ResMed ‘encouraged’ by sequential improvements in patient volume

Friday, October 30, 2020

SAN DIEGO – ResMed reported revenue of $751.9 million for the first quarter of its fiscal year 2021, a 10% increase compared to the same period in 2020. Net income was $178.4 million vs. $120.1 million, a 48% increase. Revenue in the U.S., Canada and Latin America, excluding the company’s Software as a Service, grew 9%, driven by strong sales of masks and increased demand for ventilators due to the COVID-19 pandemic, partially offset by a decrease in demand for sleep devices. “Our first quarter results reflect solid performance and positive trends across our business,” said CEO Mick Farrell. “During the quarter, we continued to support the global COVID-19 pandemic response, providing ventilators, masks, and circuits to countries in need around the world. In our core markets of sleep apnea, COPD and asthma, we are encouraged by the sequential improvement in new patient volume, as well as the ongoing strong adoption of our mask and accessories resupply programs.” Revenue for SaaS grew 6%, driven by continued growth in resupply service offerings and stabilizing patient flow in out-of-hospital care settings. ResMed noted the following highlights from the quarter: It launched the AirTouch N20 foam CPAP mask with a memory foam cushion; received Good Design Australia Awards in the Product Design Category for its AirFit N30 and F30i masks; and saw Farrell named Large Public Company CEO of the Year by the San Diego Business Journal.