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ResMed Annual Report, Year Ended Jun 30, 2000

Filing Date
Filed September 25, 2000
Period End
June 30, 2000
Securities
RMDRSMDF
In the record · 2016–202610-K1410-Q338-K85

RMD filed 14 annual reports (10-K), 33 quarterly reports (10-Q) and 85 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K filed September 25, 2000. Cited figures are marked; the original filing is the authoritative source.

ResMed Inc. (filed under this name, now trading on the NYSE as RMD) reported fiscal 2000 results for the year ended June 30, 2000, showing net revenues of $115.6 milliona, up from $88.6 million in fiscal 1999, and net income of $22.2 million, up from $16.1 million.

Gross profit rose to $78.6 millionb, and the filing states gross profit as a percentage of net revenues increased to 68.0% from 66.8%. Income from operations was $33.1 million versus $25.3 million a year earlier. Diluted earnings per share were $0.69 compared with $0.52, after a two-for-one stock split effective March 31, 2000.

The company attributes the revenue growth primarily to higher unit sales of flow generators and accessories in the Americas and Europe, while noting that a decline in European exchange rates and changes in domestic reimbursement rules for certain VPAP II ST systems had a negative effect. The balance sheet strengthened, with total assets of $115.6 millionc and stockholders' equity of $94.0 million at June 30, 2000. Cash and cash equivalents plus marketable securities were approximately $22.0 million, and working capital was $47.6 million.

Operating cash flow was $20.3 milliond. Capital spending included completion of the Australian manufacturing facility in the prior year and the purchase of a Poway, California headquarters for $17.2 million, funded partly by a $20 million revolving facility with Union Bank of California. The company states it does not intend to pay cash dividends in the foreseeable future.

The filing highlights ongoing patent litigation, including a pending action against Respironics and a lawsuit filed March 31, 2000 against MPV Truma and Tiara Medical Systems over Mirage mask designs. The company also disclosed a claim by Respironics and its Australian distributor for lost profits of approximately $1,000,000. Management reports no significant Year 2000 issues.

02—Key points

Key Highlights

  1. Net revenues rose to $115.6 million in fiscal 2000 from $88.6 million in fiscal 1999, an increase of $27 million or 30%.
  2. Net income increased to $22.2 million from $16.1 million, and diluted EPS rose to $0.69 from $0.52.
  3. Gross margin improved to 68.0% of net revenues from 66.8%, attributed to manufacturing efficiencies, a lower Australian dollar, and higher-margin mask sales.
  4. Flow generators (CPAP and VPAP) accounted for approximately 60% of fiscal 2000 net revenues, with mask systems, accessories and other products at approximately 40%.
  5. Cash and marketable securities were about $22.0 million at June 30, 2000, and operating cash flow was $20.3 million.
  6. The company agreed to buy its Poway, California headquarters for $17.2 million, funded by cash and a $20 million revolving loan facility.
  7. Ongoing patent litigation against Respironics and a suit against MPV Truma and Tiara Medical Systems over Mirage mask designs are pending.

03—Questions

Frequently Asked Questions

  1. How did ResMed's revenue and profitability trend in fiscal 2000?

    Net revenues increased 30% to $115.6 million, and net income rose to $22.2 million from $16.1 million. Income from operations grew to $33.1 million from $25.3 million, driven primarily by higher unit sales of flow generators and accessories in the Americas and Europe.

  2. What factors negatively affected revenue in fiscal 2000?

    The filing states that net revenues were unfavorably impacted by a decline in European foreign exchange rates and by changes in domestic reimbursement regulations for SULLIVAN VPAP II ST systems.

  3. What is the company's financial position at June 30, 2000?

    Total assets were $115.6 million and stockholders' equity was $94.0 million. Working capital was $47.6 million, and cash plus marketable securities were approximately $22.0 million. The company had no long-term debt at year end.

  4. Does ResMed pay dividends?

    No. The filing states the company does not intend to declare any cash dividends in the foreseeable future.

  5. What legal risks does the filing disclose?

    ResMed is litigating patent infringement against Respironics, has filed a lawsuit against MPV Truma and Tiara Medical Systems over Mirage mask trademarks, trade dress and design patents, and faces a claim from Respironics and its Australian distributor alleging unfair trade practices and lost profits of approximately $1,000,000. The filing states there can be no assurance the company will be successful.

04—Continue

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