ResMed Inc announced a 12% year-over-year increase in revenue for the second quarter of fiscal year 2024, driven by increased demand for sleep devices, as well as strong growth across its mask product portfolio.

“Our second-quarter fiscal year 2024 results reflect strong double-digit growth across our combined device, masks and accessories, and residential care software businesses, as well as cost discipline to support an acceleration in profitability,” says Mick Farrell, ResMed’s CEO, in a release. 

Farrell says the company continues to expand the production and delivery of its flow generator platforms and is launching its latest generation platform, AirSense 11, into new markets and geographies.

“The strong growth in patient flow we’ve seen over the past several quarters has supported ongoing device growth, as well as augmented and accelerated our replenishment programs for sustained mask and accessories growth,” says Farrell in a release.

Other business and operational highlights:

  • Introduced a new operating model with three new global leadership positions designed to accelerate long-term profitable growth. The operating model evolution intended to increase the velocity of product development and sharpen the focus on customers and brand. Justin Leong was appointed chief product officer, Katrin Pucknat became chief marketing officer, and Mike Fliss was named chief revenue officer.
  • Announced the retirement of Rob Douglas, former president and chief operating officer. Douglas remains as a consultant and advisor to the CEO through 2024.
  • Successfully defended patent infringement complaint brought against ResMed by New York University.

“As we look ahead, ResMed is well-positioned to lean into leading the expansion and growth of sleep health and breathing health,” says Farrell in a release. “We are the clear leader in a very large and growing market; I’m excited about ResMed’s future as we focus on delivering for our stakeholders through product innovation, operational excellence, and increasing brand awareness as we progress towards our goal of improving 250 million lives in 2025.”

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