Resmed (RMD) FY2022 results: revenue $3.6 billion, up 11.9% on the year

Resmed Inc. (RMD) reported revenue of $3.6 billion for fiscal 2022, the year ended 30 June 2022, up 11.9% on the year before. Net income was $779 million, up 64.3%, and diluted earnings per share $5.30. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2022.

Revenue

$3.6 billion

+11.9% on the year

FY2015FY2022

Operating margin

28.0%

28.3% a year earlier

FY2015FY2022

Net income

$779 million

+64.3% on the year

FY2015FY2022

Diluted EPS

$5.30

+63.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,578	3,197	2,957	+11.9%
Cost of revenue	1,554	1,358	1,239	+14.4%
Gross profit	2,024	1,839	1,718	+10.1%
Gross margin	56.6%	57.5%	58.1%
Research and development	254	225	202	+12.6%
Selling, general and administrative	738	670	677	+10.0%
Operating income	1,000	904	810	+10.7%
Operating margin	28.0%	28.3%	27.4%
Interest expense	n/a	24.0	40.4
Pre-tax income	960	884	733	+8.7%
Income tax	181	409	111	-55.8%
Effective tax rate	18.8%	46.3%	15.2%
Net income	779	475	622	+64.3%
Net margin	21.8%	14.8%	21.0%
Diluted EPS	$5.30	$3.24	$4.27	+63.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	351	737	802	-52.3%
Capital expenditure	135	103	95.3	+31.3%
Free cash flow	216	634	707	-65.9%
Free cash flow margin	6.0%	19.8%	23.9%
Cash from investing	-230	-158	-180
Cash from financing	-128	-765	-317
Depreciation and amortisation	160	157	155	+1.8%
Share-based compensation	65.3	63.9	57.6	+2.1%
Buybacks	0.0	n/a	n/a
Dividends paid	245	227	225	+8.2%
Dividend per share	$1.68	$1.56	$1.56	+7.7%
Diluted shares, weighted	147m	146m	146m	+0.4%
Shares outstanding at period end	146m	146m	145m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,361	2,886	2,497	+16.5%
Debt	775	655	1,176	+18.3%
Operating lease liabilities	120	115	102	+4.9%
Other liabilities	839	1,072	812	-21.7%
Total liabilities and equity	5,096	4,728	4,587	+7.8%
Fixed assets	498	463	417	+7.5%
Goodwill	1,936	1,928	1,890	+0.4%
Intangible assets	346	393	448	-11.9%
Cash and equivalents	274	295	463	-7.3%
Receivables	576	614	475	-6.2%
Inventory	744	457	417	+62.8%
Other assets	722	578	477	+25.0%
Total assets	5,096	4,728	4,587	+7.8%

10-K for the year ended 30 June 2022, filed 12 August 2022: the filing.