San Diego-based ResMed reported $591.6 million in third quarter revenue, a 15 percent year-over-year increase.
“We had a strong quarter, with solid revenue growth at the top line, and operating leverage improving the bottom line,” said ResMed CEO Mick Farrell in a news release. He added the company’s cloud-based, software-as-a-service business grew rapidly.
ResMed makes masks to treat sleep disorders. The company increasingly has gone digital to improve awareness and adoption, as Farrell discussed in this recent San Diego Business Journal profile.
Income from operations totaled $136.4 million, a 27 percent increase compared to the third quarter of 2017. Net income was $110.1 million, a 25 percent increase compared to the same period of the prior year.
Gross margin in the third quarter was 58.2 percent, lower than the prior year’s quarter gross margin of 58.3 percent, on account of declines in selling prices, partially offset by manufacturing and procurement efficiencies.