Resmed Inc. Q1 FY2024 results: revenue $1.1 billion, up 16.0% on the year

Resmed Inc. (RMD) reported revenue of $1.1 billion for Q1 FY2024, the quarter ended 30 September 2023, up 16.0% on the same quarter a year earlier. Net income was $219 million, up 4.2% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$1.1 billionup 16.0%

Net income$219 millionup 4.2%

Diluted EPS$1.49

QuarterQ1 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Revenue	1,102	n/a	n/a	n/a
Cost of revenue	502	n/a	n/a	n/a
Gross profit	600	n/a	n/a	n/a
Gross margin	54.4%	n/a	n/a
Research and development	75.7	n/a	n/a	n/a
Selling, general and administrative	223	n/a	n/a	n/a
Operating income	289	n/a	n/a	n/a
Operating margin	26.2%	n/a	n/a
Pre-tax income	272	n/a	n/a	n/a
Income tax	52.8	n/a	n/a	n/a
Effective tax rate	19.4%	n/a	n/a
Net income	219	n/a	n/a	n/a
Net margin	19.9%	n/a	n/a
Diluted EPS	$1.49	n/a	n/a	n/a

$ 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 and capital returned

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	286	n/a	n/a	n/a
Capital expenditure	30.0	n/a	n/a	n/a
Free cash flow	256	n/a	n/a	n/a
Free cash flow margin	23.2%	n/a	n/a
Depreciation and amortisation	44.9	n/a	n/a	n/a
Share-based compensation	18.5	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	70.6	n/a	n/a	n/a
Dividend per share	$0.48	n/a	n/a	n/a
Diluted shares, weighted	147m	n/a	n/a	n/a
Shares outstanding at period end	147m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Total assets	6,741	n/a	n/a	n/a
Cash and equivalents	209	n/a	n/a	n/a
Receivables	692	n/a	n/a	n/a
Inventory	958	n/a	n/a	n/a
Goodwill	2,812	n/a	n/a	n/a
Total debt, as filed	1,361	n/a	n/a	n/a
Long-term debt	1,352	n/a	n/a	n/a
Borrowings, as the company tags them	1,355	n/a	n/a	n/a
Operating lease liabilities	112	n/a	n/a	n/a
Shareholders' equity	4,250	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	1,102	1,163	1,197	1,223	1,225	1,282	1,292	1,348	1,336	1,423	1,431	1,464
Cost of revenue	502	516	504	508	507	531	525	528	515	544	540	602
Gross profit	600	647	693	716	717	751	766	820	821	879	891	861
Gross margin	54%	56%	58%	58%	59%	59%	59%	61%	61%	62%	62%	59%
R&D	75.7	73.9	77.1	80.9	79.5	81.4	83.9	86.4	87.3	91.0	94.3	106
SG&A	223	222	230	242	239	242	245	265	259	278	286	296
Operating income	289	275	375	381	387	417	426	455	447	492	500	449
Operating margin	26%	24%	31%	31%	32%	33%	33%	34%	33%	35%	35%	31%
Pre-tax income	272	259	375	358	383	418	418	458	447	496	502	474
Tax rate	19%	20%	20%	18%	19%	18%	13%	17%	22%	21%	21%	19%
Net income	219	209	300	292	311	345	365	380	349	393	399	383
Net margin	20%	18%	25%	24%	25%	27%	28%	28%	26%	28%	28%	26%
Diluted EPS	$1.49	$1.42	$2.04	$1.97	$2.11	$2.34	$2.48	$2.58	$2.37	$2.68	$2.74	$2.64
Operating cash flow	286	273	402	440	326	309	579	539	457	340	554	455
Capital expenditure	30.0	23.4	21.2	24.9	17.8	20.6	20.8	30.6	43.0	28.5	33.7	51.1
Free cash flow	256	249	381	415	308	288	558	508	414	311	520	404
Buybacks	0.0	50.0	50.0	50.0	50.0	75.0	75.0	100	150	175	175	200
Dividends paid	70.6	70.7	70.5	70.6	77.9	77.7	77.7	77.6	87.8	87.6	87.2	87.1
Shares outstanding	147m	147m	147m	147m	147m	147m	147m	146m	146m	146m	145m	144m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000943819-23-000029: the filing on EDGAR. All of Resmed Inc.'s filings: EDGAR company page.

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