ResMed boosts December quarter profit by 5%

ResMed (ASX:RMD) reported stable growth in profit and revenue for the quarter ending in December, thanks to demand for its sleep-disordered breathing treatment devices.

Net income grew 5% to US$91.2 million ($115.6 million) during the company’s fiscal second quarter, on the back of a 10% increase in revenue to US$423 million.

Revenue from the Americas increased 12% year-on-year to US$231 million, while revenue from Europe and APAC combined grew 8% to US$192 million.

R&D expenses increased 1% year-on-year to US$29.3 million, or 6.9% of revenue.

During the period, the company launched a new product using its AirSolutions platform, the AirCurve 10 series of cloud-connected bilevel devices, as well as non-contact sleep management solution S+ by ResMed.

ResMed also won another patent infringement lawsuit as part of its IP protection efforts.

“We drove top-line revenue growth in the first half of this fiscal year by launching a strong, innovative portfolio of products and solutions,” ResMed CEO Mick Farrell commented.

“Longer term, we are focused on our strategy to continue to grow our core sleep apnoea market, as well as to invest in high-potential growth opportunities: helping patients with COPD, neuromuscular disease and cardio-respiratory conditions.”

ResMed (ASX:RMD) shares were trading 1.36% lower at $7.98 as of around 12.30 pm on Thursday.