Shares of medical device maker ResMed's stock fall back to earth, and then some, after a 4 point spike that followed a 4th quarter earnings report with record sales and income.
ResMed (NYSE:RMD) got Wall Street's attention after posting record sales and income for its 4th quarter, but shares have dropped back down, and then some, since the initial rush last week. RMD shares were trading at $47.18 as of about 4 p.m. today, about 1% less than the $47.65 closing price the night before the company released its 4th quarter earnings.
ResMed on August 1 reported its 4th quarter financials, posting an 11.5% bump in sales and but a 5% dip in profits for the 3 months ended June 30, 2013. Overall the device maker posted profits of $73 million, or 50¢ per diluted share, on sales of $414.6 million during its 4th quarter. That compared with profits of $76.8 million in profit, or 53¢ per share, on sales of $371.9 million during the same period last year.