Medical device maker ResMed profit lifts

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SLEEP disorder equipment maker ResMed’s fourth quarter profit is up 20 per cent despite soft sales in the US.

RESMED, which makes sleep disorder and respiratory equipment, has announced a $US87,738 ($A94,928.86) profit for the three months to June compared to $US73,013 ($A78,997.02) recorded in the previous fourth quarter.

The company’s full year profit rose 12 per cent to $US345,273 ($A373,571.00). However, ResMed chief executive Mick Farrell says the fourth quarter results weren’t as good as expected. “Our fourth quarter results were lower than anticipated, the result of softer sales in the Americas, partially offset by good growth in our international markets,” he said. He said a $US6.3 million ($A6.82 million) restructure of the company’s commercial and research and development teams, including employee termination benefits, impacted on the quarter. Revenue in the Americas was $US214.9 million ($A232.51 million), a seven per cent decrease compared to $US230.3 million ($A249.18 million) made in the previous fourth quarter. The company’s European and Asia Pacific businesses recorded a combined revenue of $US200.3 million ($A216.72 million), a nine per cent increase on the prior fourth quarter. The San Diego based company’s shares on the Australian Securities Exchange was down 21 cents, or 3.81 per cent, at $5.30 at 1200 AEST. ResMed began in 1989, selling a device developed at the University of Sydney to treat sleep apnea. It now develops and sells a range of devices around the world to treat sleep and respiratory disorders.