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ResMed records strong Q1 growth
May 3, 2002
Sleep technology company, ResMed Inc (RMD) said today that it had recorded strong growth over the third quarter in both revenue and income, but that if problems continue offshore it could struggle to reach the targets for the last three months of the financial year.

ResMed, which is primarily listed on the New York Stock Exchange, said that it had recorded a net income of $10.4 million for the first three months of 2002 compared with a $10.2 million loss in the previous corresponding period.

Revenue for the quarter was up by 24% to $52.8 million from $42.7 million for the March 2001 quarter.




For the nine months to March 31, company revenue was $147.8 million, a 37% increase over the same period a year ago.

Net income came in at $27.7 million compared with $3.3 million in the nine months to March 31, 2001. Net income before non-recurring items was up by 23% over the prior year period.

"These record profit and revenue results are a continuation of the company's robust performance," Resmed chairman and chief executive Peter Farrell said.

"American sales increased 25% over the March quarter 2001 to $26.7 million, reflecting continued strong North American demand for our SDB (Sleep Disorder breathing) devices and accessories."

Dr Farrell said that international sales were up by 26% in the quarter despite some challenges in the German market.

"If current uncertainties in the German SDB market continue it will, however, be a challenge for the company to meet the First Call Consensus earnings per share estimate of US30c per share for the June quarter," he said.

At the close of trade yesterday, ResMed shares were 40c lower at $6.25.