Resmed beats quarterly profit estimates on strong demand for sleep devices
The company makes continuous positive airway pressure (CPAP) machines, a non-invasive treatment of sleep apnea, a common disorder in which patients have brief interruptions of breathing during sleep.
Resmed's fourth-quarter revenue rose 10% to $1.35 billion, beating analysts' estimates of $1.33 billion, according to data compiled by LSEG.
The company posted adjusted profit of $2.55 per share for the quarter ended June 30, compared to estimates of $2.48 per share.
Some analysts had expected the U.S. approval of Eli Lilly's (LLY.N), opens new tab blockbuster drug Zepbound to treat sleep apnea would reduce demand for the company's devices.
Resmed has shrugged off those concerns, saying it expects consumer wearables tracking sleep health and GLP-1 therapies such as Zepbound will encourage more patients to use its devices.
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