ResMed shares slump on weak profit results

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Sleep disorder device maker ResMed posted a 1% rise in net revenue to $91 million for the March quarter. The result was on 6% rise in revenue to $422.5 million.

CEO Mick Farrell says strong demand for the company’s new flow generator drove results in the quarter.

The company continued to build capabilities with the acquisition of Jaysec, a provider of cloud-based software solutions for the home medical equipment industry.

“We are executing on our long-term strategy: growing our core sleep disordered breathing market and investing in future opportunities in chronic obstructive pulmonary disease as well as cardio-respiratory conditions,” he says.

The company has been building devices and treatments for sleep-disordered breathing, chronic obstructive pulmonary disease and other chronic diseases for more than 25 years.

Its shares are down almost 8% to $8.65.

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