RSMDF - ResMed Inc. (RMD) Q3 2024 Earnings Call Transcript
2024-04-25 21:38:02 ET
ResMed Inc. (RMD)
Q3 2024 Earnings Conference Call
April 25, 2024, 4:30 PM ET
Company Participants
Amy Wakeham - Chief Communications and Investor Relations Officer
Mick Farrell - Chief Executive Officer
Brett Sandercock - Chief Financial Officer
Conference Call Participants
Dan Hurren - MST Marquee
Laura Sutcliffe - UBS
Craig Wong-Pan - RBC
David Bailey - Macquarie
Anthony Petrone - Mizuho Group
Suraj Kalia - Oppenheimer
Margaret Kaczor-Andrew - William Blair
Gretel Janu - E&P
Brett Fishbin - KeyBanc
Mike Matson - Needham & Company
Lyanne Harrison - Bank of America
Steve Wheen - Jarden
Saul Hadassin - Barrenjoey Capital
Mike Toomey - Jefferies
Presentation
Operator
Hello. And welcome to the Q3 Fiscal Year 2024 ResMed Earnings Conference Call. My name is Kevin, and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session. Please note that this conference call is being recorded.
I’ll now turn the call over to Amy Wakeham, Chief Investor Relations Officer. Amy, you may begin.
Amy Wakeham
Great. Thank you, Kevin. Hello, everyone. Welcome to ResMed’s third quarter fiscal year 2024 earnings call. We are live webcasting this call and the replay will be available on the Investor Relations section of our corporate website later today. Our earnings press release and presentation are both available online now.
During today’s call, we will discuss several non-GAAP measures that we believe provide useful information for investors. This information is not intended to be considered in isolation or as a substitute for the GAAP financial information. We encourage you to review the supporting schedules in today’s earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers.
In addition, our discussion today will include forward-looking statements, including but not limited to, expectations about our future financial and operating performance. We make these statements based on reasonable assumptions, however, our actual results could differ. Please review our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today.
I’d like to now turn the call over to ResMed’s Chairman and CEO, Mick Farrell.
Mick Farrell
Thanks, Amy, and thank you to all of our shareholders for joining us today. Our third quarter fiscal year 2024 results reflect another strong period of execution across our entire business, resulting in solid topline growth and strong double-digit bottomline growth.
Our results were driven by ongoing new patient demand for our devices across global markets, high single-digit growth in our Software-as-a-Service business and double-digit global growth in our Masks and Accessories business. This is exceptional performance given that we are annualizing a very strong quarter of growth in the prior year.
The recent launch of our ResMed 2030 operating model and our steady focus on driving increased operating leverage are delivering excellent bottomline results and keeping us on a clear trajectory of ongoing profitable growth.
Over 2 billion people worldwide suffer from sleep apnea, what I call sleep suffocation, insomnia or respiratory insufficiency due to chronic obstructive pulmonary disease or neuromuscular disease. These chronic conditions form a healthcare epidemic that ResMed is uniquely positioned to address. We believe that healthcare should be delivered at the lowest cost, lowest acuity and highest comfort location possible. In the optimal case, that’s in a person’s own home. We are the global strategic leader in providing therapies for this epidemic, as well as market-leading enterprise software for Residential Care, including home medical equipment, home nursing and beyond....
ResMed Inc. (RMD) Q3 2024 Earnings Call Transcript