For the quarter, ResMed reported profits of $83.1 million, or 59¢ per share, on sales of $518.6 for the 3 months ended June 30. That’s a 5% slide on the bottom-line even as sales grew 14.5% compared with the same quarter last year.
After adjusting to exclude 1-time items, earnings per share were 74¢, a solid 7¢ above the 67¢ that analysts on Wall Street were looking for for the quarter. Revenues topped the Street’s expectation of $475.9 million as well.
For the full year, the San Diego, Calif.-based company reported profits of $352.4 million for the 12 months ended June 30. The company’s bottom line shrunk a marginal 0.1% overall while sales for the year grew 9.5% compared to the same period last year.
Adjusted earnings per share for the year were $2.68, a good chunk below the $2.97 that analysts on Wall Street were looking for from the company. Revenue also fell short, with the Street looking for $2.1 billion for the year.
“We finished the year with double-digit constant currency revenue growth, fueled by solid performance in masks, devices, and our 1st quarter of software-as-a-service revenue from Brightree. Our board of directors has declared a 10% increase in our dividend this quarter, reflecting confidence in our long-term strategy and outlook. We are the world’s largest provider of remote connected care solutions with over 2 million patients using ResMed cloud-connected devices on bedside tables; we provide actionable information every day for patients, physicians, providers and payors. During the year, we continued to demonstrate the value of our solutions through clinical research, while transforming how healthcare is delivered through cloud-based offerings that are shaping a new frontier in connected care. Our global team ended fiscal year 2016 with $1.8 billion in revenue as we continue to drive towards our goal of changing 20 million lives by 2020. ResMed is on a trajectory to be the world’s leading tech-driven medical device company; we deliver innovative cloud-connected products and solutions that improve patient outcomes, create efficiencies for our customers, help physicians and providers better manage chronic disease, and lower overall healthcare system costs,” CEO Mick Farrell said in prepared remarks.
Shares in ResMed have ticked up 4.9% in trading today, at $68.93 as of 11:50 a.m. EDT.
In April, ResMed said it closed the $800 million acquisition of cloud-based healthcare software company Brightree.
Atlanta, Ga.-based Brightree develops cloud-based software for home or durable medical equipment for home health and hospice care. Its majority owner was private equity shop Battery, which bought its stake in 2008.
ResMed has been on an M&A tear of late, closing its acquisition of oxygen therapy company Inova Labs in February; in October 2015, the San Diego-based company closed its buyout of Curative Medical.
The post ResMed shares lift on solid Q4 posting appeared first on MassDevice.
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