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ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2023
Note: A webcast of ResMed s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com
SAN DIEGO, August 3, 2023 ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended June 30, 2023.
Fourth Quarter 2023 Highlights
All comparisons are to
the prior year period
Full Year 2023 Highlights
All comparisons are to the prior year period
ResMed s fourth quarter and full-year 2023 results reflect strong double-digit growth as we continue to
produce and deliver cloud-connected flow generator device volume to meet the ongoing strong global demand from patients, accompanied by high growth of our market-leading patient interface and software solutions, said Mick Farrell, Chairman and
CEO of ResMed. The combined global supply of our cloud-connected platforms, AirSense10 and AirSense11, have enabled us to support all available customer demand for CPAP and APAP devices across the global market. The strong growth of our mask
and patient interfaces business was
supported by new patient setups as well as ongoing resupply activity as we focus on increasing therapy adherence to improve patient outcomes and quality-of-life. Our residential medicine software-as-a-service business continues to
achieve high-single-digit growth organically expanding to solid double-digit growth including the contribution from MEDIFOX DAN. As we turn to fiscal year 2024, our focus remains on delivering world-leading therapy and digital health solutions so
that even more people are able to sleep better, breathe better, and live higher-quality lives outside the hospital, preferably in their own home. We continue to significantly grow our impact each quarter, improving over 160 million lives in the
last 12 months, well on our way to helping 250 million lives in 2025.
Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts
| Three Months Ended | ||||||||||||||||
| June 30, 2023 | June 30, 2022 | % Change | Constant Currency (A) | |||||||||||||
| Revenue | $ | 1,122.1 | $ | 914.7 | 23 | % | 23 | % | ||||||||
| Gross margin | 55.0 | % | 57.1 | % | (4 | ) | ||||||||||
| Non-GAAP gross margin (B) | 55.8 | % | 57.8 | % | (4 | ) | ||||||||||
| Selling, general, and administrative expenses | 240.7 | 193.0 | 25 | 26 | ||||||||||||
| Research and development expenses | 78.1 | 64.3 | 21 | 23 | ||||||||||||
| Income from operations | 275.3 | 255.4 | 8 | |||||||||||||
| Non-GAAP income from operations (B) | 307.0 | 271.5 | 13 | |||||||||||||
| Net income | 229.7 | 195.1 | 18 | |||||||||||||
| Non-GAAP net income (B) | 235.5 | 219.2 | 7 | |||||||||||||
| Diluted earnings per share | $ | 1.56 | $ | 1.33 | 17 | |||||||||||
| Non-GAAP diluted earnings per share (B) | $ | 1.60 | $ | 1.49 | 7 |
| Twelve Months Ended | ||||||||||||||||
| June 30, 2023 | June 30, 2022 | % Change | Constant Currency (A) | |||||||||||||
| Revenue | $ | 4,223.0 | $ | 3,578.1 | 18 | % | 21 | % | ||||||||
| Gross margin | 55.8 | % | 56.6 | % | (1 | ) | ||||||||||
| Non-GAAP gross margin (B) | 56.5 | % | 57.7 | % | (2 | ) | ||||||||||
| Selling, general, and administrative expenses | 874.0 | 737.5 | 19 | 22 | ||||||||||||
| Research and development expenses | 287.6 | 253.6 | 13 | 16 | ||||||||||||
| Income from operations | 1,131.9 | 1,000.3 | 13 | |||||||||||||
| Non-GAAP income from operations (B) | 1,224.4 | 1,072.9 | 14 | |||||||||||||
| Net income | 897.6 | 779.4 | 15 | |||||||||||||
| Non-GAAP net income (B) | 949.8 | 850.8 | 12 | |||||||||||||
| Diluted earnings per share | $ | 6.09 | $ | 5.30 | 15 | |||||||||||
| Non-GAAP diluted earnings per share (B) | $ | 6.44 | $ | 5.79 | 11 |
Discussion of Fourth Quarter Results
All comparisons are to the prior year period unless otherwise noted
Other Business and Operational Highlights
The ResMed board of directors today declared a quarterly cash dividend of $0.48 per share. The dividend will have a record date of August 17, 2023,
payable on September 21, 2023. The dividend will be paid in U.S. currency to holders of ResMed s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests ( CDIs ) trading on the Australian
Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares.
The ex-dividend date will be August 16, 2023, for common stockholders and for CDI holders. ResMed has received a waiver from the ASX s settlement operating rules, which will allow ResMed to
defer processing conversions between its common stock and CDI registers from August 16, 2023, through August 17, 2023, inclusive.
ResMed will discuss its fourth-quarter fiscal year 2023 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of
the call can be accessed on ResMed s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the Q4 2023 Earnings Webcast to register and listen to the live
webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately three hours after the
webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside
U.S.) and entering the passcode 13739812. The telephone replay will be available until August 17, 2023.
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier,
higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our
comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their
choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow
Safe harbor statement
contained in this release that are not historical facts are forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements including statements regarding
ResMed s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, our supply
chain, domestic and international regulatory developments, litigation, tax outlook, and macroeconomic conditions of our business are subject to risks and uncertainties, which could cause
actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed s periodic reports on file with the U.S. Securities & Exchange
Commission. ResMed does not undertake to update its forward-looking statements.
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; $ in thousands, except for per share amounts)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| Net revenue | $ | 1,122,057 | $ | 914,737 | $ | 4,222,993 | $ | 3,578,127 | ||||||||
| Cost of sales | 496,276 | 385,852 | 1,836,935 | 1,514,166 | ||||||||||||
| Amortization of acquired intangibles (1) | 8,395 | 6,379 | 30,396 | 39,650 | ||||||||||||
| Total cost of sales | $ | 504,671 | $ | 392,231 | $ | 1,867,331 | $ | 1,553,816 | ||||||||
| Gross profit | $ | 617,386 | $ | 522,506 | $ | 2,355,662 | $ | 2,024,311 | ||||||||
| Selling, general, and administrative | 240,687 | 193,025 | 874,003 | 737,508 | ||||||||||||
| Research and development | 78,144 | 64,318 | 287,642 | 253,575 | ||||||||||||
| Amortization of acquired intangibles (1) | 12,319 | 7,903 | 42,020 | 31,078 | ||||||||||||
| Restructuring expenses (1) | 9,177 | 9,177 | ||||||||||||||
| Acquisition related expenses (1) | 1,792 | 1,864 | 10,949 | 1,864 | ||||||||||||
| Total operating expenses | $ | 342,119 | $ | 267,110 | $ | 1,223,791 | $ | 1,024,025 | ||||||||
| Income from operations | $ | 275,267 | $ | 255,396 | $ | 1,131,871 | $ | 1,000,286 | ||||||||
| Other income (expenses), net: | ||||||||||||||||
| Interest income (expense), net | $ | (14,943 | ) | $ | (5,542 | ) | $ | (47,379 | ) | $ | (22,312 | ) | ||||
| Loss attributable to equity method investments | (2,228 | ) | (2,558 | ) | (7,265 | ) | (8,486 | ) | ||||||||
| Gain (loss) on equity investments (1) | (1,583 | ) | (11,675 | ) | 9,922 | (12,202 | ) | |||||||||
| Gain on insurance recoveries (1) | 20,227 | 20,227 | ||||||||||||||
| Other, net | 61 | 2,468 | (5,712 | ) | 3,197 | |||||||||||
| Total other income (expenses), net | 1,534 | (17,307 | ) | (30,207 | ) | (39,803 | ) | |||||||||
| Income before income taxes | $ | 276,801 | $ | 238,089 | $ | 1,101,664 | $ | 960,483 | ||||||||
| Income taxes | 47,137 | 43,028 | 204,108 | 181,046 | ||||||||||||
| Net income | $ | 229,664 | $ | 195,061 | $ | 897,556 | $ | 779,437 | ||||||||
| Basic earnings per share | $ | 1.56 | $ | 1.33 | $ | 6.12 | $ | 5.34 | ||||||||
| Diluted earnings per share | $ | 1.56 | $ | 1.33 | $ | 6.09 | $ | 5.30 | ||||||||
| Non-GAAP diluted earnings per share (1) | $ | 1.60 | $ | 1.49 | $ | 6.44 | $ | 5.79 | ||||||||
| Basic shares outstanding | 147,015 | 146,361 | 146,765 | 146,066 | ||||||||||||
| Diluted shares outstanding | 147,554 | 147,000 | 147,455 | 147,043 |
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
| June 30, 2023 | June 30, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 227,891 | $ | 273,710 | ||||
| Accounts receivable, net | 704,909 | 575,950 | ||||||
| Inventories | 998,012 | 743,910 | ||||||
| Prepayments and other current assets | 437,018 | 337,908 | ||||||
| Total current assets | $ | 2,367,830 | $ | 1,931,478 | ||||
| Non-current assets: | ||||||||
| Property, plant, and equipment, net | $ | 537,856 | $ | 498,181 | ||||
| Operating lease right-of-use assets | 127,955 | 132,314 | ||||||
| Goodwill and other intangibles, net | 3,322,640 | 2,282,386 | ||||||
| Deferred income taxes and other non-current assets | 395,427 | 251,494 | ||||||
| Total non-current assets | $ | 4,383,878 | $ | 3,164,375 | ||||
| Total assets | $ | 6,751,708 | $ | 5,095,853 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 150,756 | $ | 159,245 | ||||
| Accrued expenses | 365,660 | 344,722 | ||||||
| Operating lease liabilities, current | 21,919 | 21,856 | ||||||
| Deferred revenue | 138,072 | 108,667 | ||||||
| Income taxes payable | 72,224 | 44,893 | ||||||
| Short-term debt | 9,902 | 9,916 | ||||||
| Total current liabilities | $ | 758,533 | $ | 689,299 | ||||
| Non-current liabilities: | ||||||||
| Deferred revenue | $ | 119,186 | $ | 95,455 | ||||
| Deferred income taxes | 90,650 | 9,714 | ||||||
| Operating lease liabilities, non-current | 116,853 | 120,453 | ||||||
| Other long-term liabilities | 68,166 | 5,974 | ||||||
| Long-term debt | 1,431,234 | 765,325 | ||||||
| Long-term income taxes payable | 37,183 | 48,882 | ||||||
| Total non-current liabilities | $ | 1,863,272 | $ | 1,045,803 | ||||
| Total liabilities | $ | 2,621,805 | $ | 1,735,102 | ||||
| Stockholders equity | ||||||||
| Common stock | $ | 588 | $ | 586 | ||||
| Additional paid-in capital | 1,772,083 | 1,682,432 | ||||||
| Retained earnings | 4,253,016 | 3,613,736 | ||||||
| Treasury stock | (1,623,256 | ) | (1,623,256 | ) | ||||
| Accumulated other comprehensive income | (272,528 | ) | (312,747 | ) | ||||
| Total stockholders equity | $ | 4,129,903 | $ | 3,360,751 | ||||
| Total liabilities and stockholders equity | $ | 6,751,708 | $ | 5,095,853 |
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income | $ | 229,664 | $ | 195,061 | $ | 897,556 | $ | 779,437 | ||||||||
| Adjustment to reconcile net income to cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization | 46,760 | 37,411 | 165,156 | 159,609 | ||||||||||||
| Amortization of right-of-use assets | 8,440 | 7,596 | 32,406 | 34,232 | ||||||||||||
| Stock-based compensation costs | 19,927 | 15,993 | 71,142 | 65,257 | ||||||||||||
| Loss attributable to equity method investments, net of dividends received | 5,102 | 2,558 | 10,138 | 8,486 | ||||||||||||
| (Gain) loss on equity investment | 1,584 | 11,675 | (9,922 | ) | 12,202 | |||||||||||
| Restructuring expenses | 9,177 | 9,177 | ||||||||||||||
| Gain on insurance recoveries | (20,227 | ) | (20,227 | ) | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable, net | (18,059 | ) | (78,812 | ) | (106,511 | ) | 19,346 | |||||||||
| Inventories, net | 6,257 | (102,205 | ) | (248,833 | ) | (311,681 | ) | |||||||||
| Prepaid expenses, net deferred income taxes and other current assets | (51,518 | ) | (40,132 | ) | (138,125 | ) | (168,109 | ) | ||||||||
| Accounts payable, accrued expenses, income taxes payable and other | 330 | 30,343 | 31,342 | (247,632 | ) | |||||||||||
| Net cash provided by operating activities | $ | 237,437 | $ | 79,488 | $ | 693,299 | $ | 351,147 | ||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of property, plant, and equipment | (34,449 | ) | (28,643 | ) | (119,672 | ) | (134,835 | ) | ||||||||
| Patent registration and acquisition costs | (4,285 | ) | (3,752 | ) | (14,328 | ) | (21,201 | ) | ||||||||
| Business acquisitions, net of cash acquired | (1,524 | ) | (6,870 | ) | (1,012,749 | ) | (42,784 | ) | ||||||||
| Purchases of investments | (2,500 | ) | (4,110 | ) | (32,229 | ) | (20,724 | ) | ||||||||
| Proceeds from exits of investments | 3,937 | 6,802 | ||||||||||||||
| (Payments) / proceeds on maturity of foreign currency contracts | (3,765 | ) | (11,867 | ) | 15,196 | (17,176 | ) | |||||||||
| Net cash used in investing activities | $ | (46,523 | ) | $ | (55,242 | ) | $ | (1,159,845 | ) | $ | (229,918 | ) | ||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock, net | 23,493 | 21,114 | 49,142 | 47,384 | ||||||||||||
| Taxes paid related to net share settlement of equity awards | (334 | ) | (128 | ) | (30,631 | ) | (52,406 | ) | ||||||||
| Payments of business combination contingent consideration | (2,045 | ) | (2,361 | ) | ||||||||||||
| Proceeds from borrowings, net of borrowing costs | 128,000 | 1,070,000 | 288,000 | |||||||||||||
| Repayment of borrowings | (145,000 | ) | (30,000 | ) | (405,000 | ) | (166,000 | ) | ||||||||
| Dividends paid | (64,705 | ) | (61,488 | ) | (258,276 | ) | (245,341 | ) | ||||||||
| Net cash (used in) / provided by financing activities | $ | (188,591 | ) | $ | 57,498 | $ | 422,874 | $ | (128,363 | ) | ||||||
| Effect of exchange rate changes on cash | $ | (2,326 | ) | $ | (9,803 | ) | $ | (2,147 | ) | $ | (14,434 | ) | ||||
| Net increase / (decrease) in cash and cash equivalents | (3 | ) | 71,941 | (45,819 | ) | (21,568 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 227,894 | 201,769 | 273,710 | 295,278 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 227,891 | $ | 273,710 | $ | 227,891 | $ | 273,710 |
RESMED INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
The measures non-GAAP gross profit
and non-GAAP gross margin exclude amortization expense from acquired intangibles and restructuring expense related to cost of sales and are reconciled below:
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| Revenue | $ | 1,122,057 | $ | 914,737 | $ | 4,222,993 | $ | 3,578,127 | ||||||||
| GAAP cost of sales | $ | 504,671 | $ | 392,231 | $ | 1,867,331 | $ | 1,553,816 | ||||||||
| Less: Amortization of acquired intangibles (A) | (8,395 | ) | (6,379 | ) | (30,396 | ) | (39,650 | ) | ||||||||
| Non-GAAP cost of sales | $ | 496,276 | $ | 385,852 | $ | 1,836,935 | $ | 1,514,166 | ||||||||
| GAAP gross profit | $ | 617,386 | $ | 522,506 | $ | 2,355,662 | $ | 2,024,311 | ||||||||
| GAAP gross margin | 55.0 | % | 57.1 | % | 55.8 | % | 56.6 | % | ||||||||
| Non-GAAP gross profit | $ | 625,781 | $ | 528,885 | $ | 2,386,058 | $ | 2,063,961 | ||||||||
| Non-GAAP gross margin | 55.8 | % | 57.8 | % | 56.5 | % | 57.7 | % |
The measure non-GAAP income from operations is reconciled with
GAAP income from operations below:
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| GAAP income from operations | $ | 275,267 | $ | 255,396 | $ | 1,131,871 | $ | 1,000,286 | ||||||||
| Amortization of acquired intangibles cost of sales (A) | 8,395 | 6,379 | 30,396 | 39,650 | ||||||||||||
| Amortization of acquired intangibles operating expenses (A ) | 12,319 | 7,903 | 42,020 | 31,078 | ||||||||||||
| Restructuring (A) | 9,177 | 9,177 | ||||||||||||||
| Acquisition-related expenses (A) | 1,792 | 1,864 | 10,949 | 1,864 | ||||||||||||
| Non-GAAP income from operations | $ | 306,950 | $ | 271,542 | $ | 1,224,413 | $ | 1,072,878 |
RESMED INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
The measures non-GAAP net income
and non-GAAP diluted earnings per share are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
| GAAP net income | $ | 229,664 | $ | 195,061 | $ | 897,556 | $ | 779,437 | ||||||||
| Amortization of acquired intangibles cost of sales (A) | 8,395 | 6,379 | 30,396 | 39,650 | ||||||||||||
| Amortization of acquired intangibles operating expenses (A) | 12,319 | 7,903 | 42,020 | 31,078 | ||||||||||||
| Restructuring expenses (A) | 9,177 | 9,177 | ||||||||||||||
| Acquisition-related expenses (A) | 1,792 | 1,864 | 10,949 | 1,864 | ||||||||||||
| Gain on insurance recoveries (A) | (20,227 | ) | (20,227 | ) | ||||||||||||
| (Gain) loss on equity investments (A) | 11,675 | 11,675 | ||||||||||||||
| Reserve for disputed tax position (A) | 4,111 | |||||||||||||||
| Income tax effect on non-GAAP adjustments (A) | (5,631 | ) | (3,644 | ) | (20,114 | ) | (17,044 | ) | ||||||||
| Non-GAAP net income (A) | $ | 235,489 | $ | 219,238 | $ | 949,757 | $ | 850,771 | ||||||||
| GAAP diluted shares outstanding | 147,554 | 147,000 | 147,455 | 147,043 | ||||||||||||
| GAAP diluted earnings per share | $ | 1.56 | $ | 1.33 | $ | 6.09 | $ | 5.30 | ||||||||
| Non-GAAP diluted earnings per share (A) | $ | 1.60 | $ | 1.49 | $ | 6.44 | $ | 5.79 |
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed
uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information
provides investors better insight when evaluating ResMed s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement,
and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent
limitations because they do not include all the expenses that must be included under GAAP.
RESMED INC. AND SUBSIDIARIES
Revenue by Product and Region
millions, except for per share amounts)
| Three Months Ended | ||||||||||||||||||||||||
| June 30, 2023 | (A) | June 30, 2022 | (A) | % Change | Constant Currency (B) | |||||||||||||||||||
| U.S., Canada, and Latin America | ||||||||||||||||||||||||
| Devices | $ | 387.2 | $ | 298.9 | 30 | % | ||||||||||||||||||
| Masks and other | 273.7 | 229.6 | 19 | |||||||||||||||||||||
| Total U.S., Canada and Latin America | $ | 660.9 | $ | 528.5 | 25 | |||||||||||||||||||
| Combined Europe, Asia, and other markets | ||||||||||||||||||||||||
| Devices | $ | 215.2 | $ | 188.2 | 14 | % | 15 | % | ||||||||||||||||
| Masks and other | 107.4 | 94.9 | 13 | 14 | ||||||||||||||||||||
| Total Combined Europe, Asia and other markets | $ | 322.6 | $ | 283.1 | 14 | 14 | ||||||||||||||||||
| Global revenue | ||||||||||||||||||||||||
| Total Devices | $ | 602.4 | $ | 487.2 | 24 | % | 24 | % | ||||||||||||||||
| Total Masks and other | 381.0 | 324.4 | 17 | 18 | ||||||||||||||||||||
| Total Sleep and Respiratory Care | $ | 983.5 | $ | 811.6 | 21 | 21 | ||||||||||||||||||
| Software-as-a-Service | 138.6 | 103.1 | 34 | |||||||||||||||||||||
| Total | $ | 1,122.1 | $ | 914.7 | 23 | 23 |
| Twelve Months Ended | ||||||||||||||||||||||||
| June 30, 2023 | (A) | June 30, 2022 | (A) | % Change | Constant Currency (B) | |||||||||||||||||||
| U.S., Canada, and Latin America | ||||||||||||||||||||||||
| Devices | $ | 1,444.4 | $ | 1,070.4 | 35 | % | ||||||||||||||||||
| Masks and other | 1,039.0 | 911.4 | 14 | |||||||||||||||||||||
| Total U.S., Canada and Latin America | $ | 2,483.4 | $ | 1,981.8 | 25 | |||||||||||||||||||
| Combined Europe, Asia, and other markets | ||||||||||||||||||||||||
| Devices | $ | 826.3 | $ | 796.5 | 4 | % | 11 | % | ||||||||||||||||
| Masks and other | 415.3 | 399.0 | 4 | 12 | ||||||||||||||||||||
| Total Combined Europe, Asia and other markets | $ | 1,241.6 | $ | 1,195.5 | 4 | 11 | ||||||||||||||||||
| Global revenue | ||||||||||||||||||||||||
| Total Devices | $ | 2,270.7 | $ | 1,866.9 | 22 | % | 25 | % | ||||||||||||||||
| Total Masks and other | 1,454.3 | 1,310.4 | 11 | 14 | ||||||||||||||||||||
| Total Sleep and Respiratory Care | $ | 3,725.0 | $ | 3,177.3 | 17 | 20 | ||||||||||||||||||
| Software-as-a-Service | 498.0 | 400.8 | 24 | |||||||||||||||||||||
| Total | $ | 4,223.0 | $ | 3,578.1 | 18 | 21 |
RESMED INC. AND SUBSIDIARIES