RMD - Why ResMed Stock Is Soaring Today
2024-04-26 12:08:57 ET
Shares of ResMed (NYSE: RMD) had soared 16.2% higher as of 11:50 a.m. ET on Friday. The big jump came after the healthcare technology company reported results on Thursday evening for its fiscal 2024 third quarter, which ended March 31.
For the quarter, ResMed reported revenue of $1.2 billion, up 7% year over year, and earnings per share of $2.04, based on generally accepted accounting principles (GAAP) . The company also reported non-GAAP (adjusted) earnings per share of $2.13, handily beating the consensus Wall Street estimate of $1.91.
The most important driver of ResMed's profit growth was strong demand for the company's medical devices and software -- particularly its sleep devices. The company also reported double-digit percentage revenue growth for its mask products and accessories. Software-as-a-service revenue rose by 8% year over year.
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Why ResMed Stock Is Soaring Today