ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health
company, today announced results for its quarter ended
June 30, 2021.
Fourth Quarter 2021 HighlightsAll
comparisons are to the prior year period
- Revenue increased by 14% to $876.1 million; up 10% on a
constant currency basis
- Gross margin of 56.0%; non-GAAP gross margin contracted 260 bps
to 57.3%
- Income from operations increased 8%; non-GAAP operating profit
up 7%
- Diluted earnings per share of $1.33; non-GAAP diluted earnings
per share of $1.35
- Quarterly dividend increased by 8% to $0.42 per share
Full Year 2021 HighlightsAll
comparisons are to the prior year period
- Revenue increased 8% to $3.2 billion; up 6% on a constant
currency basis
- Gross margin of 57.5%; non-GAAP gross margin contracted 70 bps
to 59.1%
- Income from operations increased 12%; non-GAAP operating profit
up 12%
- Diluted earnings per share of $3.24; non-GAAP diluted earnings
per share of $5.33
“Our fourth quarter and full-year fiscal year 2021
results continue to demonstrate the strength and resiliency of our
business,” said Mick Farrell, ResMed’s CEO. “During the quarter, we
saw the ongoing recovery of core sleep apnea and COPD patient flow
across our business, as healthcare systems continue to adopt new
models of patient care. We faced some headwinds this quarter, as we
annualized the $125 million in COVID-related ventilator sales from
this period in 2020, and we saw some tailwinds from a competitor’s
major quality issue that was announced during the quarter. The net
result was strong revenue growth of 10% for our ResMed business in
the June quarter. We finished the full fiscal year 2021 with 6%
revenue growth year-over-year to $3.2 billion, with operating
profit up 12% on a non-GAAP basis.
“At this time of incredible demand for ResMed
products, we are doing everything we can to increase our
manufacturing of sleep and respiratory care devices. Our global
team is supporting patients, providers, and physicians with our
priority to get products directly into the hands of patients who
need therapy most. Looking ahead, we are confident in our ability
to grow steadily through our fiscal year 2022 and to deliver for
all our stakeholders. We’re driving accelerated adoption of digital
health solutions in sleep apnea, COPD, and out-of-hospital care,
accelerating our ResMed 2025 strategy. These digital health
solutions provide efficiency and lower costs for providers and
payers, as well as better quality-of-life and clinical outcomes for
patients and physicians, and sustainable growth for all of our
ResMed stakeholders.”
Financial Results and Operating
Metrics
Unaudited; $ in millions, except for per share
amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
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|
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|
|
|
|
|
|
June 30,2021 |
|
June 30,2020 |
|
% Change |
|
Constant Currency (A) |
Revenue |
$ |
876.1 |
|
|
$ |
770.3 |
|
|
14 |
% |
|
10 |
% |
Gross margin (B) |
|
56.0 |
% |
|
|
58.3 |
% |
|
(4 |
) |
|
|
Non-GAAP gross margin (B) |
|
57.3 |
% |
|
|
59.9 |
% |
|
(4 |
) |
|
|
Selling, general, and
administrative expenses |
|
181.5 |
|
|
|
165.4 |
|
|
10 |
|
|
4 |
|
Research and development
expenses |
|
59.9 |
|
|
|
52.5 |
|
|
14 |
|
|
9 |
|
Income from operations |
|
241.6 |
|
|
|
223.2 |
|
|
8 |
|
|
|
Non-GAAP income from
operations (B) |
|
260.4 |
|
|
|
243.4 |
|
|
7 |
|
|
|
Net income |
|
195.1 |
|
|
|
177.8 |
|
|
10 |
|
|
|
Non-GAAP net income (B) |
|
198.4 |
|
|
|
193.3 |
|
|
3 |
|
|
|
Diluted earnings per
share |
$ |
1.33 |
|
|
$ |
1.22 |
|
|
9 |
|
|
|
Non-GAAP diluted earnings per
share (B) |
$ |
1.35 |
|
|
$ |
1.33 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
Twelve Months Ended |
|
|
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|
|
|
|
|
|
|
|
|
|
June 30,2021 |
|
June 30,2020 |
|
% Change |
|
Constant Currency (A) |
Revenue |
$ |
3,196.8 |
|
|
$ |
2,957.0 |
|
|
8 |
% |
|
6 |
% |
Gross margin (B) |
|
57.5 |
% |
|
|
58.1 |
% |
|
(1 |
) |
|
|
Non-GAAP gross margin (B) |
|
59.1 |
% |
|
|
59.8 |
% |
|
(1 |
) |
|
|
Selling, general, and
administrative expenses |
|
670.4 |
|
|
|
676.7 |
|
|
(1 |
) |
|
(4 |
) |
Research and development
expenses |
|
225.3 |
|
|
|
201.9 |
|
|
12 |
|
|
8 |
|
Income from operations |
|
903.7 |
|
|
|
809.7 |
|
|
12 |
|
|
|
Non-GAAP income from
operations (B) |
|
993.8 |
|
|
|
890.9 |
|
|
12 |
|
|
|
Net income |
|
474.5 |
|
|
|
621.7 |
|
|
(24 |
) |
|
|
Non-GAAP net income (B) |
|
780.6 |
|
|
|
692.8 |
|
|
13 |
|
|
|
Diluted earnings per
share |
$ |
3.24 |
|
|
$ |
4.27 |
|
|
(24 |
) |
|
|
Non-GAAP diluted earnings per
share (B) |
$ |
5.33 |
|
|
$ |
4.76 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
In
order to provide a framework for assessing how our underlying
businesses performed excluding the effect of foreign currency
fluctuations, we provide certain financial information on a
“constant currency” basis, which is in addition to the actual
financial information presented. In order to calculate our constant
currency information, we translate the current period financial
information using the foreign currency exchange rates that were in
effect during the previous comparable period. However, constant
currency measures should not be considered in isolation or as an
alternative to U.S. dollar measures that reflect current period
exchange rates, or to other financial measures calculated and
presented in accordance with U.S. GAAP. |
|
|
(B) |
See the reconciliation of
non-GAAP financial measures in the table at the end of the press
release. |
Discussion of Fourth Quarter
ResultsAll comparisons are to the prior year period unless
otherwise noted
- During the June quarter, we derived incremental respiratory
care revenue from COVID-19 related demand of approximately $20.0
million whereas our prior year quarter included incremental revenue
of approximately $125.0 million. Excluding the impact of the
incremental respiratory care revenue associated with COVID-19,
revenue increased by 29 percent on a constant currency basis.
- Revenue in the U.S., Canada, and Latin America, excluding
Software as a Service, grew by 18 percent, driven by increased
demand for our sleep devices and masks, including recovery of core
sleep patient flow that was previously impacted by COVID-19 and
increased demand following a recent product recall by one of our
competitors, partially offset by decreased COVID-19 related demand
for our ventilators.
- Revenue in Europe, Asia, and other markets grew by 2 percent on
a constant currency basis, primarily driven by strong sales across
our mask product portfolio, partially offset by lower device sales
due to the incremental COVID-19 respiratory care revenue generated
in the prior year quarter. Excluding the impact of the incremental
respiratory care revenue associated with COVID-19, revenue
increased by 35 percent on a constant currency basis.
- Software as a Service revenue increased by 5 percent, due to
continued growth in resupply service offerings and stabilizing
patient flow in out-of-hospital care settings.
- Gross margin decreased by 230 basis points and non-GAAP gross
margin decreased by 260 basis points, mainly due to an unfavorable
product mix, specifically a proportional increase in lower-margin
Sleep devices, lower average selling prices, and unfavorable
foreign currency movements.
- Selling, general, and administrative expenses increased by 4
percent on a constant currency basis. SG&A expenses improved to
20.7 percent of revenue in the quarter, compared with 21.5 percent
in the same period of the prior year. These changes in SG&A
expenses were mainly due to increases in employee-related expenses,
partially offset by a reduction in doubtful debt expenses.
- Income from operations increased by 8 percent and non-GAAP
income from operations increased by 7 percent.
- Net income grew by 10 percent and diluted earnings per share
grew by 9 percent. Non-GAAP net income grew by 3 percent and
non-GAAP diluted earnings per share grew by 2 percent,
predominantly attributable to strong sales.
- Cash flow from operations for the quarter was $226.5 million,
compared to net income in the current quarter of $195.1 million and
non-GAAP net income of $198.4 million. During the quarter we paid
$56.8 million in dividends.
Dividend programThe ResMed board
of directors today declared a quarterly cash dividend of $0.42 per
share. The dividend will have a record date of August 19,
2021, payable on September 23, 2021. 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 18, 2021,
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 18, 2021, through August 19,
2021, inclusive.
Webcast detailsResMed will discuss
its fourth quarter fiscal year 2021 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 2021 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 two hours after
the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415
(outside U.S.) and entering the passcode 13721425. The telephone
replay will be available until August 19, 2021.
Upcoming Investor DayResMed will
host a virtual investor day on Wednesday, September 8, 2021,
beginning at 1:30 p.m. PT, to discuss its business strategy and
growth initiatives. Investors will have the opportunity to watch
and listen to a webcast of the virtual event through the Investor
Relations section of the ResMed website. A replay will be
accessible through the same website. Additional information and
registration information will be available approximately two weeks
prior to the event at investor.resmed.com.
About ResMedAt 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
@ResMed.
Safe harbor statementStatements
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, litigation, and tax outlook – 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 30,2021 |
|
June 30,2020 |
|
June 30,2021 |
|
June 30,2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
876,103 |
|
|
$ |
770,343 |
|
|
$ |
3,196,825 |
|
|
$ |
2,957,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
374,345 |
|
|
|
308,991 |
|
|
|
1,307,366 |
|
|
|
1,189,624 |
|
Amortization of acquired
intangibles (1) |
|
11,062 |
|
|
|
11,980 |
|
|
|
45,127 |
|
|
|
49,603 |
|
Restructuring - cost of sales
(1) |
|
- |
|
|
|
- |
|
|
|
5,232 |
|
|
|
- |
|
Total cost of sales |
$ |
385,407 |
|
|
$ |
320,971 |
|
|
$ |
1,357,725 |
|
|
$ |
1,239,227 |
|
Gross profit |
$ |
490,696 |
|
|
$ |
449,372 |
|
|
$ |
1,839,100 |
|
|
$ |
1,717,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative |
|
181,483 |
|
|
|
165,385 |
|
|
|
670,387 |
|
|
|
676,689 |
|
Research and development |
|
59,875 |
|
|
|
52,520 |
|
|
|
225,284 |
|
|
|
201,946 |
|
Amortization of acquired
intangibles (1) |
|
7,701 |
|
|
|
8,220 |
|
|
|
31,078 |
|
|
|
30,092 |
|
Restructuring - operating
expenses (1) |
|
- |
|
|
|
- |
|
|
|
8,673 |
|
|
|
- |
|
Litigation settlement expenses
(1) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(600 |
) |
Total operating expenses |
$ |
249,059 |
|
|
$ |
226,125 |
|
|
$ |
935,422 |
|
|
$ |
908,127 |
|
Income from operations |
|
241,637 |
|
|
|
223,247 |
|
|
|
903,678 |
|
|
|
809,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses),
net: |
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense),
net |
$ |
(5,286 |
) |
|
$ |
(8,942 |
) |
|
$ |
(23,627 |
) |
|
$ |
(39,356 |
) |
Loss attributable to equity
method investments |
|
(1,310 |
) |
|
|
(5,976 |
) |
|
|
(11,205 |
) |
|
|
(25,058 |
) |
Other, net |
|
4,169 |
|
|
|
3,765 |
|
|
|
14,816 |
|
|
|
(12,157 |
) |
Total other income (expenses),
net |
|
(2,427 |
) |
|
|
(11,153 |
) |
|
|
(20,016 |
) |
|
|
(76,571 |
) |
Income before income
taxes |
$ |
239,210 |
|
|
$ |
212,094 |
|
|
$ |
883,662 |
|
|
$ |
733,088 |
|
Income taxes |
|
44,112 |
|
|
|
34,259 |
|
|
|
409,157 |
|
|
|
111,414 |
|
Net income |
$ |
195,098 |
|
|
$ |
177,835 |
|
|
$ |
474,505 |
|
|
$ |
621,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.34 |
|
|
$ |
1.23 |
|
|
$ |
3.27 |
|
|
$ |
4.31 |
|
Diluted earnings per
share |
$ |
1.33 |
|
|
$ |
1.22 |
|
|
$ |
3.24 |
|
|
$ |
4.27 |
|
Non-GAAP diluted earnings per
share (1) |
$ |
1.35 |
|
|
$ |
1.33 |
|
|
$ |
5.33 |
|
|
$ |
4.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
145,600 |
|
|
|
144,792 |
|
|
|
145,313 |
|
|
|
144,338 |
|
Diluted shares
outstanding |
|
146,544 |
|
|
|
145,866 |
|
|
|
146,451 |
|
|
|
145,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See the
reconciliation of non-GAAP financial measures in the table at the
end of the press release. |
|
|
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(Unaudited; $ in thousands)
|
|
|
|
|
|
|
June 30,2021 |
|
June 30,2020 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
295,278 |
|
|
$ |
463,156 |
|
Accounts receivable, net |
|
614,292 |
|
|
|
474,643 |
|
Inventories |
|
457,033 |
|
|
|
416,915 |
|
Prepayments and other current
assets |
|
208,154 |
|
|
|
168,745 |
|
Total current assets |
$ |
1,574,757 |
|
|
$ |
1,523,459 |
|
Non-current assets: |
|
|
|
|
|
Property, plant and equipment,
net |
$ |
463,490 |
|
|
$ |
417,335 |
|
Operating lease right-of-use
assets |
|
128,575 |
|
|
|
118,348 |
|
Goodwill and other
intangibles, net |
|
2,320,483 |
|
|
|
2,338,492 |
|
Deferred income taxes and
other non-current assets |
|
240,820 |
|
|
|
189,742 |
|
Total non-current assets |
$ |
3,153,368 |
|
|
$ |
3,063,917 |
|
Total assets |
$ |
4,728,125 |
|
|
$ |
4,587,376 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
138,008 |
|
|
$ |
135,786 |
|
Accrued expenses |
|
320,599 |
|
|
|
270,353 |
|
Operating lease liabilities,
current |
|
23,585 |
|
|
|
21,263 |
|
Deferred revenue |
|
109,611 |
|
|
|
98,617 |
|
Income taxes payable |
|
307,963 |
|
|
|
64,755 |
|
Short-term debt |
|
12,000 |
|
|
|
11,987 |
|
Total current liabilities |
$ |
911,766 |
|
|
$ |
602,761 |
|
Non-current liabilities: |
|
|
|
|
|
Deferred revenue |
$ |
91,496 |
|
|
$ |
87,307 |
|
Deferred income taxes |
|
11,319 |
|
|
|
13,011 |
|
Operating lease liabilities,
non-current |
|
114,779 |
|
|
|
101,880 |
|
Other long term
liabilities |
|
6,802 |
|
|
|
8,347 |
|
Long-term debt |
|
643,351 |
|
|
|
1,164,133 |
|
Long-term income taxes
payable |
|
62,933 |
|
|
|
112,910 |
|
Total non-current
liabilities |
$ |
930,680 |
|
|
$ |
1,487,588 |
|
Total liabilities |
$ |
1,842,446 |
|
|
$ |
2,090,349 |
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
Common stock |
$ |
583 |
|
|
$ |
580 |
|
Additional paid-in
capital |
|
1,622,199 |
|
|
|
1,570,694 |
|
Retained earnings |
|
3,079,640 |
|
|
|
2,832,991 |
|
Treasury stock |
|
(1,623,256 |
) |
|
|
(1,623,256 |
) |
Accumulated other
comprehensive income |
|
(193,487 |
) |
|
|
(283,982 |
) |
Total stockholders’
equity |
$ |
2,885,679 |
|
|
$ |
2,497,027 |
|
Total liabilities and
stockholders' equity |
$ |
4,728,125 |
|
|
$ |
4,587,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flows
(Unaudited; $ in thousands)
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
June 30,2021 |
|
June 30,2020 |
Cash flows from
operating activities: |
|
|
|
|
|
Net income |
$ |
474,505 |
|
|
$ |
621,674 |
|
Adjustment to reconcile net
income to cash provided by operating activities: |
|
|
|
|
|
Depreciation and
amortization |
|
156,758 |
|
|
|
154,850 |
|
Amortization of right-of-use
assets |
|
34,760 |
|
|
|
26,523 |
|
Stock-based compensation
costs |
|
63,927 |
|
|
|
57,559 |
|
Loss attributable to equity
method investments |
|
11,205 |
|
|
|
25,058 |
|
(Gain) loss on equity
investment |
|
(14,515 |
) |
|
|
14,519 |
|
Restructuring expenses |
|
8,673 |
|
|
|
- |
|
Changes in fair value of
business combination contingent consideration |
|
- |
|
|
|
(7 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
(129,195 |
) |
|
|
54,383 |
|
Inventories, net |
|
(21,954 |
) |
|
|
(69,881 |
) |
Prepaid expenses, net deferred
income taxes and other current assets |
|
(58,154 |
) |
|
|
(58,999 |
) |
Accounts payable, accrued
expenses and other |
|
210,708 |
|
|
|
(23,424 |
) |
Net cash provided by operating
activities |
$ |
736,718 |
|
|
$ |
802,255 |
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchases of property, plant
and equipment |
|
(102,712 |
) |
|
|
(95,330 |
) |
Patent registration costs |
|
(14,114 |
) |
|
|
(10,608 |
) |
Business acquisitions, net of
cash acquired |
|
(39,067 |
) |
|
|
(27,910 |
) |
Purchases of investments |
|
(21,788 |
) |
|
|
(31,616 |
) |
Proceeds / (Payments) on
maturity of foreign currency contracts |
|
19,219 |
|
|
|
(14,397 |
) |
Net cash used in investing
activities |
$ |
(158,462 |
) |
|
$ |
(179,861 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds from issuance of
common stock, net |
|
37,790 |
|
|
|
48,182 |
|
Taxes paid related to net
share settlement of equity awards |
|
(50,209 |
) |
|
|
(46,061 |
) |
Payment of business
combination contingent consideration |
|
(3,500 |
) |
|
|
(302 |
) |
Proceeds from borrowings, net
of borrowing costs |
|
90,000 |
|
|
|
1,190,000 |
|
Repayment of borrowings |
|
(612,000 |
) |
|
|
(1,284,012 |
) |
Dividends paid |
|
(226,713 |
) |
|
|
(225,093 |
) |
Net cash used in financing
activities |
$ |
(764,632 |
) |
|
$ |
(317,286 |
) |
Effect of exchange rate
changes on cash |
$ |
18,498 |
|
|
$ |
10,920 |
|
Net increase / (decrease) in
cash and cash equivalents |
|
(167,878 |
) |
|
|
316,028 |
|
Cash and cash equivalents at
beginning of period |
|
463,156 |
|
|
|
147,128 |
|
Cash and cash
equivalents at end of period |
$ |
295,278 |
|
|
$ |
463,156 |
|
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” excludes amortization expense from acquired
intangibles related to cost of sales and are reconciled below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,2021 |
|
June 30,2020 |
|
June 30,2021 |
|
June 30,2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
876,103 |
|
|
$ |
770,343 |
|
|
$ |
3,196,825 |
|
|
$ |
2,957,013 |
|
Add back: Deferred revenue
fair value adjustment (A) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,102 |
|
Non-GAAP Revenue |
$ |
876,103 |
|
|
$ |
770,343 |
|
|
$ |
3,196,825 |
|
|
$ |
2,959,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Cost of sales |
$ |
385,407 |
|
|
$ |
320,971 |
|
|
$ |
1,357,725 |
|
|
$ |
1,239,227 |
|
Less: Amortization of acquired
intangibles (A) |
|
(11,062 |
) |
|
|
(11,980 |
) |
|
|
(45,127 |
) |
|
|
(49,603 |
) |
Less: Restructuring - cost of
sales (A) |
|
- |
|
|
|
- |
|
|
|
(5,232 |
) |
|
|
- |
|
Non-GAAP cost of sales |
$ |
374,345 |
|
|
$ |
308,991 |
|
|
$ |
1,307,366 |
|
|
$ |
1,189,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
490,696 |
|
|
$ |
449,372 |
|
|
$ |
1,839,100 |
|
|
$ |
1,717,786 |
|
GAAP gross margin |
|
56.0 |
% |
|
|
58.3 |
% |
|
|
57.5 |
% |
|
|
58.1 |
% |
Non-GAAP gross profit |
$ |
501,758 |
|
|
$ |
461,352 |
|
|
$ |
1,889,459 |
|
|
$ |
1,769,491 |
|
Non-GAAP gross margin |
|
57.3 |
% |
|
|
59.9 |
% |
|
|
59.1 |
% |
|
|
59.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The measure “non-GAAP income from operations” is
reconciled with GAAP income from operations below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,2021 |
|
June 30,2020 |
|
June 30,2021 |
|
June 30,2020 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
241,637 |
|
$ |
223,247 |
|
$ |
903,678 |
|
$ |
809,659 |
|
Amortization of acquired
intangibles - cost of sales (A) |
|
11,062 |
|
|
11,980 |
|
|
45,127 |
|
|
49,603 |
|
Amortization of acquired
intangibles - operating expenses (A) |
|
7,701 |
|
|
8,220 |
|
|
31,078 |
|
|
30,092 |
|
Restructuring - cost of sales
(A) |
|
- |
|
|
- |
|
|
5,232 |
|
|
- |
|
Restructuring - operating
expenses (A) |
|
- |
|
|
- |
|
|
8,673 |
|
|
- |
|
Deferred revenue fair value
adjustment (A) |
|
- |
|
|
- |
|
|
- |
|
|
2,102 |
|
Litigation settlement expenses
(A) |
|
- |
|
|
- |
|
|
- |
|
|
(600 |
) |
Non-GAAP income from
operations |
$ |
260,400 |
|
$ |
243,447 |
|
$ |
993,788 |
|
$ |
890,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 30,2021 |
|
June 30,2020 |
|
June 30,2021 |
|
June 30,2020 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
$ |
195,098 |
|
|
$ |
177,835 |
|
$ |
474,505 |
|
|
$ |
621,674 |
|
Amortization of acquired
intangibles - cost of sales, net of tax (A) |
|
8,506 |
|
|
|
9,167 |
|
|
34,642 |
|
|
|
37,933 |
|
Amortization of acquired
intangibles - operating expenses, net of tax (A) |
|
5,921 |
|
|
|
6,290 |
|
|
23,857 |
|
|
|
23,012 |
|
Reserve for disputed tax
position (A) |
|
(6,003 |
) |
|
|
- |
|
|
248,773 |
|
|
|
- |
|
Restructuring - cost of sales,
net of tax (A) |
|
- |
|
|
|
- |
|
|
4,663 |
|
|
|
- |
|
Restructuring - operating
expenses, net of tax (A) |
|
- |
|
|
|
- |
|
|
7,730 |
|
|
|
- |
|
(Gain) loss on equity
investments (A) |
|
(5,073 |
) |
|
|
- |
|
|
(13,549 |
) |
|
|
- |
|
Fair value impairment of
investment (A) |
|
- |
|
|
|
- |
|
|
- |
|
|
|
9,100 |
|
Deferred revenue fair value
adjustment, net of tax (A) |
|
- |
|
|
|
- |
|
|
- |
|
|
|
1,610 |
|
Litigation settlement
expenses, net of tax (A) |
|
- |
|
|
|
- |
|
|
- |
|
|
|
(528 |
) |
Non-GAAP net income (A) |
$ |
198,449 |
|
|
$ |
193,292 |
|
$ |
780,621 |
|
|
$ |
692,801 |
|
GAAP diluted shares
outstanding |
|
146,544 |
|
|
|
145,866 |
|
|
146,451 |
|
|
|
145,652 |
|
GAAP diluted earnings per
share |
$ |
1.33 |
|
|
$ |
1.22 |
|
$ |
3.24 |
|
|
$ |
4.27 |
|
Non-GAAP diluted earnings per
share (A) |
$ |
1.35 |
|
|
$ |
1.33 |
|
$ |
5.33 |
|
|
$ |
4.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
ResMed adjusts for the impact of the amortization of acquired
intangibles, reserve for disputed tax positions, restructuring
expenses, the (gain) loss on equity investments, the fair value
impairment of investment, deferred revenue fair value adjustment
and litigation settlement expenses from their evaluation of ongoing
operations, and believes that investors benefit from adjusting
these items to facilitate a more meaningful evaluation of current
operating performance.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
(Unaudited; $ in millions, except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 (A) |
|
June 30, 2020 (A) |
|
% Change |
|
Constant Currency (B) |
U.S., Canada and Latin
America |
|
|
|
|
|
|
|
|
|
|
|
Devices |
$ |
268.4 |
|
$ |
205.9 |
|
30 |
% |
|
|
|
Masks and other |
|
203.9 |
|
|
194.7 |
|
5 |
|
|
|
|
Total Sleep and Respiratory
Care |
$ |
472.3 |
|
$ |
400.5 |
|
18 |
|
|
|
|
Software as a Service |
|
95.8 |
|
|
91.5 |
|
5 |
|
|
|
|
Total |
$ |
568.1 |
|
$ |
492.0 |
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Europe, Asia
and other markets |
|
|
|
|
|
|
|
|
|
|
|
Devices |
$ |
209.5 |
|
$ |
205.8 |
|
2 |
% |
|
(6 |
) |
% |
Masks and other |
|
98.5 |
|
|
72.6 |
|
36 |
|
|
24 |
|
|
Total Sleep and Respiratory
Care |
$ |
308.0 |
|
$ |
278.3 |
|
11 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
revenue |
|
|
|
|
|
|
|
|
|
|
|
Devices |
$ |
477.9 |
|
$ |
411.6 |
|
16 |
% |
|
12 |
|
% |
Masks and other |
|
302.4 |
|
|
267.2 |
|
13 |
|
|
10 |
|
|
Total Sleep and Respiratory
Care |
$ |
780.3 |
|
$ |
678.9 |
|
15 |
|
|
11 |
|
|
Software as a Service |
|
95.8 |
|
|
91.5 |
|
5 |
|
|
5 |
|
|
Total |
$ |
876.1 |
|
$ |
770.3 |
|
14 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 (A) |
|
June 30, 2020 (A) |
|
% Change |
|
|
Constant Currency (B) |
U.S., Canada and Latin
America |
|
|
|
|
|
|
|
|
|
|
|
Devices |
$ |
863.7 |
|
$ |
792.8 |
|
9 |
% |
|
|
|
Masks and other |
|
841.5 |
|
|
779.6 |
|
8 |
|
|
|
|
Total Sleep and Respiratory
Care |
$ |
1,705.1 |
|
$ |
1,572.3 |
|
8 |
|
|
|
|
Software as a Service |
|
373.6 |
|
|
354.6 |
|
5 |
|
|
|
|
Total |
$ |
2,078.7 |
|
$ |
1,927.0 |
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Europe, Asia
and other markets |
|
|
|
|
|
|
|
|
|
|
|
Devices |
$ |
746.4 |
|
$ |
715.1 |
|
4 |
% |
|
(2 |
) |
% |
Masks and other |
|
371.7 |
|
|
315.0 |
|
18 |
|
|
11 |
|
|
Total Sleep and Respiratory
Care |
$ |
1,118.1 |
|
$ |
1,030.1 |
|
9 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
revenue |
|
|
|
|
|
|
|
|
|
|
|
Devices |
$ |
1,610.0 |
|
$ |
1,507.8 |
|
7 |
% |
|
3 |
|
% |
Masks and other |
|
1,213.2 |
|
|
1,094.6 |
|
11 |
|
|
9 |
|
|
Total Sleep and Respiratory
Care |
$ |
2,823.2 |
|
$ |
2,602.4 |
|
8 |
|
|
6 |
|
|
Software as a Service |
|
373.6 |
|
|
354.6 |
|
5 |
|
|
5 |
|
|
Total |
$ |
3,196.8 |
|
$ |
2,957.0 |
|
8 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
Totals and subtotals may not add due to rounding. |
|
|
(B) |
In order to provide a framework
for assessing how our underlying businesses performed excluding the
effect of foreign currency fluctuations, we provide certain
financial information on a “constant currency basis,” which is in
addition to the actual financial information presented. In order to
calculate our constant currency information, we translate the
current period financial information using the foreign currency
exchange rates that were in effect during the previous comparable
period. However, constant currency measures should not be
considered in isolation or as an alternative to U.S. dollar
measures that reflect current period exchange rates, or to other
financial measures calculated and presented in accordance with U.S.
GAAP. |
For
investorsAmy Wakeham+1
858-836-5000investorrelations@resmed.com |
For
mediaJayme Rubenstein+1 858-836-6798news@resmed.com |
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