ResMed(RMD) - 2024 Q4 - Annual Results

Financial Performance - Revenue for Q4 2024 increased by 9% year-over-year to $1.2 billion, with a 10% increase on a constant currency basis[2] - Full year 2024 revenue rose by 11% to $4.7 billion, with a constant currency increase of 11%[3] - Net revenue for the three months ended June 30, 2024, was $1,223,195, an increase of 9.0% compared to $1,122,057 for the same period in 2023[12] - Total revenue for the three months ended June 30, 2024, was $1,223,195, an increase from $1,122,057 in the same period last year, representing a 9.0% growth[15] - Total revenue for the U.S., Canada, and Latin America reached $2,722.6 million for the twelve months ended June 30, 2024, a 10% increase from $2,483.4 million in 2023[19] - Combined revenue from Europe, Asia, and other markets was $1,378.6 million, an 11% increase compared to $1,241.6 million in the previous year[19] - The company reported a total of $1,223.2 million in global revenue for the three months ended June 30, 2024, reflecting a 9% increase from $1,122.1 million in the previous year[18] Profitability Metrics - Gross margin improved by 350 basis points to 58.5%, while non-GAAP gross margin increased by 330 basis points to 59.1%[2] - Diluted earnings per share for Q4 2024 were $1.98, a 27% increase from the prior year, while non-GAAP diluted earnings per share rose by 30% to $2.08[4] - Income from operations for Q4 2024 increased by 38% to $381.2 million, with non-GAAP income from operations up 30% to $400.5 million[4] - Net income for the twelve months ended June 30, 2024, reached $1,020,951, a 13.7% increase from $897,556 in the prior year[12] - Basic earnings per share for the three months ended June 30, 2024, were $1.99, compared to $1.56 for the same period in 2023, reflecting a growth of 27.6%[12] - GAAP net income for the three months ended June 30, 2024, was $292.2 million, compared to $229.7 million for the same period in 2023, representing a 27% increase[17] - Non-GAAP net income for the twelve months ended June 30, 2024, was $1,139.3 million, up from $949.8 million in the previous year, reflecting a 20% growth[17] Cash Flow and Investments - Operating cash flow for the quarter was $440 million, with debt repayments totaling $300 million[2] - Cash provided by operating activities for the twelve months ended June 30, 2024, was $1,401,260, significantly higher than $693,299 for the previous year, marking a 102.0% increase[14] - The company reported a net cash used in investing activities of $(46,510) for the three months ended June 30, 2024, compared to $(46,523) in the same period last year[14] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $6,872,394, an increase from $6,751,708 as of June 30, 2023[13] - Total liabilities decreased to $2,008,351 as of June 30, 2024, down from $2,621,805 a year earlier, showing a reduction of 23.3%[13] - Cash and cash equivalents increased to $238,361 as of June 30, 2024, compared to $227,891 in the previous year, marking a growth of 4.1%[13] - Accounts receivable, net, rose to $837,275 as of June 30, 2024, from $704,909 a year prior, indicating an increase of 18.7%[13] - Total stockholders' equity increased to $4,864,043 as of June 30, 2024, compared to $4,129,903 in the previous year, reflecting a growth of 17.8%[13] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $80,861, up from $78,144 in the same quarter of 2023, indicating a growth of 2.2%[12] Dividends - The company declared a quarterly cash dividend of $0.53 per share, representing a 10% increase[8] - The company paid dividends totaling $70,553 for the three months ended June 30, 2024, compared to $64,705 in the same period last year, reflecting an increase of 5.3%[14] Market Strategy - ResMed is focused on increasing market penetration in sleep health and breathing disorders, with nearly 2.5 billion people affected globally[4] - The company plans to host an Investor Day on September 30, 2024, to discuss future strategies and market expansion[1] Revenue by Segment - Software as a Service revenue grew by 10%, reflecting continued organic growth in the SaaS portfolio[6] - Software as a Service revenue grew by 17%, totaling $584.1 million for the twelve months ended June 30, 2024[19] - Total revenue from devices in the U.S., Canada, and Latin America was $1,522.8 million, marking a 5% increase year-over-year[19] - Total revenue from masks and other products in the same region increased by 15%, reaching $1,199.8 million[19] - Total revenue from masks and other products globally was $1,657.2 million, a 14% increase from $1,454.3 million in the previous year[19]