ResMed (RMD) Tops Q2 EPS by 19c, Revenues Beat

ResMed (NYSE: RMD) reported Q2 EPS of $1.21, $0.19 better than the analyst estimate of $1.02. Revenue for the quarter came in at $736.2 million versus the consensus estimate of $730.47 million.

Second Quarter 2020 Highlights

• Revenue increased 13% to $736.2 million; up 14% on a constant currency basis
• GAAP gross margin of 58.0%; non-GAAP gross margin expanded 60 bps to 59.7%
• Net operating profit increased 26%; non-GAAP operating profit up 21%
• GAAP diluted earnings per share of $1.10; non-GAAP diluted earnings per share of $1.21

“We had a strong December quarter with double-digit top-line growth and further gross margin expansion, as well as continued fiscal discipline that resulted in improvements in operating leverage and double-digit growth at the bottom line,” said Mick Farrell, ResMed’s CEO. “We are seeing continued strong customer demand for our new products, particularly in masks and accessories with another quarter of high-teens growth in that category. ResMed is continuing to lead in digital health as we transform lives in out-of-hospital healthcare, leading the innovation of medical devices and software that improve health outcomes, create efficiencies, and reduce overall healthcare system costs. With over 100 million lives improved in 2019, and strong growth ahead, we’re well on our way to improving 250 million lives in out-of-hospital healthcare in 2025.”

For earnings history and earnings-related data on ResMed (RMD) click here.

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