ResMed share are on a tear

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Shares in ResMed jumped after the the sleep disorder device maker announced strong sales numbers for the December quarter.

A short time ago, the shares were up 8.6% to $A11.99.

Overall revenue for the three months to December was up 13% to $US601.3 million. Revenue for Brightree, cloud-based clinical software business acquired in April 2016, was $38.7 million, an increase of 14%.

“We had a strong quarter with double-digit revenue and operating profit growth” said Mick Farrell, ResMed’s chief executive officer.

“Our masks have performed well around the world, device sales are solid, and our cloud-based software continues to grow rapidly..

The company says its ResMed-branded portable oxygen concentrator, Mobi, will launch in the current quarter.

ResMed declared a quarterly cash dividend of $US0.35 per share. Holders of Chess Depositary Instruments trading on the Australian Securities Exchange will get an equivalent amount in Australian dollars.

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