In the second quarter (Q2) of 2023 ending December 31, ResMed Inc saw its revenue increase by 16% to $1,033.7 million, compared to the prior year period.
“During the second quarter, we significantly increased production and delivery of flow generator devices to meet the incredible demand from customers, resulting in strong sales growth in the Americas, and solid overall performance for our business across 140 countries,” says Mick Farrell, ResMed’s CEO, in a release. “Towards the end of the quarter, we cleared the final regulatory hurdles and closed the acquisition of MEDIFOX DAN, expanding our outside-hospital software-as-a-service (SaaS) business to its first market outside the US. We will deliver ongoing, sustainable growth through this exciting expansion of our business model in Germany, with strong links to both our global SaaS business and our market-leading German business in sleep and respiratory care. Looking ahead, we remain focused on delivering lifesaving therapy solutions and accelerating the adoption of digital health in sleep apnea, COPD, and out-of-hospital care. During calendar year 2022, we improved over 149 million lives, and we are well on our way to our goal of helping 250 million people sleep better, breathe better, and live higher-quality lives with outside-hospital care in 2025.”
The Q2 2023 revenue increase, which was 20% on a constant currency basis, was driven by increased demand for our sleep and respiratory care devices as well as reduced competitive supply, according to ResMed.
Revenue in the United States, Canada, and Latin America, excluding software-as-a-service, grew by 26%, primarily due to the factors discussed above and recovery of core sleep patient flow that was previously impacted by COVID-19.
Revenue in Europe, Asia, and other markets grew by 8% on a constant currency basis.
Software-as-a-service revenue increased by 18% in Q2 2023, due to ResMed’s acquisition of MEDIFOX DAN and continued growth in its home medical equipment vertical. Similar to the solutions of ResMed’s US SaaS brands, Brightree and MatrixCare, MEDIFOX DAN expands ResMed’s out-of-hospital SaaS business into new health sectors and builds on its established healthcare business in Germany.
Also in Q2 2023, the company Celebrated the grand opening of ResMed’s new Advanced Manufacturing Centre in Tuas, Singapore. The 270,000-sq-ft facility more than doubles the size of ResMed’s footprint in Singapore and serves as ResMed’s key manufacturing hub in Asia-Pacific. The facility has the manufacturing capacity and footprint to scale production for connected devices and mask systems.