) in cash and cash equivalents | 188,000 | (18,791 | ) | ||||
Cash and cash equivalents at beginning of period | 238,361 | 227,891 | |||||
Cash and cash equivalents at end of period | $ | 426,361 | $ | 209,100 |
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 | |||||||
September 30, 2024 | September 30, 2023 | ||||||
Revenue | $ | 1,224,509 | $ | 1,102,321 | |||
GAAP cost of sales | $ | 507,290 | $ | 502,261 | |||
Less:Amortization of acquired intangibles(A) | (7,670 | ) | (8,908 | ) | |||
Less: Astral field safety notification expenses(A) | — | (7,911 | ) | ||||
Non-GAAP cost of sales | $ | 499,620 | $ | 485,442 | |||
GAAP gross profit | $ | 717,219 | $ | 600,060 | |||
GAAP gross margin | 58.6 | % | 54.4 | % | |||
Non-GAAP gross profit | $ | 724,889 | $ | 616,879 | |||
Non-GAAP gross margin | 59.2 | % | 56.0 | % |
The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:
Three Months Ended | |||||||
September 30, 2024 | September 30, 2023 | ||||||
GAAP income from operations | $ | 387,312 | $ | 288,997 | |||
Amortization of acquired intangibles—cost of sales(A) | 7,670 | 8,908 | |||||
Amortization of acquired intangibles—operating expenses(A) | 11,404 | 12,479 | |||||
Astral field safety notification expenses(A) | — | 7,911 | |||||
Acquisition-related expenses(A) | — | 483 | |||||
Non-GAAP income from operations | $ | 406,386 | $ | 318,778 |
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 | |||||||
September 30, 2024 | September 30, 2023 | ||||||
GAAP net income | $ | 311,355 | $ | 219,422 | |||
Amortization of acquired intangibles—cost of sales(A) | 7,670 | 8,908 | |||||
Amortization of acquired intangibles—operating expenses(A) | 11,404 | 12,479 | |||||
Astral field safety notification expenses(A) | — | 7,911 | |||||
Acquisition-related expenses(A) | — | 483 | |||||
Income tax effect on non-GAAP adjustments(A) | (5,071 | ) | (8,019 | ) | |||
Non-GAAP net income(A) | $ | 325,358 | $ | 241,184 | |||
GAAP diluted shares outstanding | 147,599 | 147,486 | |||||
GAAP diluted earnings per share | $ | 2.11 | $ | 1.49 | |||
Non-GAAP diluted earnings per share(A) | $ | 2.20 | $ | 1.64 | |||
(A) ResMed adjusts for the impact of the amortization of acquired intangibles, field safety notification expenses, acquisition related expenses 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 | |||||||||||||||
September 30, 2024 | (A) | September 30, 2023 | (A) | % Change | Constant Currency(B) | ||||||||||
U.S., Canada, and Latin America | |||||||||||||||
Devices | $ | 384.5 | $ | 345.9 | 11 | % | |||||||||
Masks and other | 322.8 | 292.5 | 10 | ||||||||||||
Total U.S., Canada and Latin America | $ | 707.3 | $ | 638.4 | 11 | ||||||||||
Combined Europe, Asia, and other markets | |||||||||||||||
Devices | $ | 241.3 | $ | 218.8 | 10 | % | 9 | % | |||||||
Masks and other | 119.2 | 105.8 | 13 | 11 | |||||||||||
Total Combined Europe, Asia and other markets | $ | 360.4 | $ | 324.7 | 11 | 10 | |||||||||
Global revenue | |||||||||||||||
Total Devices | $ | 625.8 | $ | 564.7 | 11 | % | 10 | % | |||||||
Total Masks and other | 442.0 | 398.3 | 11 | 11 | |||||||||||
TotalSleep and Breathing Health | $ | 1,067.7 | $ | 963.0 | 11 | 11 | |||||||||
Residential Care Software | 156.8 | 139.3 | 13 | 12 | |||||||||||
Total | $ | 1,224.5 | $ | 1,102.3 | 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.
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FAQ
What was ResMed's (RMD) revenue growth in Q1 2025?
How much did ResMed's (RMD) operating profit increase in Q1 2025?
What is ResMed's (RMD) quarterly dividend for Q1 2025?