Friday, 18 May 2018 07:10 AM
Stock Monitor: Antares Pharma Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 18, 2018 / If you want access to our free earnings report on ResMed Inc. (NYSE: RMD), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RMD. ResMed reported its Q3 FY18 operating and financial results on April 26, 2018. The maker of medical products for respiratory disorders outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Antares Pharma, Inc. (NASDAQ: ATRS), which also belongs to the Healthcare sector as the Company ResMed. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ResMed most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=RMD
Earnings Highlights and Summary
For its quarter ended March 31, 2018, ResMed reported revenue of $591.6 million, reflecting a 15% increase compared to revenue of $514.2 million in Q1 2017. The Company's reported numbers topped analysts' estimates of $564.9 million.
During Q3 FY18 ResMed's gross margin was 58.2%, lower than gross margin of 58.3% for Q3 FY17, mainly due to declines in average selling prices, which were partially offset by manufacturing and procurement efficiencies. The Company's income from operations surged 27% to $136.4 million for Q3 FY18. ResMed's non-GAAP income from operations was $159.0 million for the reported quarter, reflecting a 25% growth compared to the year earlier corresponding quarter.
For Q3 FY18, ResMed's selling, general, and administrative (SG&A) expenses were $147.9 million, increasing 7% on a y-o-y basis. The Company's SG&A expenses improved to 25.0% of revenue in the reported quarter compared to 26.8% in the prior year's same quarter. ResMed's research and development (R&D) expenses were $37.4 million, or 6.3% of revenue. The Company's R&D expenses increased by 7% on a y-o-y basis.
ResMed's net income was $110.1 million, or $0.76 per diluted share, for Q3 FY18 compared to net income of $87.8 million, or $0.62 per diluted share, in Q3 FY17.
ResMed's non-GAAP net income surged 30% to $0.92 per diluted share compared to $0.71 per diluted share. The Company's non-GAAP results were adjusted for amortization of acquired intangibles, the impact of US tax reform on income tax expense, restructuring expenses, litigation settlement expenses, acquisition-related expenses, and the Astral battery field safety notification expenses. ResMed's earnings exceeded Wall Street's estimates of $0.83 per share.
Segment Results
During Q1 2018, ResMed's revenue in the United States, Canada, and Latin America, excluding Brightree, was $317.5 million, reflecting a 7% increase on a y-o-y basis. In the reported quarter, US, Canada, and Latin America device sales were $168.1 million, representing growth of 6% on a y-o-y basis. ResMed's Masks and other sales were $149.4 million, up 8% on a y-o-y basis. Brightree's revenue jumped 14% to $39.9 million on a y-o-y basis for the reported quarter.
For Q3 FY18, ResMed's revenue in combined Europe, Asia, and other markets was $234.2 million, reflecting an increase of 16% on a constant currency basis. For revenue in Europe, Asia and other markets, device sales were $160.1 million, reflecting an increase of 31% on a y-o-y basis. Masks and other sales were $74.1 million, reflecting an increase of 25% on a y-o-y basis.
Cash Matters
For the nine months ended March 31, 2018, ResMed's net cash provided by operating activities were $375.6 million compared to $273.7 million in the year ago same period. During the reported quarter, ResMed paid $50.0 million in dividends.
During Q3 FY18, ResMed repurchased 200,000 shares at a cost of $19.4 million, as part of its ongoing capital management program. At March 31, 2018, the Company's total assets were $3.5 billion, and net equity was $2.1 billion.
Stock Performance Snapshot
May 17, 2018 - At Thursday's closing bell, ResMed's stock slightly fell 0.94%, ending the trading session at $101.43.
Volume traded for the day: 484.35 thousand shares.
Stock performance in the last month – up 0.26%; previous three-month period – up 7.69%; past twelve-month period – up 49.91%; and year-to-date – up 19.77%
After yesterday's close, ResMed's market cap was at $14.49 billion.
Price to Earnings (P/E) ratio was at 33.13.
The stock has a dividend yield of 1.38%.
The stock is part of the Healthcare sector, categorized under the Medical Instruments & Supplies industry. This sector was up 0.1% at the end of the session.
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