ResMed (NYSE:RMD) shares are up today just before the market’s open on fiscal fourth-quarter results that topped analysts’ expectations.
The San Diego-based respiratory devices maker reported profits of $68.8 million, or 48¢ per share, on sales of $705.0 million for the three months ended June 30, for a bottom-line slide of -37.3% on sales growth of 13.1% compared with fiscal Q4 2018. Adjusted to exclude one-time items, earnings per share were 95¢, 3¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $701.6 million.
Fiscal 2019 profits were $404.6 million, or $2.80 per share, on sales of $2.61 billion, marking a 28.2% profit gain on sales growth of 11.4% compared with fiscal 2018. Adjusted EPS came in at $3.64, missing the consensus by 31¢; analysts were looking for sales of $2.87 billion.
“We finished fiscal year 2019 with double-digit revenue growth to $2.6 billion and operating profit up 18% on a non-GAAP basis. Recent mask launches have driven market share gains while continued adoption of our SaaS solutions is driving both revenue growth and a steady margin profile,” CEO Mick Farrell said in prepared remarks. “We delivered another quarter of operating leverage, which gives us flexibility as we execute on our long-term strategy to provide innovative products, software, and solutions to improve health outcomes, create efficiencies, and reduce overall healthcare system costs. Our pipeline is solid; we are well-positioned as we enter fiscal year 2020 on a trajectory to improve 250 million lives in out-of-hospital healthcare in 2025.”
RMD shares were up 4.6% to $129.50 apiece today in pre-market trading.