ResMed reserves $US255m for possible ATO settlement
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A $US255 million ($327 million) provision for a tentative settlement with the Australian Tax Office pushed ResMed’s bottom line into the red in the third quarter.
The tax issue has been hanging over the medical equipment company since 2018, when the ATO slapped ResMed with a full audit from 2009 to 2013, and ordered it to pay up, following a transfer pricing dispute.
“This allows all of us to focus on our core business”: ResMed chief executive Mick Farrell.
Net loss for the quarter was $US78.5 million, mostly due to the additional income tax reserve of $254.8 million.
Sleep Tech Devices Market Value Could Exceed $31 Billion By 2026
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PALM BEACH, Fla., Feb. 23, 2021 /PRNewswire/ Changing lifestyle, consumption of junk food and lack of exercise have disturbed the normal metabolism of an individual s body ultimately increasing the prevalence of sleeping disorders such as obstructive sleep apnea, narcolepsy, insomnia, etc. Thus, there has been an increase in the demand for sleep tech devices that enhances the sleep activity in individuals suffering from sleep-related disorders. Technological advancements in sleep tech devices will prove beneficial for industry growth. Innovations introduced within these sleep devices have enhanced the comfort levels in individuals suffering from chronic disorders. Currently available sleep devices effectively monitor and provide overall analysis that enables people to optimize their sleep patterns. Hence, growing availability of advanced
Sleep Tech Devices Market Value Could Exceed $31 Billion By 2026 prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
The medical device maker has seen an easing in COVID-19-driven demand for its ventilators and is now banking on a recovery of its core business of sleep apnea products.