ResMed reports double-digit mask revenue 

SAN DIEGO – ResMed reported revenue of $1.2 billion for the third quarter of fiscal year 2024, a 7% increase compared to the prior year period. 

Net income was $300.5 million vs. $232.5 million, a 29% increase. 

“ResMed’s strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and software solutions, leading to double-digit mask and accessories revenue growth along with ongoing operational efficiencies to drive margin improvement and increased profitability, resulting in double-digit growth in both operating profit and earnings per share,” said Mick Farrell, ResMed’s chairman & CEO. “Over 2 billion people worldwide can benefit from a ResMed solution to help them sleep better, breathe better, and receive best-in-class healthcare right where they live. We remain laser-focused on bringing market-leading innovation to customers.” 

Other financial results: 

• Gross margin grew 260 bps to 57.9%; non-GAAP gross margin grew 240 bps to 58.5% 

• Income from operations increased 25%; non-GAAP operating profit up 23% 

• Operating cash flow of $402 million and debt repayments of $220 million 

• Diluted earnings per share of $2.04; non-GAAP diluted earnings per share of $2.13 

In the U.S., Canada and Latin America, ResMed reported a 9% increase in revenue. For Software-as-a-Service, the company reported an 8% increase in revenue. 

Among its highlights in the quarter, ResMed included the introduction of the AirCurve 11 series of non-invasive ventilators and the launch of the AirFit F40 mask in the U.S.