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Investors Breathe Easy On ResMed Inc (ASX:RMD) First Quarter Result

ResMed Inc (ASX: RMD) has reported its result for the first quarter of the 2019 financial year.

ResMed is a healthcare business that uses devices to help treat and manage sleep apnea, chronic obstructive pulmonary diseases and other respiratory conditions.

First quarter result:

ResMed reported that revenue grew by 12% to US$588.3 million, and it grew by 13% in constant currency terms.

Net income grew by 23% to US$105.7 million year-on-year, and earnings per share (EPS) increased by 22% to 73 cents per share.

ResMed CEO Mick Farrell commented on some of the company’s recent activities:

During the quarter we expanded our product portfolio with new masks and made ongoing upgrades to our digital health solutions, separating ResMed from the competition.”

Some of those upgrades were to the Astral life support ventilator. It also introduced the AirFit F30, which is the company’s first minimal-contact full face CPAP mask.

The company said it completed the acquisition of HEALTHCAREfirst, a provider of software solutions and services for home health and hospice agencies for US$126.3 million.

ResMed also announced a joint venture with Verily, owned by Alphabet Inc (NASDAQ: GOOGL), which aims to combine ResMed’s expertise in sleep apnea and Verily’s health data analytics, to study the health and financial impacts of undiagnosed sleep apnea and how to effectively treat it.

The ResMed share price was up 6% in early trade on Friday, according to CommSec. ResMed recently reported a fall of profit in its FY18 result.

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