Shares in ResMed (NYSE:RMD) are up after the medical device maker posted third-quarter results that beat the consensus on Wall Street.
The San Diego-based company reported profits of $105.4 million, or 73¢ per share, on sales of $662.2 million for the three months ended March 31, for a 12% growth in sales and a profit loss of 4.3% compared to Q3 2017.
Adjusted to exclude one-time items, earnings per share were 89¢, 4¢ ahead of the Wall Street consensus, where analysts were looking for sales of $657.8 million, which the company also topped.
“We had another strong quarter with top-line revenue growth across all categories of our business, including a solid contribution from recently acquired SaaS companies and growth in international device sales,” CEO Mick Farrell said in prepared remarks. “Our expanding mask portfolio continues to drive share growth across all geographies and we have a solid product pipeline to support future growth, including the recent launch of the AirFit P30i. We delivered operating leverage this quarter, even as we execute on our long-term strategy to provide innovative products, software, and solutions to improve outcomes, create efficiencies, and reduce overall healthcare system costs. We are on a trajectory to improve 250 million lives in out-of-hospital healthcare in 2025.”
Investors reacted by sending RMD shares up by 7.17% to $113.32 a piece in mid-morning trading, as of 10:37 a.m. EDT.