ResMed (NYSE:RMD) yesterday reported fiscal first-quarter results that beat the consensus forecast.
The San Diego-based respiratory device maker posted profits of $105.7 million, or 73¢ per share, on sales of $588.3 million for the three months ended Sept. 30, for bottom-line growth of 22.8% on sales growth of 12.3% compared with fiscal Q1 2018.
Adjusted to exclude one-time items, earnings per share were 81¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $571.3 million.
“Our first-quarter 2019 results demonstrate continued strong performance across our business with 13% top-line revenue growth, driven by growth across our entire portfolio of offerings,” CEO Mick Farrell said in prepared remarks. “We also delivered another quarter of improving operating leverage resulting in double-digit growth at the bottom line.
“During the quarter we expanded our product portfolio with new masks and made ongoing upgrades to our digital health solutions, separating ResMed from the competition. We provide customers with services and solutions to help improve patient outcomes, create efficiencies, and reduce overall healthcare system costs,” Farrell said.
RMD shares closed up a tick yesterday at $98.50 apiece, for a 0.5% gain.
The post ResMed’s fiscal Q1 tops forecast appeared first on MassDevice.
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