ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2024

Core Insights - ResMed Inc. reported a year-over-year revenue growth of 9% for the fourth quarter of fiscal year 2024, reaching $1.2 billion, with a constant currency growth of 10% [2][3] - The company achieved a significant increase in operating profit, up 38%, and a non-GAAP operating profit increase of 30% [2][3] - Operating cash flow for the quarter was$ 440 million, with debt repayments totaling $300 million [2][8] - The quarterly dividend was increased by 10% to$ 0.53 per share, reflecting the company's strong financial performance [2][10] Fourth Quarter 2024 Highlights - Revenue increased to $1.2 billion, a 9% rise compared to the previous year, and a 10% increase on a constant currency basis [2][3] - Gross margin improved by 350 basis points to 58.5%, while non-GAAP gross margin improved by 330 basis points to 59.1% [2][3] - Income from operations rose by 38%, with non-GAAP income from operations increasing by 30% [2][3] - Diluted earnings per share were reported at$ 1.98, with non-GAAP diluted earnings per share at $2.08, both reflecting a 30% increase [2][3] Full Year 2024 Highlights - Total revenue for the fiscal year reached$ 4.7 billion, marking an 11% increase year-over-year, consistent on a constant currency basis [3][6] - Gross margin for the year improved by 90 basis points to 56.7%, with non-GAAP gross margin up by 120 basis points to 57.7% [3][6] - Income from operations increased by 17%, while non-GAAP income from operations rose by 21% [3][6] - Diluted earnings per share for the year were $6.92, with non-GAAP diluted earnings per share at$ 7.72, both reflecting a 14% increase [3][6] Market Position and Strategy - ResMed is positioned as a market leader in sleep health and breathing disorders, with nearly 2.5 billion people affected by these conditions [4] - The company aims to increase market penetration and demand generation through innovative products and software solutions [4] - ResMed's focus on operating excellence and cost discipline has resulted in gross margin expansion and strong profitability growth [3][4] Operational Highlights - The company supported the presentation of 39 clinical research abstracts at major conferences, showcasing its leadership in clinical research and real-world evidence [9] - ResMed's ongoing capital management included paying $71 million in dividends and repurchasing 232,000 shares for$ 50 million [8]