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ResMed fiscal 4Q profit climbs 10 percent

Fri, 08/05/2011 - 4:45am
The Associated Press

Respiratory product maker ResMed Inc. posted a 10 percent rise in fiscal fourth quarter earnings Friday, fueled by double-digit sales growth in and outside the Americas.

The San Diego company also said it acquired Grundler GmbH, a German developer of medical humidification products. Terms were not disclosed.

ResMed earned $58.5 million, or 37 cents per share, in the three months that ended June 30. That compares to earnings of $53.2 million, or 34 cents per share, in the same quarter last year. Revenue climbed 17 percent to $341.9 million.

The earnings numbers matched Wall Street expectations, but ResMed edged out most predictions on revenue, according to a poll of analysts by FactSet.

"We not only had a strong quarter and year, but we have been active in the last few months with small technology-focused acquisitions and partnerships that will further our strategy to reach deeper into the vastly underpenetrated market for sleep-disordered breathing, as well as serve existing patients," said Peter Farrell, chairman and CEO.

ResMed makes products to diagnose, treat and manage respiratory disorders, with a focus on sleep-disordered breathing. The company said revenue in the Americas grew 14 percent to $182.8 million compared to last year's quarter. Revenue outside the Americas climbed 22 percent to $159.1 million.

The company also saw several expenses rise, mainly due to the appreciation of the Australian dollar and euro against the U.S. dollar. Selling general and administrative costs rose 22 percent to $102.3 million. Research and development expenses climbed 35 percent to $27 million.

For the full year, ResMed's net income climbed 19 percent to $227 million, or $1.44 per share. Revenue rose 14 percent to $1.2 billion.

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