San Diego device maker ResMed Inc. reported a sizeable jump in revenue both for the company’s fourth quarter and its full 2016 fiscal year.
The company reported Q4 revenue of $324.5 million, a 19 percent increase compared to the same period last year. The number includes $28.9 million of revenue from Brightree, the Georgia-based company ResMed acquired earlier this year for $800 million.
Even without revenue from Brightree, ResMed’s revenue increased 8 percent compared to the previous year.
Net income for the quarter was $83.1 million, compared to net income of $87.5 million in the fourth quarter of 2015.
For the full fiscal year, ResMed reported $1.8 billion in revenue, up 10 percent compared to 2015.
Net income for the year was $352.4 million, nearly identical to ResMed’s net income for 2015, which came in at $352.9 million.
“We finished the year with double-digit constant currency revenue growth, fueled by solid performance in masks, devices, and our first quarter of software-as-a-service revenue from Brightree,” said ResMed CEO Mick Farrell in a statement. “Our board of directors has declared a 10 percent increase in our dividend this quarter, reflecting confidence in our long-term strategy and outlook.”
ResMed is the world’s largest provider of remote connected care, according to market research group Berg Insight, with over 2 million patients using ResMed’s cloud-connected devices.
“During the year, we continued to demonstrate the value of our solutions through clinical research, while transforming how health care is delivered through cloud-based offerings that are shaping a new frontier in connected care,” Farrell said.
Read more on ResMed’s growth in the next edition of the San Diego Business Journal.