ResMed's Farrell calls Q3 'strong'

SAN DIEGO - ResMed reported revenues of $591.6 million for the third quarter of fiscal year 2018, a 15% increase compared to the same quarter last year.

It reported revenues of $317.5 million in the United States, Canada and Latin America, a 7% increase, and revenues of $39.9 million from Brightree, a 14% increase. It reported revenues of $234.2 million in Europe, Asia and other markets, a 16% increase.

ResMed reported a net income of $110.1 million for the third quarter, a 25% increase compared to the same quarter last year.

“We had a strong quarter, with solid revenue growth at the top line, and operating leverage improving the bottom line,” said CEO Mick Farrell.

As part of reporting its financial results, ResMed also disclosed that it has agreed to pay $75.9 million to the Australian Taxation Office in connection with an audit for tax years 2009-13. The ATO asserts that ResMed owes $151.7 million in additional income tax and $38.4 million in accrued interest, but the company has agreed to pay only half that amount, with the remaining amounts due only if it is unsuccessful with its administrative and legal actions to defend itself.