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ResMed Management Discusses Q4 2012 Results - Earnings Call Transcript

Risks and uncertainties exist that could cause actual results to materially differ from the forward-looking statements.

These factors are discussed in ResMed's SEC filings, such as forms 10-Q and 10-K, which you may access through the company's website at

With that said, I would like to turn the call over to Dr. Peter Farrell, ResMed's Chairman and CEO. Dr. Farrell, please go ahead, sir.

Peter C. Farrell

Thank you, Chris, and thanks, everyone, for joining.

I'll begin as usual with some summary remarks, and then turn the call over to Brett Sandercock for some more granularity on the finances. And we will then do some Q&A.

First, the financial summary. We finished with another extremely solid quarter and fiscal year. Global revenues in the fourth quarter of 2012 grew 9% to $372 million, up 13% on a constant currency basis.

Revenues in the Americas grew 13% year-over-year to $207 million. And ROW revenues increased by 3% or 13% in constant currency terms to $165 million. This represents our 70th consecutive quarter in which we've grown the top line since we went public.

I don't believe there are too many companies in that category that can boast a record like that. But we'll get some more granularity on that for those who are interested.

For fiscal 2012, we reported revenues of approximately $1.4 billion, up 10% year-over-year and earnings per share of $1.71, up 19% year-over-year. We believe that superior product quality continues to drive our growth.

Net income for the quarter increased 31% to $77 million, while GAAP EPS increased a robust 43% to a record $0.53 for this quarter. Excluding amortization of acquired intangibles, EPS was a record $0.54.

With respect to product performance, let me start with masks. All mask categories showed strong growth. And we continue to take market share, particularly with the Mirage nasal mask, which is thus far proving to be a seeming game changer.

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