ResMed released its financial and operational results for the fourth quarter of fiscal year 2023, crediting double-digit growth to increased demand for its sleep and respiratory care devices as well as reduced competitive supply.  

Revenue for the quarter was up 23%, while year-over-year revenue increased by 18% as the company continues to produce and deliver cloud-connected flow generator device volume to meet the ongoing global demand from patients.

“The combined global supply of our cloud-connected platforms, AirSense10 and AirSense11, have enabled us to support all available customer demand for CPAP and APAP devices across the global market,” says Mick Farrell, chairman and CEO of ResMed, in a release. “The strong growth of our mask and patient interfaces business was supported by new patient setups as well as ongoing resupply activity as we focus on increasing therapy adherence to improve patient outcomes and quality of life.” 

Other Business and Operational Highlights

  • ResMed announced the acquisition of privately held Somnoware, a leader in digital sleep and respiratory care diagnostics software for sleep labs and physicians. Somnoware is upstream of and complementary to ResMed’s current post-testing AirView and Brightree offerings and will remain an open platform. 
  • Supported or presented 34 clinical study abstracts at the annual American Thoracic Society (24) and SLEEP (10) conferences, demonstrating the breadth and depth of ResMed’s real-world evidence that showed treating OSA with PAP lowered all-cause mortality, adaptive-servo ventilation improved quality of life in central sleep apnea, and PAP adherence lowered ER visits 24-36% at one-year for OSA patients with heart failure, among others.

“As we turn to fiscal year 2024, our focus remains on delivering world-leading therapy and digital health solutions so that even more people are able to sleep better, breathe better, and live higher-quality lives outside the hospital, preferably in their own home,” says Farrell in the release. “We continue to significantly grow our impact each quarter, improving over 160 million lives in the last 12 months, well on our way to helping 250 million lives in 2025.”