Site menu

Search by ticker code:
Generic filters

Menu

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Resmed (ASX:RMD) share price in focus on June 2024 result

The Resmed Inc (ASX:RMD) share price is under the spotlight today after reporting a strong result for June 2024.

The Resmed Inc (ASX: RMD) share price is under the spotlight after reporting a strong result for June 2024.

Resmed aims for its digital health technology and cloud-connected medical devices to transform care for people with sleep apnea, chronic obstructive pulmonary disease (COPD) and other chronic diseases.

June 2024 update

The ASX healthcare share reported its results for the three months to 30 June 2024.

It reported quarterly revenue increased 9% to $1.2 billion. The gross profit margin improved by 350 basis points (3.50%) to 58.5%, which is a large increase in one year.

The company’s operating profit increased by 38% to $381.2 million, while the underlying operating profit (non-GAAP) rose 30% to $400.5 million.

Net profit after tax (NPAT) grew by 27% to $292.2 million, while underlying (non-GAAP) net profit rose 30% to $306.3 million.

With the conclusion of the June 2024 quarter, Resmed was also able to inform the market of its FY24 performance.

FY24 revenue rose 11% to $4.68 billion, underlying operating profit increased 21% to $1.48 billion, underlying net profit increased 20% to $1.14 billion and net profit went up by 14% to $1.02 billion.

What helped this performance?

The business said its fourth quarter and full-year performance demonstrated “strong performance across all sectors”

Resmed revealed ongoing patient and customer demand for its products and software is “incredibly strong”.

The company has been focusing on “operating excellence, ongoing cost discipline and profitable growth acceleration”, resulting in “gross margin expansion, strong operating leverage and double-digit growth in bottom-line profitability.”

Outlook for the Resmed share price

The Resmed CEO and Chair Mick Farrell said:

Nearly 2.5 billion suffer from major sleep health and breathing disorders. 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.

I don’t know what the long-term holds for ResMed, particularly when it comes to developments like Ozempic. But, the fact Resmed keeps growing is a great testament to management and the company’s attractiveness to patients.

However, it’s not one of the first ASX growth shares I’d buy with its recovered share price being high again.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.
Skip to content