The San Diego-based company posted profits of $179.5 million, or $1.23 per share, on sales of $800 million for the three months ended Dec. 31, 2020, for an 11.8% bottom-line gain on sales growth of 8.7%.
Adjusted to exclude one-time items, earnings per share were $1.24, -2¢ behind Wall Street, where analysts were looking for sales of $783.18 million.
“Our second-quarter results reflect continued solid performance and positive trends across our business resulting in top-line growth as well as double-digit improvement in operating income and earnings per share,” said ResMed CEO Mick Farrell in a news release. “In our core markets of sleep apnea, COPD, and asthma, we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs. Our global teams have managed SG&A investments judiciously as we navigate through the global pandemic.
“We have seen great adoption of digital health and an increase in the importance of out-of-hospital healthcare these last 12 months, and that will only expand throughout 2021 as vaccines become more widely available, and our communities open up worldwide,” Farrell added. “We have continued to invest in focused R&D programs in digital health and core medtech innovation to help accelerate our ResMed growth strategy: improving 250 million lives in out-of-hospital healthcare in 2025.”
ResMed did not offer guidance for the full 2021 financial year.