ResMed shares climb on ASX, following Nasdaq rise
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More news: Shares in ResMed lifted in morning trade on the ASX, after the healthcare group posted an increase in revenue, gross margin and earnings per share for the third quarter.
RedMed shares were up 6.9% to $30.72 by 11:55am AEST.
ResMed, which is dual-listed on the ASX and Nasdaq, saw shares rise 9% to US$200 ($306.28) during after-hours trading in New York.
ResMed posts strong Q3 earnings
The news: ResMed posted strong third-quarter earnings as robust patient and customer demand for the healthcare group's products and software drove revenue growth.
The numbers: Revenue jumped 7% to USD1.2 billion ($1.8 billion) compared to the prior corresponding period. Gross margin grew 260 basis points to 57.9%, while income from operations increased 25% to USD374.6 million.
Diluted earnings per share climbed 29% to USD2.04, with non-GAAP diluted earnings per share up 27% USD2.13.
ResMed, which is dual-listed on the ASX and Nasdaq, saw shares rise 9.1% to USD200.13 by 9:10am AEST during after-hours trading in New York.
The stock last traded on the ASX at $28.74 and over the last 12 months has dropped 15.96%.
The context: The San Diego company, which provides medical devices for the treatment of sleep apnea, chronic obstructive pulmonary disease, and other respiratory conditions, said the March quarter saw double-digit mask and accessories revenue growth.
Operational efficiencies drove margin improvement and increased profitability, helping the company to double-digit growth in operating profit and earnings per share.
ResMed's third-quarter report follow solid earnings growth in the first and second quarters for the financial year.
The source: ASX announcement
