The San Diego, Calif.-based company posted profits of $110.1 million, or 76¢ per share, on sales of $591.6 million for the three months ended March 31, for bottom-line growth of 25.4% on sales growth of 15.1% compared to the same period during the previous year.
After adjusting for one-time items, earnings per share were 92¢, ahead of the 84¢ consensus on Wall Street where analysts expected to see sales of $574 million, which the company handily topped.
“We had a strong quarter, with solid revenue growth at the top line, and operating leverage improving the bottom line. Our cloud-connected medical device strategy is succeeding; the major markets for our sleep business are adopting remote monitoring systems, which plays to the strength of our offerings. Our mask business performed well across all markets, and our cloud-based software-as-a-service business also grew rapidly in Q3. We believe we are well-positioned. We continue to innovate. We are improving our existing products and solutions, and have a robust pipeline for the future,” ResMed CEO Mick Farrell said in a prepared statement.
Shares in ResMed have fallen 2.5% so far today, at $94.81 as of 2:26 p.m. EDT.