ResMed Inc. stock research
FY2023 Q4
ResMed (RMD) Gross Margin — Quarter Ended Jun 30, 2023
Revenue was stable compared to the prior quarter and higher than the same quarter last year. Gross profit was slightly lower than the prior quarter but higher year over year, while cost of revenue increased relative to both periods, resulting in a gross margin that weakened sequentially and declined from the year-ago level.
Gross margin takeaway
Quarter ended Jun 30, 2023 · FY2023 Q4
Revenue was stable compared to the prior quarter and higher than the same quarter last year. Gross profit was slightly lower than the prior quarter but higher year over year, while cost of revenue increased relative to both periods, resulting in a gross margin that weakened sequentially and declined from the year-ago level.
- The gross margin weakened sequentially and year over year, driven by a higher cost of revenue relative to revenue in both comparisons.
- Compared to the prior quarter, revenue was stable while cost of revenue was higher, leading to a slightly lower gross profit and a weakened gross margin. Versus the same quarter last year, revenue and gross profit were higher, but cost of revenue increased more, resulting in a lower gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
55.0%
Gross profit
$617.4M
Revenue
$1.1B
Cost of revenue
$504.7M
Quarter-over-quarter change
-0.3 pts
Year-over-year change
-2.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $1.1B | $617.8M | $499.1M | 55.3% |
| Jun 30, 2023 | $1.1B | $617.4M | $504.7M | 55.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2023
-0.3 pts
Year-over-year change
Jun 30, 2022
-2.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened sequentially and year over year, driven by a higher cost of revenue relative to revenue in both comparisons.
Compared to the prior quarter, revenue was stable while cost of revenue was higher, leading to a slightly lower gross profit and a weakened gross margin. Versus the same quarter last year, revenue and gross profit were higher, but cost of revenue increased more, resulting in a lower gross margin.
Monitor the trend in cost of revenue relative to revenue, as its increase has outpaced revenue growth in both comparisons.