SAN DIEGO – Medtrade exhibitor ResMed Inc. reported 9% year-over-year revenue growth for the fourth quarter of fiscal year 2024. Operating profit was also up 38% for the San Diego-based stalwart.

“Our fourth quarter and full-year fiscal year 2024 results demonstrate strong performance across all sectors of our business,” said Mick Farrell, chairman & CEO of ResMed via press release. “Ongoing patient and customer demand for our best-in-class products and software solutions is incredibly strong, driving solid growth across our devices, masks, and software businesses. The global ResMed team’s focus on operating excellence, ongoing cost discipline, and profitable growth acceleration resulted in gross margin expansion, strong operating leverage, and double-digit growth in bottom-line profitability.

“Nearly 2.5 billion suffer from major sleep health and breathing disorders,” continued Farrell. As the market leader in these significantly underpenetrated markets, we’re well-positioned as the clear leader to drive increased market penetration, demand generation, and accelerate growth for our businesses. We’re laser-focused on increasing awareness with the fast-growth population of sleep-health-interested consumers, creating virtual pathways that expand access to therapies, while offering a broad portfolio of medical device products, software solutions, and beyond, as we deliver value for all ResMed stakeholders.”

Additional highlights (all compared to prior year) include:

• revenue increased by 11% to $4.7 billion; up 11% on a constant currency basis;
• gross margin improved 90 bps to 56.7%; non-GAAP gross margin improved 120 bps to 57.7%;
• income from operations increased 17%; non-GAAP income from operations up 21%; and
• operating cash flow of $1.4 billion and debt repayments of $0.8 billion.