SAN DIEGO, Aug. 6 /PRNewswire-FirstCall/ -- ResMed Inc. (NYSE: RMD) today announced record revenue and income for the quarter ended June 30, 2009. Revenue for the June 2009 quarter was $252.0 million, a 7% increase (a 15% increase on a constant currency basis) over the quarter ended June 30, 2008. For the quarter ended June 30, 2009, income from operations was $57.9 million and net income was $45.4 million, an increase of 57% and 53%, respectively, compared to the quarter ended June 30, 2008. Diluted earnings per share for the quarter ended June 30, 2009 were $0.59, an increase of 55% compared to the quarter ended June 30, 2008.
SG&A expenses were $77.6 million for the June 2009 quarter, which was consistent with the same period in fiscal 2008 (an 11% increase on a constant currency basis). SG&A expenses were favorably impacted by the appreciation of the U.S. dollar against international currencies. In constant currency terms, the increase in SG&A was primarily due to expenses necessary to support sales growth. SG&A costs were 31% of revenue in the June 2009 quarter, compared to 33% in the same period in fiscal 2008.
R&D expenses were $17.0 million for the June 2009 quarter, or approximately 7% of revenue. R&D expenses decreased by 4% (a 14% increase on a constant currency basis) compared to the prior year quarter. R&D was also positively impacted by the appreciation of the U.S. dollar against international currencies, particularly the Australian dollar. R&D outlays reflect ResMed's continuing commitment to innovation within its product portfolio, as well as an ongoing commitment to clinical research and product development.
Amortization of acquired intangibles was $1.8 million ($1.2 million, net of tax) for the quarter ended June 30, 2009. Stock-based compensation costs incurred during the quarter ended June 30, 2009 of $6.6 million ($4.9 million, net of tax) consisted of expenses associated with stock options granted to employees and our employee stock purchase plan.
During the quarter, the company donated $2.5 million ($1.6 million, net of tax) to the ResMed Foundations. The Foundations were established to promote research into the deleterious medical consequences of untreated sleep-disordered breathing.
For the year ended June 30, 2009, revenue was $920.7 million, a 10% increase (a 15% increase on a constant currency basis) over the year ended June 30, 2008. For the year ended June 30, 2009, income from operations and net income were $190.3 million and $146.4 million, an increase of 33% and 33%, respectively, compared to the year ended June 30, 2008. Diluted earnings per share for the year ended June 30, 2009 were $1.90 per diluted share, an increase of 36% compared to the year ended June 30, 2008.
Inventory, at $157.4 million, decreased by $0.8 million compared to June 30, 2008. Accounts receivable days sales outstanding, at 74 days, increased by 2 days compared to June 30, 2008.
Kieran T. Gallahue, President and Chief Executive Officer, commented, "In the fourth quarter of fiscal 2009, we continued to show strong growth year over year. Our favorable mix of product sales and market share gains led to a 20% increase in the Americas over the prior year quarter, resulting in $134.2 million in revenue. Sales outside the Americas were impacted by currency movements, in particular the depreciation of the Euro against the US dollar. As a result, sales outside the Americas decreased by 4% to $117.8 million, but were up 10% in constant currency terms. Cash flow from operations for the June 2009 quarter was a record $70.2 million. Our gross margin continued to expand as well, with a reported 62% for the fourth quarter resulting from manufacturing efficiencies and a positive currency impact.
"Our twentieth fiscal year in business was certainly a successful one with sustained sales performance throughout all regions, gains in capturing market share and a key focus on cost efficiencies across our global organization. The market continues to respond well to our full range of products and the launch of the S8(TM) II series with our Easy Breathe motor technology has done particularly well, especially with the Autoset(TM) II. Masks launched in fiscal 2009, including the Swift(TM) LT, Swift LT for Her and the Activa(TM) LT were strong drivers of growth as was the Quattro. The fact that the market for sleep disordered breathing therapy remains highly underpenetrated and the drive to increase the awareness of SDB and improve patient compliance seem to have shielded us from the economic factors affecting many other companies.
