ResMed posts record profit for March quarter

ResMed (ASX:RMD) has reported a record US$84.9 million ($82.3 million) net profit for the March quarter, up 31% year on year.

The Australia-founded, US-headquartered medical device maker also posted a 10% increase in revenue to a record US$383.6 million.

The first quarterly results under new CEO Mick Farrell reflect strong gains in the Americas - revenue from the region increased 13% to US$215.2 million.

Revenue from outside the Americas increased by a more modest 6% to US$168.4 million.

But R&D costs grew 10% to US$31.2 million, and selling and administrative expenses were up 8% to US$7.7 million.

ResMed focuses on selling devices to diagnose, treat and manage sleep-disordered breathing conditions. Last week, the company launched a new product to treat chronic obstructive pulmonary disorder (COPD).

Farrell said more product launches are on the way. “We are confident we have the right product pipeline for the future. We will be launching an important and exciting new mask this quarter and expect to launch an additional mask this calendar year.”

ResMed has announced a quarterly dividend of US$0.17 per share for its shareholders on the NYSE. Australian CDI holders will receive an equivalent amount in Australian dollars, based on the 10:1 ratio between CDIs and NYSE shares.

ResMed’s US share price fell 0.5% overnight to US$45.52 after the results were announced. Its price on the ASX had declined 1.33% to $4.44 as of around 12.30 pm on Friday.