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Man charged over Kingston fires

Source: Tasmania Police

Man charged over Kingston fires

Thursday, 25 April 2024 – 12:11 pm.

On 24 April 2024, Kingston CIB charged a 37-year-old Huon Valley man with offences including arson and unlawfully setting fire to property.
They relate to a series of fires allegedly deliberately lit in Kingston on the morning of 6 April 2024. Around $100,000 damage was caused, and a 77-year-old woman was hospitalised for smoke inhalation – she was released from hospital later that morning.The man was detained to appear in the Hobart Magistrates court on 25 April 2024.Police believe there are further witnesses who may be able to assist police with these matters – they are encouraged to contact the Kingston Criminal Investigation Branch, or Crimestoppers, and reference offence report 740211.

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Wounding – Smithton

Source: Tasmania Police

Wounding – Smithton

Thursday, 25 April 2024 – 10:10 am.

A 46 year old Smithton man was arrested yesterday in relation to an incident in Smithton on Monday 22 April 2024.He was charged with one count of wounding and two counts of possess a dangerous article in a public place. He will appear in an out of hours court today.Police would like to thank members of the public for their assistance and cooperation throughout the investigation.Any information relating to this matter can be provided anonymously by calling Crime Stoppers on 1800 333 000 or online at crimestopperstas.com.au

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Man charged with offences related to Devonport gas leak

Source: Tasmania Police

Man charged with offences related to Devonport gas leak

Thursday, 25 April 2024 – 9:10 am.

A 41-year-old East Devonport man has been charged with several offences, including the stealing of a gas meter from a Devonport laundromat that caused a gas leak early Tuesday morning.The man was arrested yesterday and has also been charged with offences relating to the theft of copper from surrounding buildings on the same morning as well as bail, drug and driving offences.Detective Senior Sergeant Alex Bonde of Western CIB said the charges follow a broader investigation and crack down into the ongoing theft of copper and other precious metals.“Metal theft is an ongoing issue which impacts critical infrastructure, businesses, and communities. The theft of copper, aluminium and other metals not only poses safety risks but also results in substantial financial losses for victims.” “As part of the crack down, we will be increasing patrols and inspections at metal recycling facilities to ensure compliance with existing laws and regulations.”“Community involvement and vigilance are crucial in deterring such criminal behaviour and we encourage members of the public to report any suspicious activity to police on 131 444 or Crime Stoppers on 1800 333 000 or at crimestopperstas.com.au. Information can be provided anonymously.”The man has been held to appear in after hours Court sitting today.

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ResMed Inc. Announces Results for the Third Quarter of Fiscal Year 2024

Source: Resmed Inc

  • Year-over-year revenue grows 7%, operating profit up 25%, non-GAAP operating profit up 23%
  • Operating cash flows of $402 million

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

SAN DIEGO, April 25, 2024 (GLOBE NEWSWIRE) — ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended March 31, 2024.

Third Quarter 2024 Highlights
All comparisons are to the prior year period

  • Revenue increased by 7% to $1.2 billion; up 7% on a constant currency basis 
  • Gross margin grew 260 bps to 57.9%; non-GAAP gross margin grew 240 bps to 58.5%
  • Income from operations increased 25%; non-GAAP operating profit up 23%
  • Operating cash flow of $402 million and debt repayments of $220 million
  • Diluted earnings per share of $2.04; non-GAAP diluted earnings per share of $2.13

“ResMed’s strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and software solutions, leading to double-digit mask and accessories revenue growth along with ongoing operational efficiencies to drive margin improvement and increased profitability, resulting in double-digit growth in both operating profit and earnings per share,” said Mick Farrell, ResMed’s Chairman & CEO. “Over 2 billion people worldwide can benefit from a ResMed solution to help them sleep better, breathe better, and receive best-in-class healthcare right where they live. We remain laser-focused on bringing market-leading innovation to customers, including our latest AirCurve11 range of non-invasive ventilators and our recently launched AirFit F40 mask system, combined with our entire portfolio of products, software, and solutions, allowing us to continue to deliver value for all our stakeholders.”

Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts

  Three Months Ended
  March 31,
2024		   March 31,
2023		   % Change   Constant
Currency (A)
Revenue $ 1,197.0     $ 1,116.9     7 %   7 %
Gross margin   57.9 %     55.3 %   5      
Non-GAAP gross margin (B)   58.5 %     56.1 %   4      
Selling, general, and administrative expenses   229.9       228.5     1     1  
Research and development expenses   77.1       76.4     1     2  
Income from operations   374.6       300.7     25      
Non-GAAP income from operations (B)   393.6       321.2     23      
Net income   300.5       232.5     29      
Non-GAAP net income (B)   314.4       247.8     27      
Diluted earnings per share $ 2.04     $ 1.58     29      
Non-GAAP diluted earnings per share (B) $ 2.13     $ 1.68     27      
  Nine Months Ended
  March 31,
2024		   March 31,
2023		   % Change   Constant
Currency (A)
Revenue $ 3,462.1     $ 3,100.9     12 %   11 %
Gross margin   56.0 %     56.1 %   —      
Non-GAAP gross margin (B)   57.2 %     56.8 %   1      
Selling, general, and administrative expenses   674.9       633.3     7     6  
Research and development expenses   226.7       209.5     8     9  
Income from operations   938.7       856.6     10      
Non-GAAP income from operations (B)   1,077.9       917.5     17      
Net income   728.7       667.9     9      
Non-GAAP net income (B)   833.0       714.3     17      
Diluted earnings per share $ 4.94     $ 4.53     9      
Non-GAAP diluted earnings per share (B) $ 5.65     $ 4.85     16      
 

(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 Third Quarter Results
All comparisons are to the prior year period unless otherwise noted

  • Revenue grew by 7 percent on a constant currency basis, driven by increased demand for our sleep devices, as well as strong growth across our mask product portfolio.
    • Revenue in the U.S., Canada, and Latin America, excluding Software-as-a-Service, grew by 9 percent.
    • Revenue in Europe, Asia, and other markets, excluding Software-as-a-Service, grew by 3 percent on a constant currency basis.
    • Software-as-a-Service revenue increased by 8 percent, reflecting continued organic growth in our SaaS portfolio.
  • Gross margin increased by 260 basis points mainly due to reduced freight and manufacturing cost improvements. Non-GAAP gross margin increased by 240 basis points due to the same factors.
  • Selling, general, and administrative expenses increased by 1 percent on a constant currency basis. SG&A expenses improved to 19.2 percent of revenue in the quarter, compared with 20.5 percent in the same period of the prior year. The modest increase in SG&A expenses reflects cost management initiatives implemented in the previous quarter.
  • Income from operations increased by 25 percent, and non-GAAP income from operations increased by 23 percent.
  • Net income for the quarter was $300 million and diluted earnings per share was $2.04. Non-GAAP net income increased by 27 percent to $314 million, and non-GAAP diluted earnings per share increased by 27 percent to $2.13, predominantly attributable to strong sales and gross margin as well as modest growth in operating expenses.
  • Operating cash flow for the quarter was $402 million, compared to net income in the current quarter of $300 million and non-GAAP net income of $314 million.
  • During the quarter, we paid $70 million in dividends and repurchased 261,000 shares for consideration of $50 million as part of our ongoing capital management.

Other Business and Operational Highlights

  • Introduced the AirCurve™ 11 series of devices, built on the market-leading AirSense 11 platform. New devices provide bi-level and enhanced ventilation therapy options, particularly for those who struggle with single pressure PAP therapy.
  • Launched the AirFit F40 in the U.S. An ultra-compact, full-face mask, the AirFit F40 features the AdaptiSeal™, a silicone cushion designed to maintain a facial seal, even when moving around during sleep, along with a fully flexible frame, a quick-release short tube, and new textile material and color.
  • In conjunction with World Sleep Day, a global campaign to raise awareness of the importance of good sleep, published the results of our 4th annual Global Sleep Survey of 36,000 people across 17 markets. Survey found 50% of respondents report feeling excessive daytime sleepiness and 40% report getting no more than three nights of good sleep per week. More than one-third of respondents are now actively tracking their sleep patterns, either through a smartphone app (44%) or wearable (31%).

Dividend program
The ResMed board of directors today declared a quarterly cash dividend of $0.48 per share. The dividend will have a record date of May 9, 2024, payable on June 13, 2024. 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 May 8, 2024, 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 May 8, 2024, through May 9, 2024, inclusive. 

Webcast details
ResMed will discuss its third quarter fiscal year 2024 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 “Q3 2024 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 three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13745785. The telephone replay will be available until May 9, 2024.

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, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and macroeconomic conditions of our business – 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   Nine Months Ended
  March 31,
2024		   March 31,
2023		   March 31,
2024		   March 31,
2023
               
Net revenue $ 1,196,980     $ 1,116,898     $ 3,462,102     $ 3,100,936  
               
Cost of sales   496,387       490,824       1,483,088       1,340,660  
Amortization of acquired intangibles (1)   7,812       8,322       24,976       22,001  
Masks with magnets field safety notification expenses (1)   —       —       6,351       —  
Astral field safety notification expenses (1)   —       —       7,911       —  
Total cost of sales $ 504,199     $ 499,146     $ 1,522,326     $ 1,362,661  
Gross profit $ 692,781     $ 617,752     $ 1,939,776     $ 1,738,275  
               
Selling, general, and administrative   229,919       228,457       674,948       633,317  
Research and development   77,074       76,436       226,664       209,498  
Amortization of acquired intangibles (1)   11,204       12,188       35,259       29,701  
Restructuring expenses (1)   —       —       64,228       —  
Acquisition related expenses (1)   —       —       —       9,157  
Total operating expenses $ 318,197     $ 317,081     $ 1,001,099     $ 881,673  
Income from operations $ 374,584     $ 300,671     $ 938,677     $ 856,602  
               
Other income (expenses), net:              
Interest income (expense), net $ (11,026 )   $ (14,964 )   $ (39,787 )   $ (32,436 )
Gain (loss) attributable to equity method investments   440       (183 )     (2,716 )     (5,037 )
Gain on equity investments (1)   13,919       6,418       11,429       11,506  
Other, net   (2,496 )     (2,564 )     (537 )     (5,773 )
Total other income (expenses), net   837       (11,293 )     (31,611 )     (31,740 )
Income before income taxes $ 375,421     $ 289,378     $ 907,066     $ 824,862  
Income taxes   74,929       56,878       178,351       156,970  
Net income $ 300,492     $ 232,500     $ 728,715     $ 667,892  
               
Basic earnings per share $ 2.04     $ 1.58     $ 4.96     $ 4.55  
Diluted earnings per share $ 2.04     $ 1.58     $ 4.94     $ 4.53  
Non-GAAP diluted earnings per share (1) $ 2.13     $ 1.68     $ 5.65     $ 4.85  
               
Basic shares outstanding   146,959       146,914       147,056       146,681  
Diluted shares outstanding   147,450       147,395       147,549       147,400  
 

(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)

  March 31,
2024		   June 30,
2023
Assets      
Current assets:      
Cash and cash equivalents $ 237,910     $ 227,891  
Accounts receivable, net   779,265       704,909  
Inventories   829,458       998,012  
Prepayments and other current assets   504,663       437,018  
Total current assets $ 2,351,296     $ 2,367,830  
Non-current assets:      
Property, plant, and equipment, net $ 539,743     $ 537,856  
Operating lease right-of-use assets   147,075       127,955  
Goodwill and other intangibles, net   3,337,017       3,322,640  
Deferred income taxes and other non-current assets   439,431       395,427  
Total non-current assets $ 4,463,266     $ 4,383,878  
Total assets $ 6,814,562     $ 6,751,708  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 177,445     $ 150,756  
Accrued expenses   356,076       365,660  
Operating lease liabilities, current   24,182       21,919  
Deferred revenue   150,753       138,072  
Income taxes payable   54,671       72,224  
Short-term debt   9,903       9,902  
Total current liabilities $ 773,030     $ 758,533  
Non-current liabilities:      
Deferred revenue $ 131,981     $ 119,186  
Deferred income taxes   86,564       90,650  
Operating lease liabilities, non-current   136,313       116,853  
Other long-term liabilities   47,550       68,166  
Long-term debt   997,047       1,431,234  
Long-term income taxes payable   12,157       37,183  
Total non-current liabilities $ 1,411,612     $ 1,863,272  
Total liabilities $ 2,184,642     $ 2,621,805  
Stockholders’ equity      
Common stock $ 588     $ 588  
Additional paid-in capital   1,847,938       1,772,083  
Retained earnings   4,769,963       4,253,016  
Treasury stock   (1,723,263 )     (1,623,256 )
Accumulated other comprehensive income   (265,306 )     (272,528 )
Total stockholders’ equity $ 4,629,920     $ 4,129,903  
Total liabilities and stockholders’ equity $ 6,814,562     $ 6,751,708  
 

Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)

  Three Months Ended   Nine Months Ended
  March 31,
2024		   March 31,
2023		   March 31,
2024		   March 31,
2023
Cash flows from operating activities:              
Net income $ 300,492     $ 232,500     $ 728,715     $ 667,892  
Adjustment to reconcile net income to cash provided by operating activities:              
Depreciation and amortization   43,474       44,356       133,192       118,396  
Amortization of right-of-use assets   11,168       8,434       28,262       23,967  
Stock-based compensation costs   20,442       17,832       58,792       51,215  
(Gain) loss attributable to equity method investments, net of dividends received   (440 )     183       2,716       5,037  
Gain on equity investments   (13,919 )     (6,418 )     (11,429 )     (11,506 )
Non-cash restructuring expenses   —       —       33,239       —  
Changes in operating assets and liabilities:              
Accounts receivable, net   (56,486 )     (12,629 )     (76,755 )     (88,452 )
Inventories, net   86,199       (21,974 )     163,294       (255,091 )
Prepaid expenses, net deferred income taxes and other current assets   (24,386 )     (19,961 )     (98,976 )     (86,607 )
Accounts payable, accrued expenses, income taxes payable and other   35,488       40,240       96       31,012  
Net cash provided by operating activities $ 402,032     $ 282,563     $ 961,146     $ 455,863  
Cash flows from investing activities:              
Purchases of property, plant, and equipment   (21,191 )     (28,817 )     (74,579 )     (85,223 )
Patent registration and acquisition costs   (1,918 )     (2,406 )     (13,954 )     (10,043 )
Business acquisitions, net of cash acquired   (3,080 )     —       (113,767 )     (1,011,225 )
Purchases of investments   (2,387 )     (12,597 )     (9,692 )     (29,729 )
Proceeds from exits of investments   —       3,937       250       3,937  
(Payments) / proceeds on maturity of foreign currency contracts   (4,577 )     11,780       (11,533 )     18,961  
Net cash used in investing activities $ (33,153 )   $ (28,103 )   $ (223,275 )   $ (1,113,322 )
Cash flows from financing activities:              
Proceeds from issuance of common stock, net   4,892       983       25,399       25,649  
Purchases of treasury stock   (50,000 )     —       (100,007 )     —  
Taxes paid related to net share settlement of equity awards   (314 )     (584 )     (8,336 )     (30,297 )
Payments of business combination contingent consideration   —       (316 )     (1,293 )     (316 )
Proceeds from borrowings, net of borrowing costs   —       —       105,000       1,070,000  
Repayment of borrowings   (220,000 )     (215,000 )     (535,000 )     (260,000 )
Dividends paid   (70,492 )     (64,640 )     (211,767 )     (193,571 )
Net cash (used in) / provided by financing activities $ (335,914 )   $ (279,557 )   $ (726,004 )   $ 611,465  
Effect of exchange rate changes on cash $ (5,302 )   $ (208 )   $ (1,848 )   $ 178  
Net increase / (decrease) in cash and cash equivalents   27,663       (25,305 )     10,019       (45,816 )
Cash and cash equivalents at beginning of period   210,247       253,199       227,891       273,710  
Cash and cash equivalents at end of period $ 237,910     $ 227,894     $ 237,910     $ 227,894  
 

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 and restructuring expense related to cost of sales and are reconciled below:

  Three Months Ended   Nine Months Ended
  March 31, 2024   March 31, 2023   March 31, 2024   March 31, 2023
               
Revenue $ 1,196,980     $ 1,116,898     $ 3,462,102     $ 3,100,936  
               
GAAP cost of sales $ 504,199     $ 499,146     $ 1,522,326     $ 1,362,661  
Less: Amortization of acquired intangibles (A)   (7,812 )     (8,322 )     (24,976 )     (22,001 )
Less: Masks with magnets field safety notification expenses (A)   —       —       (6,351 )     —  
Less: Astral field safety notification expenses (A)   —       —       (7,911 )     —  
Non-GAAP cost of sales $ 496,387     $ 490,824     $ 1,483,088     $ 1,340,660  
               
GAAP gross profit $ 692,781     $ 617,752     $ 1,939,776     $ 1,738,275  
GAAP gross margin   57.9 %     55.3 %     56.0 %     56.1 %
Non-GAAP gross profit $ 700,593     $ 626,074     $ 1,979,014     $ 1,760,276  
Non-GAAP gross margin   58.5 %     56.1 %     57.2 %     56.8 %
 

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

  Three Months Ended   Nine Months Ended
  March 31, 2024   March 31, 2023   March 31, 2024   March 31, 2023
               
GAAP income from operations $ 374,584   $ 300,671   $ 938,677   $ 856,602
Amortization of acquired intangibles—cost of sales (A)   7,812     8,322     24,976     22,001
Amortization of acquired intangibles—operating expenses (A)   11,204     12,188     35,259     29,701
Restructuring (A)   —     —     64,228     —
Masks with magnets field safety notification expenses (A)   —     —     6,351     —
Astral field safety notification expenses (A)   —     —     7,911     —
Acquisition-related expenses (A)   —     —     483     9,157
Non-GAAP income from operations $ 393,600   $ 321,181   $ 1,077,885   $ 917,461
 

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   Nine Months Ended
  March 31, 2024   March 31, 2023   March 31, 2024   March 31, 2023
               
GAAP net income $ 300,492     $ 232,500     $ 728,715     $ 667,892  
Amortization of acquired intangibles—cost of sales (A)   7,812       8,322       24,976       22,001  
Amortization of acquired intangibles—operating expenses (A)   11,204       12,188       35,259       29,701  
Restructuring expenses (A)   —       —       64,228       —  
Masks with magnets field safety notification expenses (A)   —       —       6,351       —  
Astral field safety notification expenses (A)   —       —       7,911       —  
Acquisition-related expenses (A)   —       —       483       9,157  
Income tax effect on non-GAAP adjustments (A)   (5,083 )     (5,213 )     (34,969 )     (14,484 )
Non-GAAP net income (A) $ 314,425     $ 247,797     $ 832,954     $ 714,267  
               
GAAP diluted shares outstanding   147,450       147,395       147,549       147,400  
GAAP diluted earnings per share $ 2.04     $ 1.58     $ 4.94     $ 4.53  
Non-GAAP diluted earnings per share (A) $ 2.13     $ 1.68     $ 5.65     $ 4.85  
 

(A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition-related expenses, and associated tax effects 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
  March 31,
2024		 (A) March 31,
2023		 (A) % Change   Constant
Currency (B)
U.S., Canada, and Latin America              
Devices $ 399.3   $ 372.1   7 %    
Masks and other   288.2     257.1   12      
Total U.S., Canada and Latin America $ 687.5   $ 629.1   9      
               
Combined Europe, Asia, and other markets              
Devices $ 238.9   $ 235.8   1 %   1 %
Masks and other   122.6     115.2   6     6  
Total Combined Europe, Asia and other markets $ 361.6   $ 351.0   3     3  
               
Global revenue              
Total Devices $ 638.2   $ 607.9   5 %   5 %
Total Masks and other   410.8     372.2   10     10  
Total Sleep and Respiratory Care $ 1,049.0   $ 980.1   7     7  
               
Software-as-a-Service   148.0     136.8   8     8  
Total $ 1,197.0   $ 1,116.9   7     7  
               
  Nine Months Ended
  March 31,
2024		 (A) March 31,
2023		 (A) %
Change		   Constant
Currency (B)
U.S., Canada, and Latin America              
Devices $ 1,116.5   $ 1,057.1   6 %    
Masks and other   878.6     765.4   15      
Total U.S., Canada and Latin America $ 1,995.2   $ 1,822.5   9      
               
Combined Europe, Asia, and other markets              
Devices $ 692.4   $ 611.1   13 %   11 %
Masks and other   342.3     307.9   11     8  
Total Combined Europe, Asia and other markets $ 1,034.8   $ 919.0   13     10  
               
Global revenue              
Total Devices $ 1,808.9   $ 1,668.3   8 %   8 %
Total Masks and other   1,221.0     1,073.3   14     13  
Total Sleep and Respiratory Care $ 3,029.9   $ 2,741.5   11     10  
               
Software-as-a-Service   432.2     359.4   20     20  
Total $ 3,462.1   $ 3,100.9   12     11  
 

(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.

Source: ResMed Inc.

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Key changes

Source: Australian Department of Revenue

System updates

We continue to update Online services for agents to:

  • align with legislative changes
  • enhance functionality based on your feedback.

The functions available to you in the system are determined by the services you provide as a tax or BAS agent and your Access Manager permissions. This means you may not have access to view all available features.

April 2024

Add client and Maintain authorisations – Nudge messages – under certain conditions, nudge messages may appear to prompt you to consider whether your selections will result in another agent being removed incorrectly or you not being able to select the account you need. Before continuing to the next section, you’ll then be given the option to press ‘Yes’ to continue or ‘No’ to go back to the previous screen.

For more information see:

September 2023

On demand reports – ‘Client nominations’ is a new on demand report available that provides a real-time view of nominations that have been completed by your client relating to client-to-agent linking. More information can be found in the ‘Reports and forms’ section of the Online services for agents user guide.

Excise system updates – we’re updating the systems so that excise duty returns and excise claims will now be available to lodge online from September. You will also be able to view transaction history, amend previous returns you have lodged online, easily submit a Nil return, and make payments and enter into a payment plan.

July 2023

Practice mail overdue client obligations message – we’re expanding our use of practice mail messages to provide you with information about your clients outstanding lodgment and/or payment obligations and necessary actions to be taken.

Where we have been unable to contact you by phone, we’ll leave a voicemail advising of our attempted contact and send a practice mail message via Online services for agents.

The practice mail message will include a PDF attachment with:

  • details of the overdue obligations
  • specific actions required to meet obligations, including self-serve options
  • due dates for those actions
  • a phone number if help is required.

April 2023

Lodgment deferrals – you can now submit and view lodgment deferral requests via the new Lodgment deferral form under the Reports and Forms menu.

Getting started – requests that meet our Agent assessed or New or re-engaged client deferral guidelines will be processed within 48 hours.

December 2022

Add client and Maintain authorisations – we’re further strengthening the security of our online services to help protect you and your clients against fraud and identity-related theft.

We’re progressively rolling out the new Client-to-agent linking in online services process to more taxpayers, starting with large businesses and some private groups. Taxpayers included will be required to complete an agent nomination before you can add them as a client or change existing authorisations. More information is available about which types of clients are included and what you need to do.

March 2022

Non-concessional contributions – you can now view display of historical (2018–2019 financial years onward) and current non-concessional contributions for your client’s superannuation contributions.

January 2022

Digital instalment notice – a notice that contains all the relevant information for your clients to pay their instalment amounts. You can download the notice from Communication history and pass it onto your clients.

December 2021

Reports – ‘Reported transactions’ is a new pre-generated report available in the Client reports menu. You can view, filter and download reported transactions that occurred since 1 July 2017, for the following data types:

  • business transactions through payment systems
  • government grants
  • taxable payments.

More information can be found in the Online services for agents user guide.

On demand reports:

  • Outstanding activity statement (current + previous 3 years) – there are now additional columns of data providing a more comprehensive view of your client’s lodgment and payment obligations.
  • Income tax lodgment status (current + previous 3 years) – there are now additional columns of data providing a more comprehensive view of your client’s lodgment and payment obligations.

More information can be found in the ‘Reports and forms’ section of the Online services for agents user guide.

Practice mail – ‘New topic’ and ‘Subjects’ are now available in Practice mail:

September 2021

Business – the menu item ‘Commonwealth procurement statement’ has been updated to ‘Statement of tax record’. There are additional fields to complete if your client is applying as a group head of an income tax consolidated group whose subsidiary member is tendering for a Commonwealth Government contract.

Advanced search – you can now allow 10,000 clients to be downloaded via CSV or HTML. If you have more than 10,000 clients, download your clients into separate list using filters.

Accounts and payments – the menu item ‘Excise and Resource Rent tax accounts’ has been replaced with new menu items:

  • ‘Excise account’
  • ‘Resource rent account’.

Accounts and payments – You can see the new GST Director Penalty account in ‘Accounts Summary’.

New client forms:

  • Fuel tax credit non-GST – you can now register and claim using Online Services for Agents.
  • Product stewardship for oil – you can now register and claim using Online Services for Agents.

July 2021

Payment plans – an ‘arrears’ status has been added to advise if scheduled payments have been missed.

June 2021

Communication preferences – the declaration has been updated. When you set communication preferences to ‘Practice’ you are designating Online services for agents as your client’s preferred address for certain ATO communications.

March 2021

JobMaker Hiring Credit:

  • View payments – you can view payments made for JobMaker Hiring Credit claims.

Lodge an objection – this form now includes fields for you to provide the:

  • grounds for the objection
  • reasons for your client not lodging the objection on time.

It is no longer mandatory to upload an attachment to this form.

February 2021

JobMaker Hiring Credit – you can submit a JobMaker Hiring Credit claim.

January 2021

JobMaker Hiring Credit – you can view information about employees who have been nominated for the JobMaker Hiring Credit.

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Maintain authorisations

Source: Australian Department of Revenue

You must have the appropriate signed authority to act on behalf of your client. For tax agents you’ll need authority for all accounts listed. If you’re authorised at the income tax level, you’re also authorised for all client accounts.

To view and update the accounts you’re authorised to act on behalf of:

  • select a client
  • select Profile then Maintain authorisations
  • The screen will display accounts
    • you are authorised for
    • with an existing agent link indicator if another agent has authorisation for that account
    • that have no agent authorisation
  • an Existing agent link will display if another agent has authorisation for an account listed. Selecting an account with another agent listed will remove that agent and may result in your client having to complete another ‘Agent nomination’ to re-instate the removed agent.
  • If you’ve authorisation for the account, you’ll need to remove the existing agent and a delete pending indicator will display
  • select or deselect the relevant authorisations and any additional accounts you’re authorised for.
    • Note: If you’re a tax agent already linked to the client’s Income tax account and you select an account with an existing authorised agent, a nudge message will display advising that you already have access to all accounts and that you are electing to remove an authorised agent for activity statement purposes. You will be given the option to press ‘Yes’ to continue or ‘No’ to go back to the previous page and update your responses.
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Eliminating malaria in our region

Source: Australian Government – Minister of Foreign Affairs

Australia is investing up to $30 million to support governments and communities across the Pacific and Southeast Asia deliver new tools and build critical skills to eliminate malaria.

Malaria remains a major challenge in our region with over 7 million reported cases in 2022, and rising infection rates in some countries. Malaria is a burden on families and health systems, slowing development and restricting growth.

New tools are urgently needed to address the emerging resistance to current treatments, and the impact of climate change, which threaten to roll back progress achieved against malaria.

Our new package, announced on World Malaria Day, provides comprehensive support ranging from preventing infections through strengthened mosquito control to developing better testing tools and improved treatments.

This includes $5 million to James Cook University to support Pacific countries to strengthen surveillance and control of mosquito-borne diseases like malaria, dengue and zika.

It also includes a new $8 million partnership with non-government health organisation PATH, in a consortium with Australia’s Burnet Institute and the Walter and Eliza Hall Institute of Medical Research, to develop new diagnostic tests targeted to our region.

Additionally, we are partnering with the Medicines for Malaria Venture, providing $17 million for the development of new malaria treatments including medicines suitable for use in pregnancy and for children.

This new package is part of the Partnerships for a Healthy Region initiative, which works with governments and civil society organisations in the Pacific and Southeast Asia to build resilient, equitable and inclusive health systems.

It adds to our existing support for malaria elimination, including through the Global Fund to Fight AIDS, Tuberculosis and Malaria, the Asia Pacific Leaders Malaria Alliance, and the Innovative Vector Control Consortium.

Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

“Malaria is not only a threat to the health and wellbeing of communities in the Pacific and Southeast Asia, it also impacts education, tourism and economic growth.

“Investing in our partnerships with our region and its capacity to test and treat malaria is clearly in Australia’s interest.”

Quotes attributable to Minister for International Development and the Pacific, the Hon Pat Conroy MP:

“The Australian Government is supporting the development of new health tools and skills to fight malaria at every stage.

“We are investing to support our region with better surveillance, better control to prevent infections, better diagnostics to detect cases, and better medications so people with malaria receive the best possible care.”

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Call for information – Suspicious behaviour – Howard Springs

Source: Northern Territory Police and Fire Services

Northern Territory Police are seeking information following a report of suspicious activity in Howard Springs this morning.

At approximately 8:20am, police were notified of an incident where a woman was allegedly seen being coerced into a white Toyota Hilux Utility on Thornbill Crescent around 6:30am, after which the vehicle departed the area.

The woman, described as Caucasian and in her 40s, was wearing athletic attire. She was reportedly coerced into the vehicle by a man and a woman of Aboriginal appearance.

As of now, no missing person report has been filed, and police are in the process of verifying the information.

Anyone who suspects that someone they know might be missing from the area this morning or anyone with information regarding the incident, especially those possessing CCTV or dash-cam footage of Thornbill Crescent around the time of the incident, are urged to contact 131 444 and quote reference number P24112816.

Anonymous tips can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/ .

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‘Catastrophic’ system failure under investigation

Source: Government of Queensland

Issued: 24 Apr 2024

Gold Coast City Council is under investigation for a ‘catastrophic failure’ of its systems following a significant sewage spill from a council pipe at Yatala.

More than 350 million litres of sewage is believed to have spilled into the Albert River between 12 January and 12 April 2024.

Regulators from the Department of Environment, Science and Innovation will examine the extent of environmental harm caused by council, the timeliness of their notification of the health risks, and council’s culpability in the management of their sewage collection network.

Officers will assess the council’s sewage network infrastructure maintenance and management program to determine whether council is adequately managing and maintaining its ageing assets.

This could result in enforcement action against the council, including a statutory notice and prosecution.

The environmental regulator commenced its investigation upon being notified on 9 April 2024. On 12 April 2024, council advised DESI the spill was far greater than originally reported and may have occurred continually for far longer than first reported and at a volume of between 3-5ML each day.

Councils must have sophisticated systems in place to detect and correct sewage leaks and DESI is investigating how these systems failed.

DESI undertakes routine water quality monitoring in the Albert River eight times a year on behalf of Healthy Land and Water under the Ecosystem Health Monitoring Program (EHMP).

This program monitors a standard suite of water quality indicators for ecological assessment that provides limited information on the extent that pollutants are actually impacting on waterway flora and fauna.

This testing underpins the South East Queensland Healthy Waterways Report Card, which builds community awareness of long term waterway conditions, pressures, actions and social benefits. It was never intended to be an alert system for sewage infrastructure failure, which remains the responsibility of council.

Funding for this monitoring program is via DESI, utilities and local governments who manage wastewater treatment services.

Healthy Land and Water regularly share EHMP data received from DESI with Healthy Land and Water network members. However, Gold Coast City Council withdrew funding from this program on 1 July 2020 and instead chose to implement its own water quality monitoring program which does not include the Albert River.

The department will also review the adequacy of this alternate water quality monitoring program following this incident.

Quotes attributable to a spokesperson for the Department of Environment, Science and Innovation:

“The Gold Coast City Council is the polluter in this incident. As such, the council is responsible for ensuring appropriate testing and monitoring of the Albert River and flow-on waterways.

“Council is also responsible for communications to community and industry stakeholders about appropriate recreational and commercial risks in the Abert and Logan Rivers.

“DESI, along with Queensland Health, Safe Food Queensland and the Department of Agriculture and Fisheries have been liaising with the council regularly, encouraging them to test for a broad suite of contaminants and maintain open and accurate communications with stakeholders.”

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Losses from crypto investments

Source: Australian Department of Revenue

We continue to see SMSF trustees reporting losses with crypto investments due to scams and other reasons.

Crypto investment losses have been caused by:

  • scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange
  • theft, where fraudsters would hack into trustees crypto accounts to steal all their crypto
  • collapsed crypto trading platforms, many of which were based overseas
  • lost passwords resulting in trustees being locked out of their crypto account and unable to access their crypto, and
  • scammers pretending to be from the ATO, telling people they are suspected of being involved in cryptocurrency tax evasion. They are then asked to connect their wallet and provide detailed information via a link.

Trustees thinking of investing in crypto need to be aware of the ways crypto can be lost, including via scams and how they can avoid them. ACCC’s ScamwatchExternal Link and the MoneySmart section on ASIC’s website have useful information on how to spot scams and what to do if you’ve been targetedExternal Link.

Many crypto assets are not considered to be financial products. This means the platform where you buy and sell crypto is usually not regulated so you may not be protected if the platform fails or is hacked and you could lose all of your crypto.

Investing in crypto can be complex and risky so we recommend trustees seek financial advice before investing and read both MoneySmartExternal Link and the our SMSF investing in crypto assets page.

You can also check out our short Crypto myth busting videos:

Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.