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ResMed Inc. Announces Record Financial Results for the Quarter Ended and Six Months Ended December 31, 2010 |
SAN DIEGO, Jan. 27, 2011 /PRNewswire via COMTEX/ -- ResMed Inc. (NYSE: RMD) today announced record revenue and income for the quarter ended December 31, 2010. Revenue for the quarter ended December 31, 2010 was $306.0 million, an 11% increase (a 14% increase on a constant currency basis) over the quarter ended December 31, 2009. For the quarter ended December 31, 2010, income from operations was $69.9 million and net income was $58.5 million, an increase of 21% and 27%, respectively, compared to the quarter ended December 31, 2009. Diluted earnings per share for the quarter ended December 31, 2010 were $0.37, an increase of 23% compared to the quarter ended December 31, 2009.
(Logo: http://photos.prnewswire.com/prnh/20100203/RESMEDLOGO) SG&A expenses were $91.6 million for the quarter ended December 31, 2010, an increase of $7.5 million, or 9% (a 10% increase on a constant currency basis) over the quarter ended December 31, 2009. The increase in SG&A was primarily due to expenses necessary to support sales growth. SG&A costs were 30% of revenue in the quarter ended December 31, 2010, compared to 31% in the quarter ended December 31, 2009. R&D expenses were $22.0 million for the quarter ended December 31, 2010, or 7% of revenue. R&D expenses increased by 15% (a 10% increase on a constant currency basis) compared to the quarter ended December 31, 2009. R&D expenses were negatively impacted by the depreciation of the U.S. dollar against the Australian dollar. The company amortized acquired intangibles of $2.6 million ($1.7 million, net of tax) during the quarter ended December 31, 2010. Stock-based compensation costs incurred during the quarter ended December 31, 2010 of $8.2 million ($5.1 million, net of tax) consisted of expenses associated with stock options, restricted stock units, and our employee stock purchase plan. For the six months ended December 31, 2010, revenue was $588.0 million, an increase of 13% over the six months ended December 31, 2009 (a 15% increase on a constant currency basis). For the six months ended December 31, 2010, income from operations and net income were $136.3 million and $115.2 million, an increase of 23% and 31%, respectively, compared to the six months ended December 31, 2009. Diluted earnings per share for the six months ended December 31, 2010 were $0.73 per diluted share, an increase of 28% compared to the six months ended December 31, 2009. Inventory, at $214.9 million, increased by $29.2 million compared to June 30, 2010. Accounts receivable days sales outstanding, at 67 days, decreased by 4 days compared to June 30, 2010. Kieran T. Gallahue, President and Chief Executive Officer, commented, "In the second quarter of fiscal 2011 we continued to show strong growth year-over-year especially in Europe and the Asia-Pacific region. Revenue in the Americas increased by 10% to $163.2 million over the prior year's quarter. Revenue outside the Americas increased by 12% to $142.8 million over the prior year's quarter, or a 17% increase on a constant currency basis. The growth in flow generators was mainly driven by sales of the S9(TM) AutoSet. Masks sales did extremely well in all regions with the recent launches of several new masks across all categories. Operating profit for the December quarter was $69.9 million and cash flow from operations was $68.3 million, demonstrating excellent operating performance. "We expect the growth of all of our products to continue to benefit from the vastly under-penetrated and growing sleep-disordered breathing market. The findings from clinical studies continue to demonstrate the importance of diagnosing and treating sleep-disordered breathing (SDB). During the quarter, new 10-year study results published in the Journal of the American Heart Association showed that severe obstructive sleep apnea increased the risk of fatal and non-fatal cardiovascular events two-to five fold and can increase the risk of stroke. Recommendations were made for evaluation of SDB particularly for those with obesity, hypertension, heart disease or drug-resistant hypertension(1). Increasingly, there is evidence coming to light that early intervention in the treatment of SDB may slow or prevent the progression of these co-morbidities. The increase in awareness of the role that SDB plays in these costly and debilitating co-morbidities and in the reduction in workplace safety and productivity, should continue to be a major driver of market expansion." |
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i can't recall a quarter that wasn't record revenue for RMD. these guys are killing it. they're not at all interested in the Sleep Apnea patient except as a line item on their income statement, but no one can argue that they know how to make a dollar.
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