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- ResMed (RMD) CEO Michael Farrell takes over the role of Chairman from his father, Peter Farrell, as company profit soars
- Peter Farrell is now Chair emeritus and will remain an active board member
- RMD reports year-on-year revenue growth of 16 per cent to $1.03 billion for the second quarter of the 2023 fiscal year, with operating profit up 13 per cent
- The company also today announced a quarterly cash dividend of 44 cents per share, payable on March 16
- Resmed shares are up 2.38 per cent and trading at $33.75 at 1:42 pm AEDT
ResMed (RMD) CEO Michael Farrell takes over the role of Chairman from his father, Peter Farrell, as company profit soars.
Peter Farrell is now Chair emeritus and will remain an active board member.
The transition comes as the company reports year-on-year revenue growth of 16 per cent to $1.03 billion for the second quarter of the 2023 fiscal year, up 20 per cent on a constant currency basis.
The company develops out-of-hospital software platforms and attributed the revenue increase to increased demand for its sleep and respiratory care devices.
ResMed saw its operating profit increase 13 per cent and non-GAAP operating profit increase 14 per cent over the quarter.
Over the quarter, Mick Farrell said the company had “significantly” increased its production and delivery of flow generator devices to meet customer demand, resulting in strong sales growth in the Americas and solid overall performance for the business across 140 countries.
Towards the end of the quarter, RMD finalised the acquisition of German company MEDIFOX DAN, building on its established healthcare business in Germany and expanding its outside-hospital Software-as-a-Service (SaaS) business to its first market outside the US.
ResMed also doubled its footprint in Singapore with the opening of its Advanced Manufacturing Centre in Tuas, which will serve as the company’s key manufacturing hub in the Asia-Pacific.
Today, the company announced a quarterly cash dividend of 44 cents per share, payable on March 16.
Holders of company shares listed on the New York Stock Exchange will be paid in US currency, while holders of CHESS Depositary Interests on the ASX will receive an equivalent amount in AUD.
Resmed shares were up 2.38 per cent and trading at $33.75 at 1:42 pm AEDT.
