Resmed shares rip higher as sales jump

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ResMed shares rose in early trade after the sleep disorder device maker reported a steep rise in sales.

A short time ago, they were up 7.4% to $8.94.

In a business update, the company reported a 17% rise in sales to $US530.4 million for the second quarter of 2017, well ahead of analysts forecasts.

Excluding the contribution from Brightree, a cloud-based clinical software business acquired in April last year, revenue for the quarter was up 9% to $US496.6 million.

“We continue to pioneer game-changing products and create value with our solutions,” says CEO Mick Farrell.

“We are focused on our goal of changing the lives of 20 million patients by 2020.”

The ResMed board of directors declared a quarterly cash dividend of $US0.33 a share.

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