ResMed reports double-digit growth, announces software acquisition

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Friday, January 31, 2020

SAN DIEGO – ResMed reported net revenues of $736.2 million for the second quarter ended Dec. 31, 2019, compared to $651.1 million for the same period in 2018, a 13% increase.

Net income was $160.6 million compared to $124.6 million, a 29% increase.

“We had a strong December quarter with double-digit top-line growth and further gross margin expansion, as well as continued fiscal discipline that resulted in improvements in operating leverage and double-digit growth at the bottom line,” said Mick Farrell, ResMed’s CEO. “We are seeing continued strong customer demand for our new products, particularly in masks and accessories with another quarter of high-teens growth in that category.”

For the six months ended Dec. 31, 2019, ResMed reported revenue of $1.42 billion vs. $1.24 billion for the previous period, a 14% increase. Net income was $280.7 million vs. $230.4 million, a 22% increase.

As part of its financial results, ResMed announced that Brightree has agreed to acquire SnapWorx, a software company providing patient contact management and workflow optimization for the sleep apnea resupply market.

“SnapWorx’s software platform automates workflow and document retrieval in ways that complement Brightree’s industry-leading, multi-channel resupply solution,” ResMed stated in a press release on its results. “The combination of Brightree ReSupply’s technology and live call services with SnapWorx creates the most comprehensive set of resupply solutions in the industry.”

The transaction is expected to close “shortly.”