Menu
Menu
ResMed, HeartWare boost June quarter revenue

ResMed, HeartWare boost June quarter revenue

ASX-listed medical device makers ResMed (ASX:RMD) and HeartWare (ASX:HIN) on Friday both reported strong gains in revenue for the quarter ending in June.

ResMed - which develops medical products to help diagnose, treat and manage respiratory disorders – increased its revenue for the quarter 17% to US$341.9 million ($325.8 million). For the year ending in June, revenue grew 14% to US$1.2 billion.

Profit grew to US$58.5 million for the quarter, and US$227 million for the year – up 10% and 19% respectively.

But SG&A expenses grew 22% to US$102.3 million, or 29.9% of revenue, partly as a result of the appreciation of the Australian dollar. R&D expenses also grew 35% to US$26 million.

ResMed on Friday also revealed it had acquired Germany's Grundler GmbH, a medical humidification product developer, but said the transaction is not expected to have a material impact on its financial results.

Also on Friday, heart pump developer HeartWare posted a 109% increase in June quarter revenue to US$20.4 million.

International markets accounted for 69% of June-quarter revenues, and sales in the US more than tripled to US$6.3 million.

But the company reported a wider net loss of US$10.1 million for the quarter, from a US$10 million loss a year ago.

For the six months ending in June it was a similar story, with revenue growing to US$38.4 million from US$20.5 million a year earlier, but the net loss increasing to US$19.5 million from US$14.5 million.

HIN shares fell 2.94% in Friday's trading to $1.650, while RMD dipped 1.47% to $2.680.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags financial resultsmedicalHeartwareResmedAustralian dollarASX:HINASX:RMD

Show Comments