Form: 8-K

Current report filing

April 29, 2021

Exhibit 99.1

 

LOGO

 

  
For investors    For media
Amy Wakeham    Jayme Rubenstein
+1 858-836-5000    +1 858-836-6798
investorrelations@resmed.com    news@resmed.com

ResMed Inc. Announces Results for the Third Quarter of Fiscal Year 2021

 

  •  

Year-over-year operating profit up 3%, non-GAAP operating profit up 2%

Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

SAN DIEGO, April 29, 2021 – ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended March 31, 2021.

Third Quarter 2021 Highlights

All comparisons are to the prior year period

 

  •  

Revenue was comparable at $768.8 million; down 3% on a constant currency basis

 

  •  

GAAP gross margin of 58.2%; non-GAAP gross margin contracted 40 bps to 59.6%

 

  •  

Net operating profit increased 3%; non-GAAP operating profit up 2%

 

  •  

GAAP diluted earnings (loss) per share of $(0.54); non-GAAP diluted earnings per share of $1.30

“Our March 2021 quarter results reflect the ongoing recovery of core patient flow across our business, while we anniversary the $35 million of incremental COVID-19 revenue in the same quarter last year. Excluding the COVID-19 revenue from the March 2020 quarter, we achieved positive revenue growth on both a headline and constant currency basis,” said Mick Farrell, ResMed CEO. “Our global team is supporting patients and all of our customers as the most recent waves of COVID-19 cases impact parts of Europe, Asia, and South America. I am extremely proud of our ResMed team as they innovate with new digital pathways for patients to be diagnosed and treated for their sleep apnea, COPD, asthma, and out-of-hospital needs.

“During the quarter we also made substantial progress toward resolving our long-running dispute with the Australian Tax Office. Although we do not have a final agreement, we have taken a reserve of $255 million, reflecting our estimate of the net impact of a potential settlement. Our next steps are to agree on the final terms of a resolution giving us clarity for the future.

“Going forward, we see accelerated awareness of the importance of respiratory health, growing adoption of digital health, and an increased focus on the importance of healthcare delivered at home. We are confident in accelerated growth in patient flow, and ongoing progress toward our goal of improving 250 million lives in out-of-hospital healthcare in 2025.”


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page 2 of 10

 

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

     Three Months Ended  
     March 31,
2021
    March 31,
2020
    % Change     Constant
Currency (A)
 

Revenue

   $ 768.8     $ 769.5       (0 )%      (3 )% 

Gross margin (B)

     58.2     58.4     (0  

Non-GAAP gross margin (B)

     59.6     60.0     (1  

Selling, general, and administrative expenses

     160.4       172.4       (7     (11

Research and development expenses

     55.9       51.4       9       3  

Income from operations

     223.4       217.5       3    

Non-GAAP income from operations (B)

     241.8       237.9       2    

Net income (loss)

     (78.5     163.1       (148  

Non-GAAP net income (B)

     190.4       187.9       1    

Diluted earnings (loss) per share

   $ (0.54   $ 1.12       (148  

Non-GAAP diluted earnings per share (B)

   $ 1.30     $ 1.29       1    

 

     Nine Months Ended  
     March 31,
2021
    March 31,
2020
    % Change     Constant
Currency (A)
 

Revenue

   $ 2,320.7     $ 2,186.7       6     4

Gross margin (B)

     58.1     58.0     0    

Non-GAAP gross margin (B)

     59.8     59.8     —      

Selling, general, and administrative expenses

     488.9       511.3       (4     (7

Research and development expenses

     165.4       149.4       11       7  

Income from operations

     662.0       586.4       13    

Non-GAAP income from operations (B)

     733.4       647.4       13    

Net income

     279.4       443.8       (37  

Non-GAAP net income (B)

     582.2       499.5       17    

Diluted earnings per share

   $ 1.91     $ 3.05       (37  

Non-GAAP diluted earnings per share (B)

   $ 3.98     $ 3.43       16    

 

(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 Third Quarter Results

All comparisons are to the prior year period unless otherwise noted

 

•  

During the March quarter, we derived no incremental revenue from COVID-19 related demand whereas our prior year quarter included incremental revenue in the order of $35 million. Excluding the impact of the incremental COVID-19 related revenue from the prior year quarter, revenue increased by 1 percent on a constant currency basis.

 

•  

Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 2 percent, driven by strong sales across our mask product portfolio, partially offset by lower device sales, including decreased demand for our ventilators due to COVID-19.


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page 3 of 10

 

•  

Revenue in Europe, Asia, and other markets declined by 13 percent on a constant currency basis, primarily driven by lower device sales, including decreased demand for our ventilators due to COVID-19, and flat sales in our mask product portfolio.

 

•  

Software as a Service revenue increased by 5 percent, due to continued growth in resupply service offerings and stabilizing patient flow in out-of-hospital care settings.

 

•  

Gross margin decreased by 20 basis points and non-GAAP gross margin decreased by 40 basis points, mainly due to additional manufacturing costs associated with the transition to our new Singapore site during the quarter, higher freight costs and geographic mix changes.

 

•  

Selling, general, and administrative expenses decreased by 11 percent on a constant currency basis. SG&A expenses improved to 20.9 percent of revenue in the quarter, compared with 22.4 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 3 percent and non-GAAP income from operations increased by 2 percent.

 

•  

Our income tax expense was impacted by the recognition of a $254.8 million reserve in relation to our ongoing dispute with the Australian Tax Office covering tax years 2009-2018.

 

•  

Net loss for the quarter was $78.5 million and diluted loss per share was $0.54, predominantly due to the additional income tax reserve of $254.8 million. Non-GAAP net income grew by 1 percent to $190.4 million and non-GAAP diluted earnings per share grew by 1 percent to $1.30.

 

•  

Cash flow from operations for the quarter was $196.3 million, compared to net loss in the current quarter of $78.5 million and non-GAAP net income of $190.4 million. During the quarter we paid $56.8 million in dividends.

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 May 13, 2021, payable on June 17, 2021. 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 May 12, 2021 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 May 12, 2021 through May 13, 2021, inclusive.


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page  4  of 10

 

Webcast details

ResMed will discuss its third quarter fiscal year 2021 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 “Q3 2021 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 +1 800-585-8367 (U.S.) or +1 416-621-4642 (outside U.S.) and entering the passcode 7757454. The telephone replay will be available until May 13, 2021.

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.

 

– More –


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page  5  of 10

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited; $ in thousands, except for per share amounts)

 

     Three Months Ended     Nine Months Ended  
     March 31,
2021
    March 31,
2020
    March 31,
2021
    March 31,
2020
 

Net revenue

   $ 768,767     $ 769,455     $ 2,320,722     $ 2,186,669  

Cost of sales

     310,585       307,657       933,021       880,633  

Amortization of acquired intangibles (1)

     10,924       12,136       34,066       37,623  

Restructuring - cost of sales (1)

     —         —         5,232       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

   $ 321,509     $ 319,793     $ 972,319     $ 918,256  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

   $ 447,258     $ 449,662     $ 1,348,403     $ 1,268,413  

Selling, general, and administrative

     160,446       172,441       488,904       511,304  

Research and development

     55,941       51,449       165,409       149,425  

Amortization of acquired intangibles (1)

     7,445       8,272       23,377       21,872  

Restructuring - operating expenses (1)

     —         —         8,673       —    

Litigation settlement expenses (1)

     —         —         —         (600
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

   $ 223,832     $ 232,162     $ 686,363     $ 682,001  

Income from operations

     223,426       217,500       662,040       586,412  

Other income (expenses), net:

        

Interest income (expense), net

   $ (5,823   $ (9,852   $ (18,341   $ (30,414

Loss attributable to equity method investments

     (4,969     (5,295     (9,895     (19,082

Other, net

     5,371       (10,698     10,647       (15,922
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses), net

     (5,421     (25,845     (17,589     (65,418
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 218,005     $ 191,655     $ 644,451     $ 520,994  

Income taxes

     296,486       28,518       365,046       77,155  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (78,481   $ 163,137     $ 279,405     $ 443,839  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per share

   $ (0.54   $ 1.13     $ 1.92     $ 3.08  

Diluted earnings (loss) per share

   $ (0.54   $ 1.12     $ 1.91     $ 3.05  

Non-GAAP diluted earnings (loss) per share (1)

   $ 1.30     $ 1.29     $ 3.98     $ 3.43  

Basic shares outstanding

     145,513       144,638       145,217       144,112  

Diluted shares outstanding

     145,513       145,680       146,394       145,490  

 

(1)

See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

 

– More –


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page  6  of 10

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited; $ in thousands)

 

     March 31,
2021
    June 30,
2020
 

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 230,635     $ 463,156  

Accounts receivable, net

     525,014       474,643  

Inventories

     484,061       416,915  

Prepayments and other current assets

     226,440       168,745  
  

 

 

   

 

 

 

Total current assets

   $ 1,466,150     $ 1,523,459  

Non-current assets:

    

Property, plant and equipment, net

   $ 455,106     $ 417,335  

Operating lease right-of-use assets

     128,755       118,348  

Goodwill and other intangibles, net

     2,335,550       2,338,492  

Deferred income taxes and other non-current assets

     200,163       189,742  
  

 

 

   

 

 

 

Total non-current assets

   $ 3,119,574     $ 3,063,917  
  

 

 

   

 

 

 

Total assets

   $ 4,585,724     $ 4,587,376  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

    

Current liabilities:

    

Accounts payable

   $ 117,222     $ 135,786  

Accrued expenses

     304,693       270,353  

Operating lease liabilities, current

     22,499       21,263  

Deferred revenue

     105,342       98,617  

Income taxes payable

     314,795       64,755  

Short-term debt

     11,990       11,987  
  

 

 

   

 

 

 

Total current liabilities

   $ 876,541     $ 602,761  

Non-current liabilities:

    

Deferred revenue

   $ 86,898     $ 87,307  

Deferred income taxes

     12,474       13,011  

Operating lease liabilities, non-current

     115,266       101,880  

Other long-term liabilities

     6,067       8,347  

Long-term debt

     719,046       1,164,133  

Long-term income taxes payable

     60,198       112,910  
  

 

 

   

 

 

 

Total non-current liabilities

   $ 999,949     $ 1,487,588  
  

 

 

   

 

 

 

Total liabilities

   $ 1,876,490     $ 2,090,349  
  

 

 

   

 

 

 

STOCKHOLDERS’ EQUITY:

    

Common stock

   $ 582     $ 580  

Additional paid-in capital

     1,586,545       1,570,694  

Retained earnings

     2,941,336       2,832,991  

Treasury stock

     (1,623,256     (1,623,256

Accumulated other comprehensive income

     (195,973     (283,982
  

 

 

   

 

 

 

Total stockholders’ equity

   $ 2,709,234     $ 2,497,027  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 4,585,724     $ 4,587,376  
  

 

 

   

 

 

 

 

– More –


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page  7  of 10

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

     Nine Months Ended  
     March 31,
2021
    March 31,
2020
 

Cash flows from operating activities:

    

Net income

   $ 279,405     $ 443,839  

Adjustment to reconcile net income to cash provided by operating activities:

    

Depreciation and amortization

     120,034       116,341  

Amortization of right-of-use assets

     25,805       19,524  

Stock-based compensation costs

     47,032       41,421  

Loss attributable to equity method investments

     9,895       19,082  

(Gain) loss on equity investment

     (9,442     14,519  

Restructuring expenses

     8,673       —    

Changes in fair value of business combination contingent consideration

     —         (7

Changes in operating assets and liabilities:

    

Accounts receivable, net

     (39,899     (34,140

Inventories, net

     (48,393     (22,564

Prepaid expenses, net deferred income taxes and other current assets

     (41,036     (68,724

Accounts payable, accrued expenses and other

     158,119       (57,301
  

 

 

   

 

 

 

Net cash provided by operating activities

   $ 510,193     $ 471,990  

Cash flows from investing activities:

    

Purchases of property, plant and equipment

     (74,805     (77,360

Patent registration costs

     (11,149     (7,391

Business acquisitions, net of cash acquired

     (30,704     (27,910

Purchases of investments

     (20,038     (31,616

Proceeds / (Payments) on maturity of foreign currency contracts

     26,306       (32,177
  

 

 

   

 

 

 

Net cash used in investing activities

   $ (110,390   $ (176,454

Cash flows from financing activities:

    

Proceeds from issuance of common stock, net

     18,759       26,112  

Taxes paid related to net share settlement of equity awards

     (49,938     (45,106

Payment of business combination contingent consideration

     (3,500     (302

Proceeds from borrowings, net of borrowing costs

     90,000       990,000  

Repayment of borrowings

     (536,000     (883,012

Dividends paid

     (169,917     (168,610
  

 

 

   

 

 

 

Net cash used in financing activities

   $ (650,596   $ (80,918
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

   $ 18,272     $ (8,885
  

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     (232,521     205,733  

Cash and cash equivalents at beginning of period

     463,156       147,128  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 230,635     $ 352,861  
  

 

 

   

 

 

 

 

– More –


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page 8 of 10

 

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     Nine Months Ended  
     March 31,
2021
    March 31,
2020
    March 31,
2021
    March 31,
2020
 

Revenue

   $ 768,767   $ 769,455   $ 2,320,722   $ 2,186,669

Add back: Deferred revenue fair value adjustment (A)

     —         —         —         2,102
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP revenue

   $ 768,767   $ 769,455   $ 2,320,722   $ 2,188,771

GAAP Cost of sales

   $ 321,509   $ 319,793   $ 972,319   $ 918,256

Less: Amortization of acquired intangibles (A)

     (10,924     (12,136     (34,066     (37,623

Less: Restructuring - cost of sales (A)

     —         —         (5,232     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP cost of sales

   $ 310,585   $ 307,657   $ 933,021   $ 880,633

GAAP gross profit

   $ 447,258   $ 449,662   $ 1,348,403   $ 1,268,413

GAAP gross margin

     58.2     58.4     58.1     58.0

Non-GAAP gross profit

   $ 458,182   $ 461,798   $ 1,387,701   $ 1,308,138

Non-GAAP gross margin

     59.6     60.0     59.8     59.8

The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:

 

     Three Months Ended     Nine Months Ended  
     March 31,
2021
    March 31,
2020
    March 31,
2021
    March 31,
2020
 

GAAP income from operations

   $ 223,426      $ 217,500      $ 662,040      $ 586,412

Amortization of acquired intangibles - cost of sales (A)

     10,924     12,136     34,066     37,623

Amortization of acquired intangibles - operating expenses (A)

     7,445     8,272     23,377     21,872

Restructuring - cost of sales (A)

     —         —         5,232     —    

Restructuring - operating expenses (A)

     —         —         8,673     —    

Deferred revenue fair value adjustment (A)

     —         —         —         2,102

Litigation settlement expenses (A)

     —         —         —         (600
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP income from operations

   $ 241,795        $ 237,908        $ 733,388        $ 647,409     
  

 

 

   

 

 

   

 

 

   

 

 

 


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page  9  of 10

 

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      Nine Months Ended  
     March 31,
2021
     March 31,
2020
     March 31,
2021
    March 31,
2020
 

GAAP net income (loss)

   $ (78,481 )    $  163,137    $  279,405   $  443,839

Amortization of acquired intangibles - cost of sales, net of tax (A)

     8,395      9,287      26,136     28,765

Amortization of acquired intangibles - operating expenses, net of tax (A)

     5,721      6,330      17,936     16,723

Reserve for disputed tax position (A)

     254,776      —          254,776     —    

Restructuring - cost of sales, net of tax (A)

     —          —          4,663     —    

Restructuring - operating expenses, net of tax (A)

     —          —          7,730     —    

(Gain) loss on equity investments (A)

     —          —          (8,476     —    

Fair value impairment of investment (A)

     —          9,100      —         9,100

Deferred revenue fair value adjustment, net of tax (A)

     —          —          —         1,610

Litigation settlement expenses, net of tax (A)

     —          —          —         (528
  

 

 

    

 

 

    

 

 

   

 

 

 

Non-GAAP net income (A)

   $  190,411    $  187,854    $  582,170   $  499,509
  

 

 

    

 

 

    

 

 

   

 

 

 

GAAP diluted shares outstanding

     145,513      145,680      146,394     145,490

Anti-dilutive shares excluded from GAAP

     858      —          —         —    
  

 

 

    

 

 

    

 

 

   

 

 

 

Non-GAAP diluted shares outstanding

     146,371      145,680      146,394     145,490
  

 

 

    

 

 

    

 

 

   

 

 

 

GAAP diluted earnings (loss) per share

   $ (0.54    $ 1.12    $ 1.91   $ 3.05

Non-GAAP diluted earnings per share (A)

   $ 1.30    $ 1.29    $ 3.98   $ 3.43

 

(A)

ResMed adjusts for the impact of the amortization of acquired intangibles, reserve for disputed tax positions, restructuring expenses, deferred revenue fair value adjustment, litigation settlement expenses, the (gain) loss on equity investments and the fair value impairment of investment 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.

 

– More –


RMD Third Quarter 2021 Earnings Press Release – April 29, 2021    Page  10  of 10

 

RESMED INC. AND SUBSIDIARIES

Revenue by Product and Region

(Unaudited; $ in millions, except for per share amounts)

 

     Three Months Ended  
     March 31,
2021 (A)
     March 31,
2020 (A)
     % Change     Constant
Currency (B)
 

U.S., Canada and Latin America

          

Devices

   $  192.9      $  196.5        (2 ) %   

Masks and other

     210.0        197.1        7    
  

 

 

    

 

 

    

 

 

   

Total Sleep and Respiratory Care

   $ 402.9      $ 393.5        2    

Software as a Service

     93.8        89.6        5    
  

 

 

    

 

 

    

 

 

   

Total

   $ 496.7      $ 483.1        3    
  

 

 

    

 

 

    

 

 

   

Combined Europe, Asia and other markets

          

Devices

   $ 172.8      $ 195.0        (11 ) %      (18 ) % 

Masks and other

     99.2        91.3        9       0  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 272.1      $ 286.3        (5     (13

Global revenue

          

Devices

   $ 365.7      $ 391.5        (7 ) %      (10 ) % 

Masks and other

     309.2        288.4        7       4  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 674.9      $ 679.9        (1     (4

Software as a Service

     93.8        89.6        5       5  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 768.8      $ 769.5        (0     (3
  

 

 

    

 

 

    

 

 

   

 

 

 
     Nine Months Ended  
     March 31,
2021 (A)
     March 31,
2020 (A)
     %
Change
    Constant
Currency (B)
 

U.S., Canada and Latin America

          

Devices

   $ 595.3      $ 586.9         

Masks and other

     637.5        584.9        9    
  

 

 

    

 

 

    

 

 

   

Total Sleep and Respiratory Care

   $  1,232.8      $  1,171.8        5    

Software as a Service

     277.8        263.2        6    
  

 

 

    

 

 

    

 

 

   

Total

   $ 1,510.6      $ 1,435.0        5    
  

 

 

    

 

 

    

 

 

   

Combined Europe, Asia and other markets

          

Devices

   $ 536.9      $ 509.3            (1 ) % 

Masks and other

     273.3        242.4        13       6  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 810.1      $ 751.7        8       2  

Global revenue

          

Devices

   $ 1,132.1      $ 1,096.2           

Masks and other

     910.8        827.3        10       8  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 2,042.9      $ 1,923.5        6       4  

Software as a Service

     277.8        263.2        6       6  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 2,320.7      $ 2,186.7        6       4  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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.

 

– End –