ResMed (NYSE:RMD) said yesterday it closed its purchase of non-invasive sleep-disorder breathing and ventilation device maker Curative Medical for an undisclosed amount.
San Diego, Calif.-based ResMed said Curative Medical will remain independent under its CEO Jason Sun with its own R&D, manufacturing, marketing and sales focused on the Chinese market in different customer segments than ResMed.
“By joining forces with Curative Medical we expand our combined reach in the growing respiratory medical device market in China. Together we will focus on improving patient quality of life while reducing the cost of care for sleep-disordered breathing and chronic obstructive pulmonary disease,” CEO Mick Farrell said in a press release.
ResMed 1st announced the deal to pick up Curative Medical in July, along with posting its 4th quarter and full fiscal year earnings.
ResMed posted fiscal 4th-quarter profits of $87.5 million, or 61¢ per share, on sales of $453.1 million for the 3 months ended June 30, for a-0.3% profit slip on sales growth of 9.1% compared with Q4 2014.
Adjusted to exclude 1-time items, earnings per share were 68¢, 3¢ ahead of the consensus forecast on The Street, where analysts were looking for revenues of $436.7 million.
Full-year profits came in at $352.9 million, or $2.47 per share, on sales of $1.68 billion. That amounts to a bottom-line gain of 2.2% on sales growth of 8.0%. Adjusted EPS were $2.57 for fiscal 2015.