RMD - Why ResMed Stock Is Jumping Today
2024-01-25 12:07:03 ET
Shares of ResMed (NYSE: RMD) were jumping 7% as of 11:25 a.m. ET on Thursday after rising as much as 10.6% earlier in the morning. The solid gain came after the medical device maker announced results for its fiscal 2024 second quarter ended Dec. 31, 2023, following the market close on Wednesday.
ResMed reported Q2 revenue of $1.16 billion. This reflected a 12% year-over-year increase and was a little above the consensus Wall Street estimate.
The company posted earnings of $208.8 million, or $1.42 per diluted share, based on generally accepted accounting principles ( GAAP ). On a non-GAAP (adjusted) basis, ResMed's earnings came in at $277.3 million, or $1.88 per diluted share. This bottom-line amount was 13% higher than adjusted earnings recorded in the prior-year period. It also beat the average analysts' earnings estimate of $1.81 per share.
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Why ResMed Stock Is Jumping Today