At ResMed Inc, revenue for the fourth quarter was $415.2 million, flat compared to the quarter ended June 30, 2013. Net income was $87.7 million, an increase of 20% compared to the quarter ended June 30, 2013.
The results for the quarter ended June 30, 2014 were impacted by a $6.3 million expense for restructuring charges relating to employee termination benefits associated with its reorganization of its commercial and research and development teams. Non-GAAP net income for the quarter ended June 30, 2014 was $92.0 million, a 1% increase compared to the quarter ended June 30, 2013.
“Our fourth quarter results were lower than anticipated, the result of softer sales in the Americas, partially offset by good growth in our international markets,” says ResMed CEO Mick Farrell, in a release. “We continue to benefit from our globally diversified business, with constant currency revenue growth of 5% in our combined Europe and Asia-Pacific businesses.”
Highlighting ResMed’s new products, Farrell continued, “We see good adoption of our AirFit P10 nasal pillows system, which is currently the market leader among new patients, and although it is early, we are seeing encouraging traction for our AirFit N10 nasal mask and AirFit F10 full-face mask, which were launched in the fourth quarter around the world. On the flow generator side in the fourth quarter, we launched the Astral platform, our new generation of life support ventilators, and are seeing strong uptake in Europe and Asia as sales begin to ramp. During the fourth quarter, we received FDA clearance for the Astral platform in the US and anticipate a US launch by the end of the calendar year.”
Farrell concluded, “We remain focused on capital management, as we continued to repurchase our shares during the quarter. And today, we announced an increase in our quarterly dividend–the second increase since we began paying a dividend in September 2012. We are executing against our Three Horizons strategy and expect to return to constant currency top-line growth as we ramp up our new product offerings over fiscal year 2015. These ResMed solutions are emblematic of our goal to improve patient outcomes and quality of life, while reducing costs for global healthcare systems. In tougher times, we remain committed to disciplined management of our expenses while appropriately funding our long-term opportunities. We remain excited about the long-term prospects of our business, with ongoing growth opportunities in treating sleep-disordered breathing, chronic obstructive pulmonary disease, and cardiorespiratory diseases.”