ResMed meets estimates on steady demand for its sleep apnea devices

ResMed

01/08/2024 21:39

Aug 1 (Reuters) - Medical equipment maker ResMed  RMD.N 
reported fourth-quarter revenue in line with estimates on
Thursday, on steady demand for its sleep apnea treatment
devices.
    The company's quarterly revenue rose 9% to $1.22 billion, in
line with estimates of $1.22 billion.
    ResMed makes ventilators and machines that provide
continuous and bilateral positive airway pressure, known as CPAP
and BIPAP, which are used for non-invasive treatment of sleep
apnea. 
    Sleep apnea is a condition where the airway gets blocked
multiple times while sleeping.
    The California-based company reported adjusted profit of
$2.08 per share for the quarter ended June 30, narrowly beating
estimates of $2.07 per share, according to LSEG data.
    Separately, Eli Lilly  LLY.N  said in June that its popular
weight-loss drug Zepbound helped resolve moderate to severe
obstructive sleep apnea in up to 52% of patients in two
late-stage trials.
    ResMed has previously shrugged off concerns over weight-loss
drugs such as Novo Nordisk's  NOVOb.CO  Wegovy and Eli Lilly's
Zepbound being tested to treat sleep apnea.
    Shares of the company were down 4.7% at $204.51 after the
bell.   
    

 (Reporting by Unnamalai L and Sneha S K in Bengaluru; editing
by Alan Barona)
 ((Unnamalai.L@thomsonreuters.com))