SAN DIEGO — Amid a declining economy and an industry in turmoil, ResMed managed to record a 14 percent increase in revenue for the quarter ended Sept. 30, officials announced Oct. 28. The sleep apnea equipment manufacturer reported revenue of $282 million for the quarter compared to just under $247 million for the same quarter in 2009. Income from operations was $66.4 million and net income was $56.7 million, an increase of 26 and 35 percent, respectively, compared to the quarter last year. The company also invested more in research and development. Expenses for R&D went up 10 percent, to $19.7 million in the quarter of 2010 compared to $17.9 million in 2009.
Kieran T. Gallahue, president and CEO, attributed ResMed's growth to a "favorable mix of product sales and market share gains" and noted that sales in the Americas grew by 16 percent, while sales elsewhere rose 13 percent. "Operating profit for the September quarter was $66.4 million and cash flow from operations was $59.1 million, demonstrating excellent operating performance," Gallahue said.