ResMed lifts on FY2018 Q1 sales beat

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Shares in ResMed (NYSE:RMD) have risen in after-hours trading after the medical device maker beat expectations on Wall Street with its 1st quarter fiscal year 2018 earnings results.

The San Diego, Calif.-based company posted profits of $86.1 million, or 60¢ per share, on sales of $523.7 million for the 3 months ended September 30, seeing the bottom line grow 13.2% while sales grew 12.5% compared with the same period during the previous fiscal year.

Adjusted to exclude 1-time items, earnings per share were 66¢, just in line with consensus on Wall Street, where analysts expected to see sales of $505.6 million.

“We started the fiscal year with strong 11% constant currency revenue growth led by our masks, software-as-a-service solutions, and devices. Our new masks have performed well around the world, device sales are solid, and operating profit returned to double-digit growth in the quarter. We are achieving share gains with new product innovation and delivering sustainable operating profit growth. We continue to pioneer products, services and solutions that improve patient outcomes, create efficiencies for our homecare providers, and help physicians and payers better manage chronic disease and lower long-term healthcare costs,” CEO Mick Farrell said in a press release.

Shares in ResMed have risen 1.77% to $80 as of 5:42 p.m. EDT.

Earlier this month, ResMed updated on a number of patent infringement suits in the UK, Australia and New Zealand as it continues to battle with Fisher & Paykel Healthcare (NZE:FPH).

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