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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Resmed Inc | ASX:RMD | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.99 | -2.48% | 39.00 | 38.99 | 39.00 | 39.24 | 38.35 | 38.50 | 1,288,884 | 03:41:46 |
From Feb 2020 to Feb 2025
- Year-over-year revenue grows 9%, operating profit up 12%, non-GAAP operating profit up 16%
Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com
ResMed Inc. (NYSE: RMD, ASX: RMD), a world-leading digital health company, today announced results for its quarter ended December 31, 2020.
Second Quarter 2021 Highlights
All comparisons are to the prior year period
“Our second-quarter results reflect continued solid performance and positive trends across our business resulting in top-line growth as well as double-digit improvement in operating income and earnings per share,” said Mick Farrell, ResMed CEO. “In our core markets of sleep apnea, COPD, and asthma, we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs. Our global teams have managed SG&A investments judiciously as we navigate through the global pandemic. We have seen great adoption of digital health and an increase in the importance of out-of-hospital healthcare these last 12 months, and that will only expand throughout 2021 as vaccines become more widely available, and our communities open up worldwide. We have continued to invest in focused R&D programs in digital health and core medtech innovation, to help accelerate our ResMed growth strategy: improving 250 million lives in out-of-hospital healthcare in 2025.”
Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts
Three Months Ended
December 31, 2020
December 31, 2019
% Change
Constant Currency (A)
Revenue
$
800.0
$
736.2
9
%
7
%
Gross margin (B)
57.8
%
58.0
%
(0
)
Non-GAAP gross margin (B)
59.9
%
59.7
%
0
Selling, general, and administrative expenses
169.5
171.4
(1
)
(3
)
Research and development expenses
54.9
49.9
10
7
Income from operations
221.7
197.8
12
Non-GAAP income from operations (B)
254.5
218.5
16
Net income
179.5
160.6
12
Non-GAAP net income (B)
206.4
176.3
17
Diluted earnings per share
$
1.23
$
1.10
12
Non-GAAP diluted earnings per share (B)
$
1.41
$
1.21
17
Six Months Ended
December 31, 2020
December 31, 2019
% Change
Constant Currency (A)
Revenue
$
1,552.0
$
1,417.2
10
%
8
%
Gross margin (B)
58.1
%
57.8
%
1
Non-GAAP gross margin (B)
59.9
%
59.6
%
1
Selling, general, and administrative expenses
328.5
338.9
(3
)
(5
)
Research and development expenses
109.5
98.0
12
9
Income from operations
438.6
368.9
19
Non-GAAP income from operations (B)
491.6
409.5
20
Net income
357.9
280.7
27
Non-GAAP net income (B)
391.8
311.7
26
Diluted earnings per share
$
2.45
$
1.93
27
Non-GAAP diluted earnings per share (B)
$
2.68
$
2.14
25
(A)
In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
(B)
See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
Discussion of Second Quarter Results
All comparisons are to the prior year period unless otherwise noted
Dividend program
The ResMed board of directors today declared a quarterly cash dividend of $0.39 per share. The dividend will have a record date of February 11, 2021, payable on March 18, 2021. The dividend will be paid in U.S. currency to holders of ResMed’s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be February 10, 2021, for common stockholders and for CDI holders. ResMed has received a waiver from the ASX’s settlement operating rules, which will allow ResMed to defer processing conversions between its common stock and CDI registers from February 10, 2021, through February 11, 2021, inclusive.
Webcast details
ResMed will discuss its second quarter fiscal year 2021 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on ResMed’s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the “Q2 2021 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately two hours after the webcast by dialing +1 800-585-8367 (U.S.) or +1 416-621-4642 (outside U.S.) and entering the passcode 4291663. The telephone replay will be available until February 11, 2021.
About ResMed
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.
Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, litigation, and tax outlook – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited; $ in thousands, except for per share amounts)
Three Months Ended
Six Months Ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Net revenue
$
800,011
$
736,157
$
1,551,955
$
1,417,213
Cost of sales
321,132
296,975
622,436
572,976
Amortization of acquired intangibles (1)
11,164
12,052
23,143
25,488
Restructuring - cost of sales (1)
5,232
-
5,232
-
Total cost of sales
$
337,528
$
309,027
$
650,811
$
598,464
Gross profit
$
462,483
$
427,130
$
901,144
$
818,749
Selling, general, and administrative
169,470
171,422
328,459
338,862
Research and development
54,935
49,943
109,468
97,976
Amortization of acquired intangibles (1)
7,689
8,556
15,932
13,599
Restructuring - operating expenses (1)
8,673
-
8,673
-
Litigation settlement expenses (1)
-
(600
)
-
(600
)
Total operating expenses
$
240,767
$
229,321
$
462,532
$
449,837
Income from operations
221,716
197,809
438,612
368,912
Other income (expenses), net:
Interest income (expense), net
$
(5,792
)
$
(10,018
)
$
(12,517
)
$
(20,562
)
Loss attributable to equity method investments
(2,640
)
(6,924
)
(4,928
)
(13,786
)
Other, net
(2,692
)
(2,115
)
5,279
(5,225
)
Total other income (expenses), net
(11,124
)
(19,057
)
(12,166
)
(39,573
)
Income before income taxes
$
210,592
$
178,752
$
426,446
$
329,339
Income taxes
31,078
18,198
68,560
48,637
Net income
$
179,514
$
160,554
$
357,886
$
280,702
Basic earnings per share
$
1.24
$
1.11
$
2.47
$
1.95
Diluted earnings per share
$
1.23
$
1.10
$
2.45
$
1.93
Non-GAAP diluted earnings per share (1)
$
1.41
$
1.21
$
2.68
$
2.14
Basic shares outstanding
145,246
144,212
145,053
143,966
Diluted shares outstanding
146,421
145,575
146,350
145,479
(1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited; $ in thousands)
December 31, 2020
June 30, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
255,865
$
463,156
Accounts receivable, net
509,364
474,643
Inventories
474,821
416,915
Prepayments and other current assets
211,435
168,745
Total current assets
$
1,451,485
$
1,523,459
Non-current assets:
Property, plant, and equipment, net
$
459,472
$
417,335
Operating lease right-of-use assets
131,291
118,348
Goodwill and other intangibles, net
2,323,490
2,338,492
Deferred income taxes and other non-current assets
207,118
189,742
Total non-current assets
$
3,121,371
$
3,063,917
Total assets
$
4,572,856
$
4,587,376
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
122,166
$
135,786
Accrued expenses
280,332
270,353
Operating lease liabilities, current
22,445
21,263
Deferred revenue
105,238
98,617
Income taxes payable
35,166
64,755
Short-term debt
11,988
11,987
Total current liabilities
$
577,335
$
602,761
Non-current liabilities:
Deferred revenue
$
86,899
$
87,307
Deferred income taxes
12,733
13,011
Operating lease liabilities, non-current
117,641
101,880
Other long term liabilities
9,481
8,347
Long-term debt
813,732
1,164,133
Long-term income taxes payable
90,051
112,910
Total non-current liabilities
$
1,130,537
$
1,487,588
Total liabilities
$
1,707,872
$
2,090,349
STOCKHOLDERS’ EQUITY:
Common stock
$
582
$
580
Additional paid-in capital
1,574,240
1,570,694
Retained earnings
3,076,569
2,832,991
Treasury stock
(1,623,256
)
(1,623,256
)
Accumulated other comprehensive income
(163,151
)
(283,982
)
Total stockholders’ equity
$
2,864,984
$
2,497,027
Total liabilities and stockholders' equity
$
4,572,856
$
4,587,376
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)
Six Months Ended
December 31, 2020
December 31, 2019
Cash flows from operating activities:
Net income
$
357,886
$
280,702
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization
80,046
77,077
Amortization of right-of-use assets
17,911
12,323
Stock-based compensation costs
31,441
27,309
Loss attributable to equity method investments
4,928
13,786
(Gain) loss on equity investment
(4,776
)
5,419
Restructuring expenses
8,673
-
Changes in fair value of business combination contingent consideration
500
(7
)
Changes in operating assets and liabilities:
Accounts receivable, net
(19,259
)
(275
)
Inventories, net
(34,212
)
(28,294
)
Prepaid expenses, net deferred income taxes, and other current assets
(29,875
)
(66,818
)
Accounts payable, accrued expenses, and other
(99,348
)
(88,927
)
Net cash provided by operating activities
$
313,915
$
232,295
Cash flows from investing activities:
Purchases of property, plant, and equipment
(48,443
)
(47,771
)
Patent registration costs
(8,367
)
(4,871
)
Business acquisitions, net of cash acquired
(437
)
(3,423
)
Purchases of investments
(14,446
)
(21,841
)
Proceeds / (Payments) on maturity of foreign currency contracts
19,922
1,064
Net cash used in investing activities
$
(51,771
)
$
(76,842
)
Cash flows from financing activities:
Proceeds from issuance of common stock, net
18,614
24,297
Taxes paid related to net share settlement of equity awards
(46,507
)
(41,091
)
Payment of business combination contingent consideration
-
(302
)
Proceeds from borrowings, net of borrowing costs
55,000
730,000
Repayment of borrowings
(406,000
)
(700,012
)
Dividends paid
(113,165
)
(112,202
)
Net cash used in financing activities
$
(492,058
)
$
(99,310
)
Effect of exchange rate changes on cash
$
22,623
$
824
Net increase / (decrease) in cash and cash equivalents
(207,291
)
56,967
Cash and cash equivalents at beginning of period
463,156
147,128
Cash and cash equivalents at end of period
$
255,865
$
204,095
RESMED INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
The measures “non-GAAP gross profit” and “non-GAAP gross margin” excludes amortization expense from acquired intangibles related to cost of sales and are reconciled below:
Three Months Ended
Six Months Ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Revenue
$
800,011
$
736,157
$
1,551,955
$
1,417,213
Add back: Deferred revenue fair value adjustment (A)
-
657
-
2,102
Non-GAAP Revenue
$
800,011
$
736,814
$
1,551,955
$
1,419,315
GAAP Cost of sales
$
337,528
$
309,027
$
650,811
$
598,464
Less: Amortization of acquired intangibles (A)
(11,164
)
(12,052
)
(23,143
)
(25,488
)
Less: Restructuring - cost of sales (A)
(5,232
)
-
(5,232
)
-
Non-GAAP cost of sales
$
321,132
$
296,975
$
622,436
$
572,976
GAAP gross profit
$
462,483
$
427,130
$
901,144
$
818,749
GAAP gross margin
57.8
%
58.0
%
58.1
%
57.8
%
Non-GAAP gross profit
$
478,879
$
439,839
$
929,519
$
846,339
Non-GAAP gross margin
59.9
%
59.7
%
59.9
%
59.6
%
The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:
Three Months Ended
Six Months Ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
GAAP income from operations
$
221,716
$
197,809
$
438,612
$
368,912
Amortization of acquired intangibles - cost of sales (A)
11,164
12,052
23,143
25,488
Amortization of acquired intangibles - operating expenses (A)
7,689
8,556
15,932
13,599
Restructuring - cost of sales (A)
5,232
-
5,232
-
Restructuring - operating expenses (A)
8,673
-
8,673
-
Deferred revenue fair value adjustment (A)
-
657
-
2,102
Litigation settlement expenses (A)
-
(600
)
-
(600
)
Non-GAAP income from operations
$
254,474
$
218,474
$
491,592
$
409,501
RESMED INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
The measures "non-GAAP net income" and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:
Three Months Ended
Six Months Ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
GAAP net income
$
179,514
$
160,554
$
357,886
$
280,702
Amortization of acquired intangibles - cost of sales, net of tax (A)
8,566
9,210
17,742
19,478
Amortization of acquired intangibles - operating expenses, net of tax (A)
5,900
6,538
12,214
10,392
Restructuring - cost of sales, net of tax (A)
4,663
-
4,663
-
Restructuring - operating expenses, net of tax (A)
7,730
-
7,730
-
Deferred revenue fair value adjustment, net of tax (A)
-
503
-
1,610
Litigation settlement expenses, net of tax (A)
-
(528
)
-
(528
)
(Gain) loss on equity investments (A)
-
-
(8,476
)
-
Non-GAAP net income (A)
$
206,373
$
176,277
$
391,759
$
311,654
Diluted shares outstanding
146,421
145,575
146,350
145,479
GAAP diluted earnings per share
$
1.23
$
1.10
$
2.45
$
1.93
Non-GAAP diluted earnings per share (A)
$
1.41
$
1.21
$
2.68
$
2.14
(A)
ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, deferred revenue fair value adjustment, litigation settlement expenses, and the (gain) loss on equity investments from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.
RESMED INC. AND SUBSIDIARIES
Revenue by Product and Region
(Unaudited; $ in millions, except for per share amounts)
Three Months Ended
December 31, 2020 (A)
December 31, 2019 (A)
% Change
Constant Currency (B)
U.S., Canada, and Latin America
Devices
$
205.0
$
203.5
1
%
Masks and other
221.8
204.5
8
Total Sleep and Respiratory Care
$
426.8
$
408.0
5
Software as a Service
91.8
86.7
6
Total
$
518.6
$
494.7
5
Combined Europe, Asia, and other markets
Devices
$
188.0
$
162.3
16
%
10
%
Masks and other
93.4
79.2
18
12
Total Sleep and Respiratory Care
$
281.4
$
241.5
17
10
Global revenue
Devices
$
393.0
$
365.8
7
%
5
%
Masks and other
315.2
283.7
11
9
Total Sleep and Respiratory Care
$
708.2
$
649.5
9
7
Software as a Service
91.8
86.7
6
6
Total
$
800.0
$
736.2
9
7
Six Months Ended
December 31, 2020 (A)
December 31, 2019 (A)
% Change
Constant Currency (B)
U.S., Canada, and Latin America
Devices
$
402.4
$
390.4
3
%
Masks and other
427.5
387.8
10
Total Sleep and Respiratory Care
$
829.9
$
778.2
7
Software as a Service
184.0
173.6
6
Total
$
1,013.9
$
951.8
7
Combined Europe, Asia, and other markets
Devices
$
364.0
$
314.2
16
%
11
%
Masks and other
174.0
151.2
15
10
Total Sleep and Respiratory Care
$
538.1
$
465.4
16
10
Global revenue
Devices
$
766.4
$
704.6
9
%
6
%
Masks and other
601.6
539.0
12
10
Total Sleep and Respiratory Care
$
1,368.0
$
1,243.6
10
8
Software as a Service
184.0
173.6
6
6
Total
$
1,552.0
$
1,417.2
10
8
(A)
Totals and subtotals may not add due to rounding.
(B)
In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210128005352/en/
For investors Amy Wakeham +1 858-836-5000 investorrelations@resmed.com
For media Jayme Rubenstein +1 858-836-6798 news@resmed.com
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