Thursday, ResMed Inc. (RMD), reported an increase in fourth quarter earnings from a year ago, on a top line growth.
The Poway, California-based ResMed's fourth quarter net income jumped to $45.4 million or $0.59 per share from $29.6 million or $0.38 per share in the prior year period.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $252.0 million, up 7% from $235.1 million in the prior year period. Nine Wall Street analysts expected revenues of $243.23 million for the quarter.
Kieran Gallahue, president and chief executive officer, said, "In the fourth quarter of fiscal 2009, we continued to show strong growth year over year. Our favorable mix of product sales and market share gains led to a 20% increase in the Americas over the prior year quarter, resulting in $134.2 million in revenue."
Gallahue added that sales outside the Americas were impacted by currency movements, in particular the depreciation of the Euro against the US dollar. As a result, sales outside the Americas decreased 4% to $117.8 million, but were up 10% in constant currency terms.
ResMed noted that its gross margin continued to expand with a reported 62% for the fourth quarter resulting from manufacturing efficiencies and a positive currency impact.
ResMed's net income for fiscal 2009 increased to $146.45 million or $1.90 per share from $110.3 million or $1.40 per share in the corresponding period last year. Analysts anticipated earnings of $1.90 per share for the quarter.
For the year ended June 30, 2009, ResMed generated revenues of $920.74 million, up 10% from $835.4 million a year ago. On a constant currency basis, the revenue increase was 15% over the previous year. Wall Street analysts estimated revenues of $912.70 million.
ResMed is involved in the designing, manufacturing, and marketing of equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders.
RMD closed Thursday's trading at $41.99, down $0.39 or 0.92%, on a volume of about 815 thousand shares.
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