ResMed stock surges after strong quarterly results Express News
Shares of ResMed rose as much as 11 percent Tuesday after the company posted better-than-expected fiscal second-quarter results.
The stock later pared those gains, but still ended the day more than 9 percent higher.
The health-care company reported earnings of 73 cents a share Monday afternoon, on revenue of $530.4 million. Analysts polled by Reuters had expected it to report earnings of 70 cents per share on sales of $515.9 million.
ResMed also reiterated its gross margin guidance for fiscal 2017.
“We had a strong quarter with 18 percent constant currency revenue growth led by solid growth in our Brightree software offerings and global device sales,” said Mick Farrell, ResMed’s chief executive officer. Farrell concluded, “We are focused on our goal of changing the lives of 20 million patients by 2020” through the company’s various products.
ResMed CEO Mick Farrell is scheduled to appear on CNBC’s “Mad Money with Jim Cramer” at 6 p.m., ET.