ResMed(US:RMD)2022-04-28 22:47Financial Performance - For the three months ended March 31, 2022, net revenue reached $864.5 million, a 12.4% increase from $768.8 million in the same period of 2021[10] - Net income for the three months ended March 31, 2022, was $179.0 million, compared to a net loss of $78.5 million in the same period of 2021[10] - Basic earnings per share for the three months ended March 31, 2022, was $1.22, compared to a loss of $0.54 per share in the same period of 2021[10] - Comprehensive income for the three months ended March 31, 2022, was $178.0 million, compared to a loss of $111.3 million in the same period of 2021[13] - Net income for the nine months ended March 31, 2022, was $584.376 million, compared to $279.405 million for the same period in 2021, representing a 109% increase[21] - Gross profit for the three months ended March 31, 2022, was $491.2 million for the three months ended March 31, 2022, compared to $447.3 million in the same period of 2021[10] - Gross profit for the nine months ended March 31, 2022 increased to $1,501.8 million, an 11% increase from $1,348.4 million for the same period in 2021[134] Assets and Liabilities - Total current assets increased to $1.7 billion as of March 31, 2022, from $1.6 billion as of June 30, 2021[8] - Total assets as of March 31, 2022, were $4.9 billion, up from $4.7 billion as of June 30, 2021[8] - Total liabilities decreased to $1.6 billion as of March 31, 2022, from $1.8 billion as of June 30, 2021[8] - Total inventories as of March 31, 2022, amounted to $664.9 million, up from $457.0 million as of June 30, 2021, indicating a 45.5% increase[51] - Total debt as of March 31, 2022, was $680.7 million, an increase from $655.4 million on June 30, 2021[69] - Long-term debt increased to $670.0 million as of March 31, 2022, compared to $646.0 million on June 30, 2021[69] Revenue Breakdown - Sleep and Respiratory Care revenue for the nine months ended March 31, 2022, reached $2.37 billion, up 15.8% from $2.04 billion in the prior year[29] - SaaS revenue for the three months ended March 31, 2022, was $101.1 million, reflecting an increase of 7.5% compared to $93.8 million in the same period of 2021[29] - Total Sleep and Respiratory Care revenue for the three months ended March 31, 2022, was $763.4 million, compared to $674.9 million in the same period of 2021, marking a 13.1% increase[29] - The company’s devices revenue for the three months ended March 31, 2022, was $433.1 million, up from $365.7 million in the same period of 2021, representing an 18.4% increase[29] - Net revenue from the Sleep and Respiratory Care business was $763.4 million for the three months ended March 31, 2022, an increase of 13% compared to the same period in 2021[116] - Net revenue from the SaaS business for the nine months ended March 31, 2022, was $297.7 million, reflecting a 7% increase compared to the prior year[131] Expenses - Research and development expenses for the three months ended March 31, 2022, were $66.8 million, an increase from $55.9 million in the same period of 2021[10] - Selling, general, and administrative expenses for the nine months ended March 31, 2022, were $544.5 million, an increase of 11% compared to $488.9 million for the same period in 2021[139] - Research and development expenses for the nine months ended March 31, 2022, increased to $189.3 million, a 14% increase from $165.4 million for the same period in 2021[143] Cash Flow - Cash flows from operating activities for the nine months ended March 31, 2022, were $271.661 million, down from $510.193 million in the prior year[21] - Cash and cash equivalents at the end of the period on March 31, 2022, were $201.769 million, down from $230.635 million at the end of March 31, 2021[21] - The company reported a net cash used in investing activities of $174.677 million for the nine months ended March 31, 2022, compared to $110.390 million in the prior year[21] - The company reported a net cash used in financing activities of $185.862 million for the nine months ended March 31, 2022, compared to $650.596 million in the previous year[21] Shareholder Returns - The company declared a dividend of $0.42 per share for the three months ended March 31, 2022, compared to $0.39 per share in the same period of 2021[10] - The company paid cash dividends of $0.42 per common share totaling $61.4 million during the three months ended March 31, 2022[175] - The company has repurchased a total of 41.8 million shares for an aggregate of $1.6 billion since the inception of its share repurchase programs[176] Market Conditions - The company faced supply chain disruptions due to the COVID-19 pandemic, impacting the availability of raw materials and electronic components[108] - Increased demand for sleep and respiratory care devices was noted following a product recall by a competitor, Philips[109] Other Financial Metrics - The effective income tax rate for the three months ended March 31, 2022, was 20.9%, a significant decrease from 136.0% for the same period in 2021[150] - Non-GAAP net income for the three months ended March 31, 2022, was $193.3 million, compared to $190.4 million for the same period in 2021, indicating stable performance[162] - Non-GAAP diluted earnings per share for the nine months ended March 31, 2022, was $4.30, compared to $3.98 for the same period in 2021, reflecting an increase of 8.0%[162]