ResMed (ASX:RMD) revenue surges 23 pc YoY to $1.1b

• Resmed (RMD) revenue surges by 23 per cent to $1.1 billion in Q4 FY23
• The company’s operating profit rose eight per cent, while non-GAAP operating profit grew by 13 per cent
• ResMed lifted its quarterly dividend by nine per cent, now at 48 cents
• For FY23, the company posted increased revenue by 18 per cent to $4.2 billion and operating cash flow of $693.3 million
• RMD shares are trading flat at $33.85

ResMed (RMD) has announced its financial results for Q4 FY23, highlighting RMD revenue increased by 23 per cent to $1.1 billion.

The company also posted a strong operating cash flow of $237.4 million.

The growth was attributed to increasing demand for the company’s cloud-connected flow generator devices and patient interface solutions.

Moreover, ResMed has increased its quarterly dividend by nine per cent to 48 cents. It reflects the company’s strong financial performance.

ResMed’s operating profit experienced an eight per cent rise during the fourth quarter, accompanied by an even more robust 13 per cent increase in non-GAAP operating profit.

For the full year, the company posted increased revenue by 18 per cent to $4.2 billion and operating cash flow of $693.3 million.

ResMed CEO Mick Farrell highlighted the company’s efforts to deliver advanced sleep and digital health solutions that positively impact millions of lives.

“ResMed’s fourth quarter and full-year 2023 results reflect strong double-digit growth as we continue to produce and deliver cloud-connected flow generator device volume to meet the ongoing strong global demand from patients, accompanied by high growth of our market-leading patient interface and software solutions,” he said.

The company also acquired Somnoware, a leader in digital sleep and respiratory care diagnostics software, adding to its focus to enhance patient outcomes and expand its global reach.

RMD shares last traded at $33.85.