-
Revenue increased 12% to $623.6 million; up 10% on a constant
currency basis
-
Net income increased by 8%; non-GAAP net income up 24%
-
GAAP diluted earnings per share of $0.76; non-GAAP diluted earnings
per share of $0.95
-
Operating cash flow of $129.4 million in the fourth quarter
-
Quarterly dividend increased by 6% to $0.37 per share
SAN DIEGO--(BUSINESS WIRE)--
ResMed Inc. (NYSE: RMD) (ASX: RMD) today announced results for its
quarter ended June 30, 2018. Revenue for the quarter was $623.6 million,
a 12 percent increase compared to the same period of the prior year.
“We closed out the year with strong performance across all aspects of
our business, from solid top-line revenue growth - driven by
geographically balanced results across our entire portfolio of offerings
- to continued improvements in operating leverage, which has resulted in
double-digit bottom-line growth,” said Mick Farrell, ResMed’s chief
executive officer.
“We continue to advance our cloud-connected medical device strategy and
are growing our cloud-based software-as-a-service business. Our clinical
studies and research efforts are being recognized and the opportunity to
increase awareness of sleep-related breathing disorders and improve
patient quality of life is bigger than ever.”
Farrell concluded, “We believe we are well-positioned as we enter fiscal
year 2019. We continue to innovate, we are improving our existing
portfolio of products and offerings, and we have a robust pipeline to
drive future growth.”
Analysis of fourth quarter results
Fourth quarter revenue in U.S., Canada and Latin America, excluding
Brightree, was $346.7 million, a 10 percent increase over the same
period of the prior year. Brightree revenue for the fourth quarter was
$40.4 million, an increase of 12 percent compared to the same period of
the prior year. Revenue in combined Europe, Asia and other markets was
$236.5 million, an increase of 9 percent on a constant currency basis,
compared to the same period of the prior year.
Gross margin in the fourth quarter was 58.1 percent, lower than the
prior year’s quarter gross margin of 58.2 percent mainly due to declines
in average selling prices, which were partially offset by manufacturing
and procurement efficiencies.
Income from operations for the quarter was $146.9 million, a 15 percent
increase compared with the quarter ended June 30, 2017. Non-GAAP income
from operations for the quarter was $166.0 million, a 19 percent
increase compared to the same period of the prior year.
Selling, general and administrative expenses were $156.8 million, a 6
percent increase over the same period in the prior year, or a 3 percent
increase on a constant currency basis. SG&A expenses improved to 25.1
percent of revenue in the quarter, compared with 26.6 percent reported
in the quarter ended June 30, 2017.
Research and development expenses were $39.7 million, or 6.4 percent of
revenue. R&D expenses increased by 8 percent compared with the same
period last year, or a 6 percent increase on a constant currency basis.
Amortization of acquired intangible assets was $11.6 million during the
quarter, which is consistent with the same period last year. Stock-based
compensation costs incurred during the quarter of $12.5 million
consisted of expenses associated with employee equity grants and our
employee stock purchase plan.
Net income for the quarter was $109.8 million, an 8 percent increase
compared to the same period of the prior year. Non-GAAP net income was
$136.3 million, a 24 percent increase compared to the prior year.
Non-GAAP measures adjust for amortization of acquired intangibles,
impact of U.S. tax reform on income tax expense, restructuring expenses
and impact of foreign tax credit adjustments on income tax expense.
GAAP diluted earnings per share for the quarter increased by 7 percent
to $0.76. Non-GAAP diluted earnings per share of $0.95 were 23 percent
higher compared with the same period of the prior year.
Cash flow from operations for the quarter was $129.4 million compared to
net income in the current quarter of $109.8 million. During the quarter
we paid $50.0 million in dividends.
Impact of U.S. tax reform on income tax expense
On December 22, 2017 “H.R.1”, originally known as the Tax Cuts and Jobs
Act, was enacted into law (“U.S. tax reform”). ASC 740 Income Taxes
requires companies to recognize the effect of any tax laws during the
period in which they are enacted. Accordingly, during the quarter ended
December 31, 2017, we performed preliminary calculations which have been
refined during the remainder of the fiscal year. Based on these
refinements, and additional guidance from the U.S. Internal Revenue
Service, we recognized additional income tax expense of $5.8 million
during the three months ended June 30, 2018 for a total income tax
expense of $138.0 million during the year ended June 30, 2018.
The U.S. tax reform significantly revises the U.S. corporate income tax
by, among other things, imposing a one-time transition tax on unremitted
foreign earnings, lowering the corporate income tax rate from 35 percent
to 21 percent and implementing a territorial tax system in relation to
foreign earnings.
Analysis of fiscal year 2018 results
Revenue for the year increased 13 percent over the prior year to $2.3
billion, or a 10 percent increase on a constant currency basis.
Income from operations for the year was $541.8 million, a 27 percent
increase over the prior year. Non-GAAP income from operations for the
year was $606.6 million, a 19 percent increase over the prior year.
Non-GAAP measures adjust for amortization of acquired intangibles,
impact of U.S. tax reform on income tax expense, restructuring expenses,
impact of foreign tax credit adjustments on income tax expense,
litigation settlement expenses, acquisition related expenses and the
Astral battery field safety notification expenses.
Net income for the year was $315.6 million, an 8 percent decrease over
the prior year. Non-GAAP net income was $507.8 million, a 27 percent
increase compared to the prior year.
GAAP diluted earnings per share decreased 9 percent to $2.19. Non-GAAP
diluted earnings per share for the year was $3.53, a 25 percent increase
compared with the prior year.
Cash flow from operations for the year was $505.0 million. During the
year we paid $199.5 million in dividends and repaid a net amount of
$796.2 million of our outstanding debt.
Debt refinancing
As reported during the previous quarter, on April 17, 2018, we entered
into a new unsecured syndicated facility (“Facility”) that provides for
an $800 million five-year revolving Credit Facility and a $200 million
five-year Term Loan. The proceeds from the initial funding of the Term
Loan were used to repay a portion of the outstanding balance of the
Credit Facility.
Share repurchase program
During the quarter, we repurchased 250,000 shares at a cost of $25.9
million, as part of our ongoing capital management program.
Dividend program
The ResMed board of directors today declared quarterly cash dividend of
$0.37 per share. The dividend will have a record date of August 16,
2018, payable on September 20, 2018. The dividend will be paid in U.S.
currency to holders of ResMed’s common stock trading on the New York
Stock Exchange. Holders of Chess Depositary Instruments trading on the
Australian Securities Exchange will receive an equivalent amount in
Australian currency, based on the exchange rate on the record date, and
reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend
date will be August 15, 2018 for common stock holders and for CDI
holders. ResMed has received a waiver from the ASX's settlement
operating rules, which will allow ResMed to defer processing conversions
between its common stock and CDI registers from August 15, 2018 through
August 16, 2018, inclusive.
Webcast details
ResMed will discuss its fourth quarter fiscal year 2018 results on its
webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the
call can be accessed on ResMed's Investor Relations website at investor.resmed.com.
Please go to this section of the website and click on the icon for the
“Q4 2018 Earnings Webcast” to register and listen to the live webcast. A
replay of the earnings webcast will be accessible on our website and
available approximately two hours after the live webcast. In addition, a
telephone replay of the conference call will be available approximately
two hours after the webcast by dialing 800-585-8367 (U.S.) and +1
416-621-4642 (outside U.S.) and entering a passcode of 7796686. The
telephone replay will be available until August 16, 2018.
About ResMed
ResMed (NYSE: RMD) (ASX: RMD), a world-leading connected health company
with more than 5 million cloud-connected devices for daily remote
patient monitoring, changes lives with every breath. Its award-winning
devices and software solutions help treat and manage sleep apnea,
chronic obstructive pulmonary disease and other respiratory conditions.
Its 6,000-member team strives to improve patients’ quality of life,
reduce the impact of chronic disease and save healthcare costs in more
than 120 countries.
Safe harbor statement
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 ResMed’s projections of future revenue or
earnings, expenses, new product development, new product launches, new
markets for its products, the integration of acquisitions, leveraging of
strategic investments, litigation, and tax outlook – are subject to
risks and uncertainties, which could cause actual results to materially
differ from those projected or implied in the forward-looking
statements. Additional risks and uncertainties are discussed in ResMed’s
periodic reports on file with the U.S. Securities & Exchange Commission.
ResMed does not undertake to update its forward-looking statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
RESMED INC AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
623,631
|
|
|
$
|
556,686
|
|
|
$
|
2,340,196
|
|
|
$
|
2,066,737
|
|
Cost of sales
|
|
|
261,159
|
|
|
|
232,910
|
|
|
|
978,032
|
|
|
|
859,922
|
|
Astral field safety notification expenses (1) |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,070
|
|
Gross profit
|
|
|
362,472
|
|
|
|
323,776
|
|
|
|
1,362,164
|
|
|
|
1,201,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
156,810
|
|
|
|
147,940
|
|
|
|
600,369
|
|
|
|
553,968
|
|
Research and development
|
|
|
39,657
|
|
|
|
36,706
|
|
|
|
155,149
|
|
|
|
144,467
|
|
Amortization of acquired intangible assets (1) |
|
|
11,611
|
|
|
|
11,769
|
|
|
|
46,383
|
|
|
|
46,578
|
|
Restructuring expenses (1) |
|
|
7,510
|
|
|
|
-
|
|
|
|
18,432
|
|
|
|
12,358
|
|
Litigation settlement expenses (1) |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,500
|
|
Acquisition related expenses (1) |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,076
|
|
Total operating expenses
|
|
|
215,588
|
|
|
|
196,415
|
|
|
|
820,333
|
|
|
|
775,947
|
|
Income from operations (1) |
|
|
146,884
|
|
|
|
127,361
|
|
|
|
541,831
|
|
|
|
425,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net
|
|
|
(2,780
|
)
|
|
|
(3,310
|
)
|
|
|
(11,977
|
)
|
|
|
(11,151
|
)
|
Other, net
|
|
|
(3,185
|
)
|
|
|
(2,428
|
)
|
|
|
(8,542
|
)
|
|
|
4,096
|
|
Total other income (expenses), net
|
|
|
(5,965
|
)
|
|
|
(5,738
|
)
|
|
|
(20,519
|
)
|
|
|
(7,055
|
)
|
Income before income taxes
|
|
|
140,919
|
|
|
|
121,623
|
|
|
|
521,312
|
|
|
|
418,743
|
|
Income taxes (1) |
|
|
31,107
|
|
|
|
20,010
|
|
|
|
205,724
|
|
|
|
76,459
|
|
Net income (1) |
|
$
|
109,812
|
|
|
$
|
101,613
|
|
|
$
|
315,588
|
|
|
$
|
342,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.77
|
|
|
$
|
0.72
|
|
|
$
|
2.21
|
|
|
$
|
2.42
|
|
Diluted earnings per share
|
|
$
|
0.76
|
|
|
$
|
0.71
|
|
|
$
|
2.19
|
|
|
$
|
2.40
|
|
Non-GAAP diluted earnings per share (1) |
|
$
|
0.95
|
|
|
$
|
0.77
|
|
|
$
|
3.53
|
|
|
$
|
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding
|
|
|
142,793
|
|
|
|
142,019
|
|
|
|
142,764
|
|
|
|
141,360
|
|
Diluted shares outstanding
|
|
|
144,004
|
|
|
|
143,119
|
|
|
|
143,987
|
|
|
|
142,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
See the reconciliation of non-GAAP financial
measures in the table at the end of the press release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESMED INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited - In thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2018
|
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
188,701
|
|
|
$
|
821,935
|
|
Accounts receivable, net
|
|
|
483,681
|
|
|
|
450,530
|
|
Inventories
|
|
|
268,701
|
|
|
|
268,319
|
|
Prepayments and other current assets
|
|
|
124,634
|
|
|
|
103,219
|
|
Total current assets
|
|
|
1,065,717
|
|
|
|
1,644,003
|
|
Property, plant and equipment, net
|
|
|
386,550
|
|
|
|
394,241
|
|
Goodwill
|
|
|
1,068,944
|
|
|
|
1,064,874
|
|
Other intangibles, net
|
|
|
215,184
|
|
|
|
261,800
|
|
Deferred income taxes and other non-current assets
|
|
|
327,528
|
|
|
|
103,569
|
|
Total non-current assets
|
|
|
1,998,206
|
|
|
|
1,824,484
|
|
Total assets
|
|
$
|
3,063,923
|
|
|
$
|
3,468,487
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
92,723
|
|
|
|
92,763
|
|
Accrued expenses
|
|
|
185,805
|
|
|
|
186,295
|
|
Deferred revenue
|
|
|
60,828
|
|
|
|
51,918
|
|
Income taxes payable
|
|
|
160,427
|
|
|
|
29,150
|
|
Short-term debt
|
|
|
11,466
|
|
|
|
-
|
|
Total current liabilities
|
|
|
511,249
|
|
|
|
360,126
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred revenue
|
|
|
71,596
|
|
|
|
53,235
|
|
Deferred income taxes
|
|
|
13,084
|
|
|
|
13,822
|
|
Other long term liabilities
|
|
|
924
|
|
|
|
2,427
|
|
Long-term debt
|
|
|
269,988
|
|
|
|
1,078,611
|
|
Long-term income taxes payable
|
|
|
138,102
|
|
|
|
-
|
|
Total non-current liabilities
|
|
|
493,694
|
|
|
|
1,148,095
|
|
Total liabilities
|
|
|
1,004,943
|
|
|
|
1,508,221
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
Common stock
|
|
|
571
|
|
|
|
569
|
|
Additional paid-in capital
|
|
|
1,450,821
|
|
|
|
1,379,130
|
|
Retained earnings
|
|
|
2,432,328
|
|
|
|
2,316,237
|
|
Treasury stock
|
|
|
(1,600,412
|
)
|
|
|
(1,546,611
|
)
|
Accumulated other comprehensive income
|
|
|
(224,328
|
)
|
|
|
(189,059
|
)
|
Total stockholders’ equity
|
|
$
|
2,058,980
|
|
|
$
|
1,960,266
|
|
Total liabilities and stockholders' equity
|
|
$
|
3,063,923
|
|
|
$
|
3,468,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESMED INC AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited - In
thousands)
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
June 30,
|
|
|
|
2018
|
|
|
|
2017
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
315,588
|
|
|
$
|
342,284
|
|
Adjustment to reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
119,960
|
|
|
|
112,157
|
|
Stock-based compensation costs
|
|
|
48,412
|
|
|
|
45,925
|
|
Impairment of cost-method investments
|
|
|
11,593
|
|
|
|
1,955
|
|
Changes in fair value of business combination contingent
consideration
|
|
|
411
|
|
|
|
10,076
|
|
Payment of business combination contingent consideration
|
|
|
-
|
|
|
|
(8,460
|
)
|
Changes in operating assets and liabilities, net of effect of
acquisitions:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(32,356
|
)
|
|
|
(63,604
|
)
|
Inventories, net
|
|
|
1,494
|
|
|
|
(41,599
|
)
|
Prepaid expenses, net deferred income taxes and other current assets
|
|
|
(160,726
|
)
|
|
|
(19,257
|
)
|
Accounts payable, accrued expenses and other liabilities
|
|
|
200,650
|
|
|
|
34,576
|
|
Net cash provided by operating activities
|
|
|
505,026
|
|
|
|
414,053
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(62,581
|
)
|
|
|
(62,219
|
)
|
Patent registration costs
|
|
|
(8,876
|
)
|
|
|
(9,257
|
)
|
Business acquisitions, net of cash acquired
|
|
|
(902
|
)
|
|
|
(7,274
|
)
|
Investments in cost-method investments
|
|
|
(14,495
|
)
|
|
|
(6,464
|
)
|
Proceeds / (Payments) on maturity of foreign currency contracts
|
|
|
(14,970
|
)
|
|
|
3,324
|
|
Net cash used in investing activities
|
|
|
(101,824
|
)
|
|
|
(81,890
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net
|
|
|
23,332
|
|
|
|
30,161
|
|
Purchases of treasury stock
|
|
|
(53,801
|
)
|
|
|
-
|
|
Payment of business combination contingent consideration
|
|
|
(486
|
)
|
|
|
(11,682
|
)
|
Proceeds from borrowings, net of borrowing costs
|
|
|
350,000
|
|
|
|
450,000
|
|
Repayment of borrowings
|
|
|
(1,146,242
|
)
|
|
|
(545,000
|
)
|
Dividends paid
|
|
|
(199,497
|
)
|
|
|
(186,346
|
)
|
Net cash (used in) / provided by financing activities
|
|
|
(1,026,694
|
)
|
|
|
(262,867
|
)
|
Effect of exchange rate changes on cash
|
|
|
(9,742
|
)
|
|
|
21,205
|
|
Net increase / (decrease) in cash and cash equivalents
|
|
|
(633,234
|
)
|
|
|
90,501
|
|
Cash and cash equivalents at beginning of period
|
|
|
821,935
|
|
|
|
731,434
|
|
Cash and cash equivalents at end of period
|
|
$
|
188,701
|
|
|
$
|
821,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures (Unaudited)
|
(In US$ thousands, except share and per share data)
|
|
The measure, "non-GAAP income from operations" is reconciled with
GAAP income from operations below:
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
GAAP income from operations
|
|
$
|
146,884
|
|
$
|
127,361
|
|
$
|
541,831
|
|
$
|
425,798
|
Amortization of acquired intangible assets (A) |
|
|
11,611
|
|
|
11,769
|
|
|
46,383
|
|
|
46,578
|
Restructuring expenses (A) |
|
|
7,510
|
|
|
-
|
|
|
18,432
|
|
|
12,358
|
Litigation settlement expenses (A) |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8,500
|
Acquisition related expenses (A) |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,076
|
Astral battery field safety notification expenses (A) |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,070
|
Non-GAAP income from operations
|
|
$
|
166,005
|
|
$
|
139,130
|
|
$
|
606,646
|
|
$
|
508,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The measures "non-GAAP net income" and “non-GAAP diluted earnings
per share” are reconciled with GAAP net income and GAAP diluted
earnings per share in the table below:
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
GAAP net income
|
|
$
|
109,812
|
|
$
|
101,613
|
|
$
|
315,588
|
|
$
|
342,284
|
Amortization of acquired intangible assets, net of tax (A) |
|
|
8,435
|
|
|
7,999
|
|
|
33,694
|
|
|
31,679
|
U.S. tax reform transition impact (A) |
|
|
1,380
|
|
|
-
|
|
|
126,881
|
|
|
-
|
U.S. tax reform impact on deferred taxes (A) |
|
|
4,412
|
|
|
-
|
|
|
11,135
|
|
|
-
|
Restructuring expenses, net of tax (A) |
|
|
5,013
|
|
|
-
|
|
|
13,328
|
|
|
8,295
|
Foreign tax credit adjustment (A) |
|
|
7,204
|
|
|
-
|
|
|
7,204
|
|
|
-
|
Litigation settlement expenses, net of tax (A) |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,392
|
Acquisition related expenses (A) |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,076
|
Astral battery field safety notification expenses (A) |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,549
|
Non-GAAP net income (A) |
|
$
|
136,256
|
|
$
|
109,612
|
|
$
|
507,830
|
|
$
|
401,275
|
Diluted shares outstanding
|
|
|
144,004
|
|
|
143,119
|
|
|
143,987
|
|
|
142,453
|
GAAP diluted earnings per share
|
|
$
|
0.76
|
|
$
|
0.71
|
|
$
|
2.19
|
|
$
|
2.40
|
Non-GAAP diluted earnings per share (A) |
|
$
|
0.95
|
|
$
|
0.77
|
|
$
|
3.53
|
|
$
|
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
ResMed adjusts for the impact of the amortization of acquired
intangibles, impact of U.S. tax reform on income tax expense,
restructuring expenses, impact of foreign tax credit adjustments on
income tax expense, litigation settlement expenses, acquisition
related expenses and the Astral battery field safety notification
expenses, from their evaluation of ongoing operations and believes
investors benefit from adjusting these items to facilitate a more
meaningful evaluation of current operating performance.
|
|
|
|
|
|
ResMed believes that non-GAAP diluted earnings per share is an
additional measure of performance investors can use to compare
operating results between reporting periods. ResMed uses non-GAAP
information internally in planning, forecasting, and evaluating the
results of operations in the current period and in comparing it to
past periods. ResMed believes this information provides investors
better insight in evaluating ResMed’s performance from core
operations and provides consistent financial reporting. Our use of
non-GAAP measures is intended to supplement, and not to replace, our
presentation of net income and other GAAP measures. Like all
non-GAAP measures, non-GAAP earnings are subject to inherent
limitations because they do not include all the expenses that must
be included under GAAP.
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180802005810/en/
ResMed Inc.
For investors
Amy Wakeham
O:
858-836-5000
investorrelations@resmed.com
or
For
media
Jayme Rubenstein
O: 858-836-6798
news@resmed.com
Source: ResMed Inc.