As Philips’ recall of many of its CPAP and BiPAP machines and other respiratory devices grew to include more machines and sparked tens of thousands of patient complaints, ResMed stepped up to fill that gaping hole left in the market.
So far—despite some supply constraints that kept ResMed from churning out quite as many CPAP machines as it would’ve liked—that’s been an overwhelmingly successful move for the company.
ResMed’s revenues reached new heights in fiscal year 2022, which ended June 30, when it raked in nearly $3.6 billion for the year. And the trend is only continuing: For the second quarter of its fiscal year 2023, the company reached $1.03 billion in revenues, marking its highest-ever quarterly haul. That’s 16% higher than the same period the previous year and also tops the previous record—which was set just one quarter earlier and clocked in at $950 million—by about 8.8%.
The devicemaker’s profits also continued to climb. According to Thursday’s earnings report, ResMed took home a net income of nearly $225 million for the quarter, representing an 11% year-over-year jump in profits.