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ResMed fiscal Q1 profit climbs 16.4% YOY

ResMed Inc. said its non-GAAP net income for the first quarter ended Sept. 30 amounted to 93 cents per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of 87 cents per share.

EPS rose 14.8% year over year from 81 cents, the San Diego-based maker of medical devices said.

Non-GAAP net income totaled $135.4 million, an increase of 16.4% from $116.3 million in the year-earlier period.

GAAP net income rose 13.6% on an annual basis to $120.1 million, or 83 cents per share, from $105.7 million, or 73 cents per share.

Revenue increased 15.8% on an annual basis to $681.1 million from $588.3 million, and research and development expenses grew 23.8% on an annual basis to $48.0 million from $38.8 million.

ResMed's products help treat and manage respiratory disorders such as chronic obstructive pulmonary disease.