ResMed FY13 profit grows 21%

ResMed (ASX:RMD) grew its FY13 profit by 21% to US$307.1 million ($345 million), from 11% higher revenue of US$1.5 billion.

Profit for the year was impacted by ResMed’s recent $25 million payment to the University of Sydney to settle a licensing dispute and support joint research into sleep-disordered breathing.

Excluding this one-off charge, net profit would have grown 27.5% to US$324.8 million. The payment was also responsible for a 5% decline in reported Q4 profit to US$73 million.

Fourth quarter revenue increased 11% to a record US$414.6 million. ResMed CEO Mick Farrell attributed the result to solid sales growth across its key sales regions.

“Revenue in the Americas increased by 11% over the prior year’s quarter to $230.3 million for Q4. Revenue in Europe and Asia-Pac combined reached $184.3 million, an increase of 12% [year on year],” he said.

R&D costs for Q4 grew 12% to US$31.4 million. Without the recent depreciation of the Australian dollar, these costs would have risen by 14%.

ResMed launched several new products during the quarter, including a home variable positive airway pressure (VPAP) device for chronic obstructive pulmonary disease, as well as an online and mobile app to track sleep-disordered breathing treatment progress.

ResMed shares grew 2.44% in Friday’s trading to $5.45 after the results were announced.