Form: 8-K

Current report filing

August 5, 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 Fourth Quarter of Fiscal Year 2021

 

  •  

Year-over-year revenue grows 14%, operating profit up 8%, non-GAAP operating profit up 7%

 

  •  

Quarterly dividend increases 8% to $0.42 per share

 

  •  

Company to host a virtual Investor Day on September 8, 2021, at 1:30 p.m. PT

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, August 5, 2021 – ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended June 30, 2021.

Fourth Quarter 2021 Highlights

All comparisons are to the prior year period

 

  •  

Revenue increased by 14% to $876.1 million; up 10% on a constant currency basis

 

  •  

Gross margin of 56.0%; non-GAAP gross margin contracted 260 bps to 57.3%

 

  •  

Income from operations increased 8%; non-GAAP operating profit up 7%

 

  •  

Diluted earnings per share of $1.33; non-GAAP diluted earnings per share of $1.35

 

  •  

Quarterly dividend increased by 8% to $0.42 per share

Full Year 2021 Highlights

All comparisons are to the prior year period

 

  •  

Revenue increased 8% to $3.2 billion; up 6% on a constant currency basis

 

  •  

Gross margin of 57.5%; non-GAAP gross margin contracted 70 bps to 59.1%

 

  •  

Income from operations increased 12%; non-GAAP operating profit up 12%

 

  •  

Diluted earnings per share of $3.24; non-GAAP diluted earnings per share of $5.33

“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 healthcare 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% for our ResMed business in the June quarter. We finished the full fiscal year 2021 with 6% revenue growth year-over-year to $3.2 billion, with operating profit up 12% on a non-GAAP basis.


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 2021

     Page  2  of 10  

 

“At this time of incredible demand for ResMed products, we are doing everything we can to increase our manufacturing of sleep and respiratory care devices. Our global team is supporting patients, providers, and physicians with our priority to get products directly into the hands of patients who need therapy most. Looking ahead, we are confident in our ability to grow steadily through our fiscal year 2022 and to deliver for all our stakeholders. We’re driving accelerated adoption of digital health solutions in sleep apnea, COPD, and out-of-hospital care, accelerating our ResMed 2025 strategy. These digital health solutions provide efficiency and lower costs for providers and payers, as well as better quality-of-life and clinical outcomes for patients and physicians, and sustainable growth for all of our ResMed stakeholders.”

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

     Three Months Ended  
     June 30,
2021
    June 30,
2020
    % Change     Constant
Currency (A)
 

Revenue

   $ 876.1     $ 770.3       14     10

Gross margin (B)

     56.0     58.3     (4  

Non-GAAP gross margin (B)

     57.3     59.9     (4  

Selling, general, and administrative expenses

     181.5       165.4       10       4  

Research and development expenses

     59.9       52.5       14       9  

Income from operations

     241.6       223.2       8    

Non-GAAP income from operations (B)

     260.4       243.4       7    

Net income

     195.1       177.8       10    

Non-GAAP net income (B)

     198.4       193.3       3    

Diluted earnings per share

   $ 1.33     $ 1.22       9    

Non-GAAP diluted earnings per share (B)

   $ 1.35     $ 1.33       2    
     Twelve Months Ended  
     June 30,
2021
    June 30,
2020
    % Change     Constant
Currency (A)
 

Revenue

   $ 3,196.8     $ 2,957.0       8     6

Gross margin (B)

     57.5     58.1     (1  

Non-GAAP gross margin (B)

     59.1     59.8     (1  

Selling, general, and administrative expenses

     670.4       676.7       (1     (4

Research and development expenses

     225.3       201.9       12       8  

Income from operations

     903.7       809.7       12    

Non-GAAP income from operations (B)

     993.8       890.9       12    

Net income

     474.5       621.7       (24  

Non-GAAP net income (B)

     780.6       692.8       13    

Diluted earnings per share

   $ 3.24     $ 4.27       (24  

Non-GAAP diluted earnings per share (B)

   $ 5.33     $ 4.76       12    

 

(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.


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 2021

     Page  3  of 10  

 

Discussion of Fourth Quarter Results

All comparisons are to the prior year period unless otherwise noted

 

•  

During the June quarter, we derived incremental respiratory care revenue from COVID-19 related demand of approximately $20.0 million whereas our prior year quarter included incremental revenue of approximately $125.0 million. Excluding the impact of the incremental respiratory care revenue associated with COVID-19, revenue increased by 29 percent on a constant currency basis.

 

•  

Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 18 percent, driven by increased demand for our sleep devices and masks, including 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 our ventilators.

 

•  

Revenue in Europe, Asia, and other markets grew by 2 percent on a constant currency basis, primarily driven by strong sales across our mask product portfolio, partially offset by lower device sales due to the incremental COVID-19 respiratory care revenue generated in the prior year quarter. Excluding the impact of the incremental respiratory care revenue associated with COVID-19, revenue increased by 35 percent on a constant currency basis.

 

•  

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 230 basis points and non-GAAP gross margin decreased by 260 basis points, mainly due to an unfavorable product mix, specifically a proportional increase in lower-margin Sleep devices, lower average selling prices, and unfavorable foreign currency movements.

 

•  

Selling, general, and administrative expenses increased by 4 percent on a constant currency basis. SG&A expenses improved to 20.7 percent of revenue in the quarter, compared with 21.5 percent in the same period of the prior year. These changes in SG&A expenses were mainly due to increases in employee-related expenses, partially offset by a reduction in doubtful debt expenses.

 

•  

Income from operations increased by 8 percent and non-GAAP income from operations increased by 7 percent.

 

•  

Net income grew by 10 percent and diluted earnings per share grew by 9 percent. Non-GAAP net income grew by 3 percent and non-GAAP diluted earnings per share grew by 2 percent, predominantly attributable to strong sales.

 

•  

Cash flow from operations for the quarter was $226.5 million, compared to net income in the current quarter of $195.1 million and non-GAAP net income of $198.4 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 $0.42 per share. The dividend will have a record date of August 19, 2021, payable on September 23, 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 August 18, 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 August 18, 2021, through August 19, 2021, inclusive.     


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 2021

     Page  4  of 10  

 

Webcast details

ResMed will discuss its fourth 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 “Q4 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 +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13721425. The telephone replay will be available until August 19, 2021.

Upcoming Investor Day

ResMed will host a virtual investor day on Wednesday, September 8, 2021, beginning at 1:30 p.m. PT, to discuss its business strategy and growth initiatives. Investors will have the opportunity to watch and listen to a webcast of the virtual event through the Investor Relations section of the ResMed website. A replay will be accessible through the same website. Additional information and registration information will be available approximately two weeks prior to the event at investor.resmed.com.

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 Fourth Quarter 2021 Earnings Press Release – August 5, 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     Twelve Months Ended  
     June 30,
2021
    June 30,
2020
    June 30,
2021
    June 30,
2020
 

Net revenue

   $ 876,103     $ 770,343     $ 3,196,825     $ 2,957,013  

Cost of sales

     374,345       308,991       1,307,366       1,189,624  

Amortization of acquired intangibles (1)

     11,062       11,980       45,127       49,603  

Restructuring - cost of sales (1)

     —         —         5,232       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

   $ 385,407     $ 320,971     $ 1,357,725     $ 1,239,227  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

   $ 490,696     $ 449,372     $ 1,839,100     $ 1,717,786  

Selling, general, and administrative

     181,483       165,385       670,387       676,689  

Research and development

     59,875       52,520       225,284       201,946  

Amortization of acquired intangibles (1)

     7,701       8,220       31,078       30,092  

Restructuring - operating expenses (1)

     —         —         8,673       —    

Litigation settlement expenses (1)

     —         —         —         (600
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

   $ 249,059     $ 226,125     $ 935,422     $ 908,127  

Income from operations

     241,637       223,247       903,678       809,659  

Other income (expenses), net:

        

Interest income (expense), net

   $ (5,286   $ (8,942   $ (23,627   $ (39,356

Loss attributable to equity method investments

     (1,310     (5,976     (11,205     (25,058

Other, net

     4,169       3,765       14,816       (12,157
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses), net

     (2,427     (11,153     (20,016     (76,571
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 239,210     $ 212,094     $ 883,662     $ 733,088  

Income taxes

     44,112       34,259       409,157       111,414  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 195,098     $ 177,835     $ 474,505     $ 621,674  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 1.34     $ 1.23     $ 3.27     $ 4.31  

Diluted earnings per share

   $ 1.33     $ 1.22     $ 3.24     $ 4.27  

Non-GAAP diluted earnings per share (1)

   $ 1.35     $ 1.33     $ 5.33     $ 4.76  

Basic shares outstanding

     145,600       144,792       145,313       144,338  

Diluted shares outstanding

     146,544       145,866       146,451       145,652  

 

(1)

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

 

– More –


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 2021

     Page  6  of 10  

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited; $ in thousands)

 

     June 30,
2021
    June 30,
2020
 

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 295,278     $ 463,156  

Accounts receivable, net

     614,292       474,643  

Inventories

     457,033       416,915  

Prepayments and other current assets

     208,154       168,745  
  

 

 

   

 

 

 

Total current assets

   $ 1,574,757     $ 1,523,459  

Non-current assets:

    

Property, plant and equipment, net

   $ 463,490     $ 417,335  

Operating lease right-of-use assets

     128,575       118,348  

Goodwill and other intangibles, net

     2,320,483       2,338,492  

Deferred income taxes and other non-current assets

     240,820       189,742  
  

 

 

   

 

 

 

Total non-current assets

   $ 3,153,368     $ 3,063,917  
  

 

 

   

 

 

 

Total assets

   $ 4,728,125     $ 4,587,376  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

    

Current liabilities:

    

Accounts payable

   $ 138,008     $ 135,786  

Accrued expenses

     320,599       270,353  

Operating lease liabilities, current

     23,585       21,263  

Deferred revenue

     109,611       98,617  

Income taxes payable

     307,963       64,755  

Short-term debt

     12,000       11,987  
  

 

 

   

 

 

 

Total current liabilities

   $ 911,766     $ 602,761  

Non-current liabilities:

    

Deferred revenue

   $ 91,496     $ 87,307  

Deferred income taxes

     11,319       13,011  

Operating lease liabilities, non-current

     114,779       101,880  

Other long term liabilities

     6,802       8,347  

Long-term debt

     643,351       1,164,133  

Long-term income taxes payable

     62,933       112,910  
  

 

 

   

 

 

 

Total non-current liabilities

   $ 930,680     $ 1,487,588  
  

 

 

   

 

 

 

Total liabilities

   $ 1,842,446     $ 2,090,349  
  

 

 

   

 

 

 

STOCKHOLDERS’ EQUITY:

    

Common stock

   $ 583     $ 580  

Additional paid-in capital

     1,622,199       1,570,694  

Retained earnings

     3,079,640       2,832,991  

Treasury stock

     (1,623,256     (1,623,256

Accumulated other comprehensive income

     (193,487     (283,982
  

 

 

   

 

 

 

Total stockholders’ equity

   $ 2,885,679     $ 2,497,027  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 4,728,125     $ 4,587,376  
  

 

 

   

 

 

 

 

– More –


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 2021

     Page  7  of 10  

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

     Twelve Months Ended  
     June 30,
2021
    June 30,
2020
 

Cash flows from operating activities:

    

Net income

   $ 474,505     $ 621,674  

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

    

Depreciation and amortization

     156,758       154,850  

Amortization of right-of-use assets

     34,760       26,523  

Stock-based compensation costs

     63,927       57,559  

Loss attributable to equity method investments

     11,205       25,058  

(Gain) loss on equity investment

     (14,515     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

     (129,195     54,383  

Inventories, net

     (21,954     (69,881

Prepaid expenses, net deferred income taxes and other current assets

     (58,154     (58,999

Accounts payable, accrued expenses and other

     210,708       (23,424
  

 

 

   

 

 

 

Net cash provided by operating activities

   $ 736,718     $ 802,255  

Cash flows from investing activities:

    

Purchases of property, plant and equipment

     (102,712     (95,330

Patent registration costs

     (14,114     (10,608

Business acquisitions, net of cash acquired

     (39,067     (27,910

Purchases of investments

     (21,788     (31,616

Proceeds / (Payments) on maturity of foreign currency contracts

     19,219       (14,397
  

 

 

   

 

 

 

Net cash used in investing activities

   $ (158,462   $ (179,861

Cash flows from financing activities:

    

Proceeds from issuance of common stock, net

     37,790       48,182  

Taxes paid related to net share settlement of equity awards

     (50,209     (46,061

Payment of business combination contingent consideration

     (3,500     (302

Proceeds from borrowings, net of borrowing costs

     90,000       1,190,000  

Repayment of borrowings

     (612,000     (1,284,012

Dividends paid

     (226,713     (225,093
  

 

 

   

 

 

 

Net cash used in financing activities

   $ (764,632   $ (317,286
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

   $ 18,498     $ 10,920  
  

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     (167,878     316,028  

Cash and cash equivalents at beginning of period

     463,156       147,128  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 295,278     $ 463,156  
  

 

 

   

 

 

 

 

– More –


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 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     Twelve Months Ended  
     June 30,
2021
    June 30,
2020
    June 30,
2021
    June 30,
2020
 

Revenue

   $ 876,103   $ 770,343   $ 3,196,825   $ 2,957,013

Add back: Deferred revenue fair value adjustment (A)

     —         —         —         2,102
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP Revenue

   $ 876,103   $ 770,343   $ 3,196,825   $ 2,959,115

GAAP Cost of sales

   $ 385,407   $ 320,971   $ 1,357,725   $ 1,239,227

Less: Amortization of acquired intangibles (A)

     (11,062     (11,980     (45,127     (49,603

Less: Restructuring - cost of sales (A)

     —         —         (5,232     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP cost of sales

   $ 374,345   $ 308,991   $ 1,307,366   $ 1,189,624

GAAP gross profit

   $ 490,696   $ 449,372   $ 1,839,100   $ 1,717,786

GAAP gross margin

     56.0     58.3     57.5     58.1

Non-GAAP gross profit

   $ 501,758   $ 461,352   $ 1,889,459   $ 1,769,491

Non-GAAP gross margin

     57.3     59.9     59.1     59.8

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

 

     Three Months Ended      Twelve Months Ended  
     June 30,
2021
     June 30,
2020
     June 30,
2021
     June 30,
2020
 

GAAP income from operations

   $ 241,637    $ 223,247    $ 903,678    $ 809,659

Amortization of acquired intangibles - cost of sales (A)

     11,062      11,980      45,127      49,603

Amortization of acquired intangibles - operating expenses (A)

     7,701      8,220      31,078      30,092

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

   $ 260,400    $ 243,447    $ 993,788    $ 890,856
  

 

 

    

 

 

    

 

 

    

 

 

 


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 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      Twelve Months Ended  
     June 30,
2021
    June 30,
2020
     June 30,
2021
    June 30,
2020
 

GAAP net income

   $ 195,098   $ 177,835    $ 474,505   $ 621,674

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

     8,506     9,167      34,642     37,933

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

     5,921     6,290      23,857     23,012

Reserve for disputed tax position (A)

     (6,003     —          248,773     —    

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)

     (5,073     —          (13,549     —    

Fair value impairment of investment (A)

     —         —          —         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)

   $ 198,449   $ 193,292    $ 780,621   $ 692,801
  

 

 

   

 

 

    

 

 

   

 

 

 

GAAP diluted shares outstanding

     146,544     145,866      146,451     145,652

GAAP diluted earnings per share

   $ 1.33   $ 1.22    $ 3.24   $ 4.27

Non-GAAP diluted earnings per share (A)

   $ 1.35   $ 1.33    $ 5.33   $ 4.76

 

(A)

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

 

– More –


RMD Fourth Quarter 2021 Earnings Press Release – August 5, 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  
     June 30,
2021 (A)
     June 30,
2020 (A)
     % Change     Constant
Currency (B)
 

U.S., Canada and Latin America

          

Devices

   $ 268.4      $ 205.9        30  

Masks and other

     203.9        194.7        5    
  

 

 

    

 

 

    

 

 

   

Total Sleep and Respiratory Care

   $ 472.3      $ 400.5        18    

Software as a Service

     95.8        91.5        5    
  

 

 

    

 

 

    

 

 

   

Total

   $ 568.1      $ 492.0        15    
  

 

 

    

 

 

    

 

 

   

Combined Europe, Asia and other markets

          

Devices

   $ 209.5      $ 205.8        2     (6 )% 

Masks and other

     98.5        72.6        36       24  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 308.0      $ 278.3        11       2  

Global revenue

          

Devices

   $ 477.9      $ 411.6        16     12

Masks and other

     302.4        267.2        13       10  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 780.3      $ 678.9        15       11  

Software as a Service

     95.8        91.5        5       5  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 876.1      $ 770.3        14       10  
  

 

 

    

 

 

    

 

 

   

 

 

 
     Twelve Months Ended  
     June 30,
2021 (A)
     June 30,
2020 (A)
     %
Change
    Constant
Currency (B)
 

U.S., Canada and Latin America

          

Devices

   $ 863.7      $ 792.8        9  

Masks and other

     841.5        779.6        8    
  

 

 

    

 

 

    

 

 

   

Total Sleep and Respiratory Care

   $ 1,705.1      $ 1,572.3        8    

Software as a Service

     373.6        354.6        5    
  

 

 

    

 

 

    

 

 

   

Total

   $ 2,078.7      $ 1,927.0        8    
  

 

 

    

 

 

    

 

 

   

Combined Europe, Asia and other markets

          

Devices

   $ 746.4      $ 715.1        4     (2 )% 

Masks and other

     371.7        315.0        18       11  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 1,118.1      $ 1,030.1        9       2  

Global revenue

          

Devices

   $ 1,610.0      $ 1,507.8        7     3

Masks and other

     1,213.2        1,094.6        11       9  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 2,823.2      $ 2,602.4        8       6  

Software as a Service

     373.6        354.6        5       5  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 3,196.8      $ 2,957.0        8       6  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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 –