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- ResMed (ASX:RMD) reports strong revenue growth of 16 per cent to $1.1 billion for Q1 FY24
- Adjusted for currency fluctuations, the growth remains substantial at 15 per cent
- Operating profit also increased by five per cent, and non-GAAP operating profit rose by 10 per cent
- ResMed reported an operating cash flow of $286.3 million
- Shares are down almost two per cent, trading at $22.02 at 12:02 pm AEDT
Cloud-connected medical devices creator ResMed (ASX:RMD) has published its results for the first quarter of the 2024 fiscal year.
The company reported significant growth in revenue and outlined plans to resume its share repurchase program in the upcoming quarter.
ResMed’s revenue for the Q1 FY24 increased 16 per cent year-over-year, reaching $1.1 billion.
When adjusted for currency fluctuations, this growth was still substantial, at 15 per cent.
The company’s operating profit saw a five per cent increase, and non-GAAP operating profit rose by 10 per cent. However, it’s important to note that the gross margin contracted slightly due to various factors.
ResMed’s growth was driven by solid demand in the global sleep and respiratory care markets, with strong performances in Europe, Asia, and beyond.
ResMed’s adoption of outside hospital software solutions and AI-driven software products contributed to its success in improving patient care and experiences.
“ResMed has started Fiscal Year 2024 with strong revenue growth driven by ongoing patient flow and solid demand across our global sleep and respiratory care markets, alongside increasing adoption of our outside hospital software solutions,” RMD CEO Mick Farrell said.
“Our ability to meet global demand with technologies, including our best-in-class AirSense 11 platform, has positioned us well to continue growing across global markets, with particularly strong growth this quarter in Europe, Asia, and beyond.
The company’s operating cash flow was $286.3 million.
ResMed was down almost two per cent, trading at $22.02 at 12:02 pm AEDT.
