ResMed Inc.’s valuation has officially entered the double-digit billions on the public market, making it the second-biggest life science company in the city, after instrument giant Illumina Inc.
As of June 13, ResMed’s market cap tipped in at $10.6 billion.
The company was founded by Peter Farrell back in 1989, and appears to have some staying power in San Diego. ResMed is best known for making machines that help patients breathe, but the company’s medical devices are now high-tech products, constantly collecting data that’s moved, crunched, and analyzed by software.
The local medical device maker, now run by Peter’s son Mick Farrell, has seen operations grow dramatically over the past 12 years. Back in 2005, the company’s market cap was about $2 billion and annual revenues were around $425.5 million. Last year, the company brought in $1.8 billion in revenue.
The company employs about 5,000 people, with at least 400 in San Diego.