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Resmed Inc (RMD) SEC Filing 10-K Annual report for the fiscal year ending Monday, June 30, 2014

Resmed Inc

CIK: 943819 Ticker: RMD

Exhibit 99.1

 

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RESMED Inc. Announces Results for the Fourth Quarter and Fiscal Year 2014

Fourth quarter revenue of $415 million

Fourth quarter GAAP earnings per share of $0.61 and non-GAAP earnings per share of $0.64

Operating cash flow of $115.6 million in the fourth quarter

Quarterly dividend increased by 12% to $0.28 per share

SAN DIEGO, July 31, 2014

– ResMed Inc. (NYSE: RMD) today announced results for its fourth quarter and for the fiscal year ended June 30, 2014. Revenue for the quarter was $415.2 million, flat compared to the quarter ended June 30, 2013 (a 1 percent decrease on a constant currency basis). Net income was $87.7 million, an increase of 20 percent compared to the quarter ended June 30, 2013. Diluted earnings per share for the quarter were $0.61, an increase of 22 percent compared to the quarter ended June 30, 2013.

The results for the quarter ended June 30, 2014 were impacted by a $6.3 million ($4.2 million, net of tax) expense for restructuring charges relating to employee termination benefits associated with our reorganization of our commercial and research and development teams. Non-GAAP net income for the quarter ended June 30, 2014 was $92.0 million, a 1 percent increase compared to the quarter ended June 30, 2013 (non-GAAP measures exclude the impact of the restructuring expenses in the current quarter and the charge for Sydney University education, research and settlement expenses in the prior year quarter). Non-GAAP diluted earnings per share for the quarter were $0.64, a 3 percent increase compared to the quarter ended June 30, 2013.

“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,” said ResMed Chief Executive Officer Mick Farrell. “We continue to benefit from our globally diversified business, with constant currency revenue growth of 5 percent in our combined Europe and Asia-Pacific businesses.”

Highlighting ResMed’s new products, Farrell continued, “We see good adoption of our AirFitP10 nasal pillows system which is currently the market leader among new patients, and although it is early, we are seeing encouraging traction for our AirFitN10 nasal mask and AirFitF10 full-face mask which were launched in the fourth quarter around the world. On the flow generator side in the fourth quarter, we launched the Astral™ platform, our new generation of life support ventilators, and are seeing strong uptake in Europe and Asia as sales begin to ramp. During the fourth quarter, we received FDA clearance for the Astral platform in the U.S. and anticipate a U.S. launch by the end of the calendar year.”


The following information was filed by Resmed Inc (RMD) on Thursday, July 31, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Accrued Expenses
Accrued Expenses (details)
Accrued Expenses (tables)
Business Combinations
Business Combinations (details)
Commitments
Commitments (schedule Of Future Minimum Lease Payments) (details)
Commitments (tables)
Cost-method Investments
Cost-method Investments (narrative) (details)
Cost-method Investments (schedule Of Reconciliation Of Changes In Cost-method Investments) (details)
Cost-method Investments (tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (narrative) (details)
Derivative Instruments And Hedging Activities (summary Of Amount And Location Of Derivative Financial Instruments) (details)
Derivative Instruments And Hedging Activities (summary Of Gains (losses) Associated With Derivative Financial Instruments) (details)
Derivative Instruments And Hedging Activities (tables)
Earnings Per Share
Earnings Per Share (narrative) (details)
Earnings Per Share (schedule Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (tables)
Employee Retirement Plans
Employee Retirement Plans (details)
Fair Value Measurements
Fair Value Measurements (reconciliation For Fair Value Measurements Using Significant Unobservable Inputs) (details)
Fair Value Measurements (summary Of Financial Assets And Liabilities) (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (schedule Of Amortization Expense Related To Identifiable Intangible Assets, Including Patents) (details)
Goodwill And Other Intangible Assets, Net (schedule Of Changes In Carrying Amount Of Goodwill) (details)
Goodwill And Other Intangible Assets, Net (schedule Of Other Intangible Assets) (details)
Goodwill And Other Intangible Assets, Net (tables)
Income Taxes
Income Taxes (components Of Net Deferred Income Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities Classified As Current And Non-current) (details)
Income Taxes (schedule Of Income Before Income Taxes Under The Jurisdictions) (details)
Income Taxes (schedule Of Provision For Income Tax Differ From The Amount Of Income Tax) (details)
Income Taxes (schedule Of Provision For Income Taxes) (details)
Income Taxes (tables)
Inventories
Inventories (schedule Of Inventories) (details)
Inventories (tables)
Legal Actions And Contingencies
Legal Actions And Contingencies (details)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Long-term Debt) (details)
Long-term Debt (tables)
New Accounting Pronouncements
Organization And Basis Of Presentation
Other, Net
Other, Net (schedule Of Other Net Income) (details)
Other, Net (tables)
Product Warranties
Product Warranties (details)
Product Warranties (tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (details)
Property, Plant And Equipment, Net (tables)
Restructuring Expenses And Education, Research And Settlement Charge
Restructuring Expenses And Education, Research And Settlement Charge (details)
Schedule Ii Valuation And Qualifying Accounts And Reserves
Schedule Ii Valuation And Qualifying Accounts And Reserves (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-based Employee Compensation
Stock-based Employee Compensation (narrative) (details)
Stock-based Employee Compensation (schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted) (details)
Stock-based Employee Compensation (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Stockholders' Equity (schedule Of Activity Of Restricted Stock Units) (details)
Stockholders' Equity (schedule Of Option Activity) (details)
Stockholders' Equity (schedule Of Total Stock-based Compensation Costs Incurred And Associated Tax Benefit Recognized) (details)
Stockholders' Equity (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Ticker: RMD
CIK: 943819
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-301852
Submitted to the SEC: Fri Aug 08 2014 8:22:38 AM EST
Accepted by the SEC: Fri Aug 08 2014
Period: Monday, June 30, 2014
Industry: Surgical And Medical Instruments And Apparatus

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