ResMed’s Q3 report highlights a 7% surge in revenue, driven by demand for its sleep devices and mask products.

Summary: ResMed reported a 7% revenue increase in its third fiscal quarter ending March 31, propelled by heightened demand for sleep devices and growth in its mask product line. Revenue growth was noted as 9% in the Americas and 3% in other international markets, with Software-as-a-Service revenues up by 8%. The company launched new products including the AirCurve 11 series and the AirFit F40 mask. CEO Mick Farrell emphasized the ongoing success in innovation and operational efficiency, enhancing profitability and addressing the global need for sleep and respiratory care solutions.

Key Takeaways:

ResMed experienced a 7% increase in revenue during its third fiscal quarter, mainly driven by heightened demand for sleep devices and masks.
The company introduced new products including the AirCurve 11 series devices and the AirFit F40 mask, aimed at enhancing therapy and maintaining a secure facial seal during sleep.
ResMed’s revenue growth included a 9% increase in the US, Canada, and Latin America, and a 3% increase in Europe, Asia, and other markets, with Software-as-a-Service revenue rising by 8%.

ResMed Inc announced results for its third quarter ended March 31, highlighting 7% revenue growth driven by increased demand for sleep devices, as well as strong growth across the company’s mask product portfolio.

Revenue in the US, Canada, and Latin America, excluding Software-as-a-Service, grew by 9% percent, and revenue in Europe, Asia, and other markets, excluding Software-as-a-Service, grew by 3% on a constant currency basis. Software-as-a-Service revenue increased by 8%.

“ResMed’s strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and software solutions, leading to double-digit mask and accessories revenue growth, along with ongoing operational efficiencies to drive margin improvement and increased profitability,” said Mick Farrell, ResMed’s Chairman & CEO. “Over 2 billion people worldwide can benefit from a ResMed solution to help them sleep better, breathe better, and receive best-in-class healthcare right where they live.”

Q3 Business and Operational Highlights

ResMed introduced the AirCurve 11 series of devices, built on the AirSense 11 platform. New devices provide bi-level and enhanced ventilation therapy options, particularly for those who struggle with single pressure PAP therapy.
During the quarter, ResMed launched the AirFit F40 in the United States. An ultra-compact, full-face mask, the AirFit F40 features the AdaptiSeal, a silicone cushion designed to maintain a facial seal, even when moving around during sleep, along with a fully flexible frame, a quick-release short tube, and new textile material and color.
In conjunction with World Sleep Day, a global campaign to raise awareness of the importance of good sleep, ResMed published the results of its 4th annual Global Sleep Survey of 36,000 people across 17 markets. The survey found that 50% of respondents report feeling excessive daytime sleepiness, and 40% report getting no more than three nights of good sleep per week. More than one-third of respondents are now actively tracking their sleep patterns, either through a smartphone app (44%) or wearable (31%).

“We remain laser-focused on bringing market-leading innovation to customers, including our latest AirCurve11 range of non-invasive ventilators and our recently launched AirFit F40 mask system, combined with our entire portfolio of products, software, and solutions, allowing us to continue to deliver value for all our stakeholders,” says Farrell in a release.