The San Diego, Calif.-based company posted profits of $76.7 million, or 54¢ per share, on sales of $530.4 million for the 3 months ended December 31. That amounts to a bottom-line slide of 19.7% while sales grew 16.7% compared with the same period in 2015.
After adjusting to exclude 1-time items, earnings per share were at 73¢, ahead of the 70¢ consensus on The Street, where analysts were looking for sales of $514.7 million.
“We had a strong quarter with 18% constant currency revenue growth led by solid growth in our Brightree software offerings and global device sales. We continue to pioneer game-changing products and create value with our solutions. This quarter we announced: FDA clearance for the world’s smallest travel CPAP; the creation of SleepScore Labs to focus on consumer sleep wellness; reaching the milestone of one billion nights of sleep data; and new research demonstrating that the use of myAir significantly improves patient adherence to sleep therapy in Europe. We are focused on our goal of changing the lives of 20 million patients by 2020 and we continue to lead the industry through an exciting pipeline of new products and connected care solutions that improve patient outcomes, create efficiencies for our homecare customers, and help physicians and providers better manage chronic disease and lower healthcare costs,” CEO Mick Farrell said in a press release.
The company did not release any adjusted guidance for the remaining year.
RMD shares were trading at $68.25 apiece in premarket trading today at 8:29 a.m. EST, up 7.31%.
The patent infringement disputes date back at least to June 2013, when ResMed filed a lawsuit against BMC and its U.S. distributor, 3B Medical. That case involved patents covering continuous positive airway pressure devices, a nasal mask and a nasal pillow interface. Both sides claimed wins the following year when the International Trade Commission issued a mixed ruling, finding that 9 of BMC’s products each violated at least 1 of ResMed’s patents but invalidating others.