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ResMed's CEO Discusses CEO Discusses F2Q2012 Results - Earnings Call Transcript

At this time, I would like to turn the call over to Dr. Peter Farrell, ResMed’s Chairman and CEO. Dr. Farrell, please go ahead sir.

Peter Farrell

Thanks Stacy, and thanks everyone for joining us. I’ll begin as usual with a short summary and then pass the call over to Brett Sandercock, ResMed’s CFO and then we’ll go into a Q&A.

So first, the financials. We finished with a very solid quarter. Global revenues in the second quarter of 2012 grew 9% to $333 million, which was also up 9% on a constant currency basis. Revenues in the Americas grew by an encouraging 12% to $182.5 million and ROW revenue increased by 5% at the headline and also in constant currency terms to $150.2 million.

GAAP EPS increased 14% to $0.42 for the quarter and I believe consensus was $0.38 which we comfortably beat and if we exclude the amortization of acquired intangibles, EPS was a record $0.44which we would suggest represents effective management and operational excellence and efficiency.

With the respect to product performance, masks continued to perform well across the globe and we continue to take market share. The three masks, new masks in the FX trilogy that is the Quattro FX, the Mirage FX and the Swift FX as well as the four versions of these masks continue to do extremely well and with the success of the Mirage, we are gaining additional share in nasal masks category which recently had been a week spot for us.

And we just launched the Swift FX [Bella] mask giving female patients the choice of how they wear the masks since it offers hair management solutions in brief and we expect this to also improve patient compliance and in brief the mask has a loop which wraps around the ears without any straps on the forehead or head itself.

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