Form 8-K RESMED INC For: Jan 27

January 27, 2022 4:07 PM EST

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Exhibit 99.1

 

LOGO

 

For investors   

For media

Amy Wakeham   

Jayme Rubenstein

+1 858-836-5000   

+1 858-836-6798

[email protected]   

[email protected]

ResMed Inc. Announces Results for the Second Quarter of Fiscal Year 2022

 

   

Year-over-year revenue grows 12%, operating profit up 12%, non-GAAP operating profit up 5%

Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

SAN DIEGO, January 27, 2022 – ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended December 31, 2021.

Second Quarter 2022 Highlights

All comparisons are to the prior year period

 

   

Revenue increased by 12% to $894.9 million; up 13% on a constant currency basis

 

   

Gross margin of 56.4%; non-GAAP gross margin contracted 230 bps to 57.6%

 

   

Income from operations increased 12%; non-GAAP operating profit up 5%

 

   

Diluted earnings per share of $1.37; non-GAAP diluted earnings per share of $1.47

“Our second-quarter results reflect continued strong performance across our business resulting in double-digit top-line revenue growth, driven by ongoing high demand for our sleep and respiratory care products, and solid growth in our software-as-a-service business,” said Mick Farrell, ResMed CEO. “Our global ResMed team continues to find ways to deliver products and solutions to our customers, even amid ongoing supply chain challenges that have limited additional access to critical electronic components. We are working every day to meet the extraordinary demand generated by our competitor’s ongoing device recall. We continue to ensure priority for the highest-need patients first, and we are working with physicians, providers, and healthcare systems to maintain delivery of medical devices and digital health solutions for the patients who need care.

“Despite constantly evolving market dynamics, we remain focused on our goal to improve 250 million lives in the year 2025; supporting patients with the sleep apnea therapy, respiratory care therapy, and digital health solutions they need as we deliver value for all of our customers. We are investing in medical device research and development, as well as digital health innovation that will unlock value across the healthcare system. I am incredibly proud of our global ResMed team, working around the clock with providers and physicians across 140 countries to get products directly into the hands of patients who most need our help.”


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  2  of 10

 

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

 

     Three Months Ended  
     December 31,
2021
    December 31,
2020
    % Change     Constant
Currency (A)
 

Revenue

   $ 894.9     $ 800.0       12     13

Gross margin (B)

     56.4     57.8     (2  

Non-GAAP gross margin (B)

     57.6     59.9     (4  

Selling, general, and administrative expenses

     185.4       169.5       9       10  

Research and development expenses

     62.5       54.9       14       14  

Income from operations

     248.7       221.7       12    

Non-GAAP income from operations (B)

     267.7       254.5       5    

Net income

     201.8       179.5       12    

Non-GAAP net income (B)

     216.2       206.4       5    

Diluted earnings per share

   $ 1.37     $ 1.23       11    

Non-GAAP diluted earnings per share (B)

   $ 1.47     $ 1.41       4    

 

     Six Months Ended  
     December 31,
2021
    December 31,
2020
    % Change     Constant
Currency (A)
 

Revenue

   $ 1,798.9     $ 1,552.0       16     16

Gross margin (B)

     56.2     58.1     (3  

Non-GAAP gross margin (B)

     57.4     59.9     (4  

Selling, general, and administrative expenses

     362.1       328.5       10       10  

Research and development expenses

     122.5       109.5       12       11  

Income from operations

     510.6       438.6       16    

Non-GAAP income from operations (B)

     548.4       491.6       12    

Net income

     405.4       357.9       13    

Non-GAAP net income (B)

     438.3       391.8       12    

Diluted earnings per share

   $ 2.76     $ 2.45       13    

Non-GAAP diluted earnings per share (B)

   $ 2.98     $ 2.68       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

 

   

Revenue grew by 13 percent on a constant currency basis, driven by increased demand for our sleep and respiratory care devices and increased demand following a recent product recall by one of our competitors.

 

   

Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 14 percent, primarily due to the factors discussed above and recovery of core sleep patient flow that was previously impacted by COVID-19.

 

   

Revenue in Europe, Asia, and other markets grew by 12 percent on a constant currency basis, primarily due to the factors discussed above.

 

   

Software as a Service revenue increased by 8 percent, due to continued growth in our Durable Medical Equipment category and stabilizing patient flow in out-of-hospital care settings.


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  3  of 10

 

   

Gross margin decreased by 140 basis points and non-GAAP gross margin decreased by 230 basis points, mainly due to higher freight and manufacturing costs, partially offset by favorable product mix changes.

 

   

Selling, general, and administrative expenses increased by 10 percent on a constant currency basis. SG&A expenses improved to 20.7 percent of revenue in the quarter, compared with 21.2 percent in the same period of the prior year. These changes in SG&A expenses were mainly due to increases in employee-related expenses.

 

   

Income from operations increased by 12 percent and non-GAAP income from operations increased by 5 percent.

 

   

Net income grew by 12 percent and diluted earnings per share grew by 11 percent. Non-GAAP net income grew by 5 percent and non-GAAP diluted earnings per share grew by 4 percent, predominantly attributable to strong sales.

 

   

Operating cash flow for the quarter was $219.9 million, compared to net income in the current quarter of $201.8 million and non-GAAP net income of $216.2 million. During the quarter we paid $61.2 million in dividends.

Other Business and Operational Highlights

 

   

Elected Desney Tan and John Hernandez, both leaders with digital health experience at world-leading technology companies, to ResMed’s board of directors.

Dividend program

The ResMed board of directors today declared a quarterly cash dividend of $0.42 per share. The dividend will have a record date of February 10, 2022, payable on March 17, 2022. 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 9, 2022, 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 9, 2022, through February 10, 2022, inclusive. 

Webcast details

ResMed will discuss its second-quarter fiscal year 2022 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 2022 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 two hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13725581. The telephone replay will be available until February 10, 2022.


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  4  of 10

 

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, litigation, and tax outlook – 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.

– More –


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  5  of 10

 

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,
2021
    December 31,
2020
    December 31,
2021
    December 31,
2020
 

Net revenue

   $ 894,874     $ 800,011     $ 1,798,890     $ 1,551,955  

Cost of sales

     379,325       321,132       765,993       622,436  

Amortization of acquired intangibles (1)

     11,231       11,164       22,289       23,143  

Restructuring—cost of sales (1)

     —         5,232       —         5,232  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

   $ 390,556     $ 337,528     $ 788,282     $ 650,811  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

   $ 504,318     $ 462,483     $ 1,010,608     $ 901,144  

Selling, general, and administrative

     185,362       169,470       362,082       328,459  

Research and development

     62,507       54,935       122,457       109,468  

Amortization of acquired intangibles (1)

     7,738       7,689       15,445       15,932  

Restructuring—operating expenses (1)

     —         8,673       —         8,673  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

   $ 255,607     $ 240,767     $ 499,984     $ 462,532  

Income from operations

     248,711       221,716       510,624       438,612  

Other income (expenses), net:

        

Interest income (expense), net

   $ (5,948   $ (5,792   $ (11,308   $ (12,517

Loss attributable to equity method investments

     (1,914     (2,640     (3,300     (4,928

Gain (loss) on equity investments

     (4,404     (3,700     1,208       4,776  

Other, net

     841       1,008       (1,150     503  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses), net

     (11,425     (11,124     (14,550     (12,166
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 237,286     $ 210,592     $ 496,074     $ 426,446  

Income taxes

     35,535       31,078       90,710       68,560  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 201,751     $ 179,514     $ 405,364     $ 357,886  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 1.38     $ 1.24     $ 2.78     $ 2.47  

Diluted earnings per share

   $ 1.37     $ 1.23     $ 2.76     $ 2.45  

Non-GAAP diluted earnings per share (1)

   $ 1.47     $ 1.41     $ 2.98     $ 2.68  

Basic shares outstanding

     145,990       145,246       145,835       145,053  

Diluted shares outstanding

     147,040       146,421       147,044       146,350  

 

(1)

See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

– More –


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  6  of 10

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited; $ in thousands)

 

     December 31,
2021
    June 30,
2021
 

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 194,476     $ 295,278  

Accounts receivable, net

     526,036       614,292  

Inventories

     592,146       457,033  

Prepayments and other current assets

     234,582       208,154  
  

 

 

   

 

 

 

Total current assets

   $ 1,547,240     $ 1,574,757  

Non-current assets:

    

Property, plant, and equipment, net

   $ 477,778     $ 463,490  

Operating lease right-of-use assets

     146,045       128,575  

Goodwill and other intangibles, net

     2,323,472       2,320,483  

Deferred income taxes and other non-current assets

     240,207       240,820  
  

 

 

   

 

 

 

Total non-current assets

   $ 3,187,502     $ 3,153,368  
  

 

 

   

 

 

 

Total assets

   $ 4,734,742     $ 4,728,125  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

    

Current liabilities:

    

Accounts payable

   $ 163,369     $ 138,008  

Accrued expenses

     286,803       320,599  

Operating lease liabilities, current

     23,912       23,585  

Deferred revenue

     111,647       109,611  

Income taxes payable

     23,333       307,963  

Short-term debt

     12,000       12,000  
  

 

 

   

 

 

 

Total current liabilities

   $ 621,064     $ 911,766  

Non-current liabilities:

    

Deferred revenue

   $ 94,427     $ 91,496  

Deferred income taxes

     12,873       11,319  

Operating lease liabilities, non-current

     132,970       114,779  

Other long-term liabilities

     6,350       6,802  

Long-term debt

     667,979       643,351  

Long-term income taxes payable

     53,244       62,933  
  

 

 

   

 

 

 

Total non-current liabilities

   $ 967,843     $ 930,680  
  

 

 

   

 

 

 

Total liabilities

   $ 1,588,907     $ 1,842,446  
  

 

 

   

 

 

 

STOCKHOLDERS’ EQUITY:

    

Common stock

   $ 585     $ 583  

Additional paid-in capital

     1,629,031       1,622,199  

Retained earnings

     3,362,570       3,079,640  

Treasury stock

     (1,623,256     (1,623,256

Accumulated other comprehensive income

     (223,095     (193,487
  

 

 

   

 

 

 

Total stockholders’ equity

   $ 3,145,835     $ 2,885,679  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 4,734,742     $ 4,728,125  
  

 

 

   

 

 

 

– More –


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  7  of 10

 

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

 

     Six Months Ended  
     December 31,
2021
    December 31,
2020
 

Cash flows from operating activities:

    

Net income

   $ 405,364     $ 357,886  

Adjustment to reconcile net income to cash provided by operating activities:

    

Depreciation and amortization

     79,891       80,046  

Amortization of right-of-use assets

     17,334       17,911  

Stock-based compensation costs

     33,404       31,441  

Loss attributable to equity method investments

     3,300       4,928  

(Gain) loss on equity investment

     (1,208     (4,776

Restructuring expenses

     —         8,673  

Changes in fair value of business combination contingent consideration

     —         500  

Changes in operating assets and liabilities:

    

Accounts receivable, net

     82,469       (19,259

Inventories, net

     (139,249     (34,212

Prepaid expenses, net deferred income taxes and other current assets

     (21,389     (29,875

Accounts payable, accrued expenses, income taxes payable and other

     (305,694     (99,348
  

 

 

   

 

 

 

Net cash (used in) / provided by operating activities

   $ 154,222     $ 313,915  

Cash flows from investing activities:

    

Purchases of property, plant, and equipment

     (57,747     (48,443

Patent registration and acquisition costs

     (13,737     (8,367

Business acquisitions, net of cash acquired

     (35,915     (437

Purchases of investments

     (12,364     (14,446

(Payments) / proceeds on maturity of foreign currency contracts

     (5,419     19,922  
  

 

 

   

 

 

 

Net cash used in investing activities

   $ (125,182   $ (51,771

Cash flows from financing activities:

    

Proceeds from issuance of common stock, net

     23,455       18,614  

Taxes paid related to net share settlement of equity awards

     (50,025     (46,507

Proceeds from borrowings, net of borrowing costs

     160,000       55,000  

Repayment of borrowings

     (136,000     (406,000

Dividends paid

     (122,434     (113,165
  

 

 

   

 

 

 

Net cash (used in) / provided by financing activities

   $ (125,004   $ (492,058
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

   $ (4,838   $ 22,623  
  

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     (100,802     (207,291

Cash and cash equivalents at beginning of period

     295,278       463,156  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 194,476     $ 255,865  
  

 

 

   

 

 

 

– More –


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  8  of 10

 

RESMED INC. AND SUBSIDIARIES

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 related to cost of sales and are reconciled below:

 

     Three Months Ended     Six Months Ended  
     December 31,
2021
    December 31,
2020
    December 31,
2021
    December 31,
2020
 

Revenue

   $ 894,874   $ 800,011   $ 1,798,890   $ 1,551,955

GAAP Cost of sales

   $ 390,556   $ 337,528   $ 788,282   $ 650,811

Less: Amortization of acquired intangibles (A)

     (11,231     (11,164     (22,289     (23,143

Less: Restructuring—cost of sales (A)

     —         (5,232     —         (5,232
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP cost of sales

   $ 379,325   $ 321,132   $ 765,993   $ 622,436

GAAP gross profit

   $ 504,318   $ 462,483   $ 1,010,608   $ 901,144

GAAP gross margin

     56.4     57.8     56.2     58.1

Non-GAAP gross profit

   $ 515,549   $ 478,879   $ 1,032,897   $ 929,519

Non-GAAP gross margin

     57.6     59.9     57.4     59.9

The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:

 

     Three Months Ended      Six Months Ended  
     December 31,
2021
     December 31,
2020
     December 31,
2021
     December 31,
2020
 

GAAP income from operations

   $ 248,711    $ 221,716    $ 510,624    $ 438,612

Amortization of acquired intangibles—cost of sales (A)

     11,231      11,164      22,289      23,143

Amortization of acquired intangibles—operating expenses (A)

     7,738      7,689      15,445      15,932

Restructuring—cost of sales (A)

     —          5,232      —          5,232

Restructuring—operating expenses (A)

     —          8,673      —          8,673
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP income from operations

   $ 267,680    $ 254,474    $ 548,358    $ 491,592
  

 

 

    

 

 

    

 

 

    

 

 

 


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  9  of 10

 

RESMED INC. AND SUBSIDIARIES

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,
2021
     December 31,
2020
     December 31,
2021
     December 31,
2020
 

GAAP net income

   $ 201,751    $ 179,514    $ 405,364    $ 357,886

Amortization of acquired intangibles—cost of sales, net of tax (A)

     8,564      8,566      16,999      17,742

Amortization of acquired intangibles—operating expenses, net of tax (A)

     5,901      5,900      11,780      12,214

Reserve for disputed tax position (A)

     —          —          4,111      —    

Restructuring—cost of sales, net of tax (A)

     —          4,663      —          4,663

Restructuring—operating expenses, net of tax (A)

     —          7,730      —          7,730

(Gain) loss on equity investments (A)

     —          —          —          (8,476
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP net income (A)

   $ 216,216    $ 206,373    $ 438,254    $ 391,759
  

 

 

    

 

 

    

 

 

    

 

 

 

GAAP diluted shares outstanding

     147,040      146,421      147,044      146,350

GAAP diluted earnings per share

   $ 1.37    $ 1.23    $ 2.76    $ 2.45

Non-GAAP diluted earnings per share (A)

   $ 1.47    $ 1.41    $ 2.98    $ 2.68

 

(A)

ResMed adjusts for the impact of the amortization of acquired intangibles, reserve for disputed tax positions, restructuring expenses and the (gain) loss on equity investments 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.

– More –


RMD Second Quarter 2022 Earnings Press Release – January 27, 2022    Page  10  of 10

 

RESMED INC. AND SUBSIDIARIES

Revenue by Product and Region

(Unaudited; $ in millions, except for per share amounts)

 

     Three Months Ended  
     December 31,
2021 (A)
     December 31,
2020 (A)
     % Change     Constant
Currency (B)
 

U.S., Canada, and Latin America

          

Devices

   $ 244.8      $ 205.0        19  

Masks and other

     242.0        221.8        9    
  

 

 

    

 

 

    

 

 

   

Total Sleep and Respiratory Care

   $ 486.8      $ 426.8        14    

Software as a Service

     99.0        91.8        8    
  

 

 

    

 

 

    

 

 

   

Total

   $ 585.8      $ 518.6        13    
  

 

 

    

 

 

    

 

 

   

Combined Europe, Asia, and other markets

          

Devices

   $ 207.7      $ 188.0        11     13

Masks and other

     101.3        93.4        8       11  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 309.0      $ 281.4        10       12  

Global revenue

          

Devices

   $ 452.5      $ 393.0        15     16

Masks and other

     343.3        315.2        9       10  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 795.8      $ 708.2        12       13  

Software as a Service

     99.0        91.8        8       8  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 894.9      $ 800.0        12       13  
  

 

 

    

 

 

    

 

 

   

 

 

 
     Six Months Ended  
     December 31,
2021 (A)
     December 31,
2020 (A)
     %
Change
    Constant
Currency (B)
 

U.S., Canada, and Latin America

          

Devices

   $ 520.7      $ 402.4        29  

Masks and other

     457.1        427.5        7    
  

 

 

    

 

 

    

 

 

   

Total Sleep and Respiratory Care

   $ 977.8      $ 829.9        18    

Software as a Service

     196.6        184.0        7    
  

 

 

    

 

 

    

 

 

   

Total

   $ 1,174.4      $ 1,013.9        16    
  

 

 

    

 

 

    

 

 

   

Combined Europe, Asia, and other markets

          

Devices

   $ 429.0      $ 364.0        18     18

Masks and other

     195.5        174.0        12       13  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 624.5      $ 538.1        16       16  

Global revenue

          

Devices

   $ 949.7      $ 766.4        24     24

Masks and other

     652.6        601.6        8       8  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Sleep and Respiratory Care

   $ 1,602.3      $ 1,368.0        17       17  

Software as a Service

     196.6        184.0        7       7  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,798.9      $ 1,552.0        16       16  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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.

– End –



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