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ResMed annual profit flat at $US352m

AAP logoAAP 29/07/2016 Trevor Chappell

Sleep disorder treatment firm ResMed is confident of its long-term strategy and outlook despite booking a flat annual profit.

ResMed's annual profit for the year to June 30 was $US352.4 million, slightly lower than the profit of $US352.9 million the previous year.

Annual revenue lifted to $US1.84 billion from $US1.68 billion, but the bottom line was partly affected by increased sales and research expenses, restructuring and acquisition costs, and amortisation associated with acquisitions.

ResMed's revenue for the fourth quarter lifted 15 per cent on a constant currency basis to $US518.6 million, boosted by its $US800 million acquisition in April of healthcare software firm Brightree.

"We finished the year with double-digit constant currency revenue growth, fuelled by solid performance in masks, devices, and our first quarter of software-as-a-service revenue from Brightree," chief executive Mick Farrell said on Friday.

"Our board of directors has declared a 10 per cent increase in our dividend this quarter, reflecting confidence in our long-term strategy and outlook."

The company acquired Brightree with the intention of providing innovative cloud-connected products in the home health and hospice channels.

The new business brought in $US28.9 million and helped ResMed lift its Americas market fourth quarter revenue 19 per cent, to $US324.5 million.

Excluding Brightree, revenue from the region was up eight per cent.

Revenue from markets in Europe, the Middle East, Africa, Asia and the Pacific rose eight per cent on a constant currency basis to $US194.1 million.

ResMed did not provide any financial guidance.

Its shares were 31.5 cents higher at $8.925 1230 AEST.

FLAT ANNUAL PROFIT FOR RESMED

* Annual net income of $US352.4m, down from $US352.9m

* Annual revenue of US1.84bn, down from $US1.68bn

* Quarterly dividend up 10pc to 33 US cents per share

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