ResMed Passes $1 Billion

SAN DIEGO — ResMed reported record revenues for its fourth
quarter and year ended June 30, and announced a two-for-one stock
split.

Revenue for the quarter was $291.6 million, a 16 percent
increase over the same quarter in 2009. Income from operations was
$68.6 million and net income was $53.2 million, increases of 19
percent and 17 percent, respectively, compared to the year-ago
quarter, the company said.

For the year, revenue was $1.1 billion, a 19 percent increase
over the year ended June 30, 2009. Income from operations was
$240.4 million and net income was $190.1 million, increases of 26
percent and 30 percent, respectively, compared to last year.

“Our favorable mix of product sales and market share gains led
to a 20 percent revenue increase in the Americas over the prior
year’s quarter, resulting in $160.9 million in sales. Revenue
outside the Americas increased by 11 percent to $130.7 million over
the prior year’s quarter,” Kieran T. Gallahue, ResMed president and
CEO, said in a release. He added that globally, growth in flow
generators was mainly driven by sales of the company’s S9 AutoSet
and Elite products. Mask sales “were particularly robust,” he
said.

“Surpassing the billion dollar mark in annual sales is a result
of our ability to continue to innovate and launch new products to
treat sleep-disordered breathing,” Gallahue said. “We believe
continued growth will also come from the increasing confirmation of
the strong impact of the relationship between sleep-disordered
breathing, obstructive sleep apnea and co-morbidities such as
cardiac disease, diabetes, hypertension and obesity.”

The San Diego-based respiratory manufacturer also said it had
approved a two-for-one stock split to take place on or around Aug.
30.