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Investing.com-- Australian shares of Resmed (NYSE:RMD) Inc DRC (ASX:RMD) hit a record high on Friday after the medical devices maker clocked stronger than expected June quarter earnings.
Resmed’s shares rose as much as 3% to a record high of A$43.30, outpacing a 0.8% drop in the ASX 200 index.
The company’s adjusted earnings per share rose to $2.55 in the three months to June 30, beating street estimates of $2.48 per share.
Revenue also rose 10% to $1.35 billion, slightly higher than estimates. Resmed also declared a quarterly cash dividend of $0.60 per share.
The company develops continuous positive airway pressure (CPAP) machines that are used to treat sleep apnea, a common disorder where patients experience brief interruptions in breathing during sleep.
Stifel analysts lauded Resmed’s earnings and said the company’s cash levels were “top tier” among med tech firms.
They noted that the company was outpacing the market, but still faced headwinds from increased adoption rates of GLP-1 weight loss drugs such as Zepbound.
Sleep apnea usually occurs in individuals who are overweight, with the advent of weight loss drugs heralding potential demand headwinds for Resmed.