ResMed (NYSE:RMD) shares ticked up today on third-quarter results that topped the consensus forecast.
Shares of RMD rose 1.2% at $228 apiece before the market opened this morning. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — started the day up 0.2%.
The San Deigo-based sleep respiratory technology maker posted profits of $232.5 million. That amounts to $1.58 per share on sales of $1.12 billion for the three months ended March 31, 2023.
ResMed posted a 29.9% bottom-line gain on sales growth of 29.2%. ResMed’s continued growth reflects a ramp-up in production as a result of growing demand. The company grabbed a hold of the sleep respiratory market as a result of the ongoing Philips Respironics recall.
Adjusted to exclude one-time items, earnings per share totaled $1.68. That landed 9¢ ahead of expectations on Wall Street. Sales posted a beat, too, as analysts looked for revenues of $1.05 billion.
“During the third quarter, we significantly ramped up production and delivery of our cloud-connected flow generator devices to meet ongoing high demand from customers, resulting in strong device sales growth across our global markets,” said Mick Farrell, ResMed CEO. “We now have full global availability of our connected AirSense 10 platform, while we continue to ramp production and availability across more geographies of our AirSense 11 platform.
“The bottom line is this: We can now support global customer demand for CPAP and APAP devices to serve the entire sleep device market. This is great news for physicians, providers, and especially for patients. We also saw very strong growth in our mask and patient interfaces businesses globally, demonstrating a sustainable focus on patient adherence and resupply.”
ResMed did not provide financial guidance for the remainder of its 2023 fiscal year.