ResMed
(NYSE: RMD)
shares ticked up after hours on third-quarter results that came in ahead of the consensus forecast.
Shares of RMD rose more than 4% to $191 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day down 1%.
The San Diego-based respiratory device maker reported profits of $300.5 million. That equals $2.04 per share on sales of $1.197 billion for the quarter ended March 31, 2024.
ResMed recorded a 29.2% bottom-line gain on a sales increase of 7.2%.
Adjusted to exclude one-time items, earnings per share came in at $2.13. That landed 22¢ ahead of expectations on Wall Street. Sales also topped the forecast as experts estimated $1.17 billion in revenue.
The company attributed growth to increased demand for its sleep devices and growth across its mask product portfolio. ResMed has seen increased demand over the past several years as Philips continues to grapple with its long-running Respironics recall issues.
“ResMed’s strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and software solutions, leading to double-digit mask and accessories revenue growth along with ongoing operational efficiencies to drive margin improvement and increased profitability, resulting in double-digit growth in both operating profit and earnings per share,” said Mick Farrell, ResMed’s chair & CEO. “Over 2 billion people worldwide can benefit from a ResMed solution to help them sleep better, breathe better, and receive best-in-class healthcare right where they live.
“We remain laser-focused on bringing market-leading innovation to customers, including our latest AirCurve11 range of non-invasive ventilators and our recently launched AirFit F40 mask system, combined with our entire portfolio of products, software, and solutions, allowing us to continue to deliver value for all our stakeholders.”
