Resmed (ASX:RMD) has announced a 13 per cent increase in revenue to $601.3 million for the final three months of 2017.
Net income for the quarter of $9.5 million was up 88 per cent decrease compared to the corresponding period of the prior year.
"We had a strong quarter with double-digit revenue and operating profit growth," said CEO Mick Farrell. "Our masks have performed well around the world, device sales are solid, and our cloud-based software continues to grow rapidly. Our operating excellence initiatives are achieving leverage in the business with more runway ahead."
Mr Farrell continued, "We recently announced our first ResMed branded portable oxygen concentrator, called Mobi, which will launch in the current quarter. Mobi exemplifies patient-centered innovation and our commitment to pioneer products and create value with services and solutions that improve patients' quality of life, reduce the impact of chronic disease and save healthcare costs globally."
Second quarter revenue in US, Canada and Latin America, excluding business management and clinical software company Brightree, was $329.2 million, a 12 per cent increase over the same period of the prior year.
Brightree revenue for the second quarter was $38.7 million, an increase of 14 per cent compared to the same period of the prior year. Revenue in Europe, Asia and other markets was $233.4 million, an increase of 8 percent on a constant currency basis.
Gross margin in the second quarter was 58.2 per cent, lower than the prior year's quarter gross margin of 58.3, which the company attributed to a fall in average selling prices.