For the year ended June 30, 2008, ResMed revenue was a record $835.4 million, an increase of 17% over the $716.3 million for the year ended June 30, 2007. For the year ended June 30, 2008, income from operations and net income were $143.0 million and $110.3 million, respectively.
The record-breaking revenue comes despite an additional expense of $3.1 million recognized as a charge to cost of sales in relation to the voluntary recall announced in April 2007 related to the company’s previous series of S8 flow generators.
The company sees promise for future growth as indicated by market trends. “ResMed is well positioned to deliver strong growth in fiscal year 2009," said Kieran T. Gallahue, ResMed CEO.. “Home sleep testing took another step forward as both national and local Medicare rulings were released and private insurers, such as the country’s largest insurer, Anthem, issued updated coverage policies. Medicare competitive bidding implementation was delayed 18-24 months, a positive signal for the home medical equipment industry. Lastly, the International Diabetes Federation published an important consensus statement on sleep apnea and diabetes. The diabetes community now has an official recommendation to screen all type 2 diabetes patients suspected of sleep apnea.”