SAN DIEGO – ResMed Inc revenue for the quarter ended Dec. 31, 2013, was $384.3 million, a 2% increase (1% increase on a constant currency basis) over the quarter ended Dec. 31, 2012. For the same quarter, net income was $86.6 million, an increase of 11% compared to the same period last year.
SG&A expenses were $111.7 million for the quarter ended Dec. 31, 2013, an increase of 4%. SG&A costs were 29.1% of revenue in the quarter ended Dec. 31, 2013, compared to 28.6% in the same quarter in 2012.
“‘While we are disappointed with the U.S. numbers, the two key issues, as we have previously noted, are market restructuring due to competitive bidding and increased competitor activity,” said Mick Farrell, CEO. “Having said that, competitive bidding’s impact on volume in the U.S. market is beginning to moderate, and we are partnering with our U.S. customers to position for the growth that we see ahead. It’s important to note that we have a rich pipeline of products scheduled for introduction, and we remain optimistic about future growth in the U.S. market.”
Highlighting an example of the company’s new product pipeline, Farrell said, “Earlier this month in the U.S., we released our new AirFit™ P10 nasal pillows system, which is an ultra-light, ultra-quiet mask that has only three parts, including a new soft and stable QuickFit™ headgear and a new vent technology called QuietAir™.
“The AirFit P10 is 50 percent quieter and 50 percent lighter than its predecessor, diffusing air with minimal disturbance to patients or their bed partners,” continued Farrell. “In short, this is an exceptional mask, patient reviews have been strongly positive, and there are two more new masks behind it, scheduled to launch this fiscal year.”
ResMed will be exhibiting at Medtrade Spring (Booth #211), scheduled for March 10-12 at the Mandalay Bay Convention Center in Las Vegas.
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