ResMed Inc. Announces Record Financial Results for the Quarter and Twelve Months Ended June 30, 2011
ResMed also Announces Acquisition of Grundler GmbH SAN DIEGO, Aug. 4, 2011 /PRNewswire via COMTEX/ --
ResMed Inc. (NYSE: RMD) today announced record revenue and income for the quarter ended June 30, 2011. Revenue for the quarter ended June 30, 2011 was $341.9 million, a 17% increase (an 11% increase on a constant currency basis) over the quarter ended June 30, 2010. For the quarter ended June 30, 2011, net income was $58.5 million, an increase of 10% compared to the quarter ended June 30, 2010. Diluted earnings per share for the quarter ended June 30, 2011 were $0.37, an increase of 9% compared to the quarter ended June 30, 2010.
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SG&A expenses were $102.3 million for the quarter ended June 30, 2011, an increase of $18.5 million, or 22% (a 13% increase on a constant currency basis) compared to the quarter ended June 30, 2010. SG&A costs were 29.9% of revenue in the quarter ended June 30, 2011, compared to 28.8% for the quarter ended June 30, 2010. SG&A expenses were negatively impacted by the appreciation of the Australian dollar and euro against the U.S. dollar.
R&D expenses were $27.0 million for the quarter ended June 30, 2011, or 7.9% of revenue. R&D expenses increased by 35% (an 11% increase on a constant currency basis) compared to the quarter ended June 30, 2010. R&D expenses were primarily impacted by the appreciation of the Australian dollar and euro against the U.S. dollar.
The company amortized acquired intangibles of $2.9 million ($1.9 million, net of tax) during the quarter ended June 30, 2011. Stock-based compensation costs incurred during the quarter ended June 30, 2011 of $7.5 million ($5.4 million, net of tax) consisted of expenses associated with stock options, restricted stock units, and our employee stock purchase plan.
For the year ended June 30, 2011, revenue was $1.2 billion, an increase of 14% over the year ended June 30, 2010 (a 13% increase on a constant currency basis). For the year ended June 30, 2011, net income was $227.0 million, an increase of 19% compared to the year ended June 30, 2010. Diluted earnings per share for the year ended June 30, 2011 were $1.44, an increase of 17% compared to the year ended June 30, 2010.
Inventory, at $200.8 million, increased by $15.1 million compared to June 30, 2010. Accounts receivable days sales outstanding, at 69 days, decreased by 2 days compared to June 30, 2010.
Peter C. Farrell Ph.D., chairman and chief executive officer, commented, "In the fourth quarter of fiscal 2011 we continued to show strong year-over-year growth. Revenue in Americas increased by 14% to $182.8 million over the prior year's quarter. Revenue outside Americas increased by 22% to $159.1 million over the prior year's quarter, or an 8% increase on a constant currency basis. Operating profit for the June quarter was $66.7 million and cash flow from operations was a robust $74.3 million, demonstrating excellent operating performance."