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ResMed Earnings Rise; Company Chooses New Exec
San Diego ResMed Inc. posted record financial results for the year and the fourth quarter ended June 30, and announced the addition of a company vice president.
Peter Farrell, chairman and chief executive officer, said internal growth and strong domestic performance sparked a 54 percent increase in fourth-quarter net income -$4.6 million, or 30 cents a share, compared with $3 million or 20 cents a share a year earlier. Revenue of $25.1 million increased 30 percent from 1998. Income for fiscal year 1999 was $16.1 million, or $1.04 a share, compared with $10.6 million, or 71 cents a share the previous year.
The company also announced its hiring of Elliot Glick, a former executive with Nellcor Puritan Bennett, as vice president of United States operations. He replaces Walter Flicker, who becomes vice president and special assistant to the chairman and retains his position as corporate secretary.
Glick, who had been consulting with ResMed, was vice president of manufacturing at NPB's hospital division. ResMed also hired Timothy Harrigan as director of business development for the United States. -K.G.
For more information Sunrise Medical, 7477 A East Dry Creek Parkway, Longmont, CO 80503; 800/333-4000; fax: 800/200-4114; Web site: www.sunrisemedical.com
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