ResMed reports ‘strong growth’

SAN DIEGO – ResMed reported revenue of $914.7 million for the fourth quarter of 2022, a 4% increase compared to the same period in 2021.

It reported revenue of $3.6 billion for fiscal year 2022, a 12% increase compared to 2021.

“Our fourth quarter and full-year fiscal year 2022 results demonstrate strong growth and ResMed’s market leadership,” said Mick Farrell, ResMed’s CEO. “During the quarter, we saw continued adoption of our most advanced platform innovation to date, the 100% cloud-connectable AirSense 11. We launched this solution into several new countries in Europe while continuing to see strong sales in the U.S. We also introduced our newest device to meet the needs of an industry crisis in PAP supply, the AirSense 10 Card-to-Cloud solution, during the quarter. The card-to-cloud device was launched into the U.S. and many other markets and is designed to work without an embedded communications module. This redesign allowed us to increase deliveries to customers and ultimately to get many more patients onto life-saving sleep apnea and respiratory care therapy. Both of these platforms, as well as our legacy, market-leading, 100% cloud-connected AirSense 10 device, will support solid growth throughout FY23.”

ResMed reported revenue in the U.S., Canada, and Latin America, excluding Software-as-a-Service, grew by 12% in the fourth quarter.

By product category, the company reported device sales in the U.S., Canada and Latin America increased 11%, as it benefited from incremental revenue due to a competitor's recall; and masks and other sales increased 13%, reflecting solid resupply revenue.

ResMed reported Software-as-a-Service revenue increased 8%, due to continued growth in its DME category and stabilizing patient flow in out-of-hospital care settings.