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ResMed 8-K Report, Financial Results (Apr 25, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed April 25, 2024
Period End
April 25, 2024
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 · Jul ’22Jul ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed April 25, 2024. Cited figures are marked; the original filing is the authoritative source.

ResMed Inc. reported results for its third quarter of fiscal year 2024, the quarter ended March 31, 2024, in a press release furnished as Exhibit 99.1.

Revenue rose 7% to $1,196,980 thousanda (about $1.2 billion), with 7% growth on a constant currency basis. Gross margin increased 260 basis points to 57.9%, and non-GAAP gross margin grew 240 basis points to 58.5%. Income from operations increased 25% to $374.6 million, and non-GAAP income from operations rose 23% to $393.6 million.

Net income was $300.5 millionb, or diluted earnings per share of $2.04, compared with $1.58 a year earlier. Non-GAAP diluted earnings per share were $2.13, up 27%. Operating cash flow for the quarter was $402.0 million, and the company repaid $220.0 million of debt.

During the quarter it paid $70.5 millionc in dividends and repurchased shares for $50.0 million. Nine-month revenue was $3.46 billion, up 12%, and nine-month diluted EPS was $4.94 against $4.53 a year earlier. Revenue growth was led by mask and accessories, with management citing double-digit mask and accessories revenue growth and Software-as-a-Service revenue up 8% for the quarter.

Separately, the board declared a quarterly cash dividend of $0.48d per share, with a May 9, 2024 record date and a June 13, 2024 payment date. The ex-dividend date is May 8, 2024 for common stockholders and CDI holders on the Australian Securities Exchange.

02—Key points

Key Highlights

  1. Quarterly revenue rose 7% to $1,196,980 thousand, or 7% on a constant currency basis.
  2. Gross margin grew 260 basis points to 57.9%, mainly due to reduced freight and manufacturing cost improvements.
  3. Income from operations increased 25% to $374.6 million; non-GAAP income from operations rose 23% to $393.6 million.
  4. Diluted EPS was $2.04 versus $1.58 a year earlier; non-GAAP diluted EPS was $2.13, up 27%.
  5. Operating cash flow was $402.0 million, and the company repaid $220.0 million of borrowings during the quarter.
  6. Board declared a quarterly cash dividend of $0.48 per share, with a May 9, 2024 record date and June 13, 2024 payment date.
  7. Software-as-a-Service revenue increased 8%, and revenue in Europe, Asia and other markets excluding SaaS grew 3% on a constant currency basis.

03—Questions

Frequently Asked Questions

  1. How did ResMed perform in the third quarter of fiscal 2024?

    Revenue increased 7% to about $1.2 billion, and income from operations rose 25% to $374.6 million. Diluted EPS was $2.04, up from $1.58, and non-GAAP diluted EPS was $2.13, up 27%.

  2. What drove the improvement in gross margin?

    The press release states that gross margin increased 260 basis points mainly due to reduced freight and manufacturing cost improvements, and non-GAAP gross margin rose 240 basis points for the same reasons.

  3. What is the dividend and when is it payable?

    The board declared a quarterly cash dividend of $0.48 per share, with a record date of May 9, 2024 and payment on June 13, 2024. The ex-dividend date is May 8, 2024 for common stockholders and CDI holders.

  4. How did regional revenue perform?

    Revenue in the U.S., Canada and Latin America, excluding Software-as-a-Service, grew 9%. Revenue in Europe, Asia and other markets, excluding Software-as-a-Service, grew 3% on a constant currency basis.

  5. How much cash did the company generate and use?

    Operating cash flow for the quarter was $402.0 million. The company repaid $220.0 million of debt, paid $70.5 million in dividends, and repurchased shares for $50.0 million.

04—Continue

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