ResMed Inc. Announces Results for the Fourth Quarter of Fiscal...

ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 202008/05/2020

Year-over-year revenue grows 9%,
non-GAAP operating profit up 24%Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.comSAN DIEGO--(BUSINESS WIRE)--
ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended June 30, 2020.
Fourth Quarter 2020 Highlights
All comparisons are to the prior year periodRevenue increased 9% to $770.3 million; up 10% on a constant currency basisGAAP gross margin of 58.3%;
non-GAAP gross margin expanded 60 bps to 59.9%
Net operating profit increased 84%;
non-GAAP operating profit up 24%
GAAP diluted earnings per share of $1.22;
non-GAAP diluted earnings per share of $1.33

Full Year 2020 Highlights
All comparisons are to the prior year periodRevenue increased 13% to $3.0 billion; up 15% on a constant currency basis
GAAP gross margin of 58.1%;
non-GAAP gross margin expanded 80 bps to 59.8%
Net operating profit increased 40%;
non-GAAP operating profit up 24%
GAAP diluted earnings per share of $4.27;
non-GAAP diluted earnings per share of $4.76

“Our fourth quarter results reflect the strength and resiliency of our business in today’s uncertain environment.
We finished fiscal year 2020 with double-digit revenue growth to $3.0 billion and operating profit up 24% on a non-GAAP basis,” said Mick Farrell, ResMed’s CEO. “Throughout our fiscal fourth quarter, we continued to support the COVID-19 pandemic response through increased manufacturing of our ventilators, including bilevels, and ventilation mask systems while also supporting our customers with digital health solutions and other innovative tools to enable remote care for patients. Looking ahead, we are confident in our ability to navigate through the ongoing challenging clinical and economic environment to deliver for all our stakeholders. Sleep labs and physician practices are reopening across many geographies, and we’re seeing accelerated adoption of digital health solutions which supports our long-term strategy. We remain vigilant and thoughtful about the outlook for our business as we continue to serve our customers, and we believe our strong foundation will accelerate our growth over the longer term.”