ResMed (RMD) Tops Q1 EPS by 24c, Revenues Beat

ResMed (NYSE: RMD) reported Q1 EPS of $1.27, $0.24 better than the analyst estimate of $1.03. Revenue for the quarter came in at $751.9 million versus the consensus estimate of $710.73 million.

First Quarter 2021 Highlights
All comparisons are to the prior year period

• Revenue increased 10% to $751.9 million; up 9% on a constant currency basis

• GAAP gross margin of 58.3%; non-GAAP gross margin expanded 30 bps to 59.9%

• Net operating profit increased 27%; non-GAAP operating profit up 24%

• GAAP diluted earnings per share of $1.22; non-GAAP diluted earnings per share of $1.27

“Our first quarter results reflect solid performance and positive trends across our business,” said Mick Farrell, ResMed’s CEO. “During the quarter, we continued to support the global COVID-19 pandemic response, providing ventilators, masks, and circuits to countries in need around the world. In our core markets of sleep apnea, COPD and asthma, we are encouraged by the sequential improvement in new patient volume, as well as the ongoing strong adoption of our mask and accessories resupply programs. We have accelerated the launch of digital health solutions to help clinicians remotely diagnose, treat, and manage patients during the pandemic and beyond. Our global team is effectively managing SG&A expenses, while investing in broad-based R&D programs to help accelerate our ResMed 2025 growth strategy: 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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