ASX-listed Resmed on track for worst day in three years on earnings miss

ResMed

04/08/2023 03:52

** ASX-listed shares of Resmed Inc  RMD.AX  slump as much as
14% to A$30.69, poised for their worst day since March 23, 2020,
 if losses hold 
    ** The medical equipment maker says its quarterly gross
margin contracted due to unfavourable product mix and higher
component and manufacturing costs  urn:newsml:reuters.com:*:nPlx8qXFJ4
    ** Adds reduced gross margin resulted in adjusted earnings
per share of 160 cents, 5% below Visible Alpha consensus of 168
cents, according to Citi  
    ** However, co posts a 23% rise in revenue to $1.1 billion
on increased demand for sleep and respiratory care devices
    ** About 7.1 mln shares change hands, 5.8 times compared
with the 30-day average volume of about 1.2 mln shares 
    ** Shares hit lowest in more than a year 
    ** Resmed stock up ~9.3% this year, as of last close

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))