ResMed boasts double-digit growth, with ‘more runway ahead’

Tuesday, January 23, 2018

SAN DIEGO – ResMed on Jan. 22 reported revenues of $601.3 million for the second quarter of fiscal year 2018, a 13% increased compared to the same quarter last year. Revenues in the U.S., Canada and Latin America, excluding Brightree, were $329.2 million, a 12% increase. Revenues from Brightree were $38.7 million, a 14% increase. Revenues in Europe, Asia and other markets were $233.4 million, an 8% increase. "We had a strong quarter with double-digit revenue and operating profit growth," said Mick Farrell, ResMed's CEO. "Our masks have performed well around the world, device sales are solid, and our cloud-based software continues to grow rapidly. Our operating excellence initiatives are achieving leverage in the business with more runway ahead." ResMed reported net income of $9.5 million, an 88% decrease. The company noted the impact of tax reform, including an additional income tax expense of $119.9 million, of which $10.5 million has been recorded as income taxes payable and $109.4 million as long-term income taxes payable. The lower corporate tax rate results in a reduction of net deferred tax assets and in increase in income tax expense of $6.7 million.