SAN DIEGO, Jan. 24, 2024 (GLOBE NEWSWIRE) -- ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended December 31, 2023.
Second Quarter 2024 Highlights
All comparisons are to the prior year period
“Our second-quarter fiscal year 2024 results reflect strong double-digit growth across our combined device, masks and accessories, and residential care software businesses, as well as cost discipline to support an acceleration in profitability,” said Mick Farrell, ResMed’s CEO. “We continue to expand the production and delivery of our market-leading flow generator platforms, and we are successfully launching our latest generation platform, AirSense 11, into new markets and geographies around the world. The strong growth in patient flow we’ve seen over the past several quarters has supported ongoing device growth, as well as augmented and accelerated our replenishment programs for sustained mask and accessories growth. Organic growth of our residential care software business in home medical equipment, home health, home nursing, and beyond, catalyzed by strategic acquisitions, continues to deliver and complements our core mask and accessory business growth.
“As we look ahead, ResMed is well-positioned to lean into leading the expansion and growth of sleep health and breathing health. We are the clear leader in a very large and growing market; I’m excited about ResMed’s future as we focus on delivering for our stakeholders through product innovation, operational excellence, and increasing brand awareness as we progress towards our goal of improving 250 million lives in 2025.”
Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts
Three Months Ended | |||||||||||||
December 31, 2023 | December 31, 2022 | % Change | Constant Currency (A) | ||||||||||
Revenue | $ | 1,162.8 | $ | 1,033.7 | 12 | % | 11 | % | |||||
Gross margin | 55.6 | % | 56.1 | % | (1 | ) | |||||||
Non-GAAP gross margin (B) | 56.9 | % | 56.8 | % | — | ||||||||
Selling, general, and administrative expenses | 222.2 | 211.7 | 5 | 4 | |||||||||
Research and development expenses | 73.9 | 69.9 | 6 | 6 | |||||||||
Income from operations | 275.1 | 280.2 | (2 | ) | |||||||||
Non-GAAP income from operations (B) | 365.5 | 305.5 | 20 | ||||||||||
Net income | 208.8 | 224.9 | (7 | ) | |||||||||
Non-GAAP net income (B) | 277.3 | 244.4 | 13 | ||||||||||
Diluted earnings per share | $ | 1.42 | $ | 1.53 | (7 | ) | |||||||
Non-GAAP diluted earnings per share (B) | $ | 1.88 | $ | 1.66 | 13 | ||||||||
Six Months Ended | |||||||||||||
December 31, 2023 | December 31, 2022 | % Change | Constant Currency (A) | ||||||||||
Revenue | $ | 2,265.1 | $ | 1,984.0 | 14 | % | 13 | % | |||||
Gross margin | 55.1 | % | 56.5 | % | (2 | ) | |||||||
Non-GAAP gross margin (B) | 56.4 | % | 57.2 | % | (1 | ) | |||||||
Selling, general, and administrative expenses | 445.0 | 404.9 | 10 | 9 | |||||||||
Research and development expenses | 149.6 | 133.1 | 12 | 13 | |||||||||
Income from operations | 564.1 | 555.9 | 1 | ||||||||||
Non-GAAP income from operations (B) | 684.3 | 596.3 | 15 | ||||||||||
Net income | 428.2 | 435.4 | (2 | ) | |||||||||
Non-GAAP net income (B) | 518.5 | 466.5 | 11 | ||||||||||
Diluted earnings per share | $ | 2.90 | $ | 2.95 | (2 | ) | |||||||
Non-GAAP diluted earnings per share (B) | $ | 3.51 | $ | 3.17 | 11 | ||||||||
(A) In order to provide a framework for assessing how our underlying businesses performed excluding, the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
(B) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
Discussion of Second Quarter Results
All comparisons are to the prior year period unless otherwise noted
Other Business and Operational Highlights
Dividend program
The ResMed board of directors today declared a quarterly cash dividend of $0.48 per share. The dividend will have a record date of February 8, 2024, payable on March 14, 2024. The dividend will be paid in U.S. currency to holders of ResMed’s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be February 7, 2024, for common stockholders and for CDI holders. ResMed has received a waiver from the ASX’s settlement operating rules, which will allow ResMed to defer processing conversions between its common stock and CDI registers from February 7, 2024, through February 8, 2024, inclusive.
Webcast details
ResMed will discuss its second quarter fiscal year 2024 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on ResMed’s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the “Q2 2024 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13743530. The telephone replay will be available until February 7, 2024.
About ResMed
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.
Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and macroeconomic conditions of our business – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.
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RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; $ in thousands, except for per share amounts)
Three Months Ended | Six Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
Net revenue | $ | 1,162,801 | $ | 1,033,744 | $ | 2,265,122 | $ | 1,984,038 | |||||||
Cost of sales | 501,259 | 446,724 | 986,702 | 849,834 | |||||||||||
Amortization of acquired intangibles(1) | 8,257 | 7,305 | 17,164 | 13,680 | |||||||||||
Masks with magnets field safety notification expenses(1) | 6,351 | — | 6,351 | — | |||||||||||
Astral field safety notification expenses(1) | — | — | 7,911 | — | |||||||||||
Total cost of sales | $ | 515,867 | $ | 454,029 | $ | 1,018,128 | $ | 863,514 | |||||||
Gross profit | $ | 646,934 | $ | 579,715 | $ | 1,246,994 | $ | 1,120,524 | |||||||
Selling, general, and administrative | 222,155 | 211,672 | 445,029 | 404,860 | |||||||||||
Research and development | 73,880 | 69,874 | 149,590 | 133,062 | |||||||||||
Amortization of acquired intangibles(1) | 11,577 | 9,563 | 24,056 | 17,513 | |||||||||||
Restructuring expenses(1) | 64,228 | — | 64,228 | — | |||||||||||
Acquisition related expenses(1) | — | 8,412 | — | 9,157 | |||||||||||
Total operating expenses | $ | 371,840 | $ | 299,521 | $ | 682,903 | $ | 564,592 | |||||||
Income from operations | $ | 275,094 | $ | 280,194 | $ | 564,091 | $ | 555,932 | |||||||
Other income (expenses), net: | |||||||||||||||
Interest income (expense), net | $ | (13,805 | ) | $ | (10,338 | ) | $ | (28,762 | ) | $ | (17,472 | ) | |||
Gain (loss) attributable to equity method investments | 739 | (2,826 | ) | (3,156 | ) | (4,853 | ) | ||||||||
Gain (loss) on equity investments(1) | (1,888 | ) | 8,368 | (2,491 | ) | 5,088 | |||||||||
Other, net | (686 | ) | (1,707 | ) | 1,963 | (3,211 | ) | ||||||||
Total other income (expenses), net | (15,640 | ) | (6,503 | ) | (32,446 | ) | (20,448 | ) | |||||||
Income before income taxes | $ | 259,454 | $ | 273,691 | $ | 531,645 | $ | 535,484 | |||||||
Income taxes | 50,654 | 48,777 | 103,423 | 100,092 | |||||||||||
Net income | $ | 208,800 | $ | 224,914 | $ | 428,222 | $ | 435,392 | |||||||
Basic earnings per share | $ | 1.42 | $ | 1.53 | $ | 2.91 | $ | 2.97 | |||||||
Diluted earnings per share | $ | 1.42 | $ | 1.53 | $ | 2.90 | $ | 2.95 | |||||||
Non-GAAP diluted earnings per share(1) | $ | 1.88 | $ | 1.66 | $ | 3.51 | $ | 3.17 | |||||||
Basic shares outstanding | 147,132 | 146,704 | 147,104 | 146,568 | |||||||||||
Diluted shares outstanding | 147,545 | 147,405 | 147,572 | 147,367 | |||||||||||
(1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
Condensed Consolidated Balance Sheets
(Unaudited; $ in thousands)
December 31, 2023 | June 30, 2023 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 210,247 | $ | 227,891 | |||
Accounts receivable, net | 729,740 | 704,909 | |||||
Inventories | 933,214 | 998,012 | |||||
Prepayments and other current assets | 504,876 | 437,018 | |||||
Total current assets | $ | 2,378,077 | $ | 2,367,830 | |||
Non-current assets: | |||||||
Property, plant, and equipment, net | $ | 551,734 | $ | 537,856 | |||
Operating lease right-of-use assets | 153,473 | 127,955 | |||||
Goodwill and other intangibles, net | 3,390,032 | 3,322,640 | |||||
Deferred income taxes and other non-current assets | 431,772 | 395,427 | |||||
Total non-current assets | $ | 4,527,011 | $ | 4,383,878 | |||
Total assets | $ | 6,905,088 | $ | 6,751,708 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 202,395 | $ | 150,756 | |||
Accrued expenses | 332,136 | 365,660 | |||||
Operating lease liabilities, current | 24,057 | 21,919 | |||||
Deferred revenue | 148,897 | 138,072 | |||||
Income taxes payable | 46,690 | 72,224 | |||||
Short-term debt | 9,898 | 9,902 | |||||
Total current liabilities | $ | 764,073 | $ | 758,533 | |||
Non-current liabilities: | |||||||
Deferred revenue | $ | 127,410 | $ | 119,186 | |||
Deferred income taxes | 89,282 | 90,650 | |||||
Operating lease liabilities, non-current | 140,649 | 116,853 | |||||
Other long-term liabilities | 72,894 | 68,166 | |||||
Long-term debt | 1,216,769 | 1,431,234 | |||||
Long-term income taxes payable | 12,157 | 37,183 | |||||
Total non-current liabilities | $ | 1,659,161 | $ | 1,863,272 | |||
Total liabilities | $ | 2,423,234 | $ | 2,621,805 | |||
Stockholders’ equity | |||||||
Common stock | $ | 588 | $ | 588 | |||
Additional paid-in capital | 1,822,918 | 1,772,083 | |||||
Retained earnings | 4,539,963 | 4,253,016 | |||||
Treasury stock | (1,673,263 | ) | (1,623,256 | ) | |||
Accumulated other comprehensive income | (208,352 | ) | (272,528 | ) | |||
Total stockholders’ equity | $ | 4,481,854 | $ | 4,129,903 | |||
Total liabilities and stockholders’ equity | $ | 6,905,088 | $ | 6,751,708 | |||
Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)
Three Months Ended | Six Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 208,800 | $ | 224,914 | $ | 428,222 | $ | 435,392 | |||||||
Adjustment to reconcile net income to cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 44,784 | 37,767 | 89,718 | 74,040 | |||||||||||
Amortization of right-of-use assets | 8,586 | 7,772 | 17,094 | 15,533 | |||||||||||
Stock-based compensation costs | 19,840 | 16,464 | 38,350 | 33,383 | |||||||||||
(Gain) loss attributable to equity method investments, net of dividends received | (739 | ) | 2,826 | 3,156 | 4,853 | ||||||||||
(Gain) loss on equity investments | 1,888 | (8,368 | ) | 2,491 | (5,088 | ) | |||||||||
Non-cash restructuring expenses | 33,239 | — | 33,239 | — | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable, net | (26,802 | ) | (19,585 | ) | (20,269 | ) | (75,823 | ) | |||||||
Inventories, net | 50,184 | (86,020 | ) | 77,095 | (233,116 | ) | |||||||||
Prepaid expenses, net deferred income taxes and other current assets | (32,575 | ) | (29,862 | ) | (74,590 | ) | (66,646 | ) | |||||||
Accounts payable, accrued expenses, income taxes payable and other | (34,373 | ) | (17,271 | ) | (35,391 | ) | (9,230 | ) | |||||||
Net cash provided by operating activities | $ | 272,832 | $ | 128,637 | $ | 559,115 | $ | 173,298 | |||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of property, plant, and equipment | (23,353 | ) | (27,350 | ) | (53,388 | ) | (56,406 | ) | |||||||
Patent registration and acquisition costs | (1,205 | ) | (4,320 | ) | (12,036 | ) | (7,636 | ) | |||||||
Business acquisitions, net of cash acquired | (7,504 | ) | (992,125 | ) | (110,688 | ) | (1,011,225 | ) | |||||||
Purchases of investments | (3,625 | ) | (12,841 | ) | (7,305 | ) | (17,132 | ) | |||||||
Proceeds from exits of investments | — | — | 250 | — | |||||||||||
(Payments) / proceeds on maturity of foreign currency contracts | (5,456 | ) | 10,223 | (6,956 | ) | 7,181 | |||||||||
Net cash used in investing activities | $ | (41,143 | ) | $ | (1,026,413 | ) | $ | (190,123 | ) | $ | (1,085,218 | ) | |||
Cash flows from financing activities: | |||||||||||||||
Proceeds from issuance of common stock, net | 19,524 | 22,056 | 20,507 | 24,666 | |||||||||||
Purchases of treasury stock | (50,007 | ) | — | (50,007 | ) | — | |||||||||
Taxes paid related to net share settlement of equity awards | (7,797 | ) | (29,654 | ) | (8,022 | ) | (29,713 | ) | |||||||
Payments of business combination contingent consideration | — | — | (1,293 | ) | — | ||||||||||
Proceeds from borrowings, net of borrowing costs | — | 1,020,000 | 105,000 | 1,070,000 | |||||||||||
Repayment of borrowings | (130,000 | ) | (15,000 | ) | (315,000 | ) | (45,000 | ) | |||||||
Dividends paid | (70,678 | ) | (64,500 | ) | (141,275 | ) | (128,931 | ) | |||||||
Net cash (used in) / provided by financing activities | $ | (238,958 | ) | $ | 932,902 | $ | (390,090 | ) | $ | 891,022 | |||||
Effect of exchange rate changes on cash | $ | 8,416 | $ | 10,910 | $ | 3,454 | $ | 387 | |||||||
Net increase / (decrease) in cash and cash equivalents | 1,147 | 46,036 | (17,644 | ) | (20,511 | ) | |||||||||
Cash and cash equivalents at beginning of period | 209,100 | 207,163 | 227,891 | 273,710 | |||||||||||
Cash and cash equivalents at end of period | $ | 210,247 | $ | 253,199 | $ | 210,247 | $ | 253,199 | |||||||
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles and restructuring expense related to cost of sales and are reconciled below:
Three Months Ended | Six Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
Revenue | $ | 1,162,801 | $ | 1,033,744 | $ | 2,265,122 | $ | 1,984,038 | |||||||
GAAP cost of sales | $ | 515,867 | $ | 454,029 | $ | 1,018,128 | $ | 863,514 | |||||||
Less:Amortization of acquired intangibles(A) | (8,257 | ) | (7,305 | ) | (17,164 | ) | (13,680 | ) | |||||||
Less: Masks with magnets field safety notification expenses(A) | (6,351 | ) | — | (6,351 | ) | — | |||||||||
Less: Astral field safety notification expenses(A) | — | — | (7,911 | ) | — | ||||||||||
Non-GAAP cost of sales | $ | 501,259 | $ | 446,724 | $ | 986,702 | $ | 849,834 | |||||||
GAAP gross profit | $ | 646,934 | $ | 579,715 | $ | 1,246,994 | $ | 1,120,524 | |||||||
GAAP gross margin | 55.6 | % | 56.1 | % | 55.1 | % | 56.5 | % | |||||||
Non-GAAP gross profit | $ | 661,542 | $ | 587,020 | $ | 1,278,420 | $ | 1,134,204 | |||||||
Non-GAAP gross margin | 56.9 | % | 56.8 | % | 56.4 | % | 57.2 | % | |||||||
The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:
Three Months Ended | Six Months Ended | ||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||
GAAP income from operations | $ | 275,094 | $ | 280,194 | $ | 564,091 | $ | 555,932 | |||
Amortization of acquired intangibles—cost of sales (A) | 8,257 | 7,305 | 17,164 | 13,680 | |||||||
Amortization of acquired intangibles—operating expenses (A) | 11,577 | 9,563 | 24,056 | 17,513 | |||||||
Restructuring (A) | 64,228 | — | 64,228 | — | |||||||
Masks with magnets field safety notification expenses (A) | 6,351 | — | 6,351 | — | |||||||
Astral field safety notification expenses (A) | — | — | 7,911 | — | |||||||
Acquisition-related expenses (A) | — | 8,412 | 483 | 9,157 | |||||||
Non-GAAP income from operations | $ | 365,507 | $ | 305,474 | $ | 684,284 | $ | 596,282 | |||
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:
Three Months Ended | Six Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP net income | $ | 208,800 | $ | 224,914 | $ | 428,222 | $ | 435,392 | |||||||
Amortization of acquired intangibles—cost of sales(A) | 8,257 | 7,305 | 17,164 | 13,680 | |||||||||||
Amortization of acquired intangibles—operating expenses(A) | 11,577 | 9,563 | 24,056 | 17,513 | |||||||||||
Restructuring expenses(A) | 64,228 | — | 64,228 | — | |||||||||||
Masks with magnets field safety notification expenses(A) | 6,351 | — | 6,351 | — | |||||||||||
Astral field safety notification expenses(A) | — | — | 7,911 | — | |||||||||||
Acquisition-related expenses(A) | — | 8,412 | 483 | 9,157 | |||||||||||
Income tax effect on non-GAAP adjustments(A) | (21,868 | ) | (5,812 | ) | (29,886 | ) | (9,272 | ) | |||||||
Non-GAAP net income(A) | $ | 277,345 | $ | 244,382 | $ | 518,529 | $ | 466,470 | |||||||
GAAP diluted shares outstanding | 147,545 | 147,405 | 147,572 | 147,367 | |||||||||||
GAAP diluted earnings per share | $ | 1.42 | $ | 1.53 | $ | 2.90 | $ | 2.95 | |||||||
Non-GAAP diluted earnings per share(A) | $ | 1.88 | $ | 1.66 | $ | 3.51 | $ | 3.17 | |||||||
(A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition-related expenses, and associated tax effects from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.
Revenue by Product and Region
(Unaudited; $ in millions, except for per share amounts)
Three Months Ended | |||||||||||
December 31, 2023 | (A) | December 31, 2022 | (A) | % Change | Constant Currency (B) | ||||||
U.S., Canada, and Latin America | |||||||||||
Devices | $ | 371.3 | $ | 345.5 | 7 | % | |||||
Masks and other | 298.0 | 269.7 | 10 | ||||||||
Total U.S., Canada and Latin America | $ | 669.3 | $ | 615.3 | 9 | ||||||
Combined Europe, Asia, and other markets | |||||||||||
Devices | $ | 234.7 | $ | 197.3 | 19 | % | 16 | % | |||
Masks and other | 113.9 | 104.4 | 9 | 4 | |||||||
Total Combined Europe, Asia and other markets | $ | 348.5 | $ | 301.7 | 16 | 12 | |||||
Global revenue | |||||||||||
Total Devices | $ | 606.0 | $ | 542.8 | 12 | % | 11 | % | |||
Total Masks and other | 411.9 | 374.2 | 10 | 9 | |||||||
Total Sleep and Respiratory Care | $ | 1,017.9 | $ | 917.0 | 11 | 10 | |||||
Software-as-a-Service | 144.9 | 116.8 | 24 | ||||||||
Total | $ | 1,162.8 | $ | 1,033.7 | 12 | 11 | |||||
Six Months Ended | |||||||||||
December 31, 2023 | (A) | December 31, 2022 | (A) | % Change | Constant Currency (B) | ||||||
U.S., Canada, and Latin America | |||||||||||
Devices | $ | 717.2 | $ | 685.1 | 5 | % | |||||
Masks and other | 590.5 | 508.3 | 16 | ||||||||
Total U.S., Canada and Latin America | $ | 1,307.7 | $ | 1,193.4 | 10 | ||||||
Combined Europe, Asia, and other markets | |||||||||||
Devices | $ | 453.5 | $ | 375.3 | 21 | % | 18 | % | |||
Masks and other | 219.7 | 192.8 | 14 | 9 | |||||||
Total Combined Europe, Asia and other markets | $ | 673.2 | $ | 568.1 | 19 | 15 | |||||
Global revenue | |||||||||||
Total Devices | $ | 1,170.7 | $ | 1,060.4 | 10 | % | 9 | % | |||
Total Masks and other | 810.2 | 701.0 | 16 | 14 | |||||||
Total Sleep and Respiratory Care | $ | 1,980.9 | $ | 1,761.4 | 12 | 11 | |||||
Software-as-a-Service | 284.2 | 222.6 | 28 | ||||||||
Total | $ | 2,265.1 | $ | 1,984.0 | 14 | 13 |
(A) Totals and subtotals may not add due to rounding.
(B) In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
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