ResMed Inc. reported strong financial performance for the three months ended September 30, 2024, with net revenue reaching $1,224.5 million, an increase of 11% from $1,102.3 million in the same period of 2023. This growth was primarily driven by the Sleep and Breathing Health segment, which generated $1,067.7 million, up from $963.0 million year-over-year. Notably, revenue from devices and masks also saw an 11% increase, totaling $625.8 million and $442.0 million, respectively.
The company's gross profit for the quarter was $717.2 million, reflecting a 20% increase from $600.1 million in the prior year, resulting in a gross margin of 58.6%, up from 54.4%. Operating income rose to $387.3 million, compared to $289.0 million in the same quarter of 2023. Net income surged to $311.4 million, a 42% increase from $219.4 million, with diluted earnings per share rising to $2.11 from $1.49.
ResMed's total assets increased to $7.2 billion as of September 30, 2024, up from $6.9 billion at the end of June 2024. Cash and cash equivalents also saw a significant rise, reaching $426.4 million compared to $238.4 million in the previous quarter. The company reported a net cash increase of $188.0 million for the quarter, contrasting with a decrease of $18.8 million in the same period last year.
In terms of strategic developments, ResMed has continued to invest in research and development, allocating $79.5 million, which represents 6.5% of net revenues. The company also engaged in share repurchases, spending $50.0 million to buy back 221,996 shares during the quarter, with a total of 8.2 million shares repurchased since the program's inception in 2014.
ResMed's long-term debt decreased to $670.0 million as of September 30, 2024, from $700.0 million in June 2024. The company maintains a robust liquidity position, with $1.9 billion available, including $1.5 billion under its revolving credit facility.
Overall, ResMed's financial results reflect a solid operational performance, bolstered by strategic investments and effective cost management, positioning the company favorably for future growth.
About RESMED INC
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