ResMed‘s revenue was $397.8 million for the quarter ended March 31, a 4% increase over the quarter ended March 31, 2013.
Research and development expenses were $29.5 million for the quarter, or 7.4% of revenue. R&D expenses decreased by 5% compared to the quarter ended March 31, 2013. R&D expenses were favorably impacted by the depreciation of the Australian dollar against the US dollar.
“We are pleased with our third quarter results in the face of challenging market conditions, particularly in the US,” says ResMed chief executive officer Michael “Mick” Farrell, in a release. “Our Americas business showed encouraging trends and we continue to benefit from our globally diversified business, with constant currency revenue growth of 6% in combined Europe and Asia-Pacific businesses for the quarter. In particular, our European results were strong across the board, with most countries showing solid growth.”
Highlighting ResMed’s new products, Farrell says, “At the beginning of the third quarter, we launched our new nasal pillows interface, the AirFit P10, in the US, and it’s been very well received. In addition to its brisk adoption, we received global validation of our innovation and design excellence when the AirFit P10 won the prestigious 2014 Red Dot Product Design award, the world’s largest design competition. Sales of the AirFit P10 have just begun in Europe and Asia-Pacific. Earlier this week, ResMed announced the US launch of two additional new masks to kick-start the fourth quarter of its fiscal year: the AirFit F10, the lightest full-face mask on the market; and the AirFit N10, a new patient-preferred nasal mask. Both masks will be launched soon in other major countries.”