ResMed shares down as FY2018 earnings show shrinking profits

Shares in ResMed (NYSE:RMD) have fallen today after the medical device maker posted fourth quarter and full fiscal year 2018 earnings that topped expectations on the Street, but showed full year profits decline when compared to 2017. The San Diego-based company posted profits of $109.8 million, or 76¢ per share, on sales of $623.6 million for the three months ended June 30, seeing bottom-line growth of 8.1% while sales grew 12% compared with the same period during the previous year. After adjusting to exclude one-time items, earnings per share were 95¢, just in line with consensus on Wall Street where analysts expected to see sales of $623.2 million, which the company narrowly topped. For the full year, ResMed posted profits of $315.6 million, or $2.19 per share, on sales of $2.3 billion, seeing the bottom line shrink 7.8% while sales grew 13.2% compared with the previous fiscal year. Adjusted to exclude one-time items, earnings per share were $3.53, just ahead of the $3.50 consensus on Wall Street, where analysts expected to see sales of $2.3 billion, which the company topped. “We closed out the year with strong performance across all aspects of our business, from solid top-line revenue growth—driven by geographically balanced results across our entire portfolio of offerings—to continued improvements in operating leverage, which has resulted in double-digit bottom-line growth. We continue to advance our cloud-connected medical device strategy and are growing o...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat ResMed Inc. Source Type: news