ResMed stock rises as earnings beat on ventilator production

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ResMed Inc. RMD, +2.55% shares rose in the extended session Thursday after the medical equipment maker topped Wall Street estimates as it ramped up its manufacturing of ventilators amid the COVID-19 pandemic. ResMed shares rose 6.2% after hours, following a 0.6% decline in the regular session to close at $155.32. The company reported fiscal third-quarter net income of $163.1 million, or $1.12 a share, compared with $105.4 million, or 73 cents a share, in the year-ago period. Adjusted earnings were $1.29 a share, compared with 89 cents a share in the year-ago period. Revenue rose to $769.5 million from $662.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.03 a share on revenue of $724.1 million. “We have rapidly pivoted our business to respond by ramping up production of life support ventilators, non-invasive ventilators, and ventilation mask systems for the people who need them most, wherever they live,” said Mick Farrell, ResMed chief executive, in a statement.

Originally Published on MarketWatch

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