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ResMed Inc. (RMD) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net revenue of $1.282 billion for the three months ended December 31, 2024, an increase of 10% compared to the same period in 2023. This growth was primarily driven by increased demand for Sleep and Breathing Health products.
ResMed's gross profit for the quarter was $751.3 million, with a gross margin of 58.6%, up from 55.6% in the previous year. The improvement in gross margin is attributed to manufacturing efficiencies and reduced amortization of acquired intangibles.
Operating expenses for the quarter included $241.6 million in selling, general, and administrative costs, and $81.4 million in research and development expenses. These represent increases of 9% and 10%, respectively, compared to the same period in 2023.
Net income for the quarter was $344.6 million, resulting in diluted earnings per share of $2.34, up from $1.42 in the previous year. The effective income tax rate for the quarter was 17.6%, reflecting benefits from foreign operations and research credits.
Cash provided by operating activities was $634.2 million for the six months ended December 31, 2024. ResMed reported cash and cash equivalents of $521.9 million as of December 31, 2024.
ResMed's Residential Care Software segment reported net revenue of $156.5 million for the quarter, an increase of 8% compared to the previous year, driven by growth in the Home Medical Equipment and MEDIFOX DAN verticals.
The filing also details ResMed's ongoing legal proceedings and notes that the company does not expect these to have a material adverse effect on its financial condition.
ResMed's board of directors declared a cash dividend of $0.53 per common share, payable on March 20, 2025, to shareholders of record as of February 13, 2025.
The company continues to focus on research and development, investing $81.4 million in the quarter, and remains committed to innovation in respiratory health and residential care software solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ResMed Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.