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ResMed Inc. (ASX:RMD, NYSE:RMD) has posted a strong start to the new financial year, boosting first quarter earnings by more than expected.
The manufacturer and distributor of medical equipment posted a record quarterly net profit of $US71.3 million at the end of last week, about $US20 million up from last year and $US8 million more than expected by analysts.
In the same period quarterly revenues increased 8 per cent to $US340 million, up from $US315 million the year before.
Dual-listed Res-Med has operations in more than 70 countries and its September quarter result was aided by 15 per cent growth from US markets.
Shares in California-based Resmed rose to record highs after the announcement but pulled back to finish last week at $3.99 on the Australian Securities Exchange (ASX).
ResMed’s annual net profit grew 12 per cent to $250 million in the 2012 financial year.
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