ResMed Releases Record Financial Results ResMed Inc, San Diego, reported record revenue and income results for the quarter and year ended June 30, 2005. Revenues for the June 30, 2005, quarter were $125.4 million, a 35% increase over the quarter ended June 30, 2004. Excluding the incremental revenue contribution from acquisitions, revenue was $116.4 million, an increase of 25%. Company revenues for fiscal year 2005 were $425.5 million, an increase of 25% over the year ended June 30, 2004. Excluding the incremental revenue contribution from acquisitions, revenue was $414.0 million, an increase of 22%. Fiscal 2005 was another successful year for ResMed, and our financial results certainly reflect that, says Peter C. Farrell, PhD, ResMed chairman and CEO. The launch of the Mirage Swift patient interface, the acquisition of Saime, and the rollout of the new S8 platform have delivered strong revenue and profit results this year and, more important, have positioned us well for further growth. |
MED Signs Purchasing Agreement with TiLite
The MED Group, Lubbock, Tex, and TiLite, Kennewick, Wash, have entered a purchasing agreement for titanium manual wheelchairs for the MED Groups National Rehab Network members. When we launched TiLite in 1998, we set out to develop a superior line of manual wheelchairs that would combine orthoses-like customization with the most advanced materials, says David S. Lippes, TiLite chairman and CEO. Our focus has always been to provide users with the best possible mobility. We have grown tremendously over the past 7 years by forming successful relationships with those who share our vision. By partnering with The MED Group, whose membership includes so many leading rehab equipment suppliers, we now have the opportunity to do this on an unprecedented scale.
Doug Curtis
Pride Mobility Finalizes Acquisition
In an effort to offer a more complete mobility package to providers and customers, PrideŽ Mobility Products Corp, Exeter, Pa, has acquired Silver Star Mobility, a manufacturer of scooter and power chair vehicle lifts. Through the transition, Pride has implemented product upgrades, packaging changes, and higher quality standards. All the changes are made with the focus on compliance and safety. Prides mission has always been to help improve peoples lives by designing the industrys most innovative mobility products. We are excited that our focus is now going to include power chair and scooter lifts, says Scott Meuser, Pride chairman and CEO. Effective September 1, all Silver Star Lifts by Pride, like all of Prides products, will be backed by our strong sales, marketing, distribution, and customer service teams. Pride has hired Douglas Curtis as national sales manager of its newly formed Silver Star Lift Division. Curtis joins Pride with over 5 years experience in the vehicle lift market.
Invacare Declares Quarterly Dividend
The Board of Directors of Invacare Corp, Elyria, Ohio, declared a cash dividend of $.0125 per share on its common shares and $.011364 per share on its Class B common shares payable October 14, 2005, to shareholders of record on October 3, 2005.
Brian ONeil
Metridoc and RemitDATA Join Forces
RemitDATA Inc, Memphis, Tenn, and Titan Consulting Group Inc, Center Line, Mich, are integrating their solutions in an effort to bring technology products to the HME industry. Metridoc, Titans fully automated document management solution, has now been integrated with RemitDATAs tools to get rid of the copying, cutting, pasting, and markup of paper EOBs. The new feature automatically processes ANSI-compliant ERN files, and produces individual patient-specific EOBs and DMERC Review Forms from RemitDATA that are automatically added to the Metridoc document management system. The statements and forms can be retrieved from a customers Metridoc system at any time. The feature also includes an Executive Dashboard Report. The Metridoc solution is all about automating the document management process, getting rid of the paper and the labor that goes with it, and with the addition of RemitDATA technologies to Metridoc, we have just made the Medicare supplemental claim and review process much more profitable for our customers, says Brian ONeil, Titan president and CEO.
Core Products Enters Pharmacy Supply Market
With the acquisition of the former assets of Respiratory Distributors Inc (RDI), Foley, Ala, from its secured lender, Core Products Inc (CPI), also located in Foley, has become a player in the pharmacy respiratory supply market. RDI, at one time the industry leader in supplying vials and other compounding products to pharmacies, shut down its operations in late July 2005. CPI will sell vials, heat seal machines, chemicals, and other products that pharmacies need for compounding. CPI is excited to enter this market, says Marty McClantoc, CPI owner and president. When I served as CEO of RDI, we were recognized as providing superior service to pharmacies throughout the country. It is CPIs goal to provide the same type of excellent service. McClantoc served as RDIs CEO until June 2004, at which time he left RDI to pursue other opportunities. After McClantoc left RDI, the company was unable to sustain its market position and had to close its doors. According to McClantoc, CPI will incorporate some of the innovative services that RDI once provided, along with other outstanding services that are unique to CPI.
CHAD Recognized for Growth
CHAD Therapeutics Inc, Chatsworth, Calif, has been named to Deloittes Technology Fast 50 Program for Los Angeles, a ranking of the 50 fastest growing technology companies in the area by Deloitte & Touche LLP. Rankings are based on the percentage of revenue growth from 2000 to 2004. Sustaining high revenue growth over 5 years is an exceptional accomplishment. We commend CHAD for making the commitment to technology and delivering on the promise of market longevity, says Tim Lovoy, partner, Technology, Media & Telecommunications, Deloitte & Touche LLP. We are proud to honor CHAD as a Deloitte Technology Fast 50 winner.
Invacare Rolls Out New Retail Packaging
Invacare Corp, Elyria, Ohio, will be introducing a new look for its retail packaging. The new packaging will be brighter and more vivid with new lifestyle photos. When it comes to personal care products, consumers rely on the package to tell them the features and benefits story about the product, says Michael DiFranco, product manager of personal care at Invacare. The packaging needs to have lifestyle images that convey instant customer satisfaction with Invacare products. Our new packaging will do just that. It will also incorporate brighter, more modern colors.
medSage Moves to New Location
medSage Technologies LLC, Pittsburgh, has relocated to larger offices. This move provides us the room we absolutely need today and allows us to grow our business for the next year or two, says Bill Kaigler, medSage founder and president. In addition, we have certain rights for additional space within the facility if business conditions require us to rapidly expand our operations and expedite our hiring plans.
Graham-Field Maintains Free Freight Qualifier
GF Health Products Inc, Atlanta, will not be passing on the 1% fuel tariff to customers until at least the end of the year. We have worked diligently with our manufacturing facilities, our logistics partners, and distribution team to reduce the cost of freight to our customers and still maintain next day delivery to all major metropolitan areas, says Lawrence de la Haba, Graham-Field vice president of marketing. For the present, we will not be increasing our free freight qualifier beyond the current $500 level.
Hauer Offers New Plus Sized Support Hose
Hauer Corp, New York, has added PERSONALITY plus sized sheer support pantyhose to its product line. The new style is designed to fit women weighing up to 500 pounds, and comes in sheer with a firming control top and 12/15 mm Hg compression. A firmer compression of 18/21 mm Hg is still in the testing phase and will be available soon. A graduated compression pantyhose in these size ranges is unprecedented in the support hose market, says Max Hauer, Hauer president and cofounder. Until now, plus sized women were not able to enjoy the proven benefits of graduated compression hose because existing products didnt fit well or got worn out quickly.
ResMed Launches New Compact Flow Generators
ResMed, San Diego, recently released the S8 Elite and the S8 AutoSet Vantage, two new devices in the S8 platform of compact flow generators. Both devices have the option of fully integrated humidification with ResMeds new HumidAire 3i compact humidifier and feature ResMeds latest compliance-boosting technology, EPR (expiratory pressure relief).
The S8 Elite and the S8 AutoSet Vantage with the HumidAire 3i are ResMeds first flow generators to offer fully integrated humidification in a single, compact system for travel or home use. The S8 Elite and the S8 AutoSet Vantage with integrated humidification are the premium therapy solutions in the S8 product line, says Mick Farrell, vice president of marketing for the Americas. These devices feature superior functionality, ease of use, and a sleek design that have generated a phenomenal response from our customers and patients alike. Patients can enjoy the freedom of a compact flow generator with flexible therapy settings without compromising their treatment.
Teleflex Medical Expands Respiratory Offering
Teleflex Medical Products, Bannockburn, Ill, a division of Teleflex Incorporated (TFX), entered an exclusive US distribution agreement for the Nasal-AireŽ II Critical Care patient interface developed by InnoMed Technologies Inc, Coconut Creek, Fla. Teleflex Medical is the ideal business partner to bring the patented Nasal-Aire technology into the critical care marketplace, says Sanjay Chandran, CEO of InnoMed Technologies.
In Brief
Summit Lifts Inc, Lake Winnebago, Mo, continues the development of innovative stair lifts with the release of the Summit MAX. Designed to accommodate bariatric patients, the Summit MAX will come standard with a sturdy 1/2-hp motor, 180-degree seat swivel, in-field, left-to-right hand reversibility, and 20 feet of travel, with a choice of three upholstery options.... GF Health Products Inc, Atlanta, completed the second phase of its technology initiative by updating its Web site.... The MED Group, Lubbock, Tex, and Charter Capital, Scottsdale, Ariz, reached an agreement for leasing services for MED Group members. Charter Capital will assist MEDs efforts to secure financing for purchase of inventory.... Invacare Corp, Elyria, Ohio, is producing reference materials that will list and explain the new Medicare power wheelchair code categories. The company has submitted all of its power wheelchairs to be coded, and is now focusing on making the transition easier for providers.... medSage Technologies LLC, Pittsburgh, recently added Christian Kebekus as its new chief technology officer. DP
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