ResMed(RMD) - 2025 Q2 - Quarterly Results

Financial Performance - Revenue for the second quarter of fiscal year 2025 increased by 10% year-over-year to $1.3 billion, with a constant currency growth of 10%[4] - Gross margin improved by 300 basis points to 58.6%, while non-GAAP gross margin increased by 230 basis points to 59.2%[4] - Operating cash flow for the quarter was $309 million, with net income of $345 million, representing a 65% increase year-over-year[4] - Diluted earnings per share rose to $2.34, a 65% increase compared to the prior year, while non-GAAP diluted earnings per share increased by 29% to $2.43[4] - Net income for the first six months of fiscal year 2025 was $656 million, a 53% increase from the same period last year[5] - Net income for Q2 2024 was $344,622, representing a 65.0% increase compared to $208,800 in Q2 2023[16] - Basic earnings per share for Q2 2024 increased to $2.35, up from $1.42 in Q2 2023, reflecting a 65.5% growth[16] - GAAP net income for the three months ended December 31, 2024, was $344.6 million, up from $208.8 million in the same period of 2023, representing a 65% increase[25] - Non-GAAP diluted earnings per share for the six months ended December 31, 2024, was $4.63, compared to $3.51 for the same period in 2023, indicating a 32% increase[25] - Total revenue for the six months ended December 31, 2024, was $2,506.6 million, a 11% increase from $2,265.1 million in 2023[31] Revenue Growth - Revenue in the U.S., Canada, and Latin America, excluding Residential Care Software, grew by 12%[6] - Total revenue from devices in the U.S., Canada, and Latin America for the three months ended December 31, 2024, was $414.5 million, a 12% increase from $371.3 million in 2023[28] - Total revenue from masks and other products in the same region for the three months ended December 31, 2024, was $334.5 million, also a 12% increase from $298.0 million in 2023[28] - Total revenue from combined Europe, Asia, and other markets for the three months ended December 31, 2024, was $376.6 million, an 8% increase from $348.5 million in 2023[28] - Total Sleep and Breathing Health revenue for the three months ended December 31, 2024, was $1,125.6 million, an 11% increase from $1,017.9 million in 2023[28] Expenses and Investments - Selling, general, and administrative expenses increased by 9% year-over-year, but improved to 18.8% of revenue compared to 19.1% in the prior year[9] - Research and development expenses for Q2 2024 were $81,372, a 10.1% increase from $73,880 in Q2 2023[16] - The company plans to continue investing in new product development and market expansion strategies to drive future growth[20] Cash and Assets - Cash and cash equivalents at the end of Q2 2024 were $521,944, significantly higher than $238,361 at the end of June 2024[19] - Total assets increased to $7,141,334 as of December 31, 2024, compared to $6,872,394 as of June 30, 2024[19] - Total liabilities decreased to $1,888,325 from $2,008,351, indicating improved financial health[19] Dividends and Shareholder Returns - The board declared a quarterly cash dividend of $0.53 per share, payable on March 20, 2025[10] Product Launches - The company announced the launch of the Kontor Head Strap, a premium accessory for Apple Vision Pro, enhancing user experience[9]