ResMed says 2Q net income rises on higher sales
ResMed Inc.'s second-quarter profit rose 27 percent as it sold more equipment for treating respiratory problems such as sleep disorders.
For the October to December quarter, the San Diego company reported net income of $58.5 million, or 37 cents a share, compared with $45.98 million, or 30 cents a share, in the year-ago quarter.
Net revenue increased 11.2 percent to $306 million from $275 million a year ago. The company credited the increase to sales growth overall but said it was slightly higher in Europe and the Asian-Pacific region than in the Americas.
Analysts surveyed by FactSet had predicted earnings of 36 cents a share on revenue of $308.6 million.
ResMed said operating expenses rose 9.3 percent in the three-month period as it spent more on selling, general and administrative tasks as well as research and development.
ResMed released its results after the market closed Thursday.
Its shares fell $1.40, or 4.3 percent, to $31.64 in morning trading Friday.