ResMed shows ‘strength'

SAN DIEGO – ResMed reported revenue increased 14% to $876.1 million for the fourth quarter of 2021 compared to the same period last year. Net income was $195.1 million vs. $177.8 million. 

The company reported revenue increased 8% to $3.2 billion for fiscal year 2021 compared to the previous year. Net income was $474.5 million vs. $621.7 million. 

“Our fourth quarter and full-year fiscal year 2021 results continue to demonstrate the strength and resiliency of our business,” said Mick Farrell, ResMed’s CEO. “During the quarter, we saw the ongoing recovery of core sleep apnea and COPD patient flow across our business, as health care systems continue to adopt new models of patient care. We faced some headwinds this quarter, as we annualized the $125 million in COVID-related ventilator sales from this period in 2020, and we saw some tailwinds from a competitor’s major quality issue that was announced during the quarter. The net result was strong revenue growth of 10% in the June quarter.” 

ResMed reported revenue in the U.S., Canada and Latin America, excluding software as a service, grew 18%, driven by increased demand for sleep devices and masks, including the recovery of core sleep patient flow that was previously impacted by COVID-19, and increased demand, following a recent product recall by one of our competitors, partially offset by decreased COVID-19 related demand for ventilators. 

The company reported revenue for software as a service grew 5%, due to continued growth in resupply service offerings and stabilizing patient flow in out-of-hospital care settings.