Daqo New Energy Corp
Change company Symbol lookup
Select an option...
DQ Daqo New Energy Corp
ITRI Itron Inc
PSA-I Public Storage
HSKA Heska Corp
SLGN Silgan Holdings Inc
DYNA Dynastar Holdings Inc
ELMWQ Electric Last Mile Solutions Equity Warrant Exp 24 Aug 2027 *W EXP 08/24/2027
AEHA Aesther Healthcare Acquisition Corp
SSSS SuRo Capital Corp
ENVX Enovix Corp
Go

Information Technology : Semiconductors & Semiconductor Equipment |
Based in China
Company profile

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company's segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions. The Company offers ready-to-use polysilicon, packaged to meet crucible stacking, pulling and solidification needs. The Company offers wafers through its downstream photovoltaic product manufacturing business. The Company also provides wafer original equipment manufacturer (OEM) service to external customers through tolling agreements by processing polysilicon to produce ingot and wafer. Its annual capacity for polysilicon is approximately 12,150 metric tons (MT) in Xinjiang. The Company's wafer manufacturing annual capacity is approximately 90 million pieces.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
$53.08
Day's Change
3.13 (6.27%)
Bid
--
Ask
--
B/A Size
--
Day's High
53.41
Day's Low
49.36
Volume
(Average)
Volume:
1,666,465

10-day average volume:
1,648,600
1,666,465

ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2022

4:05 pm ET August 11, 2022 (Globe Newswire) Print

Note: A webcast of ResMed's conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended June 30, 2022.

Fourth Quarter 2022 Highlights

All comparisons are to the prior year period

Full Year 2022 Highlights

All comparisons are to the prior year period

"Our fourth quarter and full-year fiscal year 2022 results demonstrate strong growth and ResMed's market leadership," said Mick Farrell, ResMed's CEO. "During the quarter, we saw continued adoption of our most advanced platform innovation to date, the 100% cloud-connectable AirSense 11. We launched this solution into several new countries in Europe while continuing to see strong sales in the U.S. We also introduced our newest device to meet the needs of an industry crisis in PAP supply, the AirSense 10 Card-to-Cloud solution, during the quarter. The card-to-cloud device was launched into the U.S. and many other markets and is designed to work without an embedded communications module. This redesign allowed us to increase deliveries to customers and ultimately to get many more patients onto life-saving sleep apnea and respiratory care therapy. Both of these platforms, as well as our legacy, market-leading, 100% cloud-connected AirSense 10 device, will support solid growth throughout FY23.

"I am incredibly proud of the global ResMed team that was able to deliver strong constant currency revenue growth of 8% in the June quarter. During the fourth quarter of fiscal year 2022, we annualized $20 million in COVID-related ventilator sales and incremental revenue in the range of $60 to $70 million related to a competitor's recall during the fourth quarter of fiscal year 2021. For full fiscal year 2022, we achieved $3.6 billion in revenue, with 13% constant currency revenue growth year-over-year, and operating profit growth of 8%, all on a non-GAAP basis.

"Our global team remains focused on supporting patients, providers, and physicians -- our top priority is to get products directly into the hands of patients who need therapy most. Looking ahead, we are confident in our ability to grow steadily throughout fiscal year 2023 and to continue delivering for all stakeholders. We are investing in R&D to drive accelerated adoption of digital health solutions in sleep apnea, COPD, and outside-hospital care, as we progress towards our goal to improve 250 million lives in 2025."

Financial Results and Operating Metrics

Unaudited; $ in millions, except for per share amounts

                                              Three Months Ended
                                              June 30,     June 30,     % Change   Constant
                                              2022         2021                    Currency
Revenue                                       $  914.7     $  876.1     4    %     8    %
Gross margin                                     57.1  %      56.0  %   2
Non-GAAP gross margin                            57.8  %      57.3  %   1
Selling, general, and administrative expenses    194.9        181.5     7          12
Research and development expenses                64.3         59.9      7          11
Income from operations                           255.4        241.6     6
Non-GAAP income from operations                  271.5        260.4     4
Net income                                       195.1        195.1     Nil
Non-GAAP net income                              219.2        198.4     10
Diluted earnings (loss) per share             $  1.33      $  1.33      Nil
Non-GAAP diluted earnings per share           $  1.49      $  1.35      10
                                              Twelve Months Ended
                                              June 30,       June 30,       % Change   Constant
                                              2022           2021                      Currency
Revenue                                       $  3,578.1     $  3,196.8     12   %     13   %
Gross margin                                     56.6    %      57.5    %   (2   )
Non-GAAP gross margin                            57.7    %      59.1    %   (2   )
Selling, general, and administrative expenses    739.4          670.4       10         12
Research and development expenses                253.6          225.3       13         14
Income from operations                           1,000.3        903.7       11
Non-GAAP income from operations                  1,072.9        993.8       8
Net income                                       779.4          474.5       64
Non-GAAP net income                              850.8          780.6       9
Diluted earnings per share                    $  5.30        $  3.24        64
Non-GAAP diluted earnings per share           $  5.79        $  5.33        9

(A) In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a "constant currency" basis, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

(B) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

Discussion of Fourth Quarter Results

All comparisons are to the prior year period unless otherwise noted

Other Business and Operational Highlights

Dividend program

The ResMed board of directors today declared a quarterly cash dividend of $0.44 per share. The dividend will have a record date of August 18, 2022, payable on September 22, 2022. The dividend will be paid in U.S. currency to holders of ResMed's common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests ("CDIs") trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be August 17, 2022, for common stockholders and for CDI holders. ResMed has received a waiver from the ASX's settlement operating rules, which will allow ResMed to defer processing conversions between its common stock and CDI registers from August 17, 2022, through August 18, 2022, inclusive.

Webcast details

ResMed will discuss its fourth-quarter fiscal year 2022 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on ResMed's Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the "Q4 2022 Earnings Webcast" to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately two hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13731513. The telephone replay will be available until August 25, 2022.

About ResMed

At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.

Safe harbor statement

Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements - including statements regarding ResMed's projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, litigation, and tax outlook - are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed's periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited; $ in thousands, except for per share amounts)

                                               Three Months Ended            Twelve Months Ended
                                               June 30,       June 30,       June 30,         June 30,
                                               2022           2021           2022             2021
Net revenue                                    $  914,737     $  876,103     $  3,578,127     $  3,196,825
Cost of sales                                     385,852        374,345        1,514,166        1,307,366
Amortization of acquired intangibles              6,379          11,062         39,650           45,127
Restructuring--cost of sales                      --             --             --               5,232
Total cost of sales                            $  392,231     $  385,407     $  1,553,816     $  1,357,725
Gross profit                                   $  522,506     $  490,696     $  2,024,311     $  1,839,100
Selling, general, and administrative              194,889        181,483        739,372          670,387
Research and development                          64,318         59,875         253,575          225,284
Amortization of acquired intangibles              7,903          7,701          31,078           31,078
Restructuring--operating expenses                 --             --             --               8,673
Total operating expenses                       $  267,110     $  249,059     $  1,024,025     $  935,422
Income from operations                            255,396        241,637        1,000,286        903,678
Other income (expenses), net:
Interest income (expense), net                 $  (5,542  )   $  (5,286  )   $  (22,312   )   $  (23,627   )
Loss attributable to equity method investments    (2,558  )      (1,310  )      (8,486    )      (11,205   )
Gain (loss) on equity investments                 (11,675 )      5,073          (12,202   )      14,515
Other, net                                        2,468          (904    )      3,197            301
Total other income (expenses), net                (17,307 )      (2,427  )      (39,803   )      (20,016   )
Income before income taxes                     $  238,089     $  239,210     $  960,483       $  883,662
Income taxes                                      43,028         44,112         181,046          409,157
Net income                                     $  195,061     $  195,098     $  779,437       $  474,505
Basic earnings per share                       $  1.33        $  1.34        $  5.34          $  3.27
Diluted earnings per share                     $  1.33        $  1.33        $  5.30          $  3.24
Non-GAAP diluted earnings per share            $  1.49        $  1.35        $  5.79          $  5.33
Basic shares outstanding                          146,361        145,600        146,066          145,313
Diluted shares outstanding                        147,000        146,544        147,043          146,451

(1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

Condensed Consolidated Balance Sheets

(Unaudited; $ in thousands)

                                                   June 30,          June 30,
                                                   2022              2021
ASSETS
Current assets:
Cash and cash equivalents                          $  273,710        $  295,278
Accounts receivable, net                              575,950           614,292
Inventories                                           743,910           457,033
Prepayments and other current assets                  337,908           208,154
Total current assets                               $  1,931,478      $  1,574,757
Non-current assets:
Property, plant, and equipment, net                $  498,181        $  463,490
Operating lease right-of-use assets                   132,314           128,575
Goodwill and other intangibles, net                   2,282,386         2,320,483
Deferred income taxes and other non-current assets    251,494           240,820
Total non-current assets                           $  3,164,375      $  3,153,368
Total assets                                       $  5,095,853      $  4,728,125
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable                                   $  159,245        $  138,008
Accrued expenses                                      344,722           320,599
Operating lease liabilities, current                  21,856            23,585
Deferred revenue                                      108,667           109,611
Income taxes payable                                  44,893            307,963
Short-term debt                                       9,916             12,000
Total current liabilities                          $  689,299        $  911,766
Non-current liabilities:
Deferred revenue                                   $  95,455         $  91,496
Deferred income taxes                                 9,714             11,319
Operating lease liabilities, non-current              120,453           114,779
Other long-term liabilities                           5,974             6,802
Long-term debt                                        765,325           643,351
Long-term income taxes payable                        48,882            62,933
Total non-current liabilities                      $  1,045,803      $  930,680
Total liabilities                                  $  1,735,102      $  1,842,446
STOCKHOLDERS' EQUITY:
Common stock                                       $  586            $  583
Additional paid-in capital                            1,682,432         1,622,199
Retained earnings                                     3,613,736         3,079,640
Treasury stock                                        (1,623,256 )      (1,623,256 )
Accumulated other comprehensive income                (312,747   )      (193,487   )
Total stockholders' equity                         $  3,360,751      $  2,885,679
Total liabilities and stockholders' equity         $  5,095,853      $  4,728,125

Condensed Consolidated Statements of Cash Flows

(Unaudited; $ in thousands)

                                                                             Twelve months ended
                                                                             June 30,        June 30,
                                                                             2022            2021
Cash flows from operating activities:
Net income                                                                   $  779,437      $  474,505
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization                                                   159,609         156,758
Amortization of right-of-use assets                                             34,232          34,760
Stock-based compensation costs                                                  65,257          63,927
Loss attributable to equity method investments                                  8,486           11,205
(Gain) loss on equity investment                                                12,202          (14,515  )
Restructuring expenses                                                          --              8,673
Changes in operating assets and liabilities:
Accounts receivable, net                                                        19,346          (129,195 )
Inventories, net                                                                (311,681 )      (21,954  )
Prepaid expenses, net deferred income taxes and other current assets            (168,109 )      (58,154  )
Accounts payable, accrued expenses, income taxes payable and other              (247,632 )      210,708
Net cash (used in) / provided by operating activities                        $  351,147      $  736,718
Cash flows from investing activities:
Purchases of property, plant, and equipment                                     (134,835 )      (102,712 )
Patent registration and acquisition costs                                       (21,201  )      (14,114  )
Business acquisitions, net of cash acquired                                     (42,784  )      (39,067  )
Purchases of investments                                                        (20,724  )      (21,788  )
Proceeds from sale of investment                                                6,802           --
(Payments) / proceeds on maturity of foreign currency contracts                 (17,176  )      19,219
Net cash used in investing activities                                        $  (229,918 )   $  (158,462 )
Cash flows from financing activities:
Proceeds from issuance of common stock, net                                     47,384          37,790
Taxes paid related to net share settlement of equity awards                     (52,406  )      (50,209  )
Payments of business combination contingent consideration                       --              (3,500   )
Proceeds from borrowings, net of borrowing costs                                288,000         90,000
Repayment of borrowings                                                         (166,000 )      (612,000 )
Dividends paid                                                                  (245,341 )      (226,713 )
Net cash (used in) / provided by financing activities                        $  (128,363 )   $  (764,632 )
Effect of exchange rate changes on cash                                      $  (14,434  )   $  18,498
Net increase / (decrease) in cash and cash equivalents                          (21,568  )      (167,878 )
Cash and cash equivalents at beginning of period                                295,278         463,156
Cash and cash equivalents at end of period                                   $  273,710      $  295,278

Reconciliation of Non-GAAP Financial Measures

(Unaudited; $ in thousands, except for per share amounts)

The measures "non-GAAP gross profit" and "non-GAAP gross margin" exclude amortization expense from acquired intangibles related to cost of sales and are reconciled below:

                                           Three Months Ended                    Twelve Months Ended
                                           June 30, 2022      June 30, 2021      June 30, 2022        June 30, 2021
Revenue                                    $    914,737       $    876,103       $    3,578,127       $    3,196,825
GAAP cost of sales                         $    392,231       $    385,407       $    1,553,816       $    1,357,725
Less: Amortization of acquired intangibles      (6,379  )          (11,062 )          (39,650   )          (45,127   )
Less: Restructuring--cost of sales              --                 --                 --                   (5,232    )
Non-GAAP cost of sales                     $    385,852       $    374,345       $    1,514,166       $    1,307,366
GAAP gross profit                          $    522,506       $    490,696       $    2,024,311       $    1,839,100
GAAP gross margin                               57.1    %          56.0    %          56.6      %          57.5      %
Non-GAAP gross profit                      $    528,885       $    501,758       $    2,063,961       $    1,889,459
Non-GAAP gross margin                           57.8    %          57.3    %          57.7      %          59.1      %

The measure "non-GAAP income from operations" is reconciled with GAAP income from operations below:

                                                         Three Months Ended              Twelve Months Ended
                                                         June 30, 2022   June 30, 2021   June 30, 2022     June 30, 2021
GAAP income from operations                              $      255,396  $      241,637  $      1,000,286  $      903,678
Amortization of acquired intangibles--cost of sales             6,379           11,062          39,650            45,127
Amortization of acquired intangibles--operating expenses        7,903           7,701           31,078            31,078
Acquisition-related expenses                                    1,864           --              1,864             --
Restructuring--cost of sales                                    --              --              --                5,232
Restructuring--operating expenses                               --              --              --                8,673
Non-GAAP income from operations                          $      271,542  $      260,400  $      1,072,878  $      993,788

Reconciliation of Non-GAAP Financial Measures

(Unaudited; $ in thousands, except for per share amounts)

The measures "non-GAAP net income" and "non-GAAP diluted earnings per share" are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:

                                                                     Three Months Ended                Twelve Months Ended
                                                                     June 30, 2022  June 30, 2021      June 30, 2022  June 30, 2021
GAAP net income                                                      $    195,061   $    195,098       $    779,437   $    474,505
Amortization of acquired intangibles--cost of sales, net of tax           4,751          8,506              30,095         34,642
Amortization of acquired intangibles--operating expenses, net of tax      5,886          5,921              23,589         23,857
Acquisition-related expenses                                              1,864          --                 1,864          --
Reserve for disputed tax position                                         --             (6,003  )          4,111          248,773
Restructuring--cost of sales, net of tax                                  --             --                 --             4,663
Restructuring--operating expenses, net of tax                             --             --                 --             7,730
(Gain) loss on equity investments                                         11,675         (5,073  )          11,675         (13,549 )
Non-GAAP net income                                                  $    219,237   $    198,449       $    850,771   $    780,621
GAAP diluted shares outstanding                                           147,000        146,544            147,043        146,451
GAAP diluted earnings (loss) per share                               $    1.33      $    1.33          $    5.30      $    3.24
Non-GAAP diluted earnings per share                                  $    1.49      $    1.35          $    5.79      $    5.33

(A) ResMed adjusts for the impact of the amortization of acquired intangibles, acquisition-related expenses, reserve for disputed tax positions, restructuring expenses and the (gain) loss on equity investments from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.

ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed's performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.

Revenue by Product and Region

(Unaudited; $ in millions, except for per share amounts)

                                         Three Months Ended
                                         June 30,    June 30,    % Change   Constant
                                         2022        2021                   Currency
U.S., Canada, and Latin America
Devices                                  $    298.9  $    268.4  11   %
Masks and other                               229.6       203.9  13
Total Sleep and Respiratory Care         $    528.5  $    472.3  12
Software-as-a-Service                         103.1       95.8   8
Total                                    $    631.7  $    568.1  11
Combined Europe, Asia, and other markets
Devices                                  $    188.2  $    209.5  (10  )%    (2   )%
Masks and other                               94.9        98.5   (4   )     7
Total Sleep and Respiratory Care         $    283.1  $    308.0  (8   )     1
Global revenue
Devices                                  $    487.2  $    477.9  2    %     6    %
Masks and other                               324.4       302.4  7          11
Total Sleep and Respiratory Care         $    811.6  $    780.3  4          8
Software-as-a-Service                         103.1       95.8   8          8
Total                                    $    914.7  $    876.1  4          8
                                         Twelve Months Ended
                                         June 30,      June 30,      %        Constant
                                         2022          2021          Change   Currency
U.S., Canada, and Latin America
Devices                                  $    1,070.4  $    863.7    24  %
Masks and other                               911.4         841.5    8
Total Sleep and Respiratory Care         $    1,981.8  $    1,705.1  16
Software-as-a-Service                         400.8         373.6    7
Total                                    $    2,382.6  $    2,078.7  15
Combined Europe, Asia, and other markets
Devices                                  $    796.5    $    746.4    7   %    10   %
Masks and other                               399.0         371.7    7        12
Total Sleep and Respiratory Care         $    1,195.5  $    1,118.1  7        11
Global revenue
Devices                                  $    1,866.9  $    1,610.0  16  %    17   %
Masks and other                               1,310.4       1,213.2  8        9
Total Sleep and Respiratory Care         $    3,177.3  $    2,823.2  13       14
Software-as-a-Service                         400.8         373.6    7        7
Total                                    $    3,578.1  $    3,196.8  12       13

(A) Totals and subtotals may not add due to rounding.

(B) In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a "constant currency basis," which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

For investors                For media
Amy Wakeham                  Jayme Rubenstein
+1 858-836-5000              +1 858-836-6798
investorrelations@resmed.com news@resmed.com

https://ml.globenewswire.com/media/43bf7d11-102e-4c63-8d67-65a61dd19813/small/resmed-logo-fullcolor-jpg.jpg

https://ml.globenewswire.com/media/43bf7d11-102e-4c63-8d67-65a61dd19813/small/resmed-logo-fullcolor-jpg.jpg

comtex tracking

COMTEX_412096999/2010/2022-08-11T16:05:18

Earnings Calendar and Events Data provided by |Terms of Use| © 2022 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., ,, and

Copyright © 2022. All rights reserved.