The San Diego-based company posted profits of $87.8 million, or 62¢ per share, on sales of $514.2 million for the 3 months ended March 31, for negative bottom-line growth of 3.3% while sales grew 13.3% compared with the same period in the previous year.
Adjusted to exclude 1-time items, earnings per share were 71¢, just in line with expectations on The Street, where analysts were expecting to see sales of $519.9 million.
“We had solid double-digit constant currency revenue growth in Q3, led by our Brightree software solutions as well as mask and device sales. This quarter we saw strong demand for our new AirFit 20 range of masks. We also made significant progress on software innovation with the launch of enhanced integration capabilities with Brightree and our AirSolutions cloud-based software platform. In our current quarter, we are launching our latest market-leading innovation: the ResMed AirMini – the world’s smallest CPAP. Our focus on changing 20 million lives by 2020 has driven a pipeline of new products and connected care solutions that improve patient outcomes, create efficiencies for our homecare customers, and help physicians and providers better manage chronic disease while lowering healthcare costs,” CEO Mick Farrell said in a press release.
ResMed shares have dropped 6.5% in after hours trading, down $4.75 to trade at $68.10 as of 4:4o p.m. EDT.