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ResMed Inc. Announces Record Financial Results For The Quarter Ended And Six Months Ended December 31, 2011
Date:1/26/2012

SAN DIEGO, Jan. 26, 2012 /PRNewswire/ --ResMed Inc. (NYSE: RMD) today announced record revenue and income for the quarter ended December 31, 2011.  Revenue for the quarter ended December 31, 2011 was $332.7 million, a 9% increase (also a 9% increase on a constant currency basis) over the quarter ended December 31, 2010.  For the quarter ended December 31, 2011, net income was $62.9 million, an increase of 8%, compared to the quarter ended December 31, 2010.  Diluted earnings per share for the quarter ended December 31, 2011 were $0.42, an increase of 14% compared to the quarter ended December 31, 2010.  

(Logo:  http://photos.prnewswire.com/prnh/20100203/RESMEDLOGO)

SG&A expenses were $100.6 million for the quarter ended December 31, 2011, an increase of $9.0 million, or 10% (a 9% increase on a constant currency basis) over the quarter ended December 31, 2010.  The increase in SG&A was primarily due to expenses necessary to support sales growth.  SG&A costs were 30% of revenue in the quarter ended December 31, 2011, compared to 30% in the quarter ended December 31, 2010.R&D expenses were $27.2 million for the quarter ended December 31, 2011, or 8% of revenue.  R&D expenses increased by 24% (a 21% increase on a constant currency basis) compared to the quarter ended December 31, 2010.  

The company amortized acquired intangibles of $3.7 million ($2.7 million, net of tax) during the quarter ended December 31, 2011.  Stock-based compensation costs incurred during the quarter ended December 31, 2011 of $7.4 million ($5.8 million, net of tax) consisted of expenses associated with stock options, restricted stock units, and our employee stock purchase plan.  

For the six months ended December 31, 2011, revenue was $647.5 million, an increase of 10% over the six months ended December 31, 2010 (an 8% increase on a constant currency basis).  For the six months ended December 31, 2011, net income was $113.4 million, a decrease of 2%, compared to the six months ended December 31, 2010.  Diluted earnings per share for the six months ended December 31, 2011 were $0.75 per diluted share, an increase of 3% compared to the six months ended December 31, 2010.

Inventory, at $184.4 million, decreased by $16.4 million compared to June 30, 2011.  Accounts receivable days sales outstanding, at 63 days, decreased by 6 days compared to June 30, 2011.

Peter C. Farrell Ph.D, chairman and chief executive officer, commented, "On a regional basis, revenue in the Americas increased by 12% to $182.5 million over the prior year's quarter. Revenue outside the Americas was $150.2 million, an increase of 5% over the prior year's quarter, on both a GAAP and constant currency basis.  Our global operating profit for the December quarter was $67.3 million and cash flow from operations was a record $110.6 million, demonstrating excellent operating performance.  During the quarter, we also repurchased 4.1 million shares, at a cost of $110.5 million, as part of our ongoing capital management program.

"Focusing on product lines, global mask growth remains exceptionally strong as the market continues to reward us for having what we consider are the best patient interfaces in the industry, while initiatives for replenishment of masks and accessories provide additional opportunities for growth. We were pleased to see America's flow generator sales return to positive growth of 4% this quarter, compared to fiscal year 2011, reflecting continued demand for our S9 line of flow generators in the market. The S9 VPAP™ Adapt sold especially well in the U.S., completing its first six months on the market and the S9 range of bilevel devices continues to gain back share in the U.S., reflecting the enhanced value the S9 platform brings to both patients and physicians.  We are also continuing to focus our efforts on our five strategic imperatives, particularly regarding the positive impact which treating sleep-disordered breathing/obstructive sleep apnea has on cardiovascular and cerebrovascular disease, type 2 diabetes and occupational health and safety. In addition, we are working with the anesthesiology community to help reduce the potential for peri-operative deaths due to undiagnosed sleep-disordered breathing in patients undergoing surgical procedures. We continue to provide research funding in these strategic areas while at the same time providing educational support to physicians working within these various specialties."

About ResMedResMed is a global leader in the development, manufacturing and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing. The company is dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals of the potentially serious health consequences of untreated sleep-disordered breathing. For more information on ResMed, visit www.resmed.com.

ResMed will host a conference call at 1:30 p.m. U.S. Pacific Time today to discuss these quarterly results.  Individuals wishing to access the conference call may do so via ResMed's website at www.resmed.com or by dialing 617-614-3672 (domestic) or +1 617-614-3672 (international) and entering conference pass code no. 92354908. Please allow extra time prior to the call to visit the website and download the streaming media player (Windows Media Player) required to listen to the internet broadcast.  The online archive of the broadcast will be available approximately 30 minutes after the live call and will be available for two weeks.  A telephone replay of the conference call is available by dialing 617-801-6888 (domestic) and +1 617-801-6888 (international) and entering conference I.D. No. 23854403.

Further information can be obtained by contacting Constance Bienfait at ResMed Inc., San Diego, at (858) 836-5971; Brett Sandercock at ResMed Limited, Sydney, at (+612) 8884-2090; or by visiting the Company's multilingual website at www.resmed.com.  

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's future revenue, earnings or expenses, new product development and new markets for the Company's products, are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Those risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for its most recent fiscal year and in other reports the Company files with the U.S. Securities & Exchange Commission.  Those reports are available on the Company's website.RESMED INC AND SUBSIDIARIESCondensed Consolidated Statements of Income (Unaudited)(In US$ thousands, except per share data)Three Months Ended

December 31,

Six Months Ended

December 31,2011

2010

2011

2010Net revenue

$332,738

$305,986

$647,513

$587,998Cost of sales

134,023

119,987

263,743

228,045Gross profit

198,715

185,999

383,770

359,953Operating expenses:Selling, general and administrative

100,552

91,581

194,755

176,371Research and development

27,218

21,972

53,424

41,712Amortization of acquired intangible assets

3,691

2,573

7,462

4,604Donation to Foundation

-

-

-

1,000Total operating expenses

131,461

116,126

255,641

223,687Income from operations

67,254

69,873

128,129

136,266Other income (expenses), net:Interest income (expense), net

7,181

6,005

14,103

11,102Other, net

8,496

3,043

7,196

8,106Total other income (expenses), net

15,677

9,048

21,299

19,208Income before income taxes

82,931

78,921

149,428

155,474Income taxes

20,059

20,465

36,038

40,310Net income

$62,872

$58,456

$113,390

$115,164Basic earnings per share

$0.43

$0.38

$0.76

$0.76Diluted earnings per share

$0.42

$0.37

$0.75

$0.73Basic shares outstanding

146,369

152,420

148,368

152,006Diluted shares outstanding

149,515

157,593

151,835

157,276RESMED INC AND SUBSIDIARIESCondensed Consolidated Balance Sheets (Unaudited - In US$ thousands)December 31,

June 30,2011

2011ASSETSCurrent assets:Cash and cash equivalents

$723,233

$735,267Accounts receivable, net

238,764

274,352Inventories

184,420

200,777Prepayments, deferred income taxes and other current assets

100,350

82,056Total current assets

1,246,767

1,292,452Property, plant and equipment, net

441,000

462,107Goodwill

261,109

235,487Other intangibles

61,645

47,911Deferred income taxes and other non-current assets

30,957

30,965Total non-current assets

794,711

776,470Total assets

$2,041,478

$2,068,922LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

45,763

55,194Accrued expenses

112,286

103,787Deferred revenue

41,840

45,125Income taxes payable

26,444

3,931Deferred income taxes

574

640Current portion of long-term debt

1,450

163Total current liabilities

228,357

208,840Non-current liabilities:Deferred income taxes

7,921

8,051Deferred revenue

15,755

17,237Income taxes payable

3,370

4,057Non-current portion of long-term debt

225,000

100,000Total non-current liabilities

252,046

129,345Total liabilities

480,403

338,185Stockholders' Equity:Common stock

579

607Additional paid-in capital

834,179

798,461Retained earnings

1,225,252

1,111,862Treasury stock

(739,812)

(504,625)Accumulated other comprehensive income

240,877

324,432Total stockholders' equity

1,561,075

1,730,737Total liabilities and stockholders' equity

$2,041,478

$2,068,922
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SOURCE ResMed Inc.
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