Why ResMed Stock Is Soaring Today
Shares of (NYSE: RMD) had soared 16.2% higher as of 11:50 a.m. ET on Friday. The big jump came after the healthcare technology company reported results on Thursday evening for its fiscal 2024 third quarter, which ended March 31.
For the quarter, ResMed reported revenue of $1.2 billion, up 7% year over year, and earnings per share of $2.04, based on generally accepted accounting principles (GAAP). The company also reported non-GAAP (adjusted) earnings per share of $2.13, handily beating the consensus Wall Street estimate of $1.91.
The most important driver of ResMed's profit growth was strong demand for the company's medical devices and software -- particularly its sleep devices. The company also reported double-digit percentage revenue growth for its mask products and accessories. Software-as-a-service revenue rose by 8% year over year.
Source Fool.com
Resmed Inc. Stock
We see a rather positive sentiment for Resmed Inc. with 18 Buy predictions and 1 Sell predictions.
However, we have a potential of -1.19% for Resmed Inc. as the target price of 215 € is below the current price of 217.6 €.
