San Diego medical device company ResMed Inc. on Tuesday reported a boost in the company’s fourth-quarter revenue, fueled by sales of devices, masks and software-as-a service revenue.
The company reported fourth-quarter revenue of $556.7 million, a 7 percent year-over-year increase. Net income for the quarter was $101.6 million, a 22 percent jump compared to the same period in 2016.
ResMed’s acquisition of Brightree in April 2016 was responsible for part of the company’s revenue growth. Excluding Brightree, revenue for the quarter was $520.5 million, a 6 percent year-over-year increase.
"During the quarter, we made two acquisitions to augment our Brightree solutions, we presented and published results from clinical studies in sleep and COPD (chronic obstructive pulmonary disease), and we launched two new products,” said Mick Farrell, ResMed's chief executive officer, in a news release.
The ResMed board of directors declared a 6 percent increase in the company’s dividend this quarter.