Sleep disorder equipment supplier ResMed is looking to grow its presence in Asia.
US-based ResMed said its Asia-Pacific operations had an excellent performance in the fourth quarter of the 2012/13 financial year, growing at “solid” double-digit rates.
ResMed chief executive Mick Farrell said the company had strong sales in mature markets, such as Japan, and in key emerging markets, including India and China.
Senior ResMed executives, including Mr Farrell, had spent a number of weeks visiting doctors, distributors, patients and government groups throughout Asia during the fourth quarter.
“We believe this growth opportunity is just the beginning,” Mr Farrell said during a market briefing on Friday.
“As our executive chairman (Dr Peter Farrell) would say: `We’re just lacing our shoes for the Asian growth marathon’.”
ResMed on Friday announced that it had lifted its annual net profit by 21 per cent, to $US307.1 million.
ResMed’s net profit for the fourth quarter of the 2012/13 financial year lifted to $US73.0 million.
Revenue for the quarter rose by 11 per cent to $US414.6 million – the 74th consecutive quarter of top-line growth since ResMed’s initial public offering of shares in 1995.
For the first time, ResMed’s annual global revenue reached $US1.5 billion.
During the fourth quarter, ResMed reached full enrolment of patients in its trial to investigate if treatment of central sleep apnea improved the survival chances of patients with heart failure.
The study is being conducted at sites in Germany, France, the UK, Norway, Sweden, Denmark, Finland, Australia and the Czech Republic.
Mick Farrell said this trial, with 1,325 patients recruited, was the biggest and most important heart failure trial in the history of the industry.
Final data from the trial was expected to be available late in calendar 2015 to early 2016.
ResMed also finalised the protocol for its US heart failure trial and said it will begin enrolment of patients later this year.
Several new products were released, including a first-of-kind ventilator for people suffering from chronic obstructive pulmonary disease, a new lightweight full face mask, and an online tool to increase patient engagement in therapy for sleep-disordered breathing.
Resmed increased its quarterly dividend by 47 per cent to 25 US cents per share.
Shares in ResMed were three cents higher at $5.35 at 1130 AEST on Friday.
