Medical device company ResMed (NYSE:RMD) will be reporting results this Thursday after market hours. Here’s what you need to know.
ResMed met analysts’ revenue expectations last quarter, reporting revenues of $1.46 billion, up 8.6% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates.
Is ResMed a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting ResMed’s revenue to grow 4.2% year on year, slowing from the 9.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. ResMed has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at ResMed’s peers in the healthcare equipment and supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Intuitive Surgical delivered year-on-year revenue growth of 21.7%, beating analysts’ expectations by 5.3%, and Neogen reported revenues up 6.5%, topping estimates by 7%. Intuitive Surgical traded down 2.3% following the results while Neogen was also down 2.3%.
Read our full analysis of Intuitive Surgical’s results here and Neogen’s results here.
There has been positive sentiment among investors in the healthcare equipment and supplies segment, with share prices up 3.6% on average over the last month. ResMed is up 12.9% during the same time and is heading into earnings with an average analyst price target of $251.52 (compared to the current share price of $250.83).
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