- ASX 200 listed ResMed’s share price is up 5.5 per cent today, currently sitting at $18.98 per share
- The company’s quarterly report shows a revenue increase of 13 per cent, totalling $705 million
- Company CEO says successful launch of new sleep apnea masks a big contributor
Sleep apnea specialists RedMed’s quarterly earnings has seen its share price jump 5.5 per cent today.
Featured on the ASX 200, the medical tech company’s share price is currently sitting at $18.97 per share.
ResMed create sleep apnea products including a series of masks, devices and humidifiers.
Quarterly revenue was up 13 per cent totalling $705 million, while the quarterly dividend increased five per cent to sit at $0.39 per share.
CEO of ResMed Mick Farrell said: “Recent mask launches have driven market share gains while continued adoption of our SaaS (software as a service) solutions is driving both revenue growth and a steady margin profile.”
ResMed offer an extensive range of masks, featuring full head pieces, nasal pillows, and nasal masks, including child size options.
During the 2019 financial year, total revenue was up 11 per cent bringing the sum to $2.6 billion. Furthermore, operating profit is up 18 per cent on a non-GAAP basis.
Mick said the strong quarter gives Resmed flexibility to execute long-term company strategies. The company is focused on prodiving innovative products, software solutions, and increased efficiency with reduced costs to healthcare systems.
“Our pipeline is solid, we are well-positioned as we enter fiscal year 2020 on a trajectory to improve 250 million lives in out-of-hospital health care in 2025,” Mick added.
On top of its mask range, the company offer electronic coaching and an app to help track progress.
ResMed are based in San Diego, California and became ASX listed in 1999.