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ResMed Inc. Announces Results for the Second Quarter of Fiscal Year 2021

Nachrichtenquelle: Business Wire (engl.)
28.01.2021, 22:05  |  101   |   |   

ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended December 31, 2020.

Second Quarter 2021 Highlights

All comparisons are to the prior year period

  • Revenue increased 9% to $800.0 million; up 7% on a constant currency basis
  • GAAP gross margin of 57.8%; non-GAAP gross margin expanded 20 bps to 59.9%
  • Net operating profit increased 12%; non-GAAP operating profit up 16%
  • GAAP diluted earnings per share of $1.23; non-GAAP diluted earnings per share of $1.41

“Our second-quarter results reflect continued solid performance and positive trends across our business resulting in top-line growth as well as double-digit improvement in operating income and earnings per share,” said Mick Farrell, ResMed CEO. “In our core markets of sleep apnea, COPD, and asthma, we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs. Our global teams have managed SG&A investments judiciously as we navigate through the global pandemic. We have seen great adoption of digital health and an increase in the importance of out-of-hospital healthcare these last 12 months, and that will only expand throughout 2021 as vaccines become more widely available, and our communities open up worldwide. We have continued to invest in focused R&D programs in digital health and core medtech innovation, to help accelerate our ResMed growth strategy: improving 250 million lives in out-of-hospital healthcare in 2025.”

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

% Change

 

Constant Currency (A)

 

Revenue

$

800.0

 

 

$

736.2

 

 

9

 

%

 

7

 

%

 

Gross margin (B)

 

57.8

%

 

 

58.0

%

 

(0

)

 

 

 

 

 

Non-GAAP gross margin (B)

 

59.9

%

 

 

59.7

%

 

0

 

 

 

 

 

 

Selling, general, and administrative expenses

 

169.5

 

 

 

171.4

 

 

(1

)

 

 

(3

)

 

 

Research and development expenses

 

54.9

 

 

 

49.9

 

 

10

 

 

 

7

 

 

 

Income from operations

 

221.7

 

 

 

197.8

 

 

12

 

 

 

 

 

 

Non-GAAP income from operations (B)

 

254.5

 

 

 

218.5

 

 

16

 

 

 

 

 

 

Net income

 

179.5

 

 

 

160.6

 

 

12

 

 

 

 

 

 

Non-GAAP net income (B)

 

206.4

 

 

 

176.3

 

 

17

 

 

 

 

 

 

Diluted earnings per share

$

1.23

 

 

$

1.10

 

 

12

 

 

 

 

 

 

Non-GAAP diluted earnings per share (B)

$

1.41

 

 

$

1.21

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

% Change

 

Constant Currency (A)

 

Revenue

$

1,552.0

 

 

$

1,417.2

 

 

10

 

%

 

8

 

%

 

Gross margin (B)

 

58.1

%

 

 

57.8

%

 

1

 

 

 

 

 

 

Non-GAAP gross margin (B)

 

59.9

%

 

 

59.6

%

 

1

 

 

 

 

 

 

Selling, general, and administrative expenses

 

328.5

 

 

 

338.9

 

 

(3

)

 

 

(5

)

 

 

Research and development expenses

 

109.5

 

 

 

98.0

 

 

12

 

 

 

9

 

 

 

Income from operations

 

438.6

 

 

 

368.9

 

 

19

 

 

 

 

 

 

Non-GAAP income from operations (B)

 

491.6

 

 

 

409.5

 

 

20

 

 

 

 

 

 

Net income

 

357.9

 

 

 

280.7

 

 

27

 

 

 

 

 

 

Non-GAAP net income (B)

 

391.8

 

 

 

311.7

 

 

26

 

 

 

 

 

 

Diluted earnings per share

$

2.45

 

 

$

1.93

 

 

27

 

 

 

 

 

 

Non-GAAP diluted earnings per share (B)

$

2.68

 

 

$

2.14

 

 

25

 

 

 

 

 

 

(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 Second 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 5 percent, driven by strong sales across our mask product portfolio.
  • Revenue in Europe, Asia, and other markets grew by 10 percent on a constant currency basis, primarily driven by sales across our device and mask product portfolio.
  • Software as a Service revenue increased by 6 percent, due to continued growth in resupply service offerings and stabilizing patient flow in out-of-hospital care settings.
  • Gross margin contracted by 20 basis points mainly due to restructuring expenses associated with the cessation of our portable oxygen concentrator business. Non-GAAP gross margin expanded by 20 basis points, mainly due to benefits from manufacturing efficiencies, product mix changes, and foreign exchange rates, partially offset by declines in average selling prices.
  • Selling, general, and administrative expenses decreased by 3 percent on a constant currency basis. SG&A expenses improved to 21.2 percent of revenue in the quarter, compared with 23.3 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 12 percent and non-GAAP income from operations increased by 16 percent.
  • Net income grew by 12 percent and diluted earnings per share grew by 12 percent. Non-GAAP net income grew by 17 percent and non-GAAP diluted earnings per share grew by 17 percent, predominantly attributable to strong sales and controlled operating costs.
  • Cash flow from operations for the quarter was $169.9 million, compared to net income in the current quarter of $179.5 million. During the quarter we paid $56.7 million in dividends.

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 February 11, 2021, payable on March 18, 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 February 10, 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 February 10, 2021, through February 11, 2021, inclusive.

Webcast details

ResMed will discuss its second 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 “Q2 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 +1 800-585-8367 (U.S.) or +1 416-621-4642 (outside U.S.) and entering the passcode 4291663. The telephone replay will be available until February 11, 2021.

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

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

$

800,011

 

 

$

736,157

 

 

$

1,551,955

 

 

$

1,417,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

321,132

 

 

 

296,975

 

 

 

622,436

 

 

 

572,976

 

 

Amortization of acquired intangibles (1)

 

11,164

 

 

 

12,052

 

 

 

23,143

 

 

 

25,488

 

 

Restructuring - cost of sales (1)

 

5,232

 

 

 

-

 

 

 

5,232

 

 

 

-

 

 

Total cost of sales

$

337,528

 

 

$

309,027

 

 

$

650,811

 

 

$

598,464

 

 

Gross profit

$

462,483

 

 

$

427,130

 

 

$

901,144

 

 

$

818,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

169,470

 

 

 

171,422

 

 

 

328,459

 

 

 

338,862

 

 

Research and development

 

54,935

 

 

 

49,943

 

 

 

109,468

 

 

 

97,976

 

 

Amortization of acquired intangibles (1)

 

7,689

 

 

 

8,556

 

 

 

15,932

 

 

 

13,599

 

 

Restructuring - operating expenses (1)

 

8,673

 

 

 

-

 

 

 

8,673

 

 

 

-

 

 

Litigation settlement expenses (1)

 

-

 

 

 

(600

)

 

 

-

 

 

 

(600

)

 

Total operating expenses

$

240,767

 

 

$

229,321

 

 

$

462,532

 

 

$

449,837

 

 

Income from operations

 

221,716

 

 

 

197,809

 

 

 

438,612

 

 

 

368,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

$

(5,792

)

 

$

(10,018

)

 

$

(12,517

)

 

$

(20,562

)

 

Loss attributable to equity method investments

 

(2,640

)

 

 

(6,924

)

 

 

(4,928

)

 

 

(13,786

)

 

Other, net

 

(2,692

)

 

 

(2,115

)

 

 

5,279

 

 

 

(5,225

)

 

Total other income (expenses), net

 

(11,124

)

 

 

(19,057

)

 

 

(12,166

)

 

 

(39,573

)

 

Income before income taxes

$

210,592

 

 

$

178,752

 

 

$

426,446

 

 

$

329,339

 

 

Income taxes

 

31,078

 

 

 

18,198

 

 

 

68,560

 

 

 

48,637

 

 

Net income

$

179,514

 

 

$

160,554

 

 

$

357,886

 

 

$

280,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

1.24

 

 

$

1.11

 

 

$

2.47

 

 

$

1.95

 

 

Diluted earnings per share

$

1.23

 

 

$

1.10

 

 

$

2.45

 

 

$

1.93

 

 

Non-GAAP diluted earnings per share (1)

$

1.41

 

 

$

1.21

 

 

$

2.68

 

 

$

2.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

145,246

 

 

 

144,212

 

 

 

145,053

 

 

 

143,966

 

 

Diluted shares outstanding

 

146,421

 

 

 

145,575

 

 

 

146,350

 

 

 

145,479

 

 

(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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

June 30,
2020

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

255,865

 

 

$

463,156

 

 

Accounts receivable, net

 

509,364

 

 

 

474,643

 

 

Inventories

 

474,821

 

 

 

416,915

 

 

Prepayments and other current assets

 

211,435

 

 

 

168,745

 

 

Total current assets

$

1,451,485

 

 

$

1,523,459

 

 

Non-current assets:

 

 

 

 

 

 

Property, plant, and equipment, net

$

459,472

 

 

$

417,335

 

 

Operating lease right-of-use assets

 

131,291

 

 

 

118,348

 

 

Goodwill and other intangibles, net

 

2,323,490

 

 

 

2,338,492

 

 

Deferred income taxes and other non-current assets

 

207,118

 

 

 

189,742

 

 

Total non-current assets

$

3,121,371

 

 

$

3,063,917

 

 

Total assets

$

4,572,856

 

 

$

4,587,376

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

$

122,166

 

 

$

135,786

 

 

Accrued expenses

 

280,332

 

 

 

270,353

 

 

Operating lease liabilities, current

 

22,445

 

 

 

21,263

 

 

Deferred revenue

 

105,238

 

 

 

98,617

 

 

Income taxes payable

 

35,166

 

 

 

64,755

 

 

Short-term debt

 

11,988

 

 

 

11,987

 

 

Total current liabilities

$

577,335

 

 

$

602,761

 

 

Non-current liabilities:

 

 

 

 

 

 

Deferred revenue

$

86,899

 

 

$

87,307

 

 

Deferred income taxes

 

12,733

 

 

 

13,011

 

 

Operating lease liabilities, non-current

 

117,641

 

 

 

101,880

 

 

Other long term liabilities

 

9,481

 

 

 

8,347

 

 

Long-term debt

 

813,732

 

 

 

1,164,133

 

 

Long-term income taxes payable

 

90,051

 

 

 

112,910

 

 

Total non-current liabilities

$

1,130,537

 

 

$

1,487,588

 

 

Total liabilities

$

1,707,872

 

 

$

2,090,349

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Common stock

$

582

 

 

$

580

 

 

Additional paid-in capital

 

1,574,240

 

 

 

1,570,694

 

 

Retained earnings

 

3,076,569

 

 

 

2,832,991

 

 

Treasury stock

 

(1,623,256

)

 

 

(1,623,256

)

 

Accumulated other comprehensive income

 

(163,151

)

 

 

(283,982

)

 

Total stockholders’ equity

$

2,864,984

 

 

$

2,497,027

 

 

Total liabilities and stockholders' equity

$

4,572,856

 

 

$

4,587,376

 

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

$

357,886

 

 

$

280,702

 

 

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

 

 

 

 

 

 

Depreciation and amortization

 

80,046

 

 

 

77,077

 

 

Amortization of right-of-use assets

 

17,911

 

 

 

12,323

 

 

Stock-based compensation costs

 

31,441

 

 

 

27,309

 

 

Loss attributable to equity method investments

 

4,928

 

 

 

13,786

 

 

(Gain) loss on equity investment

 

(4,776

)

 

 

5,419

 

 

Restructuring expenses

 

8,673

 

 

 

-

 

 

Changes in fair value of business combination contingent consideration

 

500

 

 

 

(7

)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

(19,259

)

 

 

(275

)

 

Inventories, net

 

(34,212

)

 

 

(28,294

)

 

Prepaid expenses, net deferred income taxes, and other current assets

 

(29,875

)

 

 

(66,818

)

 

Accounts payable, accrued expenses, and other

 

(99,348

)

 

 

(88,927

)

 

Net cash provided by operating activities

$

313,915

 

 

$

232,295

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

(48,443

)

 

 

(47,771

)

 

Patent registration costs

 

(8,367

)

 

 

(4,871

)

 

Business acquisitions, net of cash acquired

 

(437

)

 

 

(3,423

)

 

Purchases of investments

 

(14,446

)

 

 

(21,841

)

 

Proceeds / (Payments) on maturity of foreign currency contracts

 

19,922

 

 

 

1,064

 

 

Net cash used in investing activities

$

(51,771

)

 

$

(76,842

)

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock, net

 

18,614

 

 

 

24,297

 

 

Taxes paid related to net share settlement of equity awards

 

(46,507

)

 

 

(41,091

)

 

Payment of business combination contingent consideration

 

-

 

 

 

(302

)

 

Proceeds from borrowings, net of borrowing costs

 

55,000

 

 

 

730,000

 

 

Repayment of borrowings

 

(406,000

)

 

 

(700,012

)

 

Dividends paid

 

(113,165

)

 

 

(112,202

)

 

Net cash used in financing activities

$

(492,058

)

 

$

(99,310

)

 

Effect of exchange rate changes on cash

$

22,623

 

 

$

824

 

 

Net increase / (decrease) in cash and cash equivalents

 

(207,291

)

 

 

56,967

 

 

Cash and cash equivalents at beginning of period

 

463,156

 

 

 

147,128

 

 

Cash and cash equivalents at end of period

$

255,865

 

 

$

204,095

 

 

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

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

800,011

 

 

 

$

736,157

 

 

 

$

1,551,955

 

 

 

$

1,417,213

 

 

Add back: Deferred revenue fair value adjustment (A)

 

-

 

 

 

 

657

 

 

 

 

-

 

 

 

 

2,102

 

 

Non-GAAP Revenue

$

800,011

 

 

 

$

736,814

 

 

 

$

1,551,955

 

 

 

$

1,419,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Cost of sales

$

337,528

 

 

 

$

309,027

 

 

 

$

650,811

 

 

 

$

598,464

 

 

Less: Amortization of acquired intangibles (A)

 

(11,164

)

 

 

 

(12,052

)

 

 

 

(23,143

)

 

 

 

(25,488

)

 

Less: Restructuring - cost of sales (A)

 

(5,232

)

 

 

 

-

 

 

 

 

(5,232

)

 

 

 

-

 

 

Non-GAAP cost of sales

$

321,132

 

 

 

$

296,975

 

 

 

$

622,436

 

 

 

$

572,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

462,483

 

 

 

$

427,130

 

 

 

$

901,144

 

 

 

$

818,749

 

 

GAAP gross margin

 

57.8

 

%

 

 

58.0

 

%

 

 

58.1

 

%

 

 

57.8

 

%

Non-GAAP gross profit

$

478,879

 

 

 

$

439,839

 

 

 

$

929,519

 

 

 

$

846,339

 

 

Non-GAAP gross margin

 

59.9

 

%

 

 

59.7

 

%

 

 

59.9

 

%

 

 

59.6

 

%

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income from operations

$

221,716

 

 

$

197,809

 

 

 

$

438,612

 

 

$

368,912

 

Amortization of acquired intangibles - cost of sales (A)

 

11,164

 

 

 

12,052

 

 

 

 

23,143

 

 

 

25,488

 

Amortization of acquired intangibles - operating expenses (A)

 

7,689

 

 

 

8,556

 

 

 

 

15,932

 

 

 

13,599

 

Restructuring - cost of sales (A)

 

5,232

 

 

 

-

 

 

 

 

5,232

 

 

 

-

 

Restructuring - operating expenses (A)

 

8,673

 

 

 

-

 

 

 

 

8,673

 

 

 

-

 

Deferred revenue fair value adjustment (A)

 

-

 

 

 

657

 

 

 

 

-

 

 

 

2,102

 

Litigation settlement expenses (A)

 

-

 

 

 

(600

)

 

 

 

-

 

 

 

(600

)

Non-GAAP income from operations

$

254,474

 

 

$

218,474

 

 

 

$

491,592

 

 

$

409,501

 

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

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

$

179,514

 

 

$

160,554

 

 

 

$

357,886

 

 

 

$

280,702

 

 

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

 

8,566

 

 

 

9,210

 

 

 

 

17,742

 

 

 

 

19,478

 

 

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

 

5,900

 

 

 

6,538

 

 

 

 

12,214

 

 

 

 

10,392

 

 

Restructuring - cost of sales, net of tax (A)

 

4,663

 

 

 

-

 

 

 

 

4,663

 

 

 

 

-

 

 

Restructuring - operating expenses, net of tax (A)

 

7,730

 

 

 

-

 

 

 

 

7,730

 

 

 

 

-

 

 

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

 

-

 

 

 

503

 

 

 

 

-

 

 

 

 

1,610

 

 

Litigation settlement expenses, net of tax (A)

 

-

 

 

 

(528

)

 

 

 

-

 

 

 

 

(528

)

 

(Gain) loss on equity investments (A)

 

-

 

 

 

-

 

 

 

 

(8,476

)

 

 

 

-

 

 

Non-GAAP net income (A)

$

206,373

 

 

$

176,277

 

 

 

$

391,759

 

 

 

$

311,654

 

 

Diluted shares outstanding

 

146,421

 

 

 

145,575

 

 

 

 

146,350

 

 

 

 

145,479

 

 

GAAP diluted earnings per share

$

1.23

 

 

$

1.10

 

 

 

$

2.45

 

 

 

$

1.93

 

 

Non-GAAP diluted earnings per share (A)

$

1.41

 

 

$

1.21

 

 

 

$

2.68

 

 

 

$

2.14

 

 

(A)

 

ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, deferred revenue fair value adjustment, litigation settlement expenses, and the (gain) loss on equity investments 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020 (A)

 

December 31, 2019 (A)

 

% Change

 

Constant Currency (B)

 

U.S., Canada, and Latin America

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

205.0

 

$

203.5

 

1

%

 

 

 

 

Masks and other

 

221.8

 

 

204.5

 

8

 

 

 

 

 

Total Sleep and Respiratory Care

$

426.8

 

$

408.0

 

5

 

 

 

 

 

Software as a Service

 

91.8

 

 

86.7

 

6

 

 

 

 

 

Total

$

518.6

 

$

494.7

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Europe, Asia, and other markets

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

188.0

 

$

162.3

 

16

%

 

10

%

 

Masks and other

 

93.4

 

 

79.2

 

18

 

 

12

 

 

Total Sleep and Respiratory Care

$

281.4

 

$

241.5

 

17

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global revenue

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

393.0

 

$

365.8

 

7

%

 

5

%

 

Masks and other

 

315.2

 

 

283.7

 

11

 

 

9

 

 

Total Sleep and Respiratory Care

$

708.2

 

$

649.5

 

9

 

 

7

 

 

Software as a Service

 

91.8

 

 

86.7

 

6

 

 

6

 

 

Total

$

800.0

 

$

736.2

 

9

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020 (A)

 

December 31, 2019 (A)

 

% Change

 

 

Constant Currency (B)

 

U.S., Canada, and Latin America

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

402.4

 

$

390.4

 

3

%

 

 

 

 

Masks and other

 

427.5

 

 

387.8

 

10

 

 

 

 

 

Total Sleep and Respiratory Care

$

829.9

 

$

778.2

 

7

 

 

 

 

 

Software as a Service

 

184.0

 

 

173.6

 

6

 

 

 

 

 

Total

$

1,013.9

 

$

951.8

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Europe, Asia, and other markets

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

364.0

 

$

314.2

 

16

%

 

11

%

 

Masks and other

 

174.0

 

 

151.2

 

15

 

 

10

 

 

Total Sleep and Respiratory Care

$

538.1

 

$

465.4

 

16

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global revenue

 

 

 

 

 

 

 

 

 

 

 

 

Devices

$

766.4

 

$

704.6

 

9

%

 

6

%

 

Masks and other

 

601.6

 

 

539.0

 

12

 

 

10

 

 

Total Sleep and Respiratory Care

$

1,368.0

 

$

1,243.6

 

10

 

 

8

 

 

Software as a Service

 

184.0

 

 

173.6

 

6

 

 

6

 

 

Total

$

1,552.0

 

$

1,417.2

 

10

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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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Disclaimer

ResMed Inc. Announces Results for the Second Quarter of Fiscal Year 2021 ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended December 31, 2020. Second Quarter 2021 Highlights All comparisons are to the prior year period Revenue increased 9% to $800.0 …

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