ResMed Inc reported a 15% increase in revenue for its first quarter compared to the previous year, attributing the growth to heightened demand for its sleep and respiratory care devices.
“ResMed has started fiscal year 2024 with strong revenue growth driven by ongoing patient flow and solid demand across our global sleep and respiratory care markets, alongside increasing adoption of our outside hospital software solutions,” says Mick Farrell, ResMed’s CEO, in a release. “Our ability to meet global demand with technologies, including our best-in-class AirSense 11 platform, has positioned us well to continue growing across global markets, with particularly strong growth this quarter in Europe, Asia, and beyond.”
New patient starts on ResMed’s physician and provider-facing platform, called AirView, and its patient-facing app, called myAir, show “very strong” patient flow, according to Farrell in the release.
Farrell adds in the release that ResMed also has begun rolling out AI-driven software products into its digital health ecosystem, which he believes will create a new class of offerings that will drive long-term growth.
“With these increasing rates of patients activated into the healthcare funnel, I am more confident than ever in our growth strategy and our ability to achieve our goal of improving 250 million lives in 2025,” he says in the release.
Other business and operational highlights:
- Presented at the European Respiratory Society Congress on topics including improving NIV management, phenotyping, and personalizing obstructive sleep apnea therapy, innovative clinical practice in home high-flow therapy, indication of use of ASV therapy, and implementing patient feedback in CPAP therapy management.
- Announced and closed the acquisition of privately held Somnoware, a digital sleep and respiratory care diagnostics software provider for sleep labs and physicians. Somnoware is upstream of and complementary to ResMed’s current post-testing AirView and Brightree offerings and will remain an open platform.
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