ResMed Inc (RMD) Announces Q1 2024 Earnings: Revenue Growth and Strong Global Demand
ResMed Inc (NYSE:RMD) reports a 16% increase in revenue, reaching $1,102.3 million for Q1 2024.
Net income for the quarter stood at $219.4 million, a 4% increase from the same period last year.
ResMed Inc (NYSE:RMD) declares a quarterly cash dividend of $0.48 per share.
Strong growth reported in Europe, Asia, and other global markets.
On October 26, 2023, ResMed Inc (NYSE:RMD) announced its first quarter results for the fiscal year 2024. The company reported strong revenue growth driven by ongoing patient flow and solid demand across its global sleep and respiratory care markets.
Financial Highlights
ResMed Inc (NYSE:RMD) reported a 16% increase in revenue, reaching $1,102.3 million for the first quarter of 2024. The company's net income for the quarter stood at $219.4 million, marking a 4% increase from the same period last year. The diluted earnings per share for the quarter were $1.49, a 4% increase from the previous year.
ResMed's CEO, Mick Farrell, commented on the company's performance, stating,
ResMed has started Fiscal Year 2024 with strong revenue growth driven by ongoing patient flow and solid demand across our global sleep and respiratory care markets, alongside increasing adoption of our outside hospital software solutions."
Operational Highlights
ResMed Inc (NYSE:RMD) also declared a quarterly cash dividend of $0.48 per share, payable on December 14, 2023. The company reported strong growth in Europe, Asia, and other global markets, attributing this success to their ability to meet global demand with technologies, including their best-in-class AirSense 11 platform.
The company also highlighted the rollout of AI-driven software products into their digital health ecosystem, which they believe will create a new class of offerings that will drive long-term, profitable growth.
Looking Ahead
ResMed Inc (NYSE:RMD) remains confident in their growth strategy and their ability to achieve their goal of improving 250 million lives in 2025. With increasing rates of patients activated into the healthcare funnel, the company is poised to continue its growth trajectory in the coming quarters.
Explore the complete 8-K earnings release (here) from ResMed Inc for further details.
This article first appeared on GuruFocus.
