Form: 8-K

Current report filing

April 25, 2024

Exhibit 99.1

 

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+1 858-836-5000   

+1 619-510-1281

investorrelations@resmed.com   

news@resmed.com

ResMed Inc. Announces Results for the Third Quarter of Fiscal Year 2024

 

  •  

Year-over-year revenue grows 7%, operating profit up 25%, non-GAAP operating profit up 23%

 

  •  

Operating cash flows of $402 million

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 25, 2024 – ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended March 31, 2024.

Third Quarter 2024 Highlights

All comparisons are to the prior year period

 

  •  

Revenue increased by 7% to $1.2 billion; up 7% on a constant currency basis

 

  •  

Gross margin grew 260 bps to 57.9%; non-GAAP gross margin grew 240 bps to 58.5%

 

  •  

Income from operations increased 25%; non-GAAP operating profit up 23%

 

  •  

Operating cash flow of $402 million and debt repayments of $220 million

 

  •  

Diluted earnings per share of $2.04; non-GAAP diluted earnings per share of $2.13

“ResMed’s strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and software solutions, leading to double-digit mask and accessories revenue growth along with ongoing operational efficiencies to drive margin improvement and increased profitability, resulting in double-digit growth in both operating profit and earnings per share,” said Mick Farrell, ResMed’s Chairman & CEO. “Over 2 billion people worldwide can benefit from a ResMed solution to help them sleep better, breathe better, and receive best-in-class healthcare right where they live. We remain laser-focused on bringing market-leading innovation to customers, including our latest AirCurve11 range of non-invasive ventilators and our recently launched AirFit F40 mask system, combined with our entire portfolio of products, software, and solutions, allowing us to continue to deliver value for all our stakeholders.”


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    Page 2 of 10

 

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

     Three Months Ended  
     March 31,
2024
    March 31,
2023
    % Change     Constant
Currency (A)
 

Revenue

   $ 1,197.0     $ 1,116.9       7     7

Gross margin

     57.9     55.3     5    

Non-GAAP gross margin (B)

     58.5     56.1     4    

Selling, general, and administrative expenses

     229.9       228.5       1       1  

Research and development expenses

     77.1       76.4       1       2  

Income from operations

     374.6       300.7       25    

Non-GAAP income from operations (B)

     393.6       321.2       23    

Net income

     300.5       232.5       29    

Non-GAAP net income (B)

     314.4       247.8       27    

Diluted earnings per share

   $ 2.04     $ 1.58       29    

Non-GAAP diluted earnings per share (B)

   $ 2.13     $ 1.68       27    

 

     Nine Months Ended  
     March 31,
2024
    March 31,
2023
    % Change     Constant
Currency (A)
 

Revenue

   $ 3,462.1     $ 3,100.9       12     11

Gross margin

     56.0     56.1     —     

Non-GAAP gross margin (B)

     57.2     56.8     1    

Selling, general, and administrative expenses

     674.9       633.3       7       6  

Research and development expenses

     226.7       209.5       8       9  

Income from operations

     938.7       856.6       10    

Non-GAAP income from operations (B)

     1,077.9       917.5       17    

Net income

     728.7       667.9       9    

Non-GAAP net income (B)

     833.0       714.3       17    

Diluted earnings per share

   $ 4.94     $ 4.53       9    

Non-GAAP diluted earnings per share (B)

   $ 5.65     $ 4.85       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

 

  •  

Revenue grew by 7 percent on a constant currency basis, driven by increased demand for our sleep devices, as well as strong growth across our mask product portfolio.

 

  •  

Revenue in the U.S., Canada, and Latin America, excluding Software-as-a-Service, grew by 9 percent.

 

  •  

Revenue in Europe, Asia, and other markets, excluding Software-as-a-Service, grew by 3 percent on a constant currency basis.

 

  •  

Software-as-a-Service revenue increased by 8 percent, reflecting continued organic growth in our SaaS portfolio.


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    Page 3 of 10

 

  •  

Gross margin increased by 260 basis points mainly due to reduced freight and manufacturing cost improvements. Non-GAAP gross margin increased by 240 basis points due to the same factors.

 

  •  

Selling, general, and administrative expenses increased by 1 percent on a constant currency basis. SG&A expenses improved to 19.2 percent of revenue in the quarter, compared with 20.5 percent in the same period of the prior year. The modest increase in SG&A expenses reflects cost management initiatives implemented in the previous quarter.

 

  •  

Income from operations increased by 25 percent, and non-GAAP income from operations increased by 23 percent.

 

  •  

Net income for the quarter was $300 million and diluted earnings per share was $2.04. Non-GAAP net income increased by 27 percent to $314 million, and non-GAAP diluted earnings per share increased by 27 percent to $2.13, predominantly attributable to strong sales and gross margin as well as modest growth in operating expenses.

 

  •  

Operating cash flow for the quarter was $402 million, compared to net income in the current quarter of $300 million and non-GAAP net income of $314 million.

 

  •  

During the quarter, we paid $70 million in dividends and repurchased 261,000 shares for consideration of $50 million as part of our ongoing capital management.

Other Business and Operational Highlights

 

  •  

Introduced the AirCurveTM 11 series of devices, built on the market-leading AirSense 11 platform. New devices provide bi-level and enhanced ventilation therapy options, particularly for those who struggle with single pressure PAP therapy.

 

  •  

Launched the AirFit F40 in the U.S. An ultra-compact, full-face mask, the AirFit F40 features the AdaptiSealTM, a silicone cushion designed to maintain a facial seal, even when moving around during sleep, along with a fully flexible frame, a quick-release short tube, and new textile material and color.

 

  •  

In conjunction with World Sleep Day, a global campaign to raise awareness of the importance of good sleep, published the results of our 4th annual Global Sleep Survey of 36,000 people across 17 markets. Survey found 50% of respondents report feeling excessive daytime sleepiness and 40% report getting no more than three nights of good sleep per week. More than one-third of respondents are now actively tracking their sleep patterns, either through a smartphone app (44%) or wearable (31%).

Dividend program

The ResMed board of directors today declared a quarterly cash dividend of $0.48 per share. The dividend will have a record date of May 9, 2024, payable on June 13, 2024. 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 8, 2024, 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 8, 2024, through May 9, 2024, inclusive.

Webcast details

ResMed will discuss its third quarter fiscal year 2024 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 2024 Earnings Webcast” to register


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    Page 4 of 10

 

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 three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13745785. The telephone replay will be available until May 9, 2024.

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, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and macroeconomic conditions of our business – 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 2024 Earnings Press Release – April 25, 2024    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,
2024
     March 31,
2023
     March 31,
2024
     March 31,
2023
 

Net revenue

   $ 1,196,980      $ 1,116,898      $ 3,462,102      $ 3,100,936  

Cost of sales

     496,387        490,824        1,483,088        1,340,660  

Amortization of acquired intangibles (1)

     7,812        8,322        24,976        22,001  

Masks with magnets field safety notification expenses (1)

     —         —         6,351        —   

Astral field safety notification expenses (1)

     —         —         7,911        —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cost of sales

   $ 504,199      $ 499,146      $ 1,522,326      $ 1,362,661  
  

 

 

    

 

 

    

 

 

    

 

 

 

Gross profit

   $ 692,781      $ 617,752      $ 1,939,776      $ 1,738,275  

Selling, general, and administrative

     229,919        228,457        674,948        633,317  

Research and development

     77,074        76,436        226,664        209,498  

Amortization of acquired intangibles (1)

     11,204        12,188        35,259        29,701  

Restructuring expenses (1)

     —         —         64,228        —   

Acquisition related expenses (1)

     —         —         —         9,157  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total operating expenses

   $ 318,197      $ 317,081      $ 1,001,099      $ 881,673  
  

 

 

    

 

 

    

 

 

    

 

 

 

Income from operations

   $ 374,584      $ 300,671      $ 938,677      $ 856,602  

Other income (expenses), net:

           

Interest income (expense), net

   $ (11,026    $ (14,964    $ (39,787    $ (32,436

Gain (loss) attributable to equity method investments

     440        (183      (2,716      (5,037

Gain on equity investments (1)

     13,919        6,418        11,429        11,506  

Other, net

     (2,496      (2,564      (537      (5,773
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other income (expenses), net

     837        (11,293      (31,611      (31,740
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

   $ 375,421      $ 289,378      $ 907,066      $ 824,862  

Income taxes

     74,929        56,878        178,351        156,970  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income

   $ 300,492      $ 232,500      $ 728,715      $ 667,892  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

   $ 2.04      $ 1.58      $ 4.96      $ 4.55  

Diluted earnings per share

   $ 2.04      $ 1.58      $ 4.94      $ 4.53  

Non-GAAP diluted earnings per share (1)

   $ 2.13      $ 1.68      $ 5.65      $ 4.85  

Basic shares outstanding

     146,959        146,914        147,056        146,681  

Diluted shares outstanding

     147,450        147,395        147,549        147,400  

 

(1)

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

– More –


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    Page 6 of 10

RESMED INC. AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

(Unaudited; $ in thousands)

 

     March 31,
2024
    June 30,
2023
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 237,910     $ 227,891  

Accounts receivable, net

     779,265       704,909  

Inventories

     829,458       998,012  

Prepayments and other current assets

     504,663       437,018  
  

 

 

   

 

 

 

Total current assets

   $ 2,351,296     $ 2,367,830  

Non-current assets:

    

Property, plant, and equipment, net

   $ 539,743     $ 537,856  

Operating lease right-of-use assets

     147,075       127,955  

Goodwill and other intangibles, net

     3,337,017       3,322,640  

Deferred income taxes and other non-current assets

     439,431       395,427  
  

 

 

   

 

 

 

Total non-current assets

   $ 4,463,266     $ 4,383,878  
  

 

 

   

 

 

 

Total assets

   $ 6,814,562     $ 6,751,708  
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Accounts payable

   $ 177,445     $ 150,756  

Accrued expenses

     356,076       365,660  

Operating lease liabilities, current

     24,182       21,919  

Deferred revenue

     150,753       138,072  

Income taxes payable

     54,671       72,224  

Short-term debt

     9,903       9,902  
  

 

 

   

 

 

 

Total current liabilities

   $ 773,030     $ 758,533  

Non-current liabilities:

    

Deferred revenue

   $ 131,981     $ 119,186  

Deferred income taxes

     86,564       90,650  

Operating lease liabilities, non-current

     136,313       116,853  

Other long-term liabilities

     47,550       68,166  

Long-term debt

     997,047       1,431,234  

Long-term income taxes payable

     12,157       37,183  
  

 

 

   

 

 

 

Total non-current liabilities

   $ 1,411,612     $ 1,863,272  
  

 

 

   

 

 

 

Total liabilities

   $ 2,184,642     $ 2,621,805  
  

 

 

   

 

 

 

Stockholders’ equity

    

Common stock

   $ 588     $ 588  

Additional paid-in capital

     1,847,938       1,772,083  

Retained earnings

     4,769,963       4,253,016  

Treasury stock

     (1,723,263     (1,623,256

Accumulated other comprehensive income

     (265,306     (272,528
  

 

 

   

 

 

 

Total stockholders’ equity

   $ 4,629,920     $ 4,129,903  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 6,814,562     $ 6,751,708  
  

 

 

   

 

 

 

– More –


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    Page 7 of 10

RESMED INC. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

     Three Months Ended     Nine Months Ended  
     March 31,
2024
    March 31,
2023
    March 31,
2024
    March 31,
2023
 

Cash flows from operating activities:

        

Net income

   $ 300,492     $ 232,500     $ 728,715     $ 667,892  

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

        

Depreciation and amortization

     43,474       44,356       133,192       118,396  

Amortization of right-of-use assets

     11,168       8,434       28,262       23,967  

Stock-based compensation costs

     20,442       17,832       58,792       51,215  

(Gain) loss attributable to equity method investments, net of dividends received

     (440     183       2,716       5,037  

Gain on equity investments

     (13,919     (6,418     (11,429     (11,506

Non-cash restructuring expenses

     —        —        33,239       —   

Changes in operating assets and liabilities:

        

Accounts receivable, net

     (56,486     (12,629     (76,755     (88,452

Inventories, net

     86,199       (21,974     163,294       (255,091

Prepaid expenses, net deferred income taxes and other current assets

     (24,386     (19,961     (98,976     (86,607

Accounts payable, accrued expenses, income taxes payable and other

     35,488       40,240       96       31,012  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

   $ 402,032     $ 282,563     $ 961,146     $ 455,863  

Cash flows from investing activities:

        

Purchases of property, plant, and equipment

     (21,191     (28,817     (74,579     (85,223

Patent registration and acquisition costs

     (1,918     (2,406     (13,954     (10,043

Business acquisitions, net of cash acquired

     (3,080     —        (113,767     (1,011,225

Purchases of investments

     (2,387     (12,597     (9,692     (29,729

Proceeds from exits of investments

     —        3,937       250       3,937  

(Payments) / proceeds on maturity of foreign currency contracts

     (4,577     11,780       (11,533     18,961  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

   $ (33,153   $ (28,103   $ (223,275   $ (1,113,322

Cash flows from financing activities:

        

Proceeds from issuance of common stock, net

     4,892       983       25,399       25,649  

Purchases of treasury stock

     (50,000     —        (100,007     —   

Taxes paid related to net share settlement of equity awards

     (314     (584     (8,336     (30,297

Payments of business combination contingent consideration

     —        (316     (1,293     (316

Proceeds from borrowings, net of borrowing costs

     —        —        105,000       1,070,000  

Repayment of borrowings

     (220,000     (215,000     (535,000     (260,000

Dividends paid

     (70,492     (64,640     (211,767     (193,571
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used in) / provided by financing activities

   $ (335,914   $ (279,557   $ (726,004   $ 611,465  
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash

   $ (5,302   $ (208   $ (1,848   $ 178  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     27,663       (25,305     10,019       (45,816

Cash and cash equivalents at beginning of period

     210,247       253,199       227,891       273,710  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 237,910     $ 227,894     $ 237,910     $ 227,894  
  

 

 

   

 

 

   

 

 

   

 

 

 

– More –


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    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” exclude amortization expense from acquired intangibles and restructuring expense related to cost of sales and are reconciled below:

 

     Three Months Ended     Nine Months Ended  
     March 31,
2024
    March 31,
2023
    March 31,
2024
    March 31,
2023
 

Revenue

   $ 1,196,980     $ 1,116,898     $ 3,462,102     $ 3,100,936  

GAAP cost of sales

   $ 504,199     $ 499,146     $ 1,522,326     $ 1,362,661  

Less: Amortization of acquired intangibles (A)

     (7,812     (8,322     (24,976     (22,001

Less: Masks with magnets field safety notification expenses (A)

     —        —        (6,351     —   

Less: Astral field safety notification expenses (A)

     —        —        (7,911     —   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP cost of sales

   $ 496,387     $ 490,824     $ 1,483,088     $ 1,340,660  

GAAP gross profit

   $ 692,781     $ 617,752     $ 1,939,776     $ 1,738,275  

GAAP gross margin

     57.9     55.3     56.0     56.1

Non-GAAP gross profit

   $ 700,593     $ 626,074     $ 1,979,014     $ 1,760,276  

Non-GAAP gross margin

     58.5     56.1     57.2     56.8

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

 

     Three Months Ended      Nine Months Ended  
     March 31,
2024
     March 31,
2023
     March 31, 2024      March 31,
2023
 

GAAP income from operations

   $ 374,584      $ 300,671      $ 938,677      $ 856,602  

Amortization of acquired intangibles—cost of sales (A)

     7,812        8,322        24,976        22,001  

Amortization of acquired intangibles—operating expenses (A)

     11,204        12,188        35,259        29,701  

Restructuring (A)

     —         —         64,228        —   

Masks with magnets field safety notification expenses (A)

     —         —         6,351        —   

Astral field safety notification expenses (A)

     —         —         7,911        —   

Acquisition-related expenses (A)

     —         —         483        9,157  
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP income from operations

   $  393,600      $  321,181      $  1,077,885      $  917,461  
  

 

 

    

 

 

    

 

 

    

 

 

 

– More –


RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    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,
2024
     March 31,
2023
     March 31,
2024
     March 31,
2023
 

GAAP net income

   $ 300,492      $ 232,500      $ 728,715      $ 667,892  

Amortization of acquired intangibles—cost of sales (A)

     7,812        8,322        24,976        22,001  

Amortization of acquired intangibles—operating expenses (A)

     11,204        12,188        35,259        29,701  

Restructuring expenses (A)

     —         —         64,228        —   

Masks with magnets field safety notification expenses (A)

     —         —         6,351        —   

Astral field safety notification expenses (A)

     —         —         7,911        —   

Acquisition-related expenses (A)

     —         —         483        9,157  

Income tax effect on non-GAAP adjustments (A)

     (5,083      (5,213      (34,969      (14,484
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP net income (A)

   $ 314,425      $ 247,797      $ 832,954      $ 714,267  
  

 

 

    

 

 

    

 

 

    

 

 

 

GAAP diluted shares outstanding

     147,450        147,395        147,549        147,400  

GAAP diluted earnings per share

   $ 2.04      $ 1.58      $ 4.94      $ 4.53  

Non-GAAP diluted earnings per share (A)

   $ 2.13      $ 1.68      $ 5.65      $ 4.85  

 

(A)

ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition-related expenses, and associated tax effects 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.

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RMD Third Quarter 2024 Earnings Press Release – April 25, 2024    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,
2024
     (A)       March 31,
2023
     (A)       % Change     Constant
Currency (B)
 

U.S., Canada, and Latin America

                

Devices

   $ 399.3         $ 372.1           7  

Masks and other

     288.2           257.1           12    
  

 

 

       

 

 

       

 

 

   

Total U.S., Canada and Latin America

   $ 687.5         $ 629.1           9    

Combined Europe, Asia, and other markets

                

Devices

   $ 238.9         $ 235.8           1     1

Masks and other

     122.6           115.2           6       6  
  

 

 

       

 

 

       

 

 

   

 

 

 

Total Combined Europe, Asia and other markets

   $ 361.6         $ 351.0           3       3  

Global revenue

                

Total Devices

   $ 638.2         $ 607.9           5     5

Total Masks and other

     410.8           372.2           10       10  
  

 

 

       

 

 

       

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 1,049.0         $ 980.1           7       7  

Software-as-a-Service

     148.0           136.8           8       8  
  

 

 

       

 

 

       

 

 

   

 

 

 

Total

   $ 1,197.0         $ 1,116.9           7       7  
  

 

 

       

 

 

       

 

 

   

 

 

 

 

     Nine Months Ended  
     March 31,
2024
     (A)       March 31,
2023
     (A)       %
Change
    Constant
Currency (B)
 

U.S., Canada, and Latin America

                

Devices

   $ 1,116.5         $ 1,057.1           6  

Masks and other

     878.6           765.4           15    
  

 

 

       

 

 

       

 

 

   

Total U.S., Canada and Latin America

   $ 1,995.2         $ 1,822.5           9    

Combined Europe, Asia, and other markets

                

Devices

   $ 692.4         $ 611.1           13     11

Masks and other

     342.3           307.9           11       8  
  

 

 

       

 

 

       

 

 

   

 

 

 

Total Combined Europe, Asia and other markets

   $ 1,034.8         $ 919.0           13       10  

Global revenue

                

Total Devices

   $ 1,808.9         $ 1,668.3           8     8

Total Masks and other

     1,221.0           1,073.3           14       13  
  

 

 

       

 

 

       

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 3,029.9         $ 2,741.5           11       10  

Software-as-a-Service

     432.2           359.4           20       20  
  

 

 

       

 

 

       

 

 

   

 

 

 

Total

   $ 3,462.1         $ 3,100.9           12       11  
  

 

 

       

 

 

       

 

 

   

 

 

 

 

(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.

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