ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended June 30, 2020.
Fourth Quarter 2020 Highlights
All comparisons are to the prior year period
- Revenue increased 9% to $770.3 million; up 10% on a constant currency basis
- GAAP gross margin of 58.3%; non-GAAP gross margin expanded 60 bps to 59.9%
- Net operating profit increased 84%; non-GAAP operating profit up 24%
- GAAP diluted earnings per share of $1.22; non-GAAP diluted earnings per share of $1.33
Full Year 2020 Highlights
All comparisons are to the prior year period
- Revenue increased 13% to $3.0 billion; up 15% on a constant currency basis
- GAAP gross margin of 58.1%; non-GAAP gross margin expanded 80 bps to 59.8%
- Net operating profit increased 40%; non-GAAP operating profit up 24%
- GAAP diluted earnings per share of $4.27; non-GAAP diluted earnings per share of $4.76
“Our fourth quarter results reflect the strength and resiliency of our business in today’s uncertain environment. We finished fiscal year 2020 with double-digit revenue growth to $3.0 billion and operating profit up 24% on a non-GAAP basis,” said Mick Farrell, ResMed’s CEO. “Throughout our fiscal fourth quarter, we continued to support the COVID-19 pandemic response through increased manufacturing of our ventilators, including bilevels, and ventilation mask systems while also supporting our customers with digital health solutions and other innovative tools to enable remote care for patients. Looking ahead, we are confident in our ability to navigate through the ongoing challenging clinical and economic environment to deliver for all our stakeholders. Sleep labs and physician practices are reopening across many geographies, and we’re seeing accelerated adoption of digital health solutions which supports our long-term strategy. We remain vigilant and thoughtful about the outlook for our business as we continue to serve our customers, and we believe our strong foundation will accelerate our growth over the longer term.”
Financial Results and Operating Metrics | ||||||||||||||
Unaudited; $ in millions, except for per share amounts | ||||||||||||||
Three Months Ended | ||||||||||||||
June 30,
|
June 30,
| % Change |
Constant
| |||||||||||
Revenue | $ | 770.3 | $ | 705.0 | 9 | % | 10 | % | ||||||
Gross margin (B) | 58.3 | % | 57.1 | % | 2 | |||||||||
Non-GAAP gross margin (B) | 59.9 | % | 59.3 | % | 1 | |||||||||
Selling, general and administrative expenses | 165.4 | 171.6 | (4) | 0 | ||||||||||
Research and development expenses | 52.5 | 51.1 | 3 | 4 | ||||||||||
Income from operations | 223.2 | 121.1 | 84 | |||||||||||
Non-GAAP income from operations (B) | 243.4 | 196.2 | 24 | |||||||||||
Net income | 177.8 | 68.8 | 158 | |||||||||||
Non-GAAP net income (B) | 193.3 | 137.6 | 40 | |||||||||||
Diluted earnings per share | $ | 1.22 | $ | 0.48 | 154 | |||||||||
Non-GAAP diluted earnings per share (B) | $ | 1.33 | $ | 0.95 | 40 | |||||||||
Twelve Months Ended | ||||||||||||||
June 30,
|
June 30,
| % Change |
Constant
| |||||||||||
Revenue | $ | 2,957.0 | $ | 2,606.6 | 13 | % | 15 | % | ||||||
Gross margin (B) | 58.1 | % | 57.3 | % | 1 | |||||||||
Non-GAAP gross margin (B) | 59.8 | % | 59.0 | % | 1 | |||||||||
Selling, general and administrative expenses | 676.7 | 645.0 | 5 | 7 | ||||||||||
Research and development expenses | 201.9 | 180.7 | 12 | 14 | ||||||||||
Income from operations | 809.7 | 579.3 | 40 | |||||||||||
Non-GAAP income from operations (B) | 890.9 | 716.3 | 24 | |||||||||||
Net income | 621.7 | 404.6 | 54 | |||||||||||
Non-GAAP net income (B) | 692.8 | 526.4 | 32 | |||||||||||
Diluted earnings per share | $ | 4.27 | $ | 2.80 | 53 | |||||||||
Non-GAAP diluted earnings per share (B) | $ | 4.76 | $ | 3.64 | 31 | |||||||||
(A) | In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP. | |
(B) | See the reconciliation of non-GAAP financial measures in the table at the end of the press release. |
Discussion of Fourth Quarter Results
All comparisons are to the prior year period unless otherwise noted
- Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 4 percent, driven by strong sales across our mask product portfolio and increased demand for our ventilators due to COVID-19, partially offset by a decrease in demand for our sleep devices.
- Revenue in combined Europe, Asia, and other markets grew by 22 percent on a constant currency basis, primarily driven by sales across our device product portfolio, including increased demand for our ventilators due to COVID-19.
- Software as a Service revenue increased by 7 percent, due to continued growth in resupply service offerings and stabilizing patient flow in out-of-hospital care settings.
- Gross margin expanded by 120 basis points while non-GAAP gross margin expanded by 60 basis points. These expansions were primarily due to benefits from product mix changes, partially offset by declines in manufacturing and procurement efficiencies driven by higher air freight costs.
- Selling, general, and administrative expenses decreased by 4 percent or consistent on a constant currency basis. SG&A expenses improved to 21.5 percent of revenue in the quarter, compared with 24.3 percent in the same period of the prior year. These changes in SG&A expenses were mainly due to savings in travel and other cost management as a result of the COVID-19 pandemic.
- Income from operations increased by 84 percent and non-GAAP income from operations increased by 24 percent.
- Net income grew by 158 percent and diluted earnings per share grew by 154 percent, largely attributable to the impact of legal settlement expenses in the prior year. Non-GAAP net income grew by 40 percent and non-GAAP diluted earnings per share grew by 40 percent, predominantly attributable to strong ventilator device sales and controlled operating costs.
- Cash flow from operations for the quarter was $330.3 million, compared to net income in the current quarter of $177.8 million. During the quarter we paid $56.5 million in dividends.
Other Business and Operational Highlights
- Accelerated the launch of cloud-based remote monitoring software for ventilators and Lumis devices across Europe, via the AirView platform. Through the new release, clinicians and care providers can remotely monitor patients’ respiratory rate and blood oxygen saturation, two key indicators to track changes in a respiratory patient's condition.
- Launched ResMed MaskSelector, a digital tool to make remote patient mask selection and sizing easier and more effective, helping patients receive the care they need from home. ResMed MaskSelector creates personalized ResMed mask recommendations based on a patient’s sleep attributes and facial measurements enabling HMEs to support patients when they can’t physically set them due to physical distancing.
Dividend program
The ResMed board of directors today declared a quarterly cash dividend of $0.39 per share. The dividend will have a record date of August 20, 2020, payable on September 24, 2020. The dividend will be paid in U.S. currency to holders of ResMed’s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be August 19, 2020, for common stockholders and for CDI holders. ResMed has received a waiver from the ASX’s settlement operating rules, which will allow ResMed to defer processing conversions between its common stock and CDI registers from August 19, 2020, through August 20, 2020, inclusive.
Webcast details
ResMed will discuss its fourth quarter fiscal year 2020 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on ResMed’s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the “Q4 2020 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately two hours after the webcast by dialing +1 833-241-4253 (U.S.) or +1 647-689-4204 (outside U.S.) and entering the passcode 2498310. The telephone replay will be available until August 19, 2020.
About ResMed
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.
Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, litigation, and tax outlook – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.
RESMED INC. AND SUBSIDIARIES | ||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||
(Unaudited; $ in thousands, except for per share amounts) | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
| |||||||||
Net revenue | $ | 770,343 | $ | 704,964 | $ | 2,957,013 | $ | 2,606,572 | ||||
Cost of sales | 308,991 | 287,114 | 1,189,624 | 1,069,987 | ||||||||
Amortization of acquired intangibles (1) | 11,980 | 15,418 | 49,603 | 42,514 | ||||||||
Total cost of sales | $ | 320,971 | $ | 302,532 | $ | 1,239,227 | $ | 1,112,501 | ||||
Gross profit | $ | 449,372 | $ | 402,432 | $ | 1,717,786 | $ | 1,494,071 | ||||
Selling, general and administrative | 165,385 | 171,600 | 676,689 | 645,010 | ||||||||
Research and development | 52,520 | 51,138 | 201,946 | 180,651 | ||||||||
Amortization of acquired intangibles (1) | 8,220 | 8,019 | 30,092 | 32,424 | ||||||||
Restructuring expenses (1) | - | 9,401 | - | 9,401 | ||||||||
Litigation settlement expenses (1) | - | 41,199 | (600) | 41,199 | ||||||||
Acquisition-related expenses (1) | - | - | - | 6,123 | ||||||||
Total operating expenses | $ | 226,125 | $ | 281,357 | $ | 908,127 | $ | 914,808 | ||||
Income from operations | 223,247 | 121,075 | 809,659 | 579,263 | ||||||||
Other income (expenses), net: | ||||||||||||
Interest income (expense), net | $ | (8,942) | $ | (12,264) | $ | (39,356) | $ | (33,857) | ||||
Loss attributable to equity method investments | (5,976) | (6,463) | (25,058) | (15,833) | ||||||||
Other, net | 3,765 | (6,587) | (12,157) | (10,726) | ||||||||
Total other income (expenses), net | (11,153) | (25,314) | (76,571) | (60,416) | ||||||||
Income before income taxes | $ | 212,094 | $ | 95,761 | $ | 733,088 | $ | 518,847 | ||||
Income taxes | 34,259 | 26,964 | 111,414 | 114,255 | ||||||||
Net income | $ | 177,835 | $ | 68,797 | $ | 621,674 | $ | 404,592 | ||||
Basic earnings per share | $ | 1.23 | $ | 0.48 | $ | 4.31 | $ | 2.83 | ||||
Diluted earnings per share | $ | 1.22 | $ | 0.48 | $ | 4.27 | $ | 2.80 | ||||
Non-GAAP diluted earnings per share (1) | $ | 1.33 | $ | 0.95 | $ | 4.76 | $ | 3.64 | ||||
Basic shares outstanding | 144,792 | 143,435 | 144,338 | 143,111 | ||||||||
Diluted shares outstanding | 145,866 | 144,687 | 145,652 | 144,484 | ||||||||
(1) | See the reconciliation of non-GAAP financial measures in the table at the end of the press release. |
RESMED INC. AND SUBSIDIARIES | ||||||
Condensed Consolidated Balance Sheets | ||||||
(Unaudited; $ in thousands) | ||||||
June 30,
|
June 30,
| |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 463,156 | $ | 147,128 | ||
Accounts receivable, net | 474,643 | 528,484 | ||||
Inventories | 416,915 | 349,641 | ||||
Prepayments and other current assets | 168,745 | 120,113 | ||||
Total current assets | $ | 1,523,459 | $ | 1,145,366 | ||
Non-current assets: | ||||||
Property, plant and equipment, net | $ | 417,335 | $ | 387,460 | ||
Operating lease right-of-use assets | 118,348 | - | ||||
Goodwill and other intangibles, net | 2,338,492 | 2,378,399 | ||||
Deferred income taxes and other non-current assets | 189,742 | 196,457 | ||||
Total non-current assets | $ | 3,063,917 | $ | 2,962,316 | ||
Total assets | $ | 4,587,376 | $ | 4,107,682 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 135,786 | $ | 115,725 | ||
Accrued expenses | 270,353 | 266,359 | ||||
Operating lease liabilities, current | 21,263 | - | ||||
Deferred revenue | 98,617 | 88,667 | ||||
Income taxes payable | 64,755 | 73,248 | ||||
Short-term debt | 11,987 | 11,992 | ||||
Total current liabilities | $ | 602,761 | $ | 555,991 | ||
Non-current liabilities: | ||||||
Deferred revenue | $ | 87,307 | $ | 81,143 | ||
Deferred income taxes | 13,011 | 11,380 | ||||
Operating lease liabilities, non-current | 101,880 | - | ||||
Other long term liabilities | 8,347 | 2,058 | ||||
Long-term debt | 1,164,133 | 1,258,861 | ||||
Long-term income taxes payable | 112,910 | 126,056 | ||||
Total non-current liabilities | $ | 1,487,588 | $ | 1,479,498 | ||
Total liabilities | $ | 2,090,349 | $ | 2,035,489 | ||
STOCKHOLDERS’ EQUITY: | ||||||
Common stock | $ | 580 | $ | 575 | ||
Additional paid-in capital | 1,570,694 | 1,511,473 | ||||
Retained earnings | 2,832,991 | 2,436,410 | ||||
Treasury stock | (1,623,256) | (1,623,256) | ||||
Accumulated other comprehensive income | (283,982) | (253,009) | ||||
Total stockholders’ equity | $ | 2,497,027 | $ | 2,072,193 | ||
Total liabilities and stockholders' equity | $ | 4,587,376 | $ | 4,107,682 | ||
RESMED INC. AND SUBSIDIARIES | ||||||
Condensed Consolidated Statements of Cash Flows | ||||||
(Unaudited; $ in thousands) | ||||||
Twelve Months Ended | ||||||
June 30,
|
June 30,
| |||||
Cash flows from operating activities: | ||||||
Net income | $ | 621,674 | $ | 404,592 | ||
Adjustment to reconcile net income to cash provided by operating activities: | ||||||
Depreciation and amortization | 154,850 | 150,795 | ||||
Amortization of right-of-use-assets | 26,523 | - | ||||
Stock-based compensation costs | 57,559 | 52,073 | ||||
Loss attributable to equity method investments | 25,058 | 15,833 | ||||
Impairment of equity investments | 14,519 | 15,007 | ||||
Gain on previously held equity interest | - | (1,909) | ||||
Changes in fair value of business combination contingent consideration | (7) | (286) | ||||
Changes in operating assets and liabilities, net of effect of acquisitions: | ||||||
Accounts receivable, net | 54,383 | (18,013) | ||||
Inventories, net | (69,881) | (84,188) | ||||
Prepaid expenses, net deferred income taxes and other current assets | (58,999) | (47,575) | ||||
Accounts payable, accrued expenses and other | (23,424) | (27,278) | ||||
Net cash provided by operating activities | $ | 802,255 | $ | 459,051 | ||
Cash flows from investing activities: | ||||||
Purchases of property, plant and equipment | (95,330) | (68,710) | ||||
Patent registration costs | (10,608) | (8,632) | ||||
Business acquisitions, net of cash acquired | (27,910) | (951,383) | ||||
Purchases of investments | (31,616) | (46,717) | ||||
Proceeds / (Payments) on maturity of foreign currency contracts | (14,397) | (264) | ||||
Net cash used in investing activities | $ | (179,861) | $ | (1,075,706) | ||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock, net | 48,182 | 36,727 | ||||
Taxes paid related to net share settlement of equity awards | (46,061) | (28,104) | ||||
Purchases of treasury stock | - | (22,844) | ||||
Payment of business combination contingent consideration | (302) | (909) | ||||
Proceeds from borrowings, net of borrowing costs | 1,190,000 | 1,519,230 | ||||
Repayment of borrowings | (1,284,012) | (711,745) | ||||
Dividends paid | (225,093) | (211,712) | ||||
Net cash (used in) / provided by financing activities | $ | (317,286) | $ | 580,643 | ||
Effect of exchange rate changes on cash | $ | 10,920 | $ | (5,561) | ||
Net increase / (decrease) in cash and cash equivalents | 316,028 | (41,573) | ||||
Cash and cash equivalents at beginning of period | 147,128 | 188,701 | ||||
Cash and cash equivalents at end of period | $ | 463,156 | $ | 147,128 | ||
RESMED INC. AND SUBSIDIARIES | |||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
(Unaudited; $ in thousands, except for per share amounts) | |||||||||||||||
The measures “non-GAAP gross profit” and “non-GAAP gross margin” excludes amortization expense from acquired intangibles related to cost of sales and are reconciled below: | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
| ||||||||||||
Revenue | $ | 770,343 | $ | 704,964 | $ | 2,957,013 | $ | 2,606,572 | |||||||
Add back: Deferred revenue fair value adjustment (A) | - | 1,065 | 2,102 | 5,348 | |||||||||||
Non-GAAP Revenue | $ | 770,343 | $ | 706,029 | $ | 2,959,115 | $ | 2,611,920 | |||||||
GAAP Cost of sales | $ | 320,971 | $ | 302,532 | $ | 1,239,227 | $ | 1,112,501 | |||||||
Less: Amortization of acquired intangibles (A) | (11,980) | (15,418) | (49,603) | (42,514) | |||||||||||
Non-GAAP cost of sales | $ | 308,991 | $ | 287,114 | $ | 1,189,624 | $ | 1,069,987 | |||||||
GAAP gross profit | 449,372 | 402,432 | 1,717,786 | 1,494,071 | |||||||||||
GAAP gross margin | 58.3 | % | 57.1 | % | 58.1 | % | 57.3 | % | |||||||
Non-GAAP gross profit | 461,352 | 418,915 | 1,769,491 | 1,541,933 | |||||||||||
Non-GAAP gross margin | 59.9 | % | 59.3 | % | 59.8 | % | 59.0 | % | |||||||
The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below: | ||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
| |||||||||||
GAAP income from operations | $ | 223,247 | $ | 121,075 | $ | 809,659 | $ | 579,263 | ||||||
Amortization of acquired intangibles - cost of sales (A) | 11,980 | 15,418 | 49,603 | 42,514 | ||||||||||
Amortization of acquired intangibles - operating expenses (A) | 8,220 | 8,019 | 30,092 | 32,424 | ||||||||||
Deferred revenue fair value adjustment (A) | - | 1,065 | 2,102 | 5,348 | ||||||||||
Restructuring expenses (A) | - | 9,401 | - | 9,401 | ||||||||||
Litigation settlement expenses (A) | - | 41,199 | (600) | 41,199 | ||||||||||
Acquisition related expenses (A) | - | - | - | 6,123 | ||||||||||
Non-GAAP income from operations | $ | 243,447 | $ | 196,177 | $ | 890,856 | $ | 716,272 | ||||||
RESMED INC. AND SUBSIDIARIES | |||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
(Unaudited; $ in thousands, except for per share amounts) | |||||||||||||||
The measures "non-GAAP net income" and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below: | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
| ||||||||||||
GAAP net income | $ | 177,835 | $ | 68,797 | $ | 621,674 | $ | 404,592 | |||||||
Amortization of acquired intangibles - cost of sales, net of tax (A) | 9,167 | 11,447 | 37,933 | 32,477 | |||||||||||
Amortization of acquired intangibles - operating expenses, net of tax (A) | 6,290 | 5,954 | 23,012 | 24,769 | |||||||||||
Deferred revenue fair value adjustment, net of tax (A) | - | 786 | 1,610 | 4,067 | |||||||||||
Restructuring expenses, net of tax (A) | - | 7,205 | - | 7,205 | |||||||||||
Litigation settlement expenses, net of tax (A) | - | 36,248 | (528) | 36,248 | |||||||||||
Fair value impairment of investment (A) | - | 5,000 | 9,100 | 5,000 | |||||||||||
U.S. tax reform | - | 2,149 | - | 6,654 | |||||||||||
Acquisition-related expenses (A) | - | - | - | 5,362 | |||||||||||
Non-GAAP net income (A) | $ | 193,292 | $ | 137,586 | $ | 692,801 | $ | 526,374 | |||||||
Diluted shares outstanding | 145,866 | 144,687 | 145,652 | 144,484 | |||||||||||
GAAP diluted earnings per share | $ | 1.22 | $ | 0.48 | $ | 4.27 | $ | 2.80 | |||||||
Non-GAAP diluted earnings per share (A) | $ | 1.33 | $ | 0.95 | $ | 4.76 | $ | 3.64 | |||||||
(A) | ResMed adjusts for the impact of the amortization of acquired intangibles, deferred revenue fair value adjustment, restructuring expenses, litigation settlement expenses, fair value impairment of investment, the impact of U.S. tax reform on income tax expense and acquisition-related expenses from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance. | |
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP. |
RESMED INC. AND SUBSIDIARIES | ||||||||||||
Revenue by Product and Region | ||||||||||||
(Unaudited; $ in millions, except for per share amounts) | ||||||||||||
Three Months Ended | ||||||||||||
June 30, 2020 (A) | June 30, 2019 (A) | % Change |
Constant
| |||||||||
U.S., Canada and Latin America | ||||||||||||
Devices | $ | 205.9 | $ | 202.9 | 1 | % | ||||||
Masks and other | 194.7 | 182.6 | 7 | |||||||||
Total Sleep and Respiratory Care | $ | 400.5 | $ | 385.5 | 4 | |||||||
Software as a Service | 91.5 | 85.2 | 7 | |||||||||
Total | $ | 492.0 | $ | 470.7 | 5 | |||||||
Combined Europe, Asia and other markets | ||||||||||||
Devices | $ | 205.8 | $ | 155.5 | 32 | % | 35 | % | ||||
Masks and other | 72.6 | 78.8 | - 8 | - 6 | ||||||||
Total Sleep and Respiratory Care | $ | 278.3 | $ | 234.3 | 19 | 22 | ||||||
Global revenue | ||||||||||||
Devices | $ | 411.6 | $ | 358.4 | 15 | % | 16 | % | ||||
Masks and other | 267.2 | 261.4 | 2 | 3 | ||||||||
Total Sleep and Respiratory Care | $ | 678.9 | $ | 619.8 | 10 | 11 | ||||||
Software as a Service | 91.5 | 85.2 | 7 | 7 | ||||||||
Total | $ | 770.3 | $ | 705.0 | 9 | 10 | ||||||
Twelve Months Ended | ||||||||||||
June 30, 2020 (A) | June 30, 2019 (A) | % Change |
Constant
| |||||||||
U.S., Canada and Latin America | ||||||||||||
Devices | $ | 792.8 | $ | 743.1 | 7 | % | ||||||
Masks and other | 779.6 | 677.4 | 15 | |||||||||
Total Sleep and Respiratory Care | $ | 1,572.3 | $ | 1,420.5 | 11 | |||||||
Software as a Service | 354.6 | 275.8 | 29 | |||||||||
Total | $ | 1,927.0 | $ | 1,696.3 | 14 | |||||||
Combined Europe, Asia and other markets | ||||||||||||
Devices | $ | 715.1 | $ | 618.5 | 16 | % | 19 | % | ||||
Masks and other | 315.0 | 291.8 | 8 | 11 | ||||||||
Total Sleep and Respiratory Care | $ | 1,030.1 | $ | 910.3 | 13 | 16 | ||||||
Global revenue | ||||||||||||
Devices | $ | 1,507.8 | $ | 1,361.6 | 11 | % | 12 | % | ||||
Masks and other | 1,094.6 | 969.2 | 13 | 14 | ||||||||
Total Sleep and Respiratory Care | $ | 2,602.4 | $ | 2,330.8 | 12 | 13 | ||||||
Software as a Service | 354.6 | 275.8 | 29 | 29 | ||||||||
Total | $ | 2,957.0 | $ | 2,606.6 | 13 | 15 | ||||||
(A) | Totals and subtotals may not add due to rounding. | |
| (B) | In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200805005938/en/
Contacts:
Amy Wakeham
+1 858-836-5000
investorrelations@resmed.com
