ResMed (NYSE:RMD) shares crept up today on second-quarter results that soundly beat the consensus forecast.
The San Diego–based respiratory treatment device maker posted profits of $160.6 million, or $1.10 per share, on sales of $736.2 million for the three months ended Dec. 31, 2019, for a 28.9% bottom-line gain on sales growth of 13.1%.
Adjusted to exclude one-time items, earnings per share were $1.21, 19¢ ahead of the Wall Street, where analysts were looking for sales of $726 million.
“We had a strong December quarter with double-digit top-line growth and further gross margin expansion, as well as continued fiscal discipline that resulted in improvements in operating leverage and double-digit growth at the bottom line,” ResMed CEO Mick Farrell said in a news release. “With over 100 million lives improved in 2019, and strong growth ahead, we’re well on our way to improving 250 million lives in out-of-hospital healthcare in 2025.”
RMD shares were up 0.1% at $165.57 per share in early-morning trading today.