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ResMed 8-K Report, Financial Results (Aug 1, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed August 1, 2024
Period End
August 1, 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 August 1, 2024. Cited figures are marked; the original filing is the authoritative source.

ResMed Inc. reported results for the fourth quarter and full fiscal year ended June 30, 2024, in a press release furnished as Exhibit 99.1.

Fourth-quarter revenue rose 9% to $1,223.2 milliona (up 10% on a constant currency basis), and gross margin improved 350 basis points to 58.5%. GAAP income from operations increased 38% to $381.2 million, while non-GAAP income from operations rose 30% to $400.5 million. GAAP diluted earnings per share were $1.98 versus $1.56 a year earlier, and non-GAAP diluted EPS were $2.08 versus $1.60.

Operating cash flow for the quarter was $440.1 millionb, and the company repaid $300 million of borrowings. For the full fiscal year, revenue increased 11% to $4,685.3 million and gross margin improved 90 basis points to 56.7%. Income from operations rose 17% to $1,319.9 million, and GAAP diluted EPS was $6.92 versus $6.09.

Operating cash flow was $1,401.3 millionc, and debt repayments totaled $835 million. Software as a Service revenue grew 17% for the year to $584.1 million, and the company repurchased shares for $150 million during the fiscal year.

The board declared a quarterly cash dividend of $0.53d per share, a 10% increase, with a record date of August 15, 2024 and payment on September 19, 2024. The company also announced it will host an Investor Day on September 30, 2024.

02—Key points

Key Highlights

  1. Fourth-quarter revenue grew 9% to $1,223.2 million, or 10% on a constant currency basis, driven by sleep devices, masks and Software as a Service.
  2. Fourth-quarter gross margin rose 350 basis points to 58.5%, mainly from reduced freight and manufacturing costs, higher average selling prices and favorable product mix.
  3. GAAP income from operations increased 38% to $381.2 million in the quarter, and non-GAAP income from operations increased 30% to $400.5 million.
  4. Fiscal 2024 revenue increased 11% to $4,685.3 million, with non-GAAP diluted EPS of $7.72 versus $6.44 in fiscal 2023.
  5. Quarterly operating cash flow was $440.1 million, and the company repaid $300 million of borrowings during the quarter.
  6. The quarterly cash dividend increased 10% to $0.53 per share, with a record date of August 15, 2024 and payment on September 19, 2024.
  7. ResMed will host an Investor Day on September 30, 2024.

03—Questions

Frequently Asked Questions

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

    Revenue rose 9% to $1,223.2 million, or 10% on a constant currency basis. GAAP diluted EPS was $1.98 versus $1.56 a year earlier, and non-GAAP diluted EPS was $2.08 versus $1.60. Gross margin improved 350 basis points to 58.5%.

  2. What drove the improvement in gross margin?

    The filing attributes the 350 basis point gross margin increase mainly to reduced freight and manufacturing costs, an increase in average selling prices and favorable product mix.

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

    The board declared a quarterly cash dividend of $0.53 per share, an increase of 10%. The record date is August 15, 2024, the ex-dividend date is August 14, 2024, and payment is due September 19, 2024.

  4. How did the company's full-year results compare with the prior year?

    Fiscal 2024 revenue rose 11% to $4,685.3 million. GAAP income from operations increased 17% to $1,319.9 million, and GAAP diluted EPS was $6.92 versus $6.09. Operating cash flow for the year was $1,401.3 million.

  5. What is scheduled for September 30, 2024?

    ResMed announced it will host an Investor Day on September 30, 2024.

04—Continue

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