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     232  0 Kommentare ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2020

    ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended June 30, 2020.

    Fourth Quarter 2020 Highlights

    All comparisons are to the prior year period

    • Revenue increased 9% to $770.3 million; up 10% on a constant currency basis
    • GAAP gross margin of 58.3%; non-GAAP gross margin expanded 60 bps to 59.9%
    • Net operating profit increased 84%; non-GAAP operating profit up 24%
    • GAAP diluted earnings per share of $1.22; non-GAAP diluted earnings per share of $1.33

    Full Year 2020 Highlights

    All comparisons are to the prior year period

    • Revenue increased 13% to $3.0 billion; up 15% on a constant currency basis
    • GAAP gross margin of 58.1%; non-GAAP gross margin expanded 80 bps to 59.8%
    • Net operating profit increased 40%; non-GAAP operating profit up 24%
    • GAAP diluted earnings per share of $4.27; non-GAAP diluted earnings per share of $4.76

    “Our fourth quarter results reflect the strength and resiliency of our business in today’s uncertain environment. We finished fiscal year 2020 with double-digit revenue growth to $3.0 billion and operating profit up 24% on a non-GAAP basis,” said Mick Farrell, ResMed’s CEO. “Throughout our fiscal fourth quarter, we continued to support the COVID-19 pandemic response through increased manufacturing of our ventilators, including bilevels, and ventilation mask systems while also supporting our customers with digital health solutions and other innovative tools to enable remote care for patients. Looking ahead, we are confident in our ability to navigate through the ongoing challenging clinical and economic environment to deliver for all our stakeholders. Sleep labs and physician practices are reopening across many geographies, and we’re seeing accelerated adoption of digital health solutions which supports our long-term strategy. We remain vigilant and thoughtful about the outlook for our business as we continue to serve our customers, and we believe our strong foundation will accelerate our growth over the longer term.”

    Financial Results and Operating Metrics

    Unaudited; $ in millions, except for per share amounts

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30,
    2020

     

    June 30,
    2019

     

    % Change

     

    Constant
    Currency (A)

     

    Revenue

    $

    770.3

     

     

    $

    705.0

     

     

    9

    %

     

    10

    %

     

    Gross margin (B)

     

    58.3

    %

     

     

    57.1

    %

     

    2

     

     

     

     

     

    Non-GAAP gross margin (B)

     

    59.9

    %

     

     

    59.3

    %

     

    1

     

     

     

     

     

    Selling, general and administrative expenses

     

    165.4

     

     

     

    171.6

     

     

    (4)

     

     

    0

     

     

    Research and development expenses

     

    52.5

     

     

     

    51.1

     

     

    3

     

     

    4

     

     

    Income from operations

     

    223.2

     

     

     

    121.1

     

     

    84

     

     

     

     

     

    Non-GAAP income from operations (B)

     

    243.4

     

     

     

    196.2

     

     

    24

     

     

     

     

     

    Net income

     

    177.8

     

     

     

    68.8

     

     

    158

     

     

     

     

     

    Non-GAAP net income (B)

     

    193.3

     

     

     

    137.6

     

     

    40

     

     

     

     

     

    Diluted earnings per share

    $

    1.22

     

     

    $

    0.48

     

     

    154

     

     

     

     

     

    Non-GAAP diluted earnings per share (B)

    $

    1.33

     

     

    $

    0.95

     

     

    40

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30,
    2020

     

    June 30,
    2019

     

    % Change

     

    Constant
    Currency (A)

     

    Revenue

    $

    2,957.0

     

     

    $

    2,606.6

     

     

    13

    %

     

    15

    %

     

    Gross margin (B)

     

    58.1

    %

     

     

    57.3

    %

     

    1

     

     

     

     

     

    Non-GAAP gross margin (B)

     

    59.8

    %

     

     

    59.0

    %

     

    1

     

     

     

     

     

    Selling, general and administrative expenses

     

    676.7

     

     

     

    645.0

     

     

    5

     

     

    7

     

     

    Research and development expenses

     

    201.9

     

     

     

    180.7

     

     

    12

     

     

    14

     

     

    Income from operations

     

    809.7

     

     

     

    579.3

     

     

    40

     

     

     

     

     

    Non-GAAP income from operations (B)

     

    890.9

     

     

     

    716.3

     

     

    24

     

     

     

     

     

    Net income

     

    621.7

     

     

     

    404.6

     

     

    54

     

     

     

     

     

    Non-GAAP net income (B)

     

    692.8

     

     

     

    526.4

     

     

    32

     

     

     

     

     

    Diluted earnings per share

    $

    4.27

     

     

    $

    2.80

     

     

    53

     

     

     

     

     

    Non-GAAP diluted earnings per share (B)

    $

    4.76

     

     

    $

    3.64

     

     

    31

     

     

     

     

     

    (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 Results

    All comparisons are to the prior year period unless otherwise noted

    • Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 4 percent, driven by strong sales across our mask product portfolio and increased demand for our ventilators due to COVID-19, partially offset by a decrease in demand for our sleep devices.
    • Revenue in combined Europe, Asia, and other markets grew by 22 percent on a constant currency basis, primarily driven by sales across our device product portfolio, including increased demand for our ventilators due to COVID-19.
    • Software as a Service revenue increased by 7 percent, due to continued growth in resupply service offerings and stabilizing patient flow in out-of-hospital care settings.
    • Gross margin expanded by 120 basis points while non-GAAP gross margin expanded by 60 basis points. These expansions were primarily due to benefits from product mix changes, partially offset by declines in manufacturing and procurement efficiencies driven by higher air freight costs.
    • Selling, general, and administrative expenses decreased by 4 percent or consistent on a constant currency basis. SG&A expenses improved to 21.5 percent of revenue in the quarter, compared with 24.3 percent in the same period of the prior year. These changes in SG&A expenses were mainly due to savings in travel and other cost management as a result of the COVID-19 pandemic.
    • Income from operations increased by 84 percent and non-GAAP income from operations increased by 24 percent.
    • Net income grew by 158 percent and diluted earnings per share grew by 154 percent, largely attributable to the impact of legal settlement expenses in the prior year. Non-GAAP net income grew by 40 percent and non-GAAP diluted earnings per share grew by 40 percent, predominantly attributable to strong ventilator device sales and controlled operating costs.
    • Cash flow from operations for the quarter was $330.3 million, compared to net income in the current quarter of $177.8 million. During the quarter we paid $56.5 million in dividends.

    Other Business and Operational Highlights

    • Accelerated the launch of cloud-based remote monitoring software for ventilators and Lumis devices across Europe, via the AirView platform. Through the new release, clinicians and care providers can remotely monitor patients’ respiratory rate and blood oxygen saturation, two key indicators to track changes in a respiratory patient's condition.
    • Launched ResMed MaskSelector, a digital tool to make remote patient mask selection and sizing easier and more effective, helping patients receive the care they need from home. ResMed MaskSelector creates personalized ResMed mask recommendations based on a patient’s sleep attributes and facial measurements enabling HMEs to support patients when they can’t physically set them due to physical distancing.

    Dividend program

    The ResMed board of directors today declared a quarterly cash dividend of $0.39 per share. The dividend will have a record date of August 20, 2020, payable on September 24, 2020. 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 19, 2020, 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 19, 2020, through August 20, 2020, inclusive.

    Webcast details

    ResMed will discuss its fourth quarter fiscal year 2020 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 2020 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 +1 833-241-4253 (U.S.) or +1 647-689-4204 (outside U.S.) and entering the passcode 2498310. The telephone replay will be available until August 19, 2020.

    About ResMed

    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 @ResMed.

    Safe harbor statement

    Statements 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 Income

    (Unaudited; $ in thousands, except for per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30,
    2020

     

    June 30,
    2019

     

    June 30,
    2020

     

    June 30,
    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenue

    $

    770,343

     

    $

    704,964

     

    $

    2,957,013

     

    $

    2,606,572

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of sales

     

    308,991

     

     

    287,114

     

     

    1,189,624

     

     

    1,069,987

     

    Amortization of acquired intangibles (1)

     

    11,980

     

     

    15,418

     

     

    49,603

     

     

    42,514

     

    Total cost of sales

    $

    320,971

     

    $

    302,532

     

    $

    1,239,227

     

    $

    1,112,501

     

    Gross profit

    $

    449,372

     

    $

    402,432

     

    $

    1,717,786

     

    $

    1,494,071

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Selling, general and administrative

     

    165,385

     

     

    171,600

     

     

    676,689

     

     

    645,010

     

    Research and development

     

    52,520

     

     

    51,138

     

     

    201,946

     

     

    180,651

     

    Amortization of acquired intangibles (1)

     

    8,220

     

     

    8,019

     

     

    30,092

     

     

    32,424

     

    Restructuring expenses (1)

     

    -

     

     

    9,401

     

     

    -

     

     

    9,401

     

    Litigation settlement expenses (1)

     

    -

     

     

    41,199

     

     

    (600)

     

     

    41,199

     

    Acquisition-related expenses (1)

     

    -

     

     

    -

     

     

    -

     

     

    6,123

     

    Total operating expenses

    $

    226,125

     

    $

    281,357

     

    $

    908,127

     

    $

    914,808

     

    Income from operations

     

    223,247

     

     

    121,075

     

     

    809,659

     

     

    579,263

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other income (expenses), net:

     

     

     

     

     

     

     

     

     

     

     

     

    Interest income (expense), net

    $

    (8,942)

     

    $

    (12,264)

     

    $

    (39,356)

     

    $

    (33,857)

     

    Loss attributable to equity method investments

     

    (5,976)

     

     

    (6,463)

     

     

    (25,058)

     

     

    (15,833)

     

    Other, net

     

    3,765

     

     

    (6,587)

     

     

    (12,157)

     

     

    (10,726)

     

    Total other income (expenses), net

     

    (11,153)

     

     

    (25,314)

     

     

    (76,571)

     

     

    (60,416)

     

    Income before income taxes

    $

    212,094

     

    $

    95,761

     

    $

    733,088

     

    $

    518,847

     

    Income taxes

     

    34,259

     

     

    26,964

     

     

    111,414

     

     

    114,255

     

    Net income

    $

    177,835

     

    $

    68,797

     

    $

    621,674

     

    $

    404,592

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

    $

    1.23

     

    $

    0.48

     

    $

    4.31

     

    $

    2.83

     

    Diluted earnings per share

    $

    1.22

     

    $

    0.48

     

    $

    4.27

     

    $

    2.80

     

    Non-GAAP diluted earnings per share (1)

    $

    1.33

     

    $

    0.95

     

    $

    4.76

     

    $

    3.64

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic shares outstanding

     

    144,792

     

     

    143,435

     

     

    144,338

     

     

    143,111

     

    Diluted shares outstanding

     

    145,866

     

     

    144,687

     

     

    145,652

     

     

    144,484

     

    (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,
    2020

     

    June 30,
    2019

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

    $

    463,156

     

    $

    147,128

     

    Accounts receivable, net

     

    474,643

     

     

    528,484

     

    Inventories

     

    416,915

     

     

    349,641

     

    Prepayments and other current assets

     

    168,745

     

     

    120,113

     

    Total current assets

    $

    1,523,459

     

    $

    1,145,366

     

    Non-current assets:

     

     

     

     

     

     

    Property, plant and equipment, net

    $

    417,335

     

    $

    387,460

     

    Operating lease right-of-use assets

     

    118,348

     

     

    -

     

    Goodwill and other intangibles, net

     

    2,338,492

     

     

    2,378,399

     

    Deferred income taxes and other non-current assets

     

    189,742

     

     

    196,457

     

    Total non-current assets

    $

    3,063,917

     

    $

    2,962,316

     

    Total assets

    $

    4,587,376

     

    $

    4,107,682

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY:

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

    $

    135,786

     

    $

    115,725

     

    Accrued expenses

     

    270,353

     

     

    266,359

     

    Operating lease liabilities, current

     

    21,263

     

     

    -

     

    Deferred revenue

     

    98,617

     

     

    88,667

     

    Income taxes payable

     

    64,755

     

     

    73,248

     

    Short-term debt

     

    11,987

     

     

    11,992

     

    Total current liabilities

    $

    602,761

     

    $

    555,991

     

    Non-current liabilities:

     

     

     

     

     

     

    Deferred revenue

    $

    87,307

     

    $

    81,143

     

    Deferred income taxes

     

    13,011

     

     

    11,380

     

    Operating lease liabilities, non-current

     

    101,880

     

     

    -

     

    Other long term liabilities

     

    8,347

     

     

    2,058

     

    Long-term debt

     

    1,164,133

     

     

    1,258,861

     

    Long-term income taxes payable

     

    112,910

     

     

    126,056

     

    Total non-current liabilities

    $

    1,487,588

     

    $

    1,479,498

     

    Total liabilities

    $

    2,090,349

     

    $

    2,035,489

     

    STOCKHOLDERS’ EQUITY:

     

     

     

     

     

     

    Common stock

    $

    580

     

    $

    575

     

    Additional paid-in capital

     

    1,570,694

     

     

    1,511,473

     

    Retained earnings

     

    2,832,991

     

     

    2,436,410

     

    Treasury stock

     

    (1,623,256)

     

     

    (1,623,256)

     

    Accumulated other comprehensive income

     

    (283,982)

     

     

    (253,009)

     

    Total stockholders’ equity

    $

    2,497,027

     

    $

    2,072,193

     

    Total liabilities and stockholders' equity

    $

    4,587,376

     

    $

    4,107,682

     

    RESMED INC. AND SUBSIDIARIES

     

    Condensed Consolidated Statements of Cash Flows

    (Unaudited; $ in thousands)

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

     

     

     

     

     

     

     

     

    June 30,
    2020

     

    June 30,
    2019

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net income

    $

    621,674

     

    $

    404,592

     

    Adjustment to reconcile net income to cash provided by operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

    154,850

     

     

    150,795

     

    Amortization of right-of-use-assets

     

    26,523

     

     

    -

     

    Stock-based compensation costs

     

    57,559

     

     

    52,073

     

    Loss attributable to equity method investments

     

    25,058

     

     

    15,833

     

    Impairment of equity investments

     

    14,519

     

     

    15,007

     

    Gain on previously held equity interest

     

    -

     

     

    (1,909)

     

    Changes in fair value of business combination contingent consideration

     

    (7)

     

     

    (286)

     

    Changes in operating assets and liabilities, net of effect of acquisitions:

     

     

     

     

     

     

    Accounts receivable, net

     

    54,383

     

     

    (18,013)

     

    Inventories, net

     

    (69,881)

     

     

    (84,188)

     

    Prepaid expenses, net deferred income taxes and other current assets

     

    (58,999)

     

     

    (47,575)

     

    Accounts payable, accrued expenses and other

     

    (23,424)

     

     

    (27,278)

     

    Net cash provided by operating activities

    $

    802,255

     

    $

    459,051

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Purchases of property, plant and equipment

     

    (95,330)

     

     

    (68,710)

     

    Patent registration costs

     

    (10,608)

     

     

    (8,632)

     

    Business acquisitions, net of cash acquired

     

    (27,910)

     

     

    (951,383)

     

    Purchases of investments

     

    (31,616)

     

     

    (46,717)

     

    Proceeds / (Payments) on maturity of foreign currency contracts

     

    (14,397)

     

     

    (264)

     

    Net cash used in investing activities

    $

    (179,861)

     

    $

    (1,075,706)

     

    Cash flows from financing activities:

     

     

     

     

     

     

    Proceeds from issuance of common stock, net

     

    48,182

     

     

    36,727

     

    Taxes paid related to net share settlement of equity awards

     

    (46,061)

     

     

    (28,104)

     

    Purchases of treasury stock

     

    -

     

     

    (22,844)

     

    Payment of business combination contingent consideration

     

    (302)

     

     

    (909)

     

    Proceeds from borrowings, net of borrowing costs

     

    1,190,000

     

     

    1,519,230

     

    Repayment of borrowings

     

    (1,284,012)

     

     

    (711,745)

     

    Dividends paid

     

    (225,093)

     

     

    (211,712)

     

    Net cash (used in) / provided by financing activities

    $

    (317,286)

     

    $

    580,643

     

    Effect of exchange rate changes on cash

    $

    10,920

     

    $

    (5,561)

     

    Net increase / (decrease) in cash and cash equivalents

     

    316,028

     

     

    (41,573)

     

    Cash and cash equivalents at beginning of period

     

    147,128

     

     

    188,701

     

    Cash and cash equivalents at end of period

    $

    463,156

     

    $

    147,128

     

    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,
    2020

     

    June 30,
    2019

     

    June 30,
    2020

     

    June 30,
    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

    $

    770,343

     

     

    $

    704,964

     

     

    $

    2,957,013

     

     

    $

    2,606,572

     

    Add back: Deferred revenue fair value adjustment (A)

     

    -

     

     

     

    1,065

     

     

     

    2,102

     

     

     

    5,348

     

    Non-GAAP Revenue

    $

    770,343

     

     

    $

    706,029

     

     

    $

    2,959,115

     

     

    $

    2,611,920

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP Cost of sales

    $

    320,971

     

     

    $

    302,532

     

     

    $

    1,239,227

     

     

    $

    1,112,501

     

    Less: Amortization of acquired intangibles (A)

     

    (11,980)

     

     

     

    (15,418)

     

     

     

    (49,603)

     

     

     

    (42,514)

     

    Non-GAAP cost of sales

    $

    308,991

     

     

    $

    287,114

     

     

    $

    1,189,624

     

     

    $

    1,069,987

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP gross profit

     

    449,372

     

     

     

    402,432

     

     

     

    1,717,786

     

     

     

    1,494,071

     

    GAAP gross margin

     

    58.3

    %

     

     

    57.1

    %

     

     

    58.1

    %

     

     

    57.3

    %

    Non-GAAP gross profit

     

    461,352

     

     

     

    418,915

     

     

     

    1,769,491

     

     

     

    1,541,933

     

    Non-GAAP gross margin

     

    59.9

    %

     

     

    59.3

    %

     

     

    59.8

    %

     

     

    59.0

    %

    The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30,
    2020

     

    June 30,
    2019

     

    June 30,
    2020

     

    June 30,
    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP income from operations

    $

    223,247

     

     

    $

    121,075

     

     

    $

    809,659

     

     

    $

    579,263

    Amortization of acquired intangibles - cost of sales (A)

     

    11,980

     

     

     

    15,418

     

     

     

    49,603

     

     

     

    42,514

    Amortization of acquired intangibles - operating expenses (A)

     

    8,220

     

     

     

    8,019

     

     

     

    30,092

     

     

     

    32,424

    Deferred revenue fair value adjustment (A)

     

    -

     

     

     

    1,065

     

     

     

    2,102

     

     

     

    5,348

    Restructuring expenses (A)

     

    -

     

     

     

    9,401

     

     

     

    -

     

     

     

    9,401

    Litigation settlement expenses (A)

     

    -

     

     

     

    41,199

     

     

     

    (600)

     

     

     

    41,199

    Acquisition related expenses (A)

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    6,123

    Non-GAAP income from operations

    $

    243,447

     

     

    $

    196,177

     

     

    $

    890,856

     

     

    $

    716,272

    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,
    2020

     

    June 30,
    2019

     

    June 30,
    2020

     

    June 30,
    2019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP net income

    $

    177,835

     

     

    $

    68,797

     

     

    $

    621,674

     

     

    $

    404,592

     

    Amortization of acquired intangibles - cost of sales, net of tax (A)

     

    9,167

     

     

     

    11,447

     

     

     

    37,933

     

     

     

    32,477

     

    Amortization of acquired intangibles - operating expenses, net of tax (A)

     

    6,290

     

     

     

    5,954

     

     

     

    23,012

     

     

     

    24,769

     

    Deferred revenue fair value adjustment, net of tax (A)

     

    -

     

     

     

    786

     

     

     

    1,610

     

     

     

    4,067

     

    Restructuring expenses, net of tax (A)

     

    -

     

     

     

    7,205

     

     

     

    -

     

     

     

    7,205

     

    Litigation settlement expenses, net of tax (A)

     

    -

     

     

     

    36,248

     

     

     

    (528)

     

     

     

    36,248

     

    Fair value impairment of investment (A)

     

    -

     

     

     

    5,000

     

     

     

    9,100

     

     

     

    5,000

     

    U.S. tax reform

     

    -

     

     

     

    2,149

     

     

     

    -

     

     

     

    6,654

     

    Acquisition-related expenses (A)

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    5,362

     

    Non-GAAP net income (A)

    $

    193,292

     

     

    $

    137,586

     

     

    $

    692,801

     

     

    $

    526,374

     

    Diluted shares outstanding

     

    145,866

     

     

     

    144,687

     

     

     

    145,652

     

     

     

    144,484

     

    GAAP diluted earnings per share

    $

    1.22

     

     

    $

    0.48

     

     

    $

    4.27

     

     

    $

    2.80

     

    Non-GAAP diluted earnings per share (A)

    $

    1.33

     

     

    $

    0.95

     

     

    $

    4.76

     

     

    $

    3.64

     

    (A)

    ResMed adjusts for the impact of the amortization of acquired intangibles, deferred revenue fair value adjustment, restructuring expenses, litigation settlement expenses, fair value impairment of investment, the impact of U.S. tax reform on income tax expense and acquisition-related 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, 2020 (A)

     

    June 30, 2019 (A)

     

    % Change

     

    Constant
    Currency (B)

     

    U.S., Canada and Latin America

     

     

     

     

     

     

     

     

     

     

     

     

    Devices

    $

    205.9

     

    $

    202.9

     

    1

    %

     

     

     

     

    Masks and other

     

    194.7

     

     

    182.6

     

    7

     

     

     

     

     

    Total Sleep and Respiratory Care

    $

    400.5

     

    $

    385.5

     

    4

     

     

     

     

     

    Software as a Service

     

    91.5

     

     

    85.2

     

    7

     

     

     

     

     

    Total

    $

    492.0

     

    $

    470.7

     

    5

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Combined Europe, Asia and other markets

     

     

     

     

     

     

     

     

     

     

     

     

    Devices

    $

    205.8

     

    $

    155.5

     

    32

    %

     

    35

    %

     

    Masks and other

     

    72.6

     

     

    78.8

     

    - 8

     

     

    - 6

     

     

    Total Sleep and Respiratory Care

    $

    278.3

     

    $

    234.3

     

    19

     

     

    22

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global revenue

     

     

     

     

     

     

     

     

     

     

     

     

    Devices

    $

    411.6

     

    $

    358.4

     

    15

    %

     

    16

    %

     

    Masks and other

     

    267.2

     

     

    261.4

     

    2

     

     

    3

     

     

    Total Sleep and Respiratory Care

    $

    678.9

     

    $

    619.8

     

    10

     

     

    11

     

     

    Software as a Service

     

    91.5

     

     

    85.2

     

    7

     

     

    7

     

     

    Total

    $

    770.3

     

    $

    705.0

     

    9

     

     

    10

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30, 2020 (A)

     

    June 30, 2019 (A)

     

    % Change

     

     

    Constant
    Currency (B)

     

    U.S., Canada and Latin America

     

     

     

     

     

     

     

     

     

     

     

     

    Devices

    $

    792.8

     

    $

    743.1

     

    7

    %

     

     

     

     

    Masks and other

     

    779.6

     

     

    677.4

     

    15

     

     

     

     

     

    Total Sleep and Respiratory Care

    $

    1,572.3

     

    $

    1,420.5

     

    11

     

     

     

     

     

    Software as a Service

     

    354.6

     

     

    275.8

     

    29

     

     

     

     

     

    Total

    $

    1,927.0

     

    $

    1,696.3

     

    14

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Combined Europe, Asia and other markets

     

     

     

     

     

     

     

     

     

     

     

     

    Devices

    $

    715.1

     

    $

    618.5

     

    16

    %

     

    19

    %

     

    Masks and other

     

    315.0

     

     

    291.8

     

    8

     

     

    11

     

     

    Total Sleep and Respiratory Care

    $

    1,030.1

     

    $

    910.3

     

    13

     

     

    16

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global revenue

     

     

     

     

     

     

     

     

     

     

     

     

    Devices

    $

    1,507.8

     

    $

    1,361.6

     

    11

    %

     

    12

    %

     

    Masks and other

     

    1,094.6

     

     

    969.2

     

    13

     

     

    14

     

     

    Total Sleep and Respiratory Care

    $

    2,602.4

     

    $

    2,330.8

     

    12

     

     

    13

     

     

    Software as a Service

     

    354.6

     

     

    275.8

     

    29

     

     

    29

     

     

    Total

    $

    2,957.0

     

    $

    2,606.6

     

    13

     

     

    15

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (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.

     



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    ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2020 ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended June 30, 2020. Fourth Quarter 2020 Highlights All comparisons are to the prior year period Revenue increased 9% to $770.3 …