Benzinga - by Avi Kapoor, Benzinga Staff Writer.
ResMed (NYSE:RMD) reported better-than-expected third-quarter financial results on Thursday.
ResMed posted adjusted earnings of $2.13 per share, beating market expectations of $1.91 per share. The company's quarterly sales came in at $1.200 billion versus estimates of $1.167 billion, according to data from Benzinga Pro.
Gross margin rose 260 bps to 57.9%, while non-GAAP gross margin increased 240 bps to 58.5%.
“ResMed’s strong third-quarter fiscal year 2024 results reflect robust patient and customer demand for our products and software solutions, leading to double-digit mask and accessories revenue growth along with ongoing operational efficiencies to drive margin improvement and increased profitability, resulting in double-digit growth in both operating profit and earnings per share,” said Mick Farrell, ResMed’s Chairman & CEO. “Over 2 billion people worldwide can benefit from a ResMed solution to help them sleep better, breathe better, and receive best-in-class healthcare right where they live. We remain laser-focused on bringing market-leading innovation to customers, including our latest AirCurve11 range of non-invasive ventilators and our recently launched AirFit F40 mask system, combined with our entire portfolio of products, software, and solutions, allowing us to continue to deliver value for all our stakeholders.”
ResMed shares fell 0.2% to close at $183.42 on Thursday.
These analysts made changes to their price targets on ResMed following earnings announcement.
- Needham increased the price target on ResMed from $224 to $236. Needham analyst Mike Matson maintained a Buy rating.
- Keybanc boosted the price target on ResMed from $227 to $238. Keybanc analyst Brett Fishbin maintained an Overweight rating.
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