ResMed slides despite record Q2 sales and profits

January 31, 2013 by MassDevice staff

Shares of medical device company ResMed fall nearly 7% despite record sales and profits for its fiscal 2nd quarter.

ResMed

ResMed (NYSE:RMD) shares fell nearly 7% this morning after the medical device company posted record sales and profits for its fiscal 2nd quarter, but missed Wall Street's earnings expectations.

The San Diego-based medical device company posted profits of $77.9 million, or 53¢ per share, on sales of $376.5 million for the 3 months ended Dec. 31, 2012.

That amounts to a bottom-line gain of 24.0% and top-line growth of 13.2%, compared with the same period in 2011. But analysts on The Street were looking for EPS of 57¢, prompting investors to send RMD shares down 6.6% to $43.73 as of about 11:30 a.m. today.

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